Ann: WZR Q3FY24 Market Update, page-5

So they have an additional $25mio of cash that in theory could go towards growing the loan book, in the form of capital to support their financing vehicles. They've already drawn $10mio of that, and it is unclear what for... Fees to advisor (likely $1mio), legal cost ($500K ish). Then what, given they had $21mio of unrestricted cash...? Are they sailing too close to some financial covenants? It's a little odd. Not sure we will ever know. There is still $15mio left, which would in theory support about $400mio loan growth. So next update will be critical now that they've indicate they can and are willing to grow. As I write the SP is back down, so I guess many are still doubting this shop can recover. I tend to think the valuation is attractive and have a small long.