STRATUMSTRUCTURED SOLUTIONS

A NEW PERSPECTIVE ON CREDIT RISK

Credit protection.
Built in layers.

A more deliberate way to share risk.
Structured credit solutions for private-credit portfolios and the people behind them.

Explore our solutions See the structure

UNITED STATES / PRIVATE CREDIT / BESPOKE STRUCTURES

Three sculptural layers, with a gold middle layer representing a defined credit protection layer.
01 — THE STRATUM PRINCIPLERisk, clearly defined.
Clarity in structure. Discipline in risk.Discover Stratum

THE STRATUM PERSPECTIVE

01 / A DIFFERENT FOUNDATION

Strong portfolios start with
a clear view of downside.

Credit is built on opportunity. Confidence comes from understanding what happens when conditions change.

Stratum is developing bespoke credit protection and risk-sharing structures for lenders, private-credit managers and capital partners. Our focus is simple: define the exposure, establish the layer of risk to be shared, and make the terms understandable from the outset.

Defined exposureAgreed risk allocationDocumented terms

OUR BUSINESSES

Structured credit.
Connected cash flows.

Participation structures, credit support administration, cash-flow allocation, portfolio intelligence and transaction services for professional market participants.

Six business lines. One connected approach.

From defining participation rights to allocating collections and coordinating transaction information, Stratum brings structure and visibility to the lifecycle of private-credit cash flows.

01BUSINESS LINE

Cash-Flow Participation

Share cash flows. Define the risk.

ParticipationTranchingRisk allocationExplore this business

Stratum Structured Cash-Flow Participation Program

Asset-backed participation and tranching structures that allocate specified cash flows and credit losses among participants.

Stratum develops participation structures around identified assets or contractual cash-flow rights. Agreed eligibility criteria, attachment points, loss limits and payment priorities define what each participant receives, retains and bears.

Scope: Participation and tranche design; asset and cash-flow mapping; loss-allocation schedules; payment priorities and reporting requirements.

For: Private-credit managers, lenders, portfolio owners and capital partners.

Structures remain subject to diligence, legal review, funding and definitive agreements. No unconditional principal protection is represented.

02BUSINESS LINE

Credit Support

Coordinate collateral. Define the support.

CollateralSupport limitsCoordinationExplore this business

Collateralized Credit Support Administration

Administration of arrangements in which a limited capital or collateral contribution may support a larger reference portfolio through a bank or trust company.

Stratum’s proposed administrative role includes coordinating collateral schedules, support limits, draw conditions, expiry dates, replenishment requirements and reporting among the transaction parties. The support provider determines its own commitments, collateral requirements, pricing and eligibility.

Scope: Collateral registers and support-limit schedules; draw and expiry monitoring; replenishment tracking; reporting coordination with banks or trust companies.

For: Portfolio owners and sponsors exploring third-party credit support.

The amount of support relative to collateral depends on the provider and the transaction. No fixed leverage multiple or bank or trust-company commitment is implied.

03BUSINESS LINE

Cash-Flow Allocation

Every cash flow. Clearly allocated.

WaterfallsReconciliationDistributionsExplore this business

Independent Cash-Flow Allocation & Distribution Services

Waterfall calculation, reconciliation, allocation certificates and distribution-test support for private-credit transactions.

Apply documented payment priorities to transaction data, reconcile collections and balances, prepare allocation certificates and support agreed distribution tests. Exceptions and proposed adjustments are presented to the authorized transaction parties for review.

Scope: Waterfall and distribution calculations; collections and balance reconciliations; allocation certificates; distribution-test schedules; exception reports.

For: Managers, sponsors, administrators and parties to structured transactions.

Calculation and reporting responsibilities, approvals and any conflicts are defined in the engagement. These services do not by themselves include custody or payment execution.

04UNDER DEVELOPMENT

Portfolio Intelligence

Make portfolio data decision-ready.

MonitoringAnalyticsScenariosExplore this business

Portfolio Intelligence Platform

A planned SaaS and analytics offering for delinquency monitoring, recovery estimates, concentration analysis and waterfall scenarios.

Bring portfolio indicators into a consistent analytical view. Explore arrears trends, exposure concentrations, recovery assumptions and payment-allocation scenarios, with source dates and assumptions visible alongside the results.

Planned capabilities: Delinquency dashboards; recovery estimates based on stated assumptions; concentration views; waterfall scenarios; reporting exports.

For: Credit teams, portfolio managers and transaction administrators.

The platform is under development. Contact Stratum for an exploratory discussion of requirements and potential use cases. No live software access or operational integrations are represented. Estimates and scenarios are not guarantees of future results.

05BUSINESS LINE

Transaction Administration

Keep the transaction organized.

DocumentsData governanceReportingExplore this business

Transaction Administration & Data Governance

Private-deal administration, data-room management, document governance and reporting coordination across transaction participants.

Coordinate document registers, reporting calendars, information requests, version histories and approval records. Define data ownership, access responsibilities and handoffs so the parties can work from an agreed transaction record.

Scope: Data-room indexes; document registers; version and approval records; reporting calendars; information-request tracking; reporting coordination.

For: Sponsors, portfolio owners, capital partners and professional advisers.

The engagement defines systems, access permissions, retention rules and responsibilities. Administrative coordination does not itself appoint Stratum as a trustee, custodian, escrow agent or legal adviser.

06BUSINESS LINE

Payment Stream Acquisition

Acquire defined rights. Administer the cash flows.

Payment rightsAcquisitionServicingExplore this business

Commercial Payment Stream Acquisition & Administration

Selective acquisition of commercial payment streams for Stratum’s own account, with appropriately licensed collectors or servicers engaged where required.

Assess transferable commercial payment rights, contractual restrictions, obligor quality and expected collection patterns. Any acquisition establishes the rights purchased, collection responsibilities, servicing arrangements and reporting obligations.

Scope: Commercial payment-rights assessment; acquisition coordination; servicing arrangements; collections reconciliation and reporting.

For: Businesses and counterparties holding transferable commercial payment rights.

Purchases depend on diligence, applicable requirements, funding and signed terms. No purchase price, funding commitment or collection outcome is promised.

Proposed structures and platform capabilities are under development. Scope, parties, terms and availability are determined for each engagement or transaction.

SOLUTIONS

The right structure.
For the risk at hand.

Every portfolio is different.
The structure should reflect that.

A DEFINED LAYER OF PROTECTION

Make downside
part of the design.

Explore a contractual protection layer for an agreed pool of credit exposures, with defined credit events, attachment points and limits. Funding and settlement mechanics are established for each transaction.

Structures under development. Availability is subject to eligibility, legal review, funding and definitive agreements.

ILLUSTRATIVE STRUCTURESC / 01
REFERENCE PORTFOLIOEligible credit exposures
Defined credit events & loss calculation
PROTECTION LAYERAgreed scope. Agreed limits.
Subject to contract & counterparty performance
RISK ALLOCATIONClearly assigned responsibilities

Final terms determine which losses qualify and when any payment is due.

UNDERSTAND THE LAYERS

A defined layer.
A visible difference.

Move the slider to explore how losses
could be allocated in a simplified structure.

ILLUSTRATION ONLY · USD

A simplified participation-waterfall example of one possible structure. It does not represent every Stratum business line or a commercial quote.

Where does the loss sit?

Assume a $1,000,000 reference portfolio, a $50,000 retained first-loss layer, and a $150,000 protection limit.

$120,000
$0$300,000

No premium, fees, recoveries or payment delay are modeled. Assumes the loss qualifies and the counterparty pays in full. This is an educational example, not a quote or commitment.

SIMULATED LOSS ALLOCATION12% OF PORTFOLIO
Retained first lossFirst $50,000
$50,000
Illustrative protection paymentNext $150,000
$70,000
Loss above protection limitAbove $200,000
$0
Portfolio loss retained after
illustrative protection payment$50,000

The first $50,000 is retained. The next $70,000 falls within the illustrative protection layer.

OUR APPROACH

Considered at every step.

From the first conversation to the final terms,
clarity comes before commitment.

01 ↗

Understand the exposure.

Review the portfolio, credit quality, concentration, servicing and the specific risks you want to address.

02 ↗

Shape the structure.

Consider eligibility, retained risk, the protection layer, funding, pricing and the allocation of cash flows.

03 ↗

Define the terms.

Establish credit events, reporting, settlement, exclusions and counterparty obligations, with appropriate legal review.

04 ↗

Monitor with discipline.

Set a reporting and monitoring framework for any executed transaction, including changes to the reference portfolio.

Execution depends on due diligence, required approvals, counterparties, funding and signed documentation.

BUILT FOR THE CONVERSATION

For those who
think in portfolios.

We welcome exploratory discussions with professional market participants seeking a more deliberate approach to credit risk. This includes portfolio owners, sponsors, transaction administrators and businesses holding commercial payment rights.

01

Private-credit managers

Explore how a defined protection layer could fit your portfolio objectives and existing investor terms.

02

Lenders & portfolio owners

Consider risk sharing for selected exposures while defining responsibilities for servicing and recoveries.

03

Capital & structuring partners

Discuss participation in bespoke structures, aligned with agreed risk, funding and cash-flow priorities.

04

Sponsors & transaction administrators

Discuss cash-flow allocation, reporting coordination, document governance and portfolio intelligence.

05

Commercial payment-rights holders

Explore defined payment-stream acquisitions and appropriately assigned servicing and administration responsibilities.

A CLEARER UNDERSTANDING

Good questions.
Clear answers.

The details matter. Start here.

Read important information
What does credit protection mean?

A negotiated arrangement that allocates specified credit losses between parties. The reference exposures, events, retained risk, limits and payment conditions are set out in the agreement. It does not remove every risk in a portfolio.

Is principal guaranteed?

No unconditional principal guarantee is offered on this website. Any protection would be limited by its contract, exclusions, funding arrangements and the ability of the relevant counterparty to perform. Investment loss remains possible.

Are Stratum’s structures available today?

The structures described here are under development and are presented for exploratory discussions. No coverage begins through this website. A transaction requires eligibility assessment, legal review, required approvals, funding and executed agreements.

Is this an insurance policy or investment offer?

This website does not offer an insurance policy, security or derivative transaction for purchase. The legal and regulatory classification of any proposed structure, and the jurisdictions in which it may be available, must be determined before an offering or execution.

What should we bring to an initial discussion?

A high-level overview of the portfolio, asset type, approximate size, jurisdiction, term and the risk you would like to address. Please do not send borrower records, account numbers or other sensitive portfolio data through an initial inquiry.

Does Stratum provide the bank or trust-company commitment?

Stratum’s described role is administration and coordination. Any commitment, collateral requirement, support limit and pricing must be agreed with the relevant provider.

Does allocation support include holding or sending money?

The described scope covers calculations, reconciliation and reporting. Custody, payment execution and authorization responsibilities must be assigned separately in the transaction documents.

Can I access the Portfolio Intelligence Platform now?

The platform is under development. Contact Stratum to discuss requirements and potential use cases; no live access or integration is represented on this website. A platform login is available; the interface does not provide live account access.

Who purchases a commercial payment stream?

The proposed activity is acquisition for Stratum’s own account. Any collection or servicing arrangement uses appropriately licensed providers where required.

Are all six businesses covered by one standard product?

No. The scope, parties, terms and availability are determined for each engagement or transaction.

LET’S BUILD THE RIGHT CONVERSATION

Start with the risk.
Explore the possibilities.

Start with your portfolio. Build the right structure.

Tell us whether you are exploring a participation structure, credit support administration, cash-flow allocation, analytics, transaction operations or a commercial payment stream.

Private credit. Considered structures. Clearer terms.

START A CONVERSATION

Tell us what
you’re building.

Share a few details to prepare an introduction to the Stratum team.

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YOUR INFORMATION

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Last updated November 8, 2026.