[pbk1]

I don't think 30% is unreasonable, nor would it require them raising that much cash relative to a company of their magnitude or

Back of the envelope math: Majority of their portfolio is very short term, let's assume 6 months duration which is a 0.5yr weighted average life 300B in annual originations Assume they can get similar leverage as US securitization markets, which would be 95% advance rate (5% "skin in the game" for Ant)

Then the equity required would be: 300B0.530%5% = ~2.25B, and they were planning to raise $30B as part of this IPO