Good question. The course of long-term interest rates in the US economy is uncertain. Let’s assume Walden is successful at marketing this investment and it bec

Good question. The course of long-term interest rates in the US economy is uncertain. Let’s assume Walden is successful at marketing this investment and it becomes a material part of their balance sheet. Otherwise, this doesn’t matter much. If rates go up, Walden would print money by earning a spread. The 10-year penalty for early withdrawal is essentially the cap on their upside, and it’s a high cap. If rates go down for a long time, Walden could become insolvent. At that point, you have to rely on the FDIC’s guarantee to make you whole.