A sign of things to come

October 23, 2023

As we close in on the last few days of the month, we can now safely take a look back at just how much we've accomplished in this first month where we had all the pieces in place post-broker dealer and post-credit facility.  And what a month it's been.

We're looking at over $[ ]M in net new AUM, the largest increase ever in the history of the firm. This comes off the heels of more than [ ] inaugural borrowers hitting the market, also another record setting number. The influx of capital came from our usual channel with accredited investors but also from a material uplift in institutional investor capital, which I alluded to in prior weeks' emails. This growth doesn't even yet include the credit facility deployment which will kick in some time in November coming off of the successful raise of our junior note for $[ ]M. 

All of this coincides with what is shaping up to be a banner month for revenue as servicing fees have begun to finally accrue in earnest. We need refinancings and inaugural deals to happen in order to apply the new servicing fee structure and it's looking like a [ ]X+ increase month over month in servicing fee revenue from September. This is found revenue that doesn't require us to do anything more than what we do today, all thanks to the broker dealer.

Seeing these results come so quickly after we finally have the pieces we've been looking for in place is a reassuring sign of what's possible for revenue in the months ahead