Origination Rate
10.50%
Fixed rate to borrower
Securitization Cost
6.12%
10Y 4.32% + 180bps
Excess Spread (NIM)
4.38%
Healthy
10Y Treasury
4.316%
Primary pricing benchmark
Excess Spread (30 Day)
4.38%
US Treasury Yield Curve
2s10s: +52bps
NIM Sensitivity — What If 10Y Treasury Moves?
| 10Y Treasury | -100bps | -75bps | -50bps | -25bps | +0bps | +25bps | +50bps | +75bps | +100bps |
|---|---|---|---|---|---|---|---|---|---|
| Rate | 3.32% | 3.57% | 3.82% | 4.07% | 4.32% | 4.57% | 4.82% | 5.07% | 5.32% |
| Excess Spread | 5.38% | 5.13% | 4.88% | 4.63% | 4.38% | 4.13% | 3.88% | 3.63% | 3.38% |
| 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 | 3.795% | +0.017 |
| 5-Year Treasury | 3.931% | +0.016 |
| 7-Year Treasury | 4.112% | +0.014 |
| 10-Year Treasury | 4.316% | +0.015 |
| 30-Year Treasury | 4.922% | +0.015 |
| SOFR | ||
| SOFR (Overnight) | 3.660% | +0.010 |
| 1-Month Term SOFR | 3.658% | +0.004 |
| 3-Month Term SOFR | 3.670% | +0.004 |
| Swaps | ||
| 5-Year SOFR Swap | 3.631% | +0.017 |
| 10-Year SOFR Swap | 3.873% | +0.016 |
| Credit Spreads (OAS) | ||
| US Agg Corporate OAS | 79 bps | +1 |
| Single-A Corporate OAS | 70 bps | -1 |
| BBB Corp ex-Fin OAS | 94 bps | +0 |
| US High Yield OAS | 272 bps | +0 |
| CMBS AAA OAS | 57 bps | +0 |
| ABS AAA Auto Spread | 50 bps | -1 |
Porchline Capital KPI Dashboard — Data via Bloomberg Terminal
| As of June 15, 2026