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$GSY: Another house of cards supported by aggressive accounting collapses. Jehoshaphat Research alleged in September 2025 that goeasy was understating its loan delinquencies and charge-offs. This opinion was based on both forensic accounting analysis and interviews with former employees and competitors. It was a controversial opinion (see image below for an example of pushback). GSY has just announced it will be catching up on those understated charge-offs the only way it can - by taking gigantic charge-offs and write-downs. The company is also withdrawing its three-year guidance, suspending its share buyback, receiving a temporary reprieve from its debt covenants, acknowledging its past understatements of delinquency rates, advising investors that go-forward charge-off rates will be dramatically higher - in the mid-teens - and indicating that this will persist for a long time. GSY will also, wisely, be concentrating its growth in areas of core competency and slimming down its operational cost base. Almost none of this should be a surprise, but it will be to some. Under its old management, GSY grew too fast. But worse, it chose to obscure the costs of that growth with accounting games and misleading promises. We wish good luck to new management as they tackle the task of cleaning up the mess left by old management, and hope the cleanup does not cost too many employees their jobs. This company, and future shareholders in whatever is left of it, will be better off with more honest accounting and more measured, healthy growth.