Origination Rate
10.50%
Fixed rate to borrower
Securitization Cost
6.59%
10Y 4.79% + 180bps
Excess Spread (NIM)
3.91%
Healthy
10Y Treasury
4.786%
Primary pricing benchmark
Excess Spread (30 Day)
3.91%
US Treasury Yield Curve
2s10s: +40bps
NIM Sensitivity — What If 10Y Treasury Moves?
| 10Y Treasury | -100bps | -75bps | -50bps | -25bps | +0bps | +25bps | +50bps | +75bps | +100bps |
|---|---|---|---|---|---|---|---|---|---|
| Rate | 3.79% | 4.04% | 4.29% | 4.54% | 4.79% | 5.04% | 5.29% | 5.54% | 5.79% |
| Excess Spread | 4.91% | 4.66% | 4.41% | 4.16% | 3.91% | 3.66% | 3.41% | 3.16% | 2.91% |
| Hedge? | No | No | No | No | No | No | No | No | No |
C-PACE Securitization Comps
12 deals
| Issuer | Series | Tranche | Coupon | Spread | Adv Rate | WAL | Size |
|---|---|---|---|---|---|---|---|
| BayView | 2025-1 | AAA | 5.86% | 185 | 97.0% | 5.2 | $350M |
| BayView | 2025-1 | AAA | 5.86% | 185 | 97.0% | 5.2 | $350M |
| CleanFund | 2024-1 | AAA | 5.25% | 155 | 96.5% | 4.8 | $275M |
| CleanFund | 2024-1 | AAA | — | — | — | — | — |
| Petros PACE | 2024-1 | AAA | — | — | — | — | — |
| Petros PACE | 2024-1 | AAA | 5.50% | 170 | 97.2% | 5.5 | $310M |
| Renew Financial | 2024-2 | A | — | 175 | 100.0% | 7.5 | $200M |
| Renew Financial | 2024-2 | BBB | — | — | 111.0% | 7.5 | $200M |
| Renew Financial | 2024-2 | A | 5.42% | 175 | 100.0% | 7.5 | $200M |
| Renew Financial | 2024-2 | BBB | 6.80% | 280 | 111.0% | 7.5 | $200M |
| Ygrene | 2023-1 | AAA | 5.90% | 195 | 95.8% | 6.0 | $225M |
| Ygrene | 2023-1 | AAA | — | — | — | — | — |
Key Benchmarks
| Benchmark | Value | Change |
|---|---|---|
| US Treasuries | ||
| 2-Year Treasury | 4.381% | +0.040 |
| 5-Year Treasury | 4.543% | +0.043 |
| 7-Year Treasury | 4.656% | +0.041 |
| 10-Year Treasury | 4.786% | +0.036 |
| 30-Year Treasury | 5.258% | +0.016 |
| SOFR | ||
| SOFR (Overnight) | 3.680% | +0.030 |
| 1-Month Term SOFR | 3.708% | +0.025 |
| 3-Month Term SOFR | 3.801% | +0.044 |
| Swaps | ||
| 5-Year SOFR Swap | 4.272% | +0.041 |
| 10-Year SOFR Swap | 4.405% | +0.032 |
| Credit Spreads (OAS) | ||
| US Agg Corporate OAS | 78 bps | +0 |
| Single-A Corporate OAS | 70 bps | -1 |
| BBB Corp ex-Fin OAS | 92 bps | +0 |
| US High Yield OAS | 261 bps | +1 |
| CMBS AAA OAS | 60 bps | +1 |
| ABS AAA Auto Spread | 50 bps | -1 |
Porchline Capital KPI Dashboard — Data via Bloomberg Terminal
| As of October 02, 2026