Starting this week, loan applications from first-time borrowers that exceed available lending capital will be moved to a wait list. Wait-listed loan applications will not be displayed in the "Browse projects" page, and will instead be funded when sufficient lending capital becomes available. In recent weeks, we've experienced a surge in applications from first-time borrowers. Applications from repeat borrowers, plus those from new borrowers, have outpaced our supply of lending capital. We've always strived to structure our platform in a way that ensures that repeat borrowers who have repaid loans responsibly in the past are able to raise new loans, and we intend to continue to uphold that principle. The wait list allows us to admit as many new borrowers as we can, without crowding out funding for repeat borrowers.