Build Secured
Income Fund I
The bitcoin-backed direct lending private credit fund
Overview
Fund Objective
The Build Secured Income Fund I (the "Fund") is a continuously offered direct lending private credit fund. The Fund seeks to offer investors modest income and attractive yield by investing in bitcoin-backed, collateralized personal and business loans.i
Our lending partner, Unchained, has a history of thoughtful risk management practices in bitcoin-backed lending. Their platform utilizes Bitcoin's native properties, driven by an emphasis on security and non-rehypothecation.
11.43%
ITD Annualized Net Returnii,iii,iv
48.55%
Average Loan-to-Valuevi,vii
nil
Net Charge-Offsiii
Distributions per Share ($)iv,v
Hypothetical Growth of $10,000ii,iii,iv
Fund Performance
As of: 2026-01-31Monthly Net Returnsii,iii,iv
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | FY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | - | - | - | - | - | - | 0.81% | 0.75% | 0.73% | 0.82% | 0.89% | 0.94% | 10.33% |
| 2024 | 0.93% | 0.99% | 0.96% | 0.97% | 0.99% | 0.98% | 0.99% | 0.98% | 0.98% | 0.99% | 0.97% | 1.00% | 12.39% |
| 2025 | 0.93% | 0.92% | 0.91% | 0.91% | 0.90% | 0.93% | 0.91% | 0.89% | 0.83% | 0.81% | 0.87% | 0.82% | 11.17% |
| 2026 | 0.77% | - | - | - | - | - | - | - | - | - | - | - | 9.69% |
Fund Detailsvii
as of: 2026-01-31| ITD Total Net Returnii,iii,iv | 11.43% |
| Average Loan-to-Valuevi,vii | 48.55% |
| Leverageviii | 0.0x |
| Net Asset Valueix | $30.41MM |
| Underlying Creditsvii | 107 |
| Weighted Average Couponx | 12.69% |
| Average Durationxi | 7.56 months |
| Net Charge-Offsiii | nil |
Asset Allocationvii,xii
The Fund's future performance may differ materially from its past performance and be subject to various risks noted below and in the Memorandum.
Why Invest?
Potential for Improved Collateral
The quality and liquidity of the collateral securing a loan can impact its capability to protect capital in the event of default. We believe faster resolution times and higher recovery rates are critical to maintaining a conservative risk profile.†
Seek to Manage Collateral Risks
No one person or organization is a single point of failure. Collateral is managed through multi-institutional custody, requiring 2-of-3 keys to spend. Transactions are viewable on the blockchain, making custody and proof of collateral auditable.
Support Bitcoin
10% of management fee proceeds support Bitcoin development and human rights initiatives.
Featured Perspectives
The Great American Reset: Credit, Industry, and Bitcoin's Role in What Comes Next
Matt Dines, CIO of Build Asset Management, joins Nik Bhatia of The Bitcoin Layer for an expansive look at America's evolving grand strategy. They break down the Fed's next move in the repo market, the role of gold in global reflation, and how Bitcoin fits into the new era of credit, conflict, and liquidity.
The Evolution of Bitcoin ETFs Around the World
This Bitcoin 2025 discussion traces the explosive growth of Bitcoin ETFs worldwide, starting with early European products and culminating in the US tsunami of adoption. Panelists break down legal frameworks, from civil to common law, and the impact of SEC litigation. Explore in-kind mechanisms in Australia and Hong Kong that enhance efficiency. Hear how institutions like sovereign funds are embracing Bitcoin as a wedge for stability.
The Private Credit Bitcoin Cycle w/ Matt Dines | Bitcoin for Corporations Ep. 13
On this episode of the Bitcoin for Corporations Show, Host Pierre Rochard interviews Build Asset Management co-founder Matt Dines. Dines explains why Bitcoin as collateral is still only 1% adopted and why the credit markets represent trillions in opportunity. Dines shares his background in capital markets and why Build is focused on credit as the battlefront.
Bitcoin Collateral & GSE Reform: A $40 Trillion Credit Revolution
Build CIO, Matt Dines, unpacks how the Genius Act, Bitcoin-backed mortgages, and GSE reform could reboot US credit, reshape the housing market, and keep the dollar system alive on The Bitcoin Layer with Nik Bhatia.
i Loans are collateralized by a Specific Unit of Beneficial Interest
(the "SUBI"), a UCC Article 8 Security, issued by UC Secured Assets Trust. The
SUBI is backed by Bitcoin that the Borrower must deposit into a multi-signature
three-way vault. Loans are typically less than one year in duration and have 2x
collateral to the borrowed amount. While the manager does not anticipate holding
Bitcoin because the Servicer is expected to immediately liquidate any Bitcoin
pledged as collateral for any Loan in the event of Borrower default, the Fund
may hold Bitcoin for various periods of time. The volume of loans available, the
interest rate earned on loans, and the value of the Bitcoin backing the loan collateral
are all based on the Bitcoin market.
ii Returns greater than one year, since inception, or representing
FY values are annualized. Any return information provided in this Website has
not been audited, and represents the Fund's performance during the periods noted
herein, net of related fees and expenses. A full discussion of related fees and
expenses can be found in the Memorandum. The Fund's future performance may differ
materially from its past performance and be subject to various risks noted below
and in the Memorandum.
iii Since inception of fee-paying LPs (July 2023) through January 2026.
iv Calculated using fee-paying LP capital only.
v Distributions are subject to manager discretion. There is no guarantee
of any distributions, and the composition of the distributions, if any, may consist
of non-cash items, such as return of capital or borrowings.
vi Average Loan-to-Value represents the net ratio of loan-to-value
for each loan, weighted based on the fair value of total applicable private debt
investments. Loan-to-value is calculated as the current total net debt through
each loan divided by the total value of the loan collateral as of the period noted.
vii As of January 2026.
viii Leverage is calculated using the average daily borrowings during
the month divided by average net assets.
ix Net Asset Value (NAV) is calculated as total assets (e.g., investments
at fair market value, cash, trade receivables and other assets) less total liabilities
(e.g., drawn leverage, unsettled trade payables and other liabilities) as determined
in accordance with US GAAP.
x Weighted Average Coupon represents the gross ratio of interest rates
for each loan, weighted based on the fair value of total applicable private debt
investments.
xi Average Duration represents the duration for each loan, weighted
based on the fair value of total applicable private debt investments.
xii Measured as the fair market value of investments for each category
against the total fair market value of all investments. Totals may not sum due
to rounding.
† There is no guarantee these trends will continue in the future.
1 Source: Moody's. Time period: 1982 - 2004.
2 Source: S&P Global. Time period: 2019 - 2022.
3 Source: Moody's. Time period: 2021 - 2022.
4 Source: S&P Global. As of March 2022.
5 Source: S&P Global. As of February 2023.
6 Based on Unchained historical loan performance. 2017 - August 2025.