Lesson 21 of 25 · 6 min

The checklist, item by item, against the March statement

Every printed total on the sample is a sum or a quotient you can form from the rows above it.

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 above is the March letter. Each printed total is a check. Interest is two Act/360 legs on $1,847,220.00: 11 days at 6.97 percent give $3,934.07, 20 days at 7.22 percent give $7,409.40, and the sum is $11,343.47. The balance chain is $1,847,220.00 + $0.00 + $0.00 + $11,343.47 = $1,858,563.47. Both lines recompute.

The collateral block, row by row and then as totals:

Meridian 12,400 × $148.25 = $1,838,300, lending value $919,150 at 0.50.
Calder 3,100 × $593.55 = $1,840,005, lending value $644,001.75 at 0.35.
Collective 4,150 × $214.80 = $891,420, lending value $623,994 at 0.70.
Oakridge 8,200 × $62.40 = $511,680, lending value $281,424 at 0.55.
Government fund 18,600 × $51.15 = $951,390, lending value $808,681.50 at 0.85.
Book $6,032,795. Lending value $3,277,251.25. Blended advance 54.32 percent.

The test block is three more quotients. Trigger $1,858,563.47 ÷ 0.70 = $2,655,090.67. Headroom $3,377,704.33, or 55.99 percent. Market LTV 30.81 percent. Shortfall on the printed book is $0.00; a sale-to-cure is not generated. The 60 percent uniform stress from earlier tracks is a different book, and it is not this letter.

A checklist is the letter run backwards: each total is re-formed from the rows that claim to produce it.

Key terms

Checklist: The set of reconstructions that recover every printed total: interest legs, balance chain, row values, blended advance, trigger, headroom, shortfall.
Recomputed letter: The same document with every summary line replaced by the quotient or sum that the rows imply.

Worked example

March totals, recovered once in order

The Halden & Wren sample printed above. Threshold 70 percent of market value, Act/360, no draws.

Interest: $11,343.47
Closing balance: $1,858,563.47
Book / lending value: $6,032,795 / $3,277,251.25
Blended advance: 54.32%
Trigger / headroom: $2,655,090.67 / 55.99%
Shortfall on the printed book: $0.00

Seven recoveries, seven matches. The sample is internally consistent, which is why it can teach the next month.

Check yourself

On the March sample, which printed figure is $1,858,563.47 ÷ 0.70, and which printed figure is $3,277,251.25 ÷ $6,032,795?

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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.