Sample report. Illustrative data, not a real company.Monthly lender and capital partner report
Sample Funding Co., LLC
Summary
In this report
- 02Credit facility and compliance
- 03Portfolio stratification
- 04Credit quality
- 05Performance and outlook
- 06Concentration
- 07Financial statements
- 08Close calendar and basis of preparation
Commentary from your CFO
The book grew 9.0% and every covenant was met. Two things need a decision before year end: how much more we lend at factors of 1.45 and above, and when to ask the lender to upsize.
What went well
Originations of $5.37M and collections of $4.96M were both up on August. The net funded balance reached $18.46M, and the borrowing base grew with it to $11.55M. Net income was $327K, a 22.9% margin after participant income, provision, interest and commissions.
What we are watching
The share of outstanding RTR 31 or more days behind has risen in four of the last five months, from 7.4% to 10.5%. The covenant limit is 15.0%. The stratification shows where it comes from: deals at factors of 1.45 and above are 12.4% of the book, and 25.4% of that band is 31 or more days behind. By dollars, factors of 1.35 to 1.39 carry more of the 31+ balance (40%, 14.3% of the band) than the 1.45 and above band (30%). The largest industry, retail, is 17.9% of the eligible balance against a 20.0% limit, about 2.1 points of headroom. Contracts of 13 months or longer run at 16.1%, and third position deals at 21.9%. The Q2 2026 cohort has collected 3.6 points less than Q1 2026 had at the same age.
Facility
Availability is $751K, 6.5% of the borrowing base. At the origination plan shown in section 05, the borrowing base reaches the $14M commitment in December. A lender upsize takes time to document, so we recommend opening that conversation in October, with this reporting and the deal tape in hand.
Actions for October
- Hold deals at factors of 1.45 and above to 10% of monthly originations until the 31+ ratio turns down, and tighten underwriting in the mid-factor band.
- Run a weekly collections review on every deal 15 or more days behind.
- Deliver the borrowing base certificate on day 10 and open the upsize discussion with the lender.
Credit facility and compliance
Senior revolving facility, $14M commitment, priced at 10.80% all in.
Source: lender statement, reconciled to the general ledger.
Borrowing base certificate
| Net funded balance | 18,459,553 |
| Less: more than 30 days behind | (1,888,343) |
| Less: third position or later | (606,094) |
| Less: term over 15 months | (1,526,187) |
| Eligible balance | 14,438,929 |
| Less: concentration excess | 0 |
| Advance rate | 80% |
| Borrowing base | $11,551,143 |
| Less: drawn balance | (10,800,000) |
| Availability | $751,143 |
Participations sold are shown gross in the net funded balance in this sample. Your credit agreement may require them to be deducted, and we apply its definition.
Funding cost this month
| Average drawn balance | 10,505,000 |
| All in rate | 10.80% |
| Interest expense | 94,545 |
Rate is SOFR plus 6.50%, with SOFR taken at 4.30%.
Covenant compliance
| Test | Requirement | Actual | Headroom | Status |
|---|---|---|---|---|
| Drawn balance within borrowing base | 100.0% or less | 93.5% | 6.5 pts | Compliant |
| 31+ days behind, share of outstanding RTR | 15.0% or less | 10.5% | 4.5 pts | Compliant |
| Largest single merchant, share of eligible balance | 2.5% or less | 1.7% | 0.8 pts | Compliant |
| Largest single industry (retail), share of eligible balance | 20.0% or less | 17.9% | 2.1 pts | Compliant, watch |
| Weighted average factor | 1.300 or more | 1.368 | 0.068 | Compliant |
| Minimum liquidity | $750,000 or more | $1,380,000 | $630,000 | Compliant |
| Facility balance to equity | 3.00x or less | 1.95x | 1.05x | Compliant |
Portfolio stratification
540 active deals. Outstanding RTR of $25,203,172. Figures in red are above 15.0%. The covenant applies to the whole portfolio, not to each band.
Source: deal-level ledger, reconciled to the general ledger.
| Factor rate | Deals | Funded | Outstanding RTR | Share | Wtd avg factor | Wtd avg term (mo) | 31+ days behind |
|---|---|---|---|---|---|---|---|
| Below 1.30 | 59 | 3,214,000 | 2,623,663 | 10.4% | 1.242 | 9.8 | 2.2% |
| 1.30 to 1.34 | 144 | 8,002,500 | 6,517,806 | 25.9% | 1.319 | 9.8 | 5.9% |
| 1.35 to 1.39 | 164 | 9,348,500 | 7,310,922 | 29.0% | 1.371 | 9.7 | 14.3% |
| 1.40 to 1.44 | 108 | 6,409,000 | 5,625,040 | 22.3% | 1.419 | 10.2 | 6.3% |
| 1.45 and above | 65 | 3,885,500 | 3,125,741 | 12.4% | 1.483 | 9.6 | 25.4% |
| Total | 540 | 30,859,500 | 25,203,172 | 100.0% | 1.368 | 9.8 | 10.5% |
Source: deal-level ledger, reconciled to the general ledger.
| Term | Deals | Funded | Outstanding RTR | Share | Wtd avg factor | Wtd avg term (mo) | 31+ days behind |
|---|---|---|---|---|---|---|---|
| 4 to 6 months | 96 | 5,627,500 | 4,525,418 | 18.0% | 1.356 | 5.0 | 10.9% |
| 7 to 9 months | 161 | 9,084,000 | 7,444,683 | 29.5% | 1.372 | 8.0 | 9.7% |
| 10 to 12 months | 190 | 10,795,000 | 8,794,151 | 34.9% | 1.372 | 11.1 | 8.0% |
| 13 months and over | 93 | 5,353,000 | 4,438,920 | 17.6% | 1.366 | 15.6 | 16.1% |
| Total | 540 | 30,859,500 | 25,203,172 | 100.0% | 1.368 | 9.8 | 10.5% |
By funded amount
| Funded amount | Deals | Funded | Outstanding RTR | Share | Wtd avg factor | Wtd avg term (mo) | 31+ days behind |
|---|---|---|---|---|---|---|---|
| Under $25,000 | 80 | 1,503,000 | 1,219,774 | 4.8% | 1.369 | 9.2 | 9.5% |
| $25,000 to $49,999 | 206 | 7,562,000 | 6,328,274 | 25.1% | 1.363 | 9.9 | 10.3% |
| $50,000 to $99,999 | 185 | 12,454,500 | 10,031,362 | 39.9% | 1.369 | 9.9 | 11.8% |
| $100,000 and over | 69 | 9,340,000 | 7,623,762 | 30.2% | 1.371 | 9.8 | 9.0% |
| Total | 540 | 30,859,500 | 25,203,172 | 100.0% | 1.368 | 9.8 | 10.5% |
By lien position
| Position | Deals | Funded | Outstanding RTR | Share | Wtd avg factor | Wtd avg term (mo) | 31+ days behind |
|---|---|---|---|---|---|---|---|
| First position | 406 | 23,619,000 | 19,137,910 | 75.9% | 1.369 | 9.8 | 9.1% |
| Second position | 99 | 5,895,500 | 5,014,525 | 19.9% | 1.364 | 10.3 | 13.4% |
| Third or later | 35 | 1,345,000 | 1,050,737 | 4.2% | 1.373 | 9.3 | 21.9% |
| Total | 540 | 30,859,500 | 25,203,172 | 100.0% | 1.368 | 9.8 | 10.5% |
Credit quality
Source: deal-level ledger, reconciled to the general ledger.
Source: deal-level ledger, reconciled to the general ledger.
Loss reserve methodology
| Status | Deals | Net funded | Rate | Reserve |
|---|---|---|---|---|
| Current | 398 | 14,312,670 | 1.5% | 214,690 |
| 1 to 30 days behind | 84 | 2,258,540 | 6.0% | 135,512 |
| 31 to 60 days behind | 34 | 941,723 | 18.0% | 169,510 |
| 61 to 90 days behind | 14 | 549,052 | 40.0% | 219,621 |
| Over 90 days | 10 | 397,568 | 80.0% | 318,054 |
| Total loss reserve | 540 | 18,459,553 | 5.7% | 1,057,387 |
Loss reserve roll-forward
| Beginning reserve | $1,009,805 |
| Plus: provision for losses | 250,637 |
| Less: charge-offs | (203,055) |
| Ending reserve | $1,057,387 |
Collection efficiency
Payments collected against payments scheduled on active deals in September, before deals paid in full.
| Status | Deals | Scheduled | Collected | Efficiency |
|---|---|---|---|---|
| Current | 398 | 3,667,388 | 3,667,385 | 100.0% |
| 1 to 30 days behind | 84 | 739,144 | 517,401 | 70.0% |
| 31 to 60 days behind | 34 | 312,718 | 109,450 | 35.0% |
| 61 to 90 days behind | 14 | 159,491 | 15,950 | 10.0% |
| Over 90 days | 10 | 93,395 | 0 | 0.0% |
| Total | 540 | 4,972,136 | 4,310,186 | 86.7% |
Performance and outlook
Source: deal-level ledger, reconciled to the general ledger.
Source: cohort ledger, all deals funded in the period.
| Cohort | Funded | Wtd avg factor | Months seasoned | RTR collected | % of RTR collected |
|---|---|---|---|---|---|
| Q4 2025 | 10,000,000 | 1.380 | 11 | 12,453,232 | 90.2% |
| Q1 2026 | 11,400,000 | 1.375 | 8 | 12,583,457 | 80.3% |
| Q2 2026 | 12,883,200 | 1.372 | 5 | 9,873,518 | 55.9% |
| Q3 2026 | 15,084,080 | 1.366 | 2 | 4,248,077 | 20.6% |
Source: Cassia CFO forecast. Assumes current mix, advance rate and collection pattern.
Concentration
Source: deal-level ledger, reconciled to the general ledger.
| Largest exposures | Industry | Net funded | Share of eligible | Status |
|---|---|---|---|---|
| Merchant A | Retail | 243,359 | 1.69% | Current |
| Merchant B | Auto | 189,799 | 1.31% | Current |
| Merchant C | All other | 175,140 | 1.21% | Current |
| Merchant D | Health and beauty | 159,609 | 1.11% | Current |
| Merchant E | Retail | 157,335 | 1.09% | Current |
| Largest five | 925,242 | 6.41% |
Financial statements
Source: general ledger.
Income statement
| RTR income recognized | 1,321,796 |
| Origination fee income | 107,360 |
| Total revenue | 1,429,156 |
| Less: income allocated to participants | (153,062) |
| Less: provision for losses | (250,637) |
| Less: facility interest | (94,545) |
| Less: broker commissions | (318,000) |
| Less: payroll and operating | (286,000) |
| Net income | $326,912 |
Balance sheet
| Cash | 1,380,000 |
| Receivables, net of reserve | 17,402,166 |
| Other assets | 180,000 |
| Total assets | 18,962,166 |
| Credit facility | 10,800,000 |
| Participant capital | 2,216,914 |
| Accrued and other liabilities | 405,000 |
| Total liabilities | 13,421,914 |
| Members' equity | $5,540,252 |
Net funded balance roll-forward
| Beginning balance | $16,929,526 |
| Plus: originations | 5,368,000 |
| Less: principal collected | (3,634,918) |
| Less: charge-offs | (203,055) |
| Ending balance | $18,459,553 |
Members' equity roll-forward
| Beginning equity | $5,363,340 |
| Plus: net income | 326,912 |
| Less: member distributions | (150,000) |
| Ending equity | $5,540,252 |
Capital partner ledger
Participants fund 40% of each syndicated deal. This month 161 of 540 active deals were syndicated.
| Participant | Share | Capital outstanding | Collections received | Income allocated |
|---|---|---|---|---|
| Participant A | 50% | 1,108,457 | 285,405 | 76,531 |
| Participant B | 30% | 665,074 | 171,243 | 45,919 |
| Participant C | 20% | 443,383 | 114,162 | 30,612 |
| Total | 100% | 2,216,914 | 570,810 | 153,062 |
Close calendar and basis of preparation
- Day 3Bank and ACH reconciliations complete
- Day 6Deal-level ledger tied to the general ledger
- Day 9Books closed and reviewed, borrowing base certificate prepared
- Day 10Borrowing base certificate delivered to the lender
- Day 12Lender, participant and owner reports issued
- RTR income is recognized as payments are collected, split between principal and income in proportion to each deal's factor rate.
- Net funded balance is cash advanced to the merchant, net of fees, less principal collected and charge-offs. It approximates outstanding RTR divided by the weighted factor. The loss reserve applies the rates shown to net funded balance by days behind.
- Eligibility follows the facility agreement: no more than 30 days behind, first or second position, original term of 15 months or less. Facility terms shown are illustrative.
- Default policy (illustrative): a deal is charged off at 120 days without a payment, or on bankruptcy or legal action, and the policy is applied the same way each month. Any change is disclosed in the package that first uses it.
- Collections are shown by funding vintage in section 05. Origination and collections are reported separately. Participant balances are reconciled to remittances and bank each month. Eligibility exclusions are counted once where a deal fails more than one test.
- Management basis, not GAAP-compliant financial statements. Origination fees are recognized when received and commissions are expensed when paid; GAAP would defer both over the life of the deal (ASC 310-20). Credit loss reserves are management estimates (ASC 326 allowance for credit losses on a GAAP basis).
- Shares may not sum to 100.0% because of rounding. Figures are unaudited and no assurance is expressed. Prepared for the funder and its lender, and not for reliance by others.
The undersigned officer of the borrower certifies that the information in this certificate is true and correct and that no event of default exists, except as disclosed.
Signed: ______________________ Name and title: ______________________ Date: ____________
Your officer signs. Cassia CFO prepares and reviews. Your lender decides eligibility and acceptance.
All names and figures on this page are invented to show format and level of detail. No real company, lender, participant or deal is represented. Illustrative format only, not an offer, a recommendation or advice.