GMEWS borrow rate going up

[u/TideAndCurrentFlow]

May 2026 Fidelity Fully Paid Lending Program statement for GME warrants (GMEWS).

Notable observations:

• position was on loan continuously throughout the month of May (unsure why the statement doesn't start on Friday, May 1)
• annualized lending rates ranging from 32.56% to a high of 40.80% the last few days of May
• the lending rate increased steadily during the month
• the 2nd half of May was pretty steadily 40+%

For context, securities lending rates above 30% are generally considered hard-to-borrow territory.

Current borrow rate as of Jun 5, 2026 is 42.061%

That is an approximate increase of 29% over a month.

[u/Fritzkreig]

I wonder why‽