If Alice pays 5% per year to borrow RAI from a money market and the RAI redemption rate is -10% per year, she is effectively earning 5% year. This is because of the expectation that RAI's market price will go down by 10% in one year. On the other hand, Bob might be lending RAI at 4% per year, but if the redemption rate is -10%, his net rate is -6%.
There's the other scenario where Bob is lending RAI at 4% per year and the redemption rate is 10% per year. In total, Bob is earning 14% annually on his position (assuming that RAI will appreciate in value by 10% in the next year). Meanwhile, Alice, who's borrowing RAI at 5% per year, is paying a total of 15% (5% as the money market borrow rate plus the expected 10% appreciation in RAI's price over one year).