Lesson 24 of 25 · 6 min

Full reconstruction of the Halden & Wren March statement, every line

Every printed money line on the March statement is a product you can rebuild from the four factors.

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 sample is above the page. This lesson rebuilds every money line that the interest and balance block contains, in the order a reconstruction uses them. The institution is Halden & Wren Private Credit, the account is Northreed Holdings LLC, the period is 1 March 2026 to 31 March 2026, 31 days, Act/360. Those are labels. The products follow.

Rate construction, then the money lines:

Opening index 5.12 percent plus spread 1.85 percent is 6.97 percent, in force 11 days.
Closing index 5.37 percent plus spread 1.85 percent is 7.22 percent, in force 20 days from 12 March.
Opening balance $1,847,220.00, which is February's close after $9,959.99 of capitalised interest.
Draws $0.00. Repayments $0.00.
Period 1: $1,847,220 × 0.0697 × 11 ÷ 360 = $3,934.07.
Period 2: $1,847,220 × 0.0722 × 20 ÷ 360 = $7,409.40.
Interest total $3,934.07 + $7,409.40 = $11,343.47.
Closing balance $1,847,220.00 + $11,343.47 = $1,858,563.47.

Two checks sit on top of those lines. The chain: opening + draws − repayments + interest = close, residual zero. The inversion: $11,343.47 × 360 ÷ ($1,847,220 × 31) = 0.07131290… = 7.1313 percent, which matches neither printed rate and recovers the total when fed forward. A naive 31-day product at 7.22 percent is $11,484.58 and is discarded.

The position block — Meridian, Calder, the collective, Oakridge, the government fund — is a different reconstruction, of lending value rather than of interest. It is not required to make the $11,343.47 appear. It is required to make the $16,204.96 of consumed headroom mean something, which is the previous lesson. This page's claim is narrower: every interest and balance figure on the March statement is a named product, and those products add.

Key terms

Full reconstruction: Rebuilding every printed interest and balance line from the four factors, then running the chain and the inversion as checks.
Residual zero: The chain identity holds to the cent. On this March, $1,847,220.00 + $11,343.47 − $1,858,563.47 = $0.00.

Worked example

The March block, in eight lines

Halden & Wren sample, 1 March 2026 – 31 March 2026, Northreed Holdings LLC. Act/360.

Opening rate: 6.97%
Closing rate: 7.22%
Period 1: $3,934.07
Period 2: $7,409.40
Interest total: $11,343.47
Closing balance: $1,858,563.47
Chain residual: $0.00
Effective rate: 7.1313%

Eight named products and two checks. The page is internally consistent with the four factors you brought to it.

Check yourself

Rebuild the March interest total and the closing balance from the four factors. What two checks confirm the reconstruction, and what naive product do they reject?

Saved in this browser only. No account, nothing sent anywhere.

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.