How it works | Pledged collateral workflow, product views and audit trail

FAC-HIST-003Synthetic outdoor-goods distributor · $30M revolver · March 2026Sample data

Net borrowing base20,680,280.44Certified 22,737,113.10

Excess availability1,380,280.44Certificate implies 3,437,113.10

Not supported by source data(2,056,832.66)3 certificate lines

Open exceptions327 positions

Excess availability by monthUSD

Supported by source dataClaimed by the certificate, not supported

What explains MarchEffect

14 pos.Phoenix 3PLBailee waiver expired 15 Feb(998,248.36)

7 pos.Quality holdReported as available(618,111.73)

6 pos.In transitCounted as eligible(440,472.57)

—Unexplained residualUnder one cent0.00

Collateral ledgerFAC-HIST-003 · March 2026 export · 7 of 214 positionsSample data

Seven positions from the March 2026 inventory export of the synthetic facility FAC-HIST-003, with possession, reported ownership, control evidence status, gross and eligible cost and the rule applied.
Line	Position	Possession	Ownership	Control evidence	Gross cost	Eligible	Rule
3	SKU-H096Accessories · WH-DAL	Borrower site	Borrower, as reported	Register: valid	75,393.62	75,393.62	`INV-ELIGIBLE-100`
5	SKU-H124Apparel · WH-DAL	Borrower site	Borrower, as reported	Register: valid	76,540.86	38,270.43	`INV-AGE-050`271–365 days, 50%
11	SKU-H108Apparel · WH-DAL	Borrower site	Borrower, as reported	Register: valid	135,145.50	0.00	`INV-AGE-000`Over 365 days
15	SKU-H036Hardgoods · in transit	Carrier or unknown	Borrower, as reported	None on record	52,033.00	0.00	`INV-VIRTUAL-000`
16	SKU-H003Footwear · 3PL-PHX	3PL	Borrower, as reported	Register: expired	306,259.20	0.00	`INV-EVIDENCE-000`
18	SKU-H106Accessories · WH-CHI	Borrower site	Supplier-owned flag	Register: valid	8,724.00	0.00	`INV-OWNERSHIP-000`
23	SKU-H071Camping · WH-CHI	Borrower site	Borrower, as reported	Register: valid	99,047.20	0.00	`INV-STATUS-000`Quality hold

Line 16 · traceSelected

Sourceinventory_2026-03-31.csv, row 16sha256 cb7896c6eb1b…

LineageRecord 5e2967b860e4…Stored as received, never overwritten

EvidenceEVID-3PL-PHX · bailee_waiver_phoenix.pdfRegister status: expired · expiry recorded 15 Feb 2026

RuleINV-EVIDENCE-000Third-party possession without valid control evidence(306,259.20)

What the ledger records, and what it doesn’t

Each position keeps ownership, possession and control as separate facts with their sources. Ownership is the borrower’s report; control evidence is the status the register records. Pledged reads that status; it does not verify a document’s dates, coverage, title or legal priority. Those stay with your counsel and field examiner.

Source verificationFAC-ATL-004 · separate synthetic scenario · A021, lot LOT-ATL-A021-1 at 3PL-ATL · January 2026Sample data

Borrower-declaredBorrower ERP inventory7,100EA

What the borrower books at the third-party warehouse. Cannot show whether the custodian holds the goods.

Claimed third party3PL custodian statement2,000EA

What a document presented as the custodian’s statement says. Issuer and delivery path not authenticated.

Reconstructed3PL movement ledger3,000EA

The balance implied by receipts and dispatches. Not authenticated; strict as-of replay not established.

7,100 units on the ERPUnits

2,000 in both custodian records1,000 in conflict, reported apart4,100 unsupported by either record

CertifiedDeclared by the borrower

ERP reconstructedBorrowing base not computed

Contractually adjustedChange for the 4,100 units0.00

Proposed reserveIllustrative, for lender review, never applied(55,432.00)

4,100 × $27.04 × (60% cost advance − 10% verification reserve) = $55,432.00. The facility’s policy retains the verification reserve on conflicting custodian records, so the amount sits in the proposed scenario.

PledgedBorrowing Base Reconstruction Sample facility

FAC-HIST-003 · synthetic outdoor-goods distributor · $30M inventory and receivables revolver · Policy POL-H-v0.3

Reporting month

Inventory	USD
Gross inventory at costInventory export · 214 positions · 4 locations	20,981,123.63
AgedOver 365 days excluded · 271–365 days at 50% · 26 positions	(1,328,658.48)
Damaged and returned6 positions	(361,675.97)
On quality hold7 positions	(1,030,186.22)
Supplier-owned and consigned5 positions	(291,558.23)
In transit6 positions	(734,120.95)
Third-party site without a valid waiver on recordPhoenix 3PL · bailee waiver expired 15 Feb · 14 positions	(1,663,747.26)
Eligible inventory at cost	15,571,176.52
Cost cap60% of eligible cost	9,342,705.91
NOLV cap90% of appraisal NOLV of 10,828,680.63	9,745,812.57
Inventory availabilityLower of the two caps · cost cap binds	9,342,705.91
Receivables
Gross receivables60 invoices	14,845,642.21
Over 90 days past due	(570,604.99)
Affiliate receivables	(407,302.48)
Eligible receivables	13,867,734.74
Receivables availability85% advance rate	11,787,574.53
Reserves
Inventory reserve	(300,000.00)
Receivables reserve	(150,000.00)
Net borrowing base	20,680,280.44

Reconciliation to the borrower’s certificate of 6 AprEffect on availability

CertifiedBorrowing base on the certificate22,737,113.10

OpenQuality hold · 7 positions reported as available(618,111.73)

OpenIn transit · 6 positions counted as eligible(440,472.57)

OpenPhoenix 3PL · 14 positions, bailee waiver expired 15 Feb(998,248.36)

ReconstructedBorrowing base from source data20,680,280.44

Each open line is the cost the certificate counted and the source data does not support, times the 60% cost advance rate. Aged, damaged and supplier-owned stock: the certificate excludes the same amounts. Unexplained residual: under one cent.

POL-H-v0.3APPRAISAL-H-2025-12-15214 positions60 receivablesAs reported · certificate of 6 Apr 2026

FAC-HIST-003 is a fictional sample facility; its files and certificates are synthetic. Figures are Pledged output, the same as in the demo; where the engine carries fractions of a cent, lines are rounded so each column foots. Not customer data, an appraisal or a valuation opinion.

Borrowing base

What a reconstruction shows.

Pledged’s output on a synthetic facility with the problems real certificates have: stock in transit counted as eligible, a 3PL whose bailee waiver lapsed, a batch on quality hold. Every figure traces to a source row and a policy rule.

Switch months. The certificate and the source data drift apart: $449,407 in January, $1,425,676 in February, $2,056,833 in March.

Run this on your facility

Monitoring & exceptionsFAC-HIST-003 · January to March 2026Sample data

What changedEffect vs certificate

MarQuality hold · 7 positionsNew this month; reported as available on the certificate(618,111.73)

FebPhoenix 3PL waiver · 14 positionsRegister status changed from valid to expired (15 Feb)(986,441.16)

FebAging · 14 → 26 positionsMore stock past 270 days; the certificate excludes the same amounts0.00

Jan–MarIn transit · 6 positions each monthCounted as eligible on every certificate; March effect shown(440,472.57)

TrendNot supported by source data449,407 → 1,425,676 → 2,056,833

Review queue · MarchBy effect

Request updated bailee waiver(998,248.36)

14 positions at Phoenix 3PL. Evidence required: a signed waiver valid at the reporting date covering each affected location.

A renewed waiver restores eligibility only once the register records it as valid.

Confirm quality-hold status and expected release(618,111.73)

7 positions. Evidence required: the borrower’s quality-hold report with release dates.

Obtain in-transit documentation or confirm exclusion(440,472.57)

6 positions. Evidence required: bills of lading, title-transfer terms and cargo insurance.

PortfolioTwo synthetic facilitiesSample data

Concept portfolio view listing the two synthetic facilities Pledged is tested on.
Facility	Collateral	Period	Net borrowing base	Certified	Not supported	Open items	Sources
FAC-HIST-003Outdoor-goods distributor	Inventory and receivables	Mar 2026	20,680,280.44	22,737,113.10	(2,056,832.66)	3 exceptions · 27 positions	Borrower files
FAC-ATL-004Housewares distributor	Inventory at 3PLs	Jan 2026	Not computed	—	—	1 source conflict · 4,100 units unsupported	ERP export · claimed 3PL statement

One continuous collateral workflow.

Seven steps, one position.

The record arrives.

Its meaning is mapped.

Facts are kept apart.

Change is surfaced.

Your policy decides.

The difference goes to review.

The record is kept.

The work, not a dashboard.

What a reconstruction shows.

See it on one facility.