Founder Package Data

Investment Highlights

Remaining Portfolio Value — Illustrative

Beyond realized results, about $46.2M of face value (UPB) remains uncollected across the active packages. Marked conservatively at $0.015 per $1 of remaining UPB, that residual is worth roughly $693,219 at the package level — about $336,425 to the owner. Including this illustrative residual, total value to the owner would be ~$952,782 on $341,687 of capital. This 1.5¢ mark is an assumption for discussion, not a third-party valuation.

Cumulative Net Income to Owner

Realized owner net income builds steadily as packages season and servicing recoveries compound. Early months reflect upfront broker/boarding fees and debt-service ramp; the curve inflects as the older packages reach peak liquidation.

Monthly Net Income to Owner

Package-Level Detail

All figures at 100% package level except the Owner columns and IRR, which reflect the founder's ownership share. STR / Agency Fee is the licensed collection-agency fee on gross collections; Seaport Payment is full debt service (principal, interest, and 1% admin) on the acquisition financing. Rem. UPB is uncollected face value; Rem. Val marks it at $0.015/$1 (illustrative). IRR is annualized on owner cash flows to date.

Forecast — Projected Lifetime Value to Owner (Illustrative)

Projection of cumulative net income to the owner through the end of portfolio life. Each package's recent collections are decayed forward at their observed rate until they taper to near zero, converted to owner net income at recent margins, and topped with the $0.015/$1 residual on remaining uncollected UPB. The shaded band spans a conservative (low) to optimistic (high) case; the dashed line is the base case. This is an illustrative model, not a forecast of actual results or a guarantee.

Base case implies a lifetime owner multiple of about 4.3× on $341,687 of capital ($1,069,002–$1,944,279 across the low–high band). Assumptions: terminal liquidation ~13–19% of UPB, observed per-package collection decay (capped at 5–16%/month), residual marked at $0.010–$0.020 per $1 of remaining UPB. Actual outcomes will differ; packages remain active and recoveries are not guaranteed.

Snapshot of the base-case projection at May 2028 (about 25 months past the latest actuals). Net income to owner includes the illustrative residual realized by that date. Projected IRR is omitted here: on a cash-on-cash basis it computes very high (~100%+) because capital is fully recovered early and timing-sensitive — available on request but excluded to avoid overstating. Illustrative only; not a guarantee.

How to Read This — Key Terms

UPB (Unpaid Principal Balance)

Face value of the debt acquired. Packages were bought at a deep discount to face; the stated purchase price was $719,448, with the acquisition additionally financed and repaid through Seaport debt service.

STR / Agency Fee

Contingency fee paid to the licensed collection agency on gross collections (blended 38.4%).

Seaport Payment

Monthly debt service on the financing used to acquire the packages — principal, interest, and a 1% admin fee.

Liquidation Rate

Gross collections as a percent of UPB — how much of the face value has been recovered (11.7% blended).

Net Income (100%)

Package profit after agency fees, debt service, and broker/boarding fees.

MOIC

Multiple on invested capital — net income to owner divided by capital invested (1.80×).

IRR (annualized)

Internal rate of return on the owner's actual monthly cash flows: capital out at purchase, net income distributions in each month. Portfolio 65%; shown per package.

UPB Sales

Cash proceeds realized from selling accounts to third parties (vs. collecting from consumers).

Remaining UPB & Residual

Face value not yet collected, marked at an illustrative $0.015 per $1 to estimate residual value still on the books. An assumption, not a third-party valuation.

Methodology & Notes

• Source: owner financial report derived from the servicer's P&L (PL Report DD), reconciled at the package level. Amounts in whole U.S. dollars unless noted.
• All performance shown is realized to date over an approximately 30-month window (first purchase 11/17/2023). It is not a forecast and packages remain active.
• Seaport debt service is reported as received (P&I plus 1% admin) and is not broken into components.
• Two packages (PID22895, PID23146) are 100%-owned; the remaining eight are held at a 33.3% share. Owner columns reflect the applicable ownership.
• IRR is annualized from a monthly internal rate of return solved on each package's owner cash flows (capital deployed at purchase; owner net income distributed monthly). Because capital is small relative to fast monthly recoveries and packages are still active, realized-to-date IRRs run high; two packages are currently negative and are shown as such.
• Remaining UPB = face value purchased less gross collections, marked at $0.015 per $1 as an illustrative residual value — not an appraisal, offer, or third-party valuation. It is gross of accounts already resolved by sale (UPB Sales shown separately). Actual realizable value will differ.
• The forecast is an illustrative model, not a guarantee. Per package, recent monthly collections are projected forward at their observed decay rate (bounded to 5–16%/month) until they taper below $250/month, capped at a lifetime liquidation of 13–19% of UPB; future collections convert to owner net income at recent margins; the $0.010–$0.020 residual is applied to remaining UPB near taper. Low/base/high vary decay speed, liquidation ceiling, and residual mark. Forward-looking figures are subject to significant uncertainty.
• Minor month-vs-summary rounding differences exist in the underlying file; package-level summary totals are used as authoritative here.