Percent: Platform Profile

Percent is an accredited-investor private-credit platform built around short- and medium-duration private debt.

Its core investment menu includes:

• asset-based notes;
• corporate loans;
• consumer-receivable financing;
• SMB financing;
• specialty-finance structures;
• blended private-credit notes;
• managed private-credit portfolios;
• a secondary market for eligible existing positions.

The platform has facilitated private-credit investments since 2018.

Current access is limited to accredited investors.

Percent is particularly unusual because it now combines:

• self-directed deal selection;
• diversified Blended Notes;
• advisory/SMA products;
• broker-dealer-facilitated private-credit secondary transactions.

May fit better for

• accredited investors seeking private credit;
• investors who want minimums below traditional private-credit funds;
• investors preferring shorter contractual terms;
• investors who want deal-level borrower data;
• investors seeking a potential secondary-liquidity mechanism.

May fit less well for

• non-accredited investors;
• investors requiring principal guarantees;
• investors needing daily liquidity;
• investors uncomfortable with borrower/default risk;
• investors seeking publicly traded bonds or bond ETFs.

Accredited investors only

Current Percent eligibility requires accredited-investor status.

Individual investors must meet applicable accredited-investor standards and verification requirements.

Percent currently does not offer its ordinary private-credit marketplace to non-accredited retail investors.

Percent Securities LLC

Private placements are brokered through Percent Securities, LLC, CRD 314782, SEC file number 8-70732, a FINRA member and SIPC member.

Percent Securities became a registered broker-dealer in 2023.

The firm brokers private debt placements to accredited investors.

Percent Advisors LLC

Percent's managed/advisory business includes Percent Advisors, LLC, CRD 318890, an SEC-registered investment adviser.

Percent Advisors provides applicable advisory services, including managed portfolios.

Percent Fund Advisors

Percent's asset-management structure also includes an affiliated exempt reporting adviser serving applicable fund structures.

Direct Investing

Direct Investing is self-directed.

Current core terms are a $500 minimum, a typical term range of 6–24 months, a current coupon range reference of 12%–18%, an investor fee equal to 10% of coupon earned, and no advisory fee.

Coupon ranges are current platform references based on available/historical issuance and are not guaranteed.

Every deal has its own terms.

Direct-investing fee mechanics

Percent takes a service fee equal to 10% of interest/coupon payments received.

The fee applies to coupon/interest, not principal.

Percent states the fee is collected when interest is distributed.

If no interest is paid, the service fee on that unpaid interest is not collected.

Direct fee math

Suppose an investor puts $10,000 into a note with a 15% annualized coupon and the investment produces the full stated interest for one year.

Gross interest:

$10,000 × 15% = $1,500

Percent service fee:

$1,500 × 10% = $150

Net interest before tax/losses/other effects:

$1,350

Equivalent net coupon in that simplified example:

13.5%

This does not mean the investor is guaranteed to receive 13.5%.

Borrower defaults, timing, recoveries and deal terms can change actual results.

The $500 minimum changes diversification math

At the current $500 direct-deal minimum:

• 1 deal = $500;
• 10 deals = $5,000;
• 20 deals = $10,000;
• 40 deals = $20,000.

This makes deal-level diversification more accessible than private-credit products requiring $25,000 or $100,000 per position.

It does not mean 20 or 40 Percent notes automatically create adequate diversification.

Deals can share:

• originators;
• borrower types;
• economic sensitivity;
• collateral;
• industries.

Asset-based notes

A central Percent product is asset-based private credit.

Underlying collateral/cash-flow sources can include:

• consumer loans;
• earned-wage-access receivables;
• merchant or SMB financing;
• leases;
• healthcare finance;
• discounted receivables;
• specialty-finance pools.

Investors generally purchase private debt securities rather than directly owning every underlying consumer loan.

Structure matters.

Corporate loans

Percent also lists private corporate loans.

Repayment can depend on:

• company cash flow;
• assets;
• refinancing;
• future financing;
• business performance.

A high coupon is compensation for risk, not evidence of a superior risk-adjusted return.

Percent Blended Notes

Percent Blended Notes package exposure to multiple underlying private-credit investments into one note.

Current terms are a $5,000 minimum, a typical term reference of approximately 36 months, a 1% annual management fee, a coupon service fee of 10% of coupon, monthly distributions under the current structure and a 1099-INT tax form reference.

Exact note terms control.

Blended Note fee math

Suppose a $10,000 Blended Note generates 15% gross coupon for a year.

Gross coupon:

$1,500

10% coupon service fee:

$150

1% annual management fee on $10,000:

$100

Total simplified fee illustration:

$250

Simplified remaining income before tax/losses:

$1,250

Equivalent:

12.5%

This mirrors the general economic structure but is not a promised return.

Direct vs Blended

Direct

Potential advantages:

• choose each deal;
• lower $500 minimum;
• deal-level transparency;
• no advisory management fee.

Tradeoffs:

• investor must construct the portfolio;
• concentration risk;
• more positions to monitor.

Blended Note

Potential advantages:

• multiple underlying exposures;
• one investment;
• easier administration;
• monthly distributions/current tax simplicity.

Tradeoffs:

• $5,000 minimum;
• 1% annual management fee;
• 10% coupon service fee;
• manager/selection dependence.

Separately Managed Accounts

Percent Advisors also provides managed private-credit portfolios for qualified accredited investors and institutions.

The current fee structure is a 1% annual management fee on assets under management plus a servicing fee of 10% of gross coupon/returns received, with eligibility for qualified accredited investors and institutions and additional requirements possible.

Current public SMA materials do not establish a single universal retail minimum.

SMA fee illustration

Percent's current example:

For $100,000 earning 15% gross:

• management fee = $1,000;
• 10% fee on $15,000 gross return = $1,500;
• total = $2,500;
• simplified net = $12,500.

That equals 12.5% net before tax and any additional portfolio effects in the example.

Again, gross return is not guaranteed.

Secondary Market is live

Percent publicly launched its private-credit Secondary Market in 2026 after a beta rollout in late 2025.

The structure is unusual:

• investors submit indications of interest;
• bid/ask information is displayed;
• a Percent representative facilitates a potential match;
• buyer, seller and issuer must agree;
• trades do not auto-execute like a public exchange.

The Secondary Market is live, is not a registered ATS, does not execute automatically and does not guarantee liquidity.

Secondary-market fee

The current fee is 0.50% of trade size for the buyer and 0.50% of trade size for the seller.

Example:

For a $10,000 completed secondary trade:

Buyer fee:

$10,000 × 0.50% = $50

Seller fee:

$50

Total fees across both parties:

$100

Accrued interest is handled separately under the current rules.

Selling below par

Percent secondary indications can be expressed as a percentage of par.

Example:

A seller offers $10,000 face value at 97.

Economic sale price:

$10,000 × 97% = $9,700

Seller's 0.50% transaction fee:

$9,700 × 0.50% = $48.50

Before other economics, the seller receives less than face value.

The existence of the secondary market therefore does not eliminate principal-loss risk.

Secondary liquidity is not guaranteed

Current Percent disclosures are explicit:

• not all deals qualify;
• an indication is non-binding;
• a buyer may not exist;
• pricing may require a discount;
• issuer consent/final terms are required.

Percent's Secondary Market is not a registered ATS.

Transactions are facilitated by Percent Securities.

Duration

Percent's current direct deals commonly run 6–24 months.

The broader platform can include deals extending to approximately 36 months.

A short contractual maturity does not mean the investment is risk-free.

A default/workout can extend the real holding period.

Current platform performance data

Percent publishes detailed historical performance and loss statistics.

These can help evaluate the platform.

Every metric should remain dated and clearly historical.

The review focuses on structure rather than using trailing performance as a score.

Default and recovery risk

Private-credit investors face:

• borrower default;
• originator risk;
• collateral impairment;
• servicing problems;
• fraud;
• bankruptcy;
• legal/workout delays;
• liquidity problems;
• economic downturns.

A 15% coupon can be overwhelmed by principal loss.

Investors should evaluate both stated yield and expected loss.

SIPC is not credit insurance

Percent Securities is a SIPC-member broker-dealer.

SIPC does not compensate an investor because:

• a borrower defaults;
• collateral loses value;
• a note trades below par;
• a private-credit security becomes illiquid.

Private credit is not FDIC insured.

Assessment

Percent is compelling because it lowers the entry point for self-directed private credit to $500 while preserving deal-level visibility.

The current fee structure is also unusually transparent:

• Direct Investing: 10% of coupon earned;
• Blended Notes: 1% annual management fee plus 10% of coupon;
• Secondary Market: 0.50% each side on completed trades.

The new Secondary Market addresses a real private-credit weakness without pretending to turn the asset class into public bonds.

Its orders are indications of interest, not automatic exchange executions, and liquidity remains uncertain.

Percent fits investors who understand that high private-credit coupons compensate for default, illiquidity and structural risk—not investors looking for a high-yield savings-account substitute.