Yes. There is no way a niche format can be making enough to pay nearly a half-million a year in rent, plus operation expenses.
These things aren't necessarily about making money though. One of the translators here runs a loop on RDS that IDs the format, then says "a Rehan Siddiqui station."
If that's not an ego stroke, I don't know what is. Listeners likely don't care.
Hobby for guys with more dollars than sense?