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Blended Note Surveillance Report Data Presentation Guide

This guide represents the data presentations found throughout all Blended Note surveillance reports on the Percent platform. While some of the below views may not be available in all Blended Note surveillance reports, they may get incorporated in the future upon any data modifications.

Blended Note Initial Principal Balance

The initial principal balance of the Blended Note at the time of note close.

Blended Note Outstanding Principal Balance

The outstanding principal balance of the Blended Note as of the reporting date, accounting for any principal distributions during the amortization period.

Underlying Assets

The portfolio of eligible and invested notes, which are part of the Blended Note collateral, and managed by Percent Advisors, an investment advisor.

Cash Balance

The cash balance retained by Percent Advisors that has not been deployed to Underlying Assets. The cash balance does not include interest payments distributed throughout the month as these are distributed monthly to investors.

Underlying Assets Outstanding Advances

The total number of underlying advances across Underlying Assets supporting the Blended Note.

Underlying Asset WA Term (Months)

The average underlying asset term in months, weighted by the underlying asset investment amounts and excluding cash.

Underlying Asset WA Minimum OC Level

The average underlying minimum overcollateralization levels required, weighted by the underlying asset investment amounts and excluding cash.

Underlying Asset WA Last Reported OC Level

The average underlying actual last reported overcollateralization levels, weighted by the underlying asset investment amounts and excluding cash.

Blended Note Estimated APY

The estimated offering return net of 1% management fee over its duration. The estimate is based on the historical WA APY of Underlying Assets less the management fee and potential cash drag.

Blended Note Actual Return (Annualized Monthly)

The monthly interest payment amount net of fees divided by the Blended Note Outstanding Principal Balance, multiplied by 12. Given monthly interest payment amounts may vary, this return is updated monthly.

Blended Note Underlying Asset WA APY (excluding Cash)

The average APY of Underlying Assets in the Blended Note, weighted by the underlying asset investment amounts and excluding cash.

Percent Private Credit Index

The weighted average APY based on the individual APY and outstanding value of each note on the Percent platform at market close.

Asset Concentration – Asset $ and Asset %

The underlying asset allocations within the Blended Note.

Asset Concentration – APY, Term, Asset Class, Sector, Borrower Type, and Tax Jurisdiction

The underlying asset allocations within the Blended Note as defined by their respective underlying APY, term length in months, asset class, sector, borrower type, and tax jurisdiction.

Asset Concentration – Seniority

The underlying asset allocations within the Blended Note as defined by their respective underlying seniority, marked by senior or subordinated.

Asset Concentration – Underlying Data As of

The date in which the underlying asset allocation attributes are as of.

Asset Concentration – Minimum OC Level and Last Reported OC Level

The underlying asset allocations within the Blended Note as defined by their respective minimum overcollateralization levels required and the last reported overcollateralization levels.

Asset Concentration – Last Reported Outstanding Advances (#)

The underlying asset allocations within the Blended Note as defined by the number of outstanding advances supporting the underlying asset.

Asset Concentration – Outstanding Principal Collateral Balance

The underlying asset allocations within the Blended Note as defined by the outstanding funded amount of any loans and/or advances in the portfolio supporting the underlying asset.

Asset Concentration – Performance Reporting / Note Performance Tests

The underlying asset allocations within the Blended Note as defined by the frequency of performance reporting and note performance tests.

Days Past Due by Asset

The days past due breakdown of the Underlying Assets and the respective weighted average by invested amount.

Rapid Amortization Triggers for Blended Note

The events that, if occurring during the reinvestment period, will end the reinvestment period and trigger the amortization period.

Blended Note Record of Activity

The record of activity outlining all of the underlying asset activity within the Blended Note.

Underlying Asset Principal Investment

The deployment of cash into an underlying asset in the Blended Note.

Underlying Asset Distribution

The distribution of principal from an underlying asset in the Blended note.

Blended Note Monthly Distribution

The monthly distribution of any principal and interest net of management fee to investors.

Management Fees

Management fee paid monthly to the Investment Manager, calculated as fee percentage / 12 multiplied by the Blended Note Outstanding Principal Balance at each monthly distribution.