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Source: Grand SummaryUpdated Aug 10, 2026, 1:40 PM UTC · Read Aug 16, 2026, 4:12 PM UTC
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Fund Command Center

Kantor / GIC

54 remaining loans · Grand Summary snapshot, read Aug 16, 7:12 PM

Remaining UPB

$40.3M

54 loans

Expected Recovery

$17.6M

On 50.7% of UPB with an estimate — never extrapolated

Expected Loss

$2.8M

On the same covered 50.7% of UPB

Loan count

54

Recovery coverage

50.7%

Of fund UPB

Timing coverage

62.6%

Of fund UPB

Target / wind-down

March 2027

Management target

Recovery Outlook

Base case uses management's own currently-supplied recovery estimates. Conservative/Upside scenarios require an explicit, documented assumption — none exists yet, so they stay unavailable rather than invented.

Conservative

Unavailable — no assumption basis has been defined for this scenario yet.

Assumptions: Not yet defined

Timing: Not yet defined

Base

$17.6M

recovery on covered loans · $2.8M estimated loss

86.1% recovery rate

Coverage: 50.7% of fund UPB

Assumptions: Management-supplied recovery/loss table, taken as-is (no haircut or markup applied).

Timing: See Recovery Timeline below.

Upside

Unavailable — no assumption basis has been defined for this scenario yet.

Assumptions: Not yet defined

Timing: Not yet defined

Loans driving estimated loss

4318 Union St #3933UPB $7.3M-$657.5K
Foreclosure
Already occurred

23.2% of this fund's total covered expected loss.

2701 Gettysburg Ave #10004412UPB $3.3M-$653.0K
Foreclosure
Next 3 months

23.0% of this fund's total covered expected loss.

3103 Farragut Rd #3634UPB $3.0M-$600.0K
Foreclosure
3-6 months

21.2% of this fund's total covered expected loss.

101 Coffey St #10004199UPB $1.1M-$506.1K
Foreclosure
3-6 months

17.9% of this fund's total covered expected loss.

4115 Free Pike #10004413UPB $2.2M-$435.0K
Defaulted
Next 3 months

15.3% of this fund's total covered expected loss.

1367 North Kealing Avenue #10006029UPB $124.0K-$57.0K
REO
Unknown timing

2.0% of this fund's total covered expected loss; no recovery timing signal yet, so its resolution date is unknown.

850 Old sag Harbor Rd #10006005UPB $2.1M-$15.3K
Foreclosure
Next 3 months

0.5% of this fund's total covered expected loss.

150 Fairview Ln #10006800UPB $524.5K-$13.5K
Foreclosure
3-6 months

0.5% of this fund's total covered expected loss.

Loans with no recovery estimate yet43 loans · $19.9M

Change Since Last Outlook

No approved prior outlook snapshot is currently connected for Kantor / GIC.

Capital Structure & Cash — Reigo US Issuer Trust 2021-1

2026-07

Trust-documented Class C, management's broader subordinated-capital statement, and the trust cash waterfall — three separate concepts, never merged into one reconciled number.

Class C — trust documented

Original notional balance$10.0M
Ending balance$2.3M
Write-down this period-$363.3K
Cash paid this period$0.0

Monthly Paying Agent Investor Report, Reigo US Issuer Trust 2021-1, Payment Summary / Principal Payments, Distribution Date 07/27/2026

Management-stated broader subordinated layer

Approx. total subordinated capital~$14.0M
Approx. portion used for loans~$10.0M
Unexplained difference vs. Class C~$4.0M

This ~$14M figure and the Trust's documented $10M original Class C notional are NOT the same concept and are never forced to be equal here. The ~$4M difference is unexplained by any source currently in this repository.

Open question: How does the approximately $14M management-referenced subordinated layer reconcile to the Trust's $10M original Class C note?

Cash & waterfall — 2026-07

Available funds, beginning$2.0M
Available funds, ending$3.3M
Fees paid$65.5K
Servicer advances paid$120.4K
Senior interest paid$161.5K
Senior principal paid$3.0M
Residual / Class C cash$0.0

Zero — available funds were exhausted before reaching the residual step this period.

Reserve account balance$250.0K

Expected collateral recovery (loan-level) and cash available to Class C/investors (trust-level) are kept separate — see this fund's Recovery Outlook above for the loan-level figure; the cash figures here describe only the trust waterfall.

Unresolved expense reconciliation

Trust-reported total$185.9K

Monthly Paying Agent Investor Report, Reigo US Issuer Trust 2021-1, Deal Fees And Expenses, Distribution Date 07/27/2026

Internal-email-reported total$133.6K

Internal email thread "Securitization collection 07/2026" (Adi Azulay), dated 2026-08-02

Difference$52.3K

The internal email's $133,648.05 most plausibly describes a different population of expenses than the trustee waterfall's $185,912.79 (Reigo's own corporate-level disbursements vs. trust-level fees/advances) — but no source in this repository confirms this, and the two figures are not reconciled.

Open question: July expense-definition / period / account reconciliation required.

Figures computed live from the ingested Paying Agent Report for 2026-07 — never hardcoded in this view.

Recovery Timeline

Recovery timing known for 62.6% of remaining UPB, from a scheduled sale date (GP Legal DQ Report) or a management-estimated sale-timing range (legal-status table). Legal-status-table estimates are anchored to 2026-08-11 (the date that table was supplied), not a stated compile date — the table itself does not state one.

Already occurred
$9.5M
Next 3 months
$9.1M
3-6 months
$6.0M
6-12 months
$650.0K
Beyond 12 months
$0.0
Unknown timing
$15.1M

Fund target: March 2027 (management target, not contractual).

Already occurred9 loans · $9.5M
Next 3 months5 loans · $9.1M
3-6 months8 loans · $6.0M
6-12 months1 loan · $650.0K
Unknown timing — no signal from any source31 loans · $15.1M

Fund Decision

Not Ready

DECISION NOT YET FRAMED

No fund-level strategic decision (e.g. wind-down, continuation, or restructuring) is currently documented for Kantor / GIC in any source reviewed. This workspace will populate once one is.

Owner

Unassigned

Deadline

None set

Known options

None documented yet.

What would change our mind

  • Recovery-estimate coverage extending to the remaining uncovered loans.
  • Timing coverage extending to the loans currently missing any sale-timing signal.
  • A trust/legal document confirming the management-stated target date as a real contractual deadline.
  • Resolution of the open status conflicts between Grand Summary and LMS.

Evidence still missing

  • Recovery estimates for the remaining 49.3% of fund UPB (43 loans).
  • Recovery/sale timing for 31 loans with no timing signal from any source.
  • Contractual confirmation of the management-stated wind-down target — currently a statement, not a documented deadline.
  • Resolution of 1 unresolved Grand-Summary-vs-LMS status conflicts.
  • A connected BPO/appraisal/valuation source (currently 0% coverage across the whole portfolio).

Investor Narrative

Draft

Owner: Unassigned — pending management review · Updated Aug 16, 2026, 4:12 PM UTC

Management narrative

Kantor / GIC carries 54 loans and $40.3M of remaining UPB. Recovery estimates cover 50.7% of fund UPB, projecting $17.6M of recovery against $2.8M of estimated loss on that covered subset. Recovery timing is known for 62.6% of fund UPB. Target wind-down date: March 2027.

Recovery

Derived calculation

Recovery estimates exist for 11 of 54 loans (50.7% of fund UPB), projecting 86.1% recovery on that covered subset. The remaining 49.3% of fund UPB has no source-backed recovery estimate yet.

Supported by 11 loan(s).

Timing

Derived calculation

Recovery timing is known for 62.6% of fund UPB from management legal-status reporting. 31 loans (37.4% of UPB) have no timing signal from any source.

Supported by 23 loan(s).

Loss concentration

Derived calculation

$2.9M of estimated loss is currently identified across 8 loans with recovery estimates — concentrated in the fund's largest, most procedurally complex cases.

Supported by 8 loan(s).

Target

Management statement

Management has stated a target of March 2027 for Kantor / GIC. This is a management statement, not a contractual or trust-documented deadline.

Supported by 0 loan(s).

Supporting evidence — loans behind this narrative11 loans · $20.4M

Data Confidence

What this fund's numbers do and don't currently rest on.

UPB with a current recovery estimate50.7%
Loans without a connected valuation (BPO/appraisal)54 of 54 (100.0%)
Loans without a recovery-timing signal31 (57.4%)
Loans with no legal-status source connected at all28
Unresolved Grand-Summary-vs-LMS status conflicts1
Loans with conflicting status between Grand Summary and LMS1 loan · $837.0K

No BPO, appraisal, or as-is valuation source is connected for any loan in this portfolio yet — this is a portfolio-wide gap, not specific to this fund.