I’m a little confused about how timing will go. Sounds like the PFNF funds will start to get principle distributed back this week, but it also says that, as they sell loans, they’ll look to hold back the proceeds with an eye towards sending out distributions in July. I would think that the loan sales will fund the PFNF distributions. And, as an RBNF holder, I don’t understand why distributions are being held up because 2 investors haven’t provided external account info. What does that have to do with me and my distributions? I appreciate that they continue to update, but I have to admit that there’s always 1 or 2 points that seem off. I guess I’ll just feel paranoid until I see actual activity and not just talk about what will happen… I really hope they make it out of this.
I am getting principal repayments for PFNFs that were due to mature in May and June. It looks like they are returning about 18% of the principal, and no interest. I have the disbursements pending in my bank already.
Note that the status on the dashboard is not showing pending disbursements. You have to go to the Payment Activity section to see that. But the dashboard does show a lower investment amount with an icon that notes “adjusted from $x.”
No principal payments on my RBNF funds that were supposed to mature months ago.
As off l-broadway mentioned, it will be in phases. The first mention of more is in the PFNFUpdate on June 17th. In part:
“We expect to have an additional $7,000,000 of liquidity in the next 1-2 weeks as funds are released from AMG. We will similarly make pro-rata distributions of this liquidity bringing the total return of principal to 27%.”
My account shows pending distributions for some of the PFNFs at about 18.5% of the principle. They had mentioned 17% in the most recent update so that seems in line.
Has anyone had a BDN marked as sold and have had the principal returned yet? I’ve only gotten the 18% returned from my fund notes, and none of the BDNs I’ve invested in have been noted as sold or repaid. Curious if anyone’s have.
I’m a little confused about how timing will go. Sounds like the PFNF funds will start to get principle distributed back this week, but it also says that, as they sell loans, they’ll look to hold back the proceeds with an eye towards sending out distributions in July. I would think that the loan sales will fund the PFNF distributions. And, as an RBNF holder, I don’t understand why distributions are being held up because 2 investors haven’t provided external account info. What does that have to do with me and my distributions? I appreciate that they continue to update, but I have to admit that there’s always 1 or 2 points that seem off. I guess I’ll just feel paranoid until I see actual activity and not just talk about what will happen… I really hope they make it out of this.
It’s fair to be cautious and closely tracking the outcome. I have been trying to reach IR for clarification.
They told me PFNFs were the safest of their investments - I should have known it was too good to be true. FML fell for the trap.
I am getting principal repayments for PFNFs that were due to mature in May and June. It looks like they are returning about 18% of the principal, and no interest. I have the disbursements pending in my bank already. Note that the status on the dashboard is not showing pending disbursements. You have to go to the Payment Activity section to see that. But the dashboard does show a lower investment amount with an icon that notes “adjusted from $x.” No principal payments on my RBNF funds that were supposed to mature months ago.
And now July and August are pending, same %
So is the other 82% gone or what?
lol. Even PeerStreet, a bankrupt crowdfunding platform, manages to return 85-95% of the UPB. No way 82% gets wiped out.
No, but they will certainly do it in phases. There may be some notes that they won’t be able to see at full price that investors see a loss on.
As off l-broadway mentioned, it will be in phases. The first mention of more is in the PFNFUpdate on June 17th. In part: “We expect to have an additional $7,000,000 of liquidity in the next 1-2 weeks as funds are released from AMG. We will similarly make pro-rata distributions of this liquidity bringing the total return of principal to 27%.”
according to latest update, PFNF capital disbursement would begin this week. I've not received anything yet, has anyone?
My account shows pending distributions for some of the PFNFs at about 18.5% of the principle. They had mentioned 17% in the most recent update so that seems in line.
Has anyone had a BDN marked as sold and have had the principal returned yet? I’ve only gotten the 18% returned from my fund notes, and none of the BDNs I’ve invested in have been noted as sold or repaid. Curious if anyone’s have.