I tend to agree. There are clear hazards to borrowing ultra-short to invest ultra long. As interest rates rise, their interest expense increases yet interest income from their fixed book stays the same. The costs of partial hedges increases dramatically as a result of the interest rate volatility. The value of assets declines substantially while market value of the ST liabilities stays fixed. BK is a certainty if interest rates rise more than a few points. I see this becoming a $3 stock within a year.
The company is not doing anything of value. It's just taking a big risk by funding short term and investing long term. That's not a competitive advantage or a business strategy - it's just a speculation for investors and a boondoggle for executives. I stated this thought three years ago when the stock was at $18 paying a 12% dividend. That dividend was like the jig hanging from the the tongue of a deep sea creature. I bet there are many investors wishing they could give those dividends back for their original investment.
All business lines are losing money. They just don't understand how to make money. Now, the bull is nearing its end and it appears we may be heading for another recession. If they can't make money in growth times, I'm afraid of what will happen in a recession.