I've told you all. They are doing just fine. Read the article. They don't even care to mention retail as part of their core 5 businesses. So stop crying about their lack of brick and mortar locations. They aren't a retail business anymore.
https://www.businesswire.com/news/home/20251222584547/en/Transformco-Fidem-Financial-and-Funds-Managed-by-Blue-Owl-Launch-Aress-a-Next-Generation-Co-Brand-Credit-Card-Servicing-Platform