Lesson 22 of 25 · 6 min

Building a working sheet from the March statement

The working sheet is the statement with the missing column filled in, then added, then compared with the limit.

Sample statement · fictional

Halden & Wren Private Credit

Securities-backed demand facility

This document is fictional. The institution, the account, the positions and every figure were invented so the arithmetic can be checked by hand.

Client: Northreed Holdings LLC
Account: HW-7721-4408-19
Facility: HW-SB-44107
Period: 1 March 2026 – 31 March 2026
Statement date: 2 April 2026
Day count: Act/360

Rate schedule

Index: one-month term funding rate
Spread: 1.85%
Index, 1–11 March: 5.12%
Reset: 12 March 2026
Index, 12–31 March: 5.37%
Stated rate, first 11 days: 6.97%
Stated rate, last 20 days: 7.22%

Balance

Opening drawn balance: $1,847,220.00
Draws / repayments: $0.00
Interest, 1–11 March: $3,934.07
Interest, 12–31 March: $7,409.40
Interest charged: $11,343.47
Closing drawn balance: $1,858,563.47
Facility limit: $2,400,000.00
Undrawn at open: $552,780.00

Positions at 31 March close

Name	Units	Price	Market	Advance	Lending
Meridian Industrial common	12,400	$148.25	$1,838,300.00	50%	$919,150.00
Calder Growth common	3,100	$593.55	$1,840,005.00	35%	$644,001.75
Broad-market equity collective	4,150	$214.80	$891,420.00	70%	$623,994.00
Oakridge Utility preferred	8,200	$62.40	$511,680.00	55%	$281,424.00
Short-duration government fund	18,600	$51.15	$951,390.00	85%	$808,681.50

Total market value: $6,032,795.00
Total lending value: $3,277,251.25
Blended advance rate: 54.32%
LTV on market value, at close: 30.81%
Maintenance threshold: 70% of market value

The March statement sits above this lesson again. A working sheet is that document copied into a grid with the omitted operations restored. Five rows. For each row: units, price, market value, advance rate, lending value. One total row: market value $6,032,795, lending value $3,277,251.25, blend 54.32 percent. One facility row: limit $2,400,000, drawn $1,847,220, stated capacity $2,400,000, undrawn $552,780.

The sheet is complete when every printed figure has a parent and every computed figure has a formula. Meridian's $1,838,300 is 12,400 × 148.25. Its $919,150 is 1,838,300 × 0.50. The $3,277,251.25 is the sum of five such products. The 54.32 percent is that sum divided by 6,032,795. The $552,780 is 2,400,000 − 1,847,220. Nothing on the sheet is a typed-in total.

Two extra columns earn their keep. Share of market value, and share of lending value. They are how lessons 3, 4 and 10 stay visible after the totals have been agreed. Calder at 30.50 / 19.65 and the government fund at 15.77 / 24.68 are the first thing a blend of 54.32 percent conceals, and they cost two divisions each.

The sheet is also the input to everything after it. Stressing one rate, as lesson 23 does, is overwriting one cell and watching the totals move. Finding the lowest supporting blend, as lesson 24 does, is asking what average would make the lending-value total equal the closing balance. Recomputing next month, as lesson 25 does, is replacing the price column and leaving the rate column until a document says otherwise.

If a figure on the sheet cannot be pointed at as a product, a sum, a quotient or a copied print, it is not yet on the sheet.

Key terms

Working sheet: A row-by-row grid of units, price, market value, advance rate and lending value, with facility totals beneath.
Parent figure: The printed input a computed cell comes from. Units and price are parents of market value.
Share columns: Each row as a percent of market value and of lending value. The blend's missing dispersion.

Worked example

The March grid, reduced to the cells that matter

Halden & Wren statement dated 2 April 2026. Rates as applied. Facility limit $2,400,000. Opening drawn $1,847,220.

Five market values, summed: $6,032,795
Five lending values, summed: $3,277,251.25
Blend: 54.32%
Calder shares, market / lending: 30.50% / 19.65%
Government-fund shares, market / lending: 15.77% / 24.68%
Stated capacity and undrawn: $2,400,000 and $552,780

Nine numbers describe the book the facility sees. The statement already contained six of them; the sheet produced the other three.

Check yourself

A working sheet on the March statement has five lending-value cells and a facility limit of $2,400,000. Which three figures does the sheet still have to compute after the products are filled, and what are they?

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Educational only. Nothing in this lesson is investment, legal or tax advice, or a recommendation to enter into any transaction. Figures are illustrative and computed from the inputs stated in the lesson.