Origination Rate
10.50%
Fixed rate to borrower
Securitization Cost
6.01%
10Y 4.23% + 177bps
Excess Spread (NIM)
4.49%
Healthy
10Y Treasury
4.234%
Primary pricing benchmark
Excess Spread (30 Day)
4.49%
US Treasury Yield Curve
2s10s: +53bps
NIM Sensitivity — What If 10Y Treasury Moves?
| 10Y Treasury | -100bps | -75bps | -50bps | -25bps | +0bps | +25bps | +50bps | +75bps | +100bps |
|---|---|---|---|---|---|---|---|---|---|
| Rate | 3.23% | 3.48% | 3.73% | 3.98% | 4.23% | 4.48% | 4.73% | 4.98% | 5.23% |
| Excess Spread | 5.49% | 5.24% | 4.99% | 4.74% | 4.49% | 4.24% | 3.99% | 3.74% | 3.49% |
| 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 | 3.702% | -0.072 |
| 5-Year Treasury | 3.831% | -0.087 |
| 7-Year Treasury | 4.018% | -0.086 |
| 10-Year Treasury | 4.234% | -0.077 |
| 30-Year Treasury | 4.875% | -0.057 |
| SOFR | ||
| SOFR (Overnight) | 3.670% | -0.050 |
| 1-Month Term SOFR | 3.661% | -0.007 |
| 3-Month Term SOFR | 3.675% | -0.005 |
| Swaps | ||
| 5-Year SOFR Swap | 3.538% | -0.077 |
| 10-Year SOFR Swap | 3.806% | -0.067 |
| Credit Spreads (OAS) | ||
| US Agg Corporate OAS | 1 bps | +0 |
| Single-A Corporate OAS | 70 bps | -1 |
| BBB Corporate OAS | 140 bps | -3 |
| US High Yield OAS | 3 bps | +0 |
| CMBS AAA Spread | 1407 bps | +0 |
| ABS AAA Auto Spread | 50 bps | -1 |
Porchline Capital KPI Dashboard — Data via Bloomberg Terminal
| As of April 17, 2026