Why the blended advance rate is printed and the schedule is not

The blended advance rate is a ratio of two totals, not a rate that any row accrues at. On this page it is printed as 54.32%. Recover it: total lending value $3,277,251.25 divided by total market value $6,032,795.00 equals 0.54324, which prints as 54.32%. No holding on the table carries a 54.32% advance rate. The five printed rates are 50%, 35%, 70%, 55% and 85%.

The schedule that assigned those five rates — by asset type, by concentration, by eligibility — is not on the page. What is on the page is this month's application of that schedule. A blended figure is the weighted residue of the application. It is useful as a single multiplier on a new mark, and it is silent about which row produced the weight.

Calder is 30.50% of market value: $1,840,005.00 ÷ $6,032,795.00 = 0.3050. It is only 19.65% of lending value: $644,001.75 ÷ $3,277,251.25 = 0.1965. The government fund is 15.77% of market value and 24.68% of lending value. The blend is pulled down by Calder and pulled up by the government fund and the collective. A 54.32% printed alone cannot tell you that. A schedule, or the five-row table, can.

The reason the blend is printed and the schedule is not is administrative. One percentage updates a headline cover figure when marks move and advance rates are assumed unchanged. Five (or fifty) schedule lines do not fit a summary page. The cost of that compression is attribution. A later mark change on Calder moves the blend more than a 54.32% multiplier on the whole book would suggest, because Calder's own 35% is far from the blend.