Active Loan Book
| Borrower | Type | Principal | Rate / Return | Term | Start | Maturity | Outstanding | Status |
|---|---|---|---|---|---|---|---|---|
| Swype | Term Loan | R20,000,000 | 18.5% p.a. | 60 months | Dec 2025 | Dec 2030 | R16,667,000 | Active |
| Plush Car Wash | Term Loan | R6,500,000 | 18% p.a. | 3 months | Feb 2026 | Apr 2026 | R0 | Repaid |
| Mafadi Property Services Legal Claim (SWVG) |
Legal Claim | R600,000 | 2.4× (18m) | 18 months | Feb 2026 | Aug 2027 | R600,000 | Active |
| Zedwit Legal Claim 2 (SWVG) |
Legal Claim | R900,000 | 2.4× (18m) | 18 months | Mar 2026 | Aug 2027 | R900,000 | Active |
| Poker Syndicate | Bullet Loan | R1,250,000 | 21% p.a. | 12 months | Mar 2026 | Mar 2027 | R1,250,000 | Active |
| Project Prometheus KDD Credit loan |
Bullet Loan | R4,080,000 | 11% p.a. | 30 months | May 2026 | Nov 2028 | R4,080,000 | Active |
| TOTAL ACTIVE | R23,497,000 | |||||||
Loan Book Composition
Rate Structure & Spread
Bank facility cost
9.25% p.a.
Swype lending rate
18.5% p.a.
Plush lending rate
17–18% p.a.
Poker Syndicate rate
21% p.a.
Plush Bridge rate
30% p.a.
Legal claims (Mafadi + Zedwit)
2.4× / 18m (~93% IRR)
Hedge fund return (collateral)
16.19% p.a.
Net spread (Swype vs facility)
+9.25%
Net spread (Poker vs facility)
+11.75%
Monthly Cash Flow — Interest Inflows vs Facility Cost
Balance Sheet (May 2026)
ASSETS
Hedge Fund NAV
R48,180,941
Loan Book (outstanding)
R23,496,667
Cash
R829,683
Total Assets
R72,507,291
LIABILITIES
Bank Overdraft Facility
R12,798,244
Total Liabilities
R12,798,244
EQUITY
Net Equity
R59,709,047
Equity Ratio
82.3%
5-Year Annual Cash Projection
| Year | Cash Inflows | Facility Cost | Net Cash |
|---|---|---|---|
| 2026 | R13.4M | R1.0M | −R8.8M* |
| 2027 | R16.7M | R0.3M | R7.9M |
| 2028 | R11.7M | — | R5.5M |
| 2029 | R6.3M | — | R7.1M |
| 2030 | R7.1M | — | R7.8M |
* 2026 negative after R20M facility repayment. 2027 onwards fully self-funding.
Key Ratios & Metrics
LTV (Facility / Hedge Fund NAV)
26.6%
Facility vs approved
58.7% utilized
Approved facility headroom
R9.0M
Interest coverage ratio
24.9×
Debt to assets
17.7%
Equity ratio
82.3%
Hedge fund NAV to assets
66.4%
Loan book to assets
32.4%
Hedge fund weighted return
16.19% p.a.
Hedge Fund Portfolio — Collateral Base
| Fund | Allocation | Annual Return | Service Fee | Implied NAV |
|---|---|---|---|---|
| Prescient Retail Hedge Fund | 27% | 15.91% | 0.075% | R13.0M |
| BCI Flexible Opportunity Fund | 23% | 15.47% | 0.10% | R11.1M |
| BCI Equity Fund | 20% | 16.33% | 0.10% | R9.6M |
| BCI SA Equity Fund | 14% | 21.88% | 0.10% | R6.7M |
| BCI Global Equity Feeder Fund | 16% | 12.52% | 0.10% | R7.7M |
| TOTAL / WEIGHTED AVERAGE | 100% | 16.19% | 0.093% | R48,000,000 |
Bank facility = 50% of hedge fund NAV (R24M max capacity). Currently R12.8M drawn. Facility interest: 9.25% p.a. Net carry on collateral: +6.94% (hedge fund return less facility cost).