The company is well under the "max" leverage it could pursue. They can go up to 80% and on a gross basis was under 70% at June 30. Accounting for the free cash on the books and leverage is much less.
I agree that it would have to be a very bad and protracted recession to see off the strong balance sheet and cause a nasty dillutive capital raise. If anything its more likely SVR exits this period with a better competitve position and may even snag an loan book acquisition at an attractive price.
management owning a lot of stock including the Chairman taking up a good whack of DRP shares is also comforting.
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