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Build Secured Income Fund I

The bitcoin-backed direct lending fund
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

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ITD Total Net Returnii,iii,iv

ITD Net TVPIiii,iv,v

Net Charge-Offsiii

%

Average Loan-to-Valuevi,vii

Leverageviii

Current Income

Expected monthly distributionsv and monthly subscriptions.

Attractive Yield

Focuses on privately originated loans, backed by bitcoin.i

Lending Platform

  • History of sound risk management practices in bitcoin-backed lending.
  • Utilizes Bitcoin’s native properties, driven by emphasis on security and non-rehypothecation.

Portfolio Statistics

Total Investmentsiii $17.68MM
Net Asset Valueix $18.30MM
Underlying Creditsvii 243
Average Interest Ratex 14.47%
Average Durationxi 11.27 months

Asset Allocationvii,xii

  • Bitcoin-Backed Loans 99.37% 99.37%
  • Cash 0.63% 0.63%

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    Monthly Returnsii,iii,iv

    Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FY
    2023 - - - - - - 0.81% 0.75% 0.66% 0.82% 0.89% 0.94% 4.96%
    2024 0.93% - - - - - - - - - - - -

    Managing 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.

    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. Faster resolution times and higher recovery rates are critical to maintaining a conservative risk profile.
    Lending recovery profile chart showing time to recovery and recovery rate

    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 2.5x 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 the Fund’s fees and expenses. 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 2024.
    iv Calculated using fee-paying LP capital only.
    v Total Value to Paid-in-Capital is calculated using distributions and the residual value of the Fund, divided by the total paid-in-capital. 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 2024.
    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 Average Interest Rate represents the net 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 – 2023.