Ann: Wisr Delivers Revenue Growth and NIM Expansion, page-15

Every few months there is a slide included in an investor pack for unit economics or path to profitability or something along these lines. It says something along the lines of maintain or increase NIM whilst growing the book from $1bn to $2bn. I would suggest the business will struggle to even keep the book at $1bn at current NIM. Management shouldn’t be rewarded for keeping the lights on and bleeding this till the next CR. This business is only successful in low rate environments. The scale is too small and fixed costs too high to breakeven at mid to higher rates. I like what they are trying to do as a company but I’m seeing a company where management have their noses in the trough and shareholders aren’t going to make much anytime soon