Vs total equity. Debt to equity ratio.Regardless, I mean the...

Vs total equity. Debt to equity ratio.

Regardless, I mean the debt liability is high, which ordinarily wouldn't bother me (it is a loan company after all) but I'm wary of debt covenants if the market goes south in a hurry, particularly if they get smacked with a hefty fine from the legal issues.

Usually as a mushroom shareholder the first you're aware of debt covenants is when they announce "we're in breach of covenants." If the loans get called in, that's where trouble starts.

I'm not suggesting SVR is in any imminent danger of that. I'm just saying high debt load decreases their ability to weather shocks. As a retail holder it can be the difference between a few years of no dividends vs losing nearly all your investment, if they're forced to raise equity in a firesale.