Over the past few months, analysts and investors have had their turn to scrutinize WeWork. Now, it is the potential bondholders’ turn.

Bloomberg reported about the potential structure of a WeWork debt financing would include “$1 billion of secured and $2 billion of unsecured debt with maturities ranging from four to five years,” but investors are concerned about the company’s lack of assets.

While secured bonds of a real estate firm are typically safe, WeWork differs from traditional real estate as it does not own its buildings.

Now, WeWork is saying it can secure debt against items such as intellectual property and equipment (i.e. kombucha taps and foosball tables.)

Still, if WeWork’s massive costs of expansion end up taking the business down, the bondholders will end up owning the company. Worst-case scenario, buying the bonds ensures that WeWork’s brand and operations can be restructured to make money.

Now, WeWork is left with essentially two options: a less-than-favorable bond package or an investment from its largest backer, SoftBank, that would give it a controlling stake.