Great question, FUM is key. I thought they had a lot more than $20M now with lots of projects on the go.
They also get other fees like the "0.44% value of debt" fee (from their latest presentation). A Lonsec report mentions a $275m FUM break even.
SP keeps drifting lower so little interest for me.
DCL Price at posting:
11.5¢ Sentiment: None Disclosure: Not Held