Still a significant potential of growth, but with a higher risk than other listed asset managers, page-2

As indicated in another thread, WAM analyst said recently : "the market is not really appreciating the earnings growth in that new lending side of things".
The analyst may be right, but I find difficult at this stage to well understand what they are doing in this division.

Here is the last disclosure of the company about the loan portfolio :
- specialty finance (focused on legal disbursement funding). Higher NIM, bespoke market,
- residential lending. Lower NIM, highly scalable,
- loan portfolio funding. Moderate NIM, highly scalable.
Overall, their net interest margin (annualised) was 5.8 % during Jan-June 21.

This division seems to do very well with a strong increase of their loan portfolio (+ 160 % yoy), a good operating leverage (+ 23 % for expenses vs + 32 % for underlying revenues) and a high level of return on average invested capital (16.5 %).
What I am missing is the level of risk in this business.