[Zach]

I get it, but it seems to oversimplify the transaction. They might not be realizing the full payback, but in exchange they lay off the credit risk and have the principal and a small premium to reinvest. It greatly accelerates the velocity of their cash cycle. If anything, it is more analogous to factoring, but that is again a simplification.

Not to mention the additional capital they gain from the increased stock buyers. People see profit and assume they've fixed their problems, but don't pay attention to their bulk selling off of future portfolio revenue. They knew by showing an artificial profit they would have investors flock back to them and it would significantly increase their cash flow. Now they have significant cash on hand for whatever their plan is. Let's see if they use it intelligently.