Operating infrastructure for complex credit and alternative assets.
Massena builds the analytics, valuation, and servicing systems that private credit funds, family offices, originators, and ABS issuers actually need to run institutional portfolios. We build the tracking systems that let you monitor in real time, intervene early, and protect collateral value before problems become losses.
Monthly Operating PerformanceProject Meridian · source-backed analysis
Live data6 source filesAudit trail
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Scripted demo · typed prompts trigger the same implementation response
FinancialsCovenantsLiquidityBoard deck
Built by practitioners. Trusted by institutional capital.
$25bn+
In facility volume monitored
50+
Combined years in specialty finance
8+
Asset classes covered
100%
Partner-led engagements
Who We Work With
Built for capital allocators who need both sides of the house.
We work with a deliberately narrow set of institutional buyers. Each engagement looks different, but the common thread is a need for finance fluency and engineering capability under the same roof.
Private Credit Funds
Direct lending, asset-based lending, and specialty credit managers professionalizing operations for institutional capital and Fund II.
Family Offices
Single and multi-family offices allocating directly into private credit, litigation finance, and specialty assets without administrators built for them.
Specialty Finance Originators
Consumer and small-business lenders building the analytics, servicing, and capital markets infrastructure to access warehouse and ABS markets.
Litigation Funders
Pre-settlement, post-settlement, mass tort, and commercial litigation finance managers needing valuation, surveillance, and LP-ready reporting.
ABS Issuers & Sponsors
Structured credit platforms and ABS issuers running master trusts and revolving facilities, where borrowing base and covenant accuracy is non-negotiable.
Charged-Off Debt Buyers
Post-charge-off receivables purchasers needing portfolio analytics, ERC modeling, recovery curve back-tests, and the reporting infrastructure to support continued bidding and capital raises.
Warehouse & Senior Lenders
Banks and credit funds providing facilities to specialty platforms, needing independent borrower surveillance, collateral verification, and backup servicing oversight as a condition of lending.
Insurance & Annuity Writers
Insurers and annuity providers allocating into private credit, structured settlements, and royalty streams. Specific reserving, marking, and regulatory reporting needs that off-the-shelf administrators do not cover.
Our Approach
We build force multipliers, not deliverables.
Most consultancies leave you with a deck. We leave you with a working system, documented assumptions, and the institutional memory to operate it after we're gone.
01 · Domain first
Financial fluency, then engineering.
We build programmatic borrowing bases, codified covenant trackers, fund-level performance dashboards, and AI surveillance models because we have lived in private credit and specialty finance. The same team reads the credit agreement, models the waterfall, and writes the code. The technology is in service of the finance, not the other way around.
02 · Partner-led
No staff augmentation, no hand-offs.
Every engagement is led by a Managing Director or Director who stays involved from first call to delivery. You are talking to the people writing the code, reading the indenture, and running the valuation model. The trade-off is we work with a small number of clients at a time. That is by design.
03 · Build, do not just advise
Deliverables ship in production.
Borrowing base certificates that close in hours, not days. Dashboards your CFO actually opens. Machine learning models that flag concentration drift before your watchlist does. Valuation work that documents itself for the next audit. We are accountable for what we build past the close date, and most of our engagements continue as managed services.
04 · Institutional-grade
Built for the diligence you have not faced yet.
Our clients raise institutional capital, sign warehouse facilities, and prepare for ABS issuance. Everything we deliver, from data lineage to backup servicing readiness to covenant test documentation, is built to clear LP, lender, rating agency, and auditor scrutiny on the first ask.
What We Do
A full-stack partner for private credit operations.
From transaction structuring to ongoing portfolio surveillance, we cover the operational layer that turns a credit strategy into an institutional platform.
Programmatic Asset Management
Custom analytics, valuation, and surveillance platforms for private credit funds, family offices, and originators. Borrowing base automation, covenant testing, real-time portfolio dashboards built on serverless AWS infrastructure.
Core offering
Esoteric Asset Valuation
Defensible valuation frameworks for litigation finance, medical liens, pre-settlement advances, structured settlements, royalties, IP rights, and consumer receivables. Models the auditors and your investment committee can both work with.
Valuation · Audit
Servicing & Backup Servicing Advisory
RFP design, vendor selection, transition planning, and ongoing oversight of primary and backup servicers. Built for managers facing institutional capital requirements or lender mandates for servicing redundancy.
Servicing · Operations
Transaction Advisory & Capital Markets
Credit facility structuring, recapitalizations, accordion design, advance rate optimization. We stay involved past close to administer the borrowing base and manage covenant compliance with the lender.
Capital markets
Data & Reporting Infrastructure
Serverless data warehouses built for ABS issuers and private credit managers. Board-grade reporting, investor reporting packages, and audit-ready documentation, all running on the same source of truth.
Infrastructure · BI
AI-Driven Underwriting & Surveillance
Credit scoring, fraud screening, and ongoing borrower surveillance models tuned for esoteric and subprime consumer assets where bureau data alone is not enough. Built, integrated, and monitored post-launch.
ML · Underwriting
Reporting in Production
The dashboards your LPs, lenders, and auditors actually want to see.
An anonymized lender reporting package for a consumer installment receivables warehouse. The demo data is fictional, but the workflow is the point: Massena tests borrower submissions, reconciles source files, recalculates availability, and turns messy operating detail into lender-grade surveillance.
March 2026 Lender Reporting Package
Anonymized Specialty Finance Warehouse
Consumer installment receivables · Senior secured facility · March 31, 2026 close
Collateral support trendGross collateral, borrowing base, and drawn balance by monthly close
Gross Base Drawn
Massena readout
The borrower-submitted certificate showed $7.07M of availability. After recalculating eligibility, concentration haircuts, and documentation exceptions, Massena reduced lender availability to $6.28M.
Primary variance $0.42M missing contract images and stale status codesCash variance $31K below $100K materiality thresholdTrend tighter utilization increased from 87.6% to 90.8%
Borrower submitted vs Massena recalculated
Metric
Borrower
Massena
Variance
Gross collateral
$82.58M
$82.37M
($0.21M)
Eligible collateral
$75.05M
$74.26M
($0.79M)
Borrowing base
$68.87M
$68.08M
($0.79M)
Available capacity
$7.07M
$6.28M
($0.79M)
Collateral roll-forward
Movement
Amount
Beginning gross collateral
$79.13M
New purchases / originations
$12.63M
Principal collections
($5.86M)
Charge-offs
($1.12M)
Repurchases / removals
($1.37M)
Tape corrections and timing
($1.04M)
Ending gross collateral
$82.37M
Cash Reconciliation
Servicer reported collections$4.821MCollections in servicer tape
Trustee remittance$4.790MRemittance file received
Bank deposits matched$4.739MDeposits matched to account
Gross cash variance$82KServicer less matched deposits
Known timing differences$51KIdentified posting lag
Unresolved variance$31KBelow $100K threshold
Covenant testingCurrent package, thresholds, cushion, and lender-read status by covenant.
1 watch item
Test
Prior
Current
Threshold
Cushion
Status
Borrowing base coverage
1.13x
1.10x
≥ 1.05x
+0.05x
Pass
Gross collateral coverage
1.37x
1.33x
≥ 1.20x
+0.13x
Pass
Senior interest coverage
1.31x
1.24x
≥ 1.20x
+0.04x
Watch
30+ delinquency
5.8%
6.4%
≤ 8.0%
+160 bps
Pass
Net charge-off rate
2.9%
3.1%
≤ 5.0%
+190 bps
Pass
Top dealer concentration
10.9%
11.8%
≤ 15.0%
+320 bps
Pass
Top 10 dealer concentration
35.4%
38.2%
≤ 40.0%
+180 bps
Monitor
49+ month terms
9.3%
14.6%
≤ 15.0%
+40 bps
Monitor
Covenant trendActual performance versus the covenant threshold over the last six reporting periods.
Borrowing base bridgeCollateral support, eligibility deductions, and facility draw.
$6.28M availability
Eligibility buildGross collateral to eligible collateral
Gross collateral pool$82.37M100.0% of gross
Less ineligible collateral($8.11M)Eligibility exclusions
Eligible collateral$74.26M90.2% of gross
Base calculationEligible collateral to borrowing base
Eligible collateral$74.26M90.2% of gross
Less advance-rate and reserve cuts($6.18M)Haircuts and reserves
Borrowing base$68.08M82.7% of gross
AvailabilityBorrowing base net of drawn balance
Borrowing base$68.08M82.7% of gross
Less drawn balance($61.80M)Outstanding facility balance
Available capacity$6.28MRemaining capacity after current facility draw
Month-over-month availabilityAvailable capacity by monthly close, net of borrowing base and drawn balance.
Down $2.12M MoM
Available capacity
Utilization
90.8%Borrowing base utilization
Commitment utilization82.4%Base as % of gross82.7%Draw as % of gross75.0%
Eligibility and reserve detail
Component
Accounts
Balance
Treatment
60+ DPD
39
$2.64M
Ineligible
Missing contract image
24
$2.02M
Ineligible
State eligibility restriction
14
$1.06M
Ineligible
Status or ID mismatch
23
$0.63M
Ineligible
Inactive / paid-ahead mismatch
17
$0.71M
Ineligible
Documentation age exception
11
$1.05M
Ineligible
Ineligible collateral subtotal
128
$8.11M
Subtotal
Concentration haircut
12
$3.18M
Reserve cut
Delinquency reserve
39
$2.64M
Reserve cut
Other BBC adjustments
—
$0.36M
Reserve cut
Advance-rate and reserve cuts
—
$6.18M
Total
Downside sensitivity
Scenario
Borrowing base
Capacity
Status
Base case
$68.08M
$6.28M
Pass
+100 bps 30+ DQ
$66.87M
$5.07M
Pass
+250 bps 30+ DQ
$64.21M
$2.41M
Watch
5% collateral haircut
$64.71M
$2.91M
Watch
Vintage loss curveCumulative net loss by months-on-book compared with the base case curve.
Base case 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3
Early warning signal
2025-Q1 is 40 bps above base case loss and has the highest 30+ delinquency rate in the pool. The cohort is not a breach item, but it is beginning to pressure projected eligibility and April availability.
7.2%30+ DQ+$0.89MEligibility impact+$0.6M-$0.9MPotential April pressure
Watch items
Monitor 30-59 DPD roll rate before the April close.
Review reserve sensitivity if Q1 delinquency migration continues.
Static pool table Original vintage balance, not current outstanding collateral.
Vintage
Original balance
Seasoning
Cum. loss
Base case
30+ DQ
Eligibility impact
Status
2024-Q3
$18.18M
18 mo.
5.8%
6.2%
5.9%
$0.41M
Better
2024-Q4
$21.37M
15 mo.
4.9%
5.1%
6.1%
$0.55M
On plan
2025-Q1
$24.72M
12 mo.
3.8%
3.4%
7.2%
$0.89M
Watch
2025-Q2
$19.91M
9 mo.
2.2%
2.0%
6.8%
$0.46M
On plan
2025-Q3
$16.79M
6 mo.
1.1%
1.0%
6.5%
$0.24M
On plan
Delinquency aging by balance
Bucket
Balance
% of pool
Prior month
Current
$71.58M
86.9%
88.1%
1-29 DPD
$5.52M
6.7%
6.1%
30-59 DPD
$3.09M
3.8%
3.2%
60-89 DPD
$1.36M
1.7%
1.6%
90+ DPD
$0.82M
1.0%
1.0%
Why Q1 is on watchLosses are only modestly above base case, but 30-59 DPD migrated faster than prior cohorts.
Availability implicationIf Q1 roll rates continue for two closes, projected availability falls another $0.6M to $0.9M.
Monitoring triggerQ1 remains on watch until roll rates stabilize and the next two closes confirm whether early delinquency is curing or converting into realized loss.
New originations$12.63M+15.6% QoQ
WA FICO681-11 from prior quarter
WA coupon19.4%+90 bps QoQ
Policy exceptions7.6%up from 4.8%
Risk and yield mapCurrent quarter production by risk tier, coupon, and funded amount
B-tier production increased28% to 36% quarter over quarter, with the biggest increase in indirect dealer flow.
Term extension mattersAverage term increased to 42.2 months, lengthening weighted average life and delaying principal collections.
Yield rose with riskCoupon increased 90 bps, but expected loss and first payment default rates also moved higher.
Asset Classes
We work where standard models don't.
Our practice is built around the asset classes that institutional infrastructure has not yet caught up to. Each requires its own valuation logic, its own data, its own servicing assumptions.
01
Litigation Finance
Pre-settlement consumer advances, post-settlement annuities, mass tort, and commercial litigation. We model recovery curves and reserve methodology that auditors accept.
Non-recourse · Stage-gated
02
Consumer Receivables
Unsecured installment, retail, and specialty consumer credit. Bureau-augmented underwriting models, surveillance, and servicing oversight for performing and NPL books.
ABS · NPL
03
Structured Credit
Master trust structures, ABS issuance, payment waterfalls, and indenture compliance. Borrowing base engines and trustee-grade reporting.
ABS · Indenture
04
Specialty Finance
Direct lending, asset-based lending, equipment finance, and other niche specialty platforms. We professionalize the operating infrastructure for Fund II and beyond.
Direct lending · ABL
05
Medical Liens & Settlements
Medical liens, pre-settlement advances, structured settlements. Valuation frameworks that account for mortality, recovery dynamics, and statutory variability by state.
Mortality-adjusted
06
Royalties & IP
Music and film royalties, IP licensing streams, and other cash-flow producing intellectual property. Decay-curve models and ongoing earnings monitoring.
Royalty streams
07
Sponsored Finance
PE-backed direct lending, unitranche and second-lien positions, and sponsor-driven specialty credit. Portfolio analytics, covenant surveillance, and quarterly mark support across the platform.
Sponsor-backed
08
Trade Finance & Working Capital
Invoice and receivables financing, supply chain credit, and short-duration working capital facilities. We model goods-in-transit exposure, counterparty concentration, and rapid amortization schedules.
Trade · Working capital
09
Equipment & Leasing
Hard-asset loans, equipment leases, and fleet financings. Collateral tracking, residual value marks, and end-of-term disposition modeling across the lease portfolio.
Leasing · Residual value
10
Life Settlements
Life-contingent policies and viatical settlements. Mortality tables, longevity assumptions, and policyholder-linked cash-flow modeling for funds allocating to secondary life insurance.
Life-contingent · Mortality
Selected Engagements
Work that shipped.
A sample of recent engagements across the platforms we serve. Names redacted; results documented.
Capital MarketsSpecialty Finance
Credit facility recap, $55M to $75M with accordion
Orchestrated a competitive lender process for a specialty finance platform. Upsized the facility, added a $25M accordion, increased the advance rate, and hedged interest rate exposure. Massena continues to administer the borrowing base certificate post-close.
Institutional valuation framework for litigation finance fund
Rebuilt the valuation methodology position by position for a litigation finance manager raising Fund II. Three asset classes, one position master, one quarterly valuation pack, documented assumptions. Cleared institutional LP diligence.
Serverless monitoring platform for a private debt fund
Engineered an automated collateral monitoring engine on AWS Lambda, S3, and Aurora. Real-time covenant testing across the portfolio, predictive flags for upcoming breaches, and a fully implemented backup servicing plan that cleared LP diligence.
Borrowing base & covenant engine for an ABS issuer
Codified every eligibility criterion, concentration limit, and trigger into a single rule engine. Monthly close compressed from five days to one. The treasurer now scenario-tests new origination programs against live data instead of estimates.
Consolidated alternatives reporting for a single-family office
Built a unified portfolio monitor for a family office allocating across private credit, litigation finance, real estate debt, and a direct sponsor co-invest. One quarterly book replacing four manager PDFs and a back-of-envelope rollup. Now produces look-through exposure, vintage IRR, and concentration risk in one view the principal actually opens.
Buy-side diligence on a $180M consumer portfolio acquisition
Ran technical and financial diligence on a specialty finance platform's consumer receivables book for an institutional buyer. Reconciled the loan tape against the servicing system, back-tested seller-provided vintage curves, and surfaced a concentration anomaly that supported a 6% price reduction. IC memo delivered in 18 days.
Successor servicing and sale of a $221M ERV charged-off consumer portfolio
Massena stepped in mid-life for a private credit client to stabilize a charged-off consumer debt portfolio. The team re-papered agency placements, normalized account and placement data, rebuilt cash and recovery reporting, and managed $221M in estimated remaining value through stabilization and a clean downstream sale.
Sunsetting a $64M litigation finance portfolio of MVA advances
Massena took over a $64M book of motor-vehicle-accident pre-settlement advances for an orderly wind-down. The team reconciled the case-level ledger to attorney files, re-aged every advance, rebuilt settlement and recovery tracking, and produced monthly investor reporting as cases settled.
Every portfolio we touch arrives with its own file formats, its own indenture language, and its own quirks the prior team worked around. We absorb that complexity once, codify it, and turn it into intelligence that runs every day. The result is reporting that holds up to LP, lender, and auditor scrutiny on the first ask.
01Sources
↓
02Intelligence Layer
↓
03Query & Synthesis
↓
04Outputs
Swipe to explore →
40+
Distinct file formats absorbed
100M+
Loan-level records under monitoring
1,400+
Covenant rules codified to date
<15min
Median data-to-dashboard latency
Reconciliation
Two-sided tie-out as a default
Every position is reconciled across servicer, custodian, paying agent, and borrowing base on every cycle. Variances surface automatically with audit trails. No more month-end fire drills to explain a $42 break.
Codified rules
Indenture as code
Eligibility criteria, concentration limits, triggers, and waterfalls live as version-controlled rules instead of analyst tribal knowledge. When the credit agreement amends, the engine updates in hours, not the next reporting cycle.
AI · Conversational
Ask your portfolio anything
A private, context-aware language model sits over the warehouse. Analysts and principals query in plain English, asking questions like "show me obligors trending toward concentration limits" or "which vintages are underperforming the underwriting case," and get answers grounded in your data. Nothing leaves your environment.
The Team
Practitioners, not generalists.
Massena brings together specialty finance veterans, software engineers, data architects, quantitative modelers, and structured finance operators under one roof. Everyone you see below works on client engagements. No offshore staffing, no rotating juniors, no turnover since 2017.
AZ
Andi Zekthi
Managing Director
KC
Kenneth Capps
Managing Director
WM
William Moore
Director, Solutions Architecture
GR
Garon Robinett
Engagement Manager
RF
Robert Fridlender
Solutions Architect
RR
Richard Randall
Senior Solutions Architect
KB
Kyle Becker
Sr. Data Engineer
ES
Edwin Stillman IV
Solutions Architect
NS
Noah Saffer
Solutions Architect
EV
Eduan Van Heerden
Solutions Architect
Talk to us about what you are building.
We strive to respond to every inbound within one business day. If you are working on something time-sensitive, such as a facility close, a servicing transition, or a valuation deliverable for a board, say so in the first line and we will route it accordingly.
