THE PRIVATE CREDIT INVESTOR - COMPANION FILES
julianrsterling.com/privatecredit

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Revised 22 September 2026.

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WHAT IS IN THE ARCHIVE

1. The book's workbooks (unchanged)
   Lender_Model.xlsx                        Halstead: 1.70x base, 1.15x downside, 0.93x stress
   Ridgeline_Fund_Economics.xlsx            The bridge: 11% gross, 7.84% net, 47.7% real erosion
   Underwriting_and_Diligence_Checklist.xlsx  Appendix C, 33 items
   Interview_and_Memo_Prep.xlsx             Appendices B and D
   00_START_HERE.md, 00_START_HERE_Fund_Economics.md

2. Blank_Model_Set/  (new)
   Lender_Model_Blank.xlsx, Ridgeline_Fund_Economics_Blank.xlsx
   The same formulas with every input emptied. Fill the blue cells (lender model)
   or column B (Ridgeline). The last sheet counts the inputs still empty and runs
   the consistency tests that hold on any deal or fund. Put the book's inputs back
   and you get the book's figures again: 1.70x, 1.15x, 0.93x; 7.84%, 47.7%.

3. Working_Documents.pdf  (new)
   Five printable pages: the underwriting and diligence checklist, the credit
   committee memo outline, a quarterly credit snapshot with the early-warning
   signs, and an amendment, waiver and forbearance request form. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type. The score
   sheet counts wrong answers by chapter. Every answer and its reason is on the
   marking sheet.

5. Cases/  (new)
   Case_1_The_Stress_That_Lasts.xlsx           extends the stress-case section
   Case_2_What_The_Term_Sheet_Does_Not_Say.xlsx extends the Calloway pricing example
   Case_3_One_Loan_Two_Risks.xlsx              extends the Aster unitranche example
   Each case: the note on the first sheet, the model after it, checks at the end.
   Case 2 and Case 3 declare the assumptions the book does not give (the reference
   rate; the two unitranche spreads) on their first model sheet.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
