Prototype · Fund Model

10 Cedar Lane Fund 1

Interactive pro forma for the Cedar Lane consumer-receivables fund. Drag any assumption — committed capital, LTV, liquidation rate, carry tiers — and watch LP IRR, MOIC, DPI, and the full quarterly waterfall recompute live.

Assumptions

Fund Structure

Committed capital$10.00M

Total LP + GP commitments

GP commitment10.0%

GP's own capital — pays no fees or carry

Investment period2 yrs

Period over which capital is called

Fund life5 yrs

Quarters cap at 20 regardless

Management Fee

Mgmt fee — investment period2.00%

On LP committed capital

Mgmt fee — post-investment2.00%

On LP invested capital

Leverage fee (annual)0.50%

On cumulative leverage deployed

Carry & Waterfall

Preferred return (hurdle)8.00%

Annual; LP priority return before carry

Base carry rate (Tier 1)20.0%

Tier 2 carry rate25.0%

Tier 2 LP-IRR threshold25.0%

Tier 3 carry rate30.0%

Tier 3 LP-IRR threshold30.0%

Portfolio Performance

Purchase cost (% of UPB)5.00%

Lower = more UPB per equity dollar

Leverage / LTV60.0%

Financing cost (annual)15.0%

Total liquidation rate (% of UPB)12.5%

% of UPB face collected over term

Liquidation period (months)36 mo

Portfolio Operations

Collection delay (quarters)1 qtr

Leverage repayment rate70.0%

% of collections used to pay down leverage (during invest period)

New-leverage interest weight75.0%

Partial-period interest on new leverage

Commissions (% of gross collections)40.0%

Residual sale price (% of UPB)1.00%

Residual package sold (% of UPB)75.0%

Leverage transaction fee (Q1)$30,000

Fund Opex

Fund opex scaler1.00

Multiplier on baseline $917,690 / 5-yr schedule

Headline returns

LP Net IRR

30.9%

Final tier · Tier 3 (30%)

LP Net MOIC

1.74x

Distributions / capital invested

Quarter DPI = 1.0×

Q14

Time to LP capital return

Gross IRR (full term)

47.2%

Equity-level, after debt service

Gross MOIC

2.34x

Total dist / equity deployed

Total GP carry

$3.39M

Incl. true-up to final tier

Portfolio performance

Total UPB acquired

$500.00M

Equity deployed

$10.00M

Leverage deployed

$15.00M

Total value realized

$41.25M

Net collections

$37.50M

Interest paid

$2.78M

LP cash reconciliation

LP capital invested

$10.21M

Calls + $1.21M fees

LP distributions received

$17.72M

LP net profit

$7.52M

True-up to GP

$565.6K

Final-tier reconciliation

Manager (GP) economics

Base mgmt fee revenue

$900.0K

Leverage fee revenue

$309.4K

Carried interest

$3.39M

Total manager revenue

$4.60M

Manager opex

$1.86M

From baseline schedule

Net income to manager

$2.75M

Structure check

GP commitment: 10.0% of $10.00M = $1.00M. LP commitment: $9.00M. Investment period: 2 yrs · Fund life: 5 yrs · Total fund opex (LP-borne): $917.7K.