GPU Lease repo

[William Meyer]

Have been hearing about this recently that GPU leases and other non-conventional assets have been used as repo collateral in this higher rate environment the past few years.  But with short-mid term rates coming down now the IRR on a lot of these assets doesn't look so great (assets with decent growth benefit from a lower discount rate making questionable assets like GPU leases look bad by comparison).  

As GPU lease repo has helped to fuel recent market speculation, any sudden rejection of these assets by repo participants might shock the system.