Private Credit Underwriters

De-Risk Your H100 Collateral Pool

Mitigate "Binary Outcomes" in GPU lending. Track real-time Technological Obsolescence risks. High-end GPUs like the H100 are hitting a 50% market value collapse within 18–24 months.

Lender Playbook

Risk Metrics

Collateral Risk Dashboard

H100 Residual Value (Year 1)

60-70%

vs. 90% for CRE Assets

Tracks impact of Blackwell B200 release on secondary markets.

Covenant Monitor

Remote Attestation

Verify physically: Signed JWTs from GPU silicon roots-of-trust. Don't trust spreadsheets.

Basel III Impact

-15% RWA

Via Residual Value Insurance

Optimize capital charges for GPU-backed equipment finance notes.

Risk Analysis

The "Shadow Banking" Trap

With banks retreating under Basel III, private credit has stepped in. But many "Neocloud" deals rely on circular financing structures where vendors invest in the SPVs buying their own chips.

Underwriting Checklist for 2025

Dynamic LTV Models: Adjust advance rates monthly based on our "H100 Depreciation Index".
The GAAP Disconnect: Decomposing the $176 billion earnings quality gap created by extending server useful lives.
Insurance Wraps: Rate the cost of "Residual Value Guarantees" (RVI) to floor your downside.