Capital Markets
As of 06/30/2026 · warehouse borrowing base reconciles to portfolio net receivables of $148.2M.
SOFR + 185 bps · all-in 6.17%
Facility
$200.0M
3-yr revolver · 2027 maturity
Drawn
$96.4M
48.2% utilized
Availability
$15.9M
of $112.3M borrowing base
Utilization
48%
target band 55–75%
Borrowing base waterfall
Gross receivables$148.2M
Ineligibles
– Over 60 DPD$2.1M
– Carrier rated below A-$4.8M
– Agency concentration excess$2.6M
– Return premium aged >60d$1.4M
– Suspended agency — Gulf Shore$0.7M
– Missing / defective PFA$0.5M
Eligible receivables$136.1M
× advance rate 82.5%
Borrowing base$112.3M
Outstanding advances$96.4M
Availability$15.9Mheadroom
Borrowing Base Certificate dated 06/30/2026 · counter-signed weekly.
Covenants
3-mo avg annualized net loss
● PASS0.13%vs max 0.75%
60+ day delinquency
● PASS0.42%vs max 1.50%
3-mo avg payment rate
● PASS19.60%vs min 15.00%
Excess spread
● PASS2.00%vs min 1.50%
Leverage
● PASS4.2xvs max 6.0x
Tangible net worth
● PASS$62.4Mvs min $50.0M
Minimum liquidity
● PASS$18.1Mvs min $10.0M
Funding stack
| Vehicle | Type | Balance | Advance rate | Structure | |
|---|---|---|---|---|---|
| Warehouse revolver | Bank syndicate | $96.4M | 82.5% | SOFR + 185 · 3-yr revolver | |
| Ring-fenced tenant vehicles (3) | SPV / bankruptcy remote | $34.3M | blended 78% | No cross-collateralization |
Portfolio roll-forward (6 mo)
Monthly payment rate 19.6%LTM turnover 1.8xWAL 4.7 mo
| Month | Beginning | + Originations | – Principal | – Cancels net RP | – Net C/O | Ending |
|---|---|---|---|---|---|---|
| Jan '26 | $139.8M | $20.1M | $17.9M | $0.5M | $0.020M | $141.5M |
| Feb '26 | $141.5M | $21.2M | $18.4M | $0.6M | $0.020M | $143.7M |
| Mar '26 | $143.7M | $22.9M | $19.1M | $0.6M | $0.020M | $146.9M |
| Apr '26 | $146.9M | $20.8M | $19.3M | $0.5M | $0.020M | $147.9M |
| May '26 | $147.9M | $21.6M | $19.5M | $0.6M | $0.020M | $149.4M |
| Jun '26 | $146.1M | $22.4M | $19.6M | $0.6M | $0.015M | $148.2M |
ABS readiness
82%- 24 months static-pool data
- Backup servicer named
- Trust structure drafted
- Monthly servicer report sample
- Rating-agency pre-read scheduled Q3-26
Target structure per market template: ~93.5% Class A / 6.5% Class B · 10.0% / 4.25% credit enhancement.
Stratifications
2,340 loans · avg $63,300 · WA down 24.6%
| Carrier rating | # loans | Balance | % of pool | WA APR | WA down | 60+ DPD |
|---|---|---|---|---|---|---|
| A++ / A+ | 812 | $54.1M | 36.5% | 11.1% | 25.1% | 0.28% |
| A | 987 | $62.8M | 42.4% | 11.4% | 24.8% | 0.41% |
| A- | 428 | $26.5M | 17.9% | 11.8% | 24.0% | 0.52% |
| Below A- | 113 | $4.8M | 3.2% | 12.4% | 22.4% | 1.14% |
| Total | 2,340 | $148.2M | 100.0% | 11.4% | 24.6% | 0.42% |
Forward flow
Counterparty
Regional originator (anonymized)
12-mo term · true-sale · no recourse
Commitment $20.0M / moPrice 101.25
Eligibility criteria
- • Carriers rated A- or better
- • Down payment 20%+
- • Term ≤ 11 months · commercial only
- • No suspended agencies
Delivery
MTD delivered
$14.2M
Eligibility pass
95.7%
Next settle
07/15/2026
Fail bucket
$0.6M