Lesson 2 of 25 · 6 min
The header: who, which facility, which period
Four printed names decide which agreement, which month, and which arithmetic actually apply.
The header is a matching key, not decoration. Client, account, facility, and period decide which agreement the numbers sit under and which days the interest sum is allowed to cover. Read them before any rate or any balance, because a correct reconstruction on the wrong facility is still a wrong reconstruction.
On the Halden & Wren page the client is Northreed Holdings LLC. The account is HW-7721-4408-19. The facility is HW-SB-44107. The period is 1 March 2026 – 31 March 2026. Those four strings are how a later page is chained to this one, and how a credit agreement is chained to this page. The institution line, Halden & Wren Private Credit, names who produced the document. The product line, securities-backed demand facility, names the type of contract, not the identity of the contract.
Account and facility are not the same object. An account is the custody wrapper the holdings sit in. A facility is the credit contract drawn against those holdings. One account can secure more than one facility; one facility can, in other structures, look at more than one account. The statement ties them by printing both identifiers. The arithmetic on this page belongs only to the pair it names.
The period label is the fourth identifier. Interest, draws, and the opening-to-closing identity are defined on that range and on no other. Positions are marked at the close of that range. A header that names the right client and the wrong month produces a page that looks as official as this one and describes a different loan path.
Key terms
- Account
- The custody identifier for the pledged holdings. On this page, HW-7721-4408-19.
- Facility
- The credit-contract identifier. On this page, HW-SB-44107. Balances and interest belong to the facility, not to the account label alone.
- Header
- The block that names institution, client, account, facility, period, and statement date. It is the matching key for every figure below it.
Worked example
Four strings, one reconstruction
A reader sits down to recompute March interest and has two Halden & Wren documents on the desk.
- Client printed here
- Northreed Holdings LLC
- Account printed here
- HW-7721-4408-19
- Facility printed here
- HW-SB-44107
- Period printed here
- 1 March 2026 – 31 March 2026
- Opening the reconstruction uses
- $1,847,220.00
- What a sister facility's opening would be
- A different number
31 days.
Only if those four strings match the agreement and the prior close.
Correct arithmetic on the wrong header is still the wrong month.
The interest formula does not know which loan it is describing. The header is the only thing that does.
Check yourself
A second Halden & Wren page for Northreed Holdings LLC shows account HW-7721-4408-19, facility HW-SB-44108, and the same March 2026 dates. Can the $1,847,220.00 opening on HW-SB-44107 be used to check that page?
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.