Mortgage Fund Waterfall Calculator☆

Runs a mortgage fund distribution end to end — the period's collected interest, the preferred return, the manager's promote or spread, and each investor's allocation — and shows how a non-accrual loan, a payoff, or a reserve movement changed the result.

What it does

• Separates interest actually collected from interest accrued but unpaid
• Applies the preferred return exactly as the operating agreement defines it, including the accrual and compounding convention
• Calculates the manager's promote or spread retention above the pref
• Shows the effect of non-accrual loans, payoffs, REO sales, and reserve movements on the distribution
• Allocates per investor, so you can answer how any one distribution was derived

When to use it

• Running the monthly or quarterly distribution
• Calculating the manager's promote or spread above the preferred return
• Working out how a non-accrual loan, payoff, or REO sale changes the distribution
• Answering an investor's question about how their number was derived
• Modeling what a proposed reserve increase does to investor yield

What to have ready

• The operating agreement's distribution provisions — pref rate, accrual and compounding convention, promote split, and whether the pref is cumulative
• Loan-level interest collected for the period, kept separate from interest accrued but unpaid
• The non-accrual schedule, and any interest reversed this period
• Fund-level expenses — management fee, servicing, audit, legal, administration
• Loan-loss reserve movement and any capital events in the period

How to use it

1. Download it with the button above. You'll sign in with a work email — that's how the creator knows who is using their skill.
2. Copy the install prompt from the "Run it in Claude" box, and paste it into Claude along with the file. Claude installs the skill, fills in your firm's details where the file has [BRACKETED] placeholders, and runs a quick test with you.
3. Then just ask in plain English. Claude picks the skill up on its own when a request matches it. Anything it still needs, it asks you for — it won't invent a number.

"Run the March distribution for the fund — here's the loan tape, collections, and expenses."

What you get back

A full distribution calculation with the waterfall shown step by step, per-investor allocations, and a plain explanation of what moved the number this period.

Good to know

• Output quality tracks input quality. A missing figure is flagged as missing — it is never estimated to fill a gap.
• Every draft is a starting point for your own review, not a finished decision.
• Runs anywhere Claude does: the Claude app, Claude Desktop, or Claude Code.

Source & credit

Adapted from managing-distribution-waterfall-calculations in the CaseMark skills library (github.com/CaseMark/skills), © CaseMark, Apache-2.0. Modified by The Helvetica Group: rewritten for private mortgage and debt funds, replacing realization-event mechanics with monthly interest distribution, non-accrual treatment, and loan-loss reserve withholding.

Legal disclaimer

This skill drafts; it does not decide. Its output is not legal, tax, accounting, appraisal, or investment advice, and using it creates no attorney-client, fiduciary, or advisory relationship. Nothing it produces is a commitment to lend or an offer to sell a security. Verify every number, date, citation, and conclusion against the source documents, and have a qualified professional licensed in the relevant jurisdiction review the work before you rely on it or send it to a borrower, investor, counterparty, or regulator. Laws, rates, and market data change. The final work product is yours.