That's dead money, and it happened on the last three maturities too. I'm running about 90 days a year where my crowdfunding capital is just sitting in a queue. Does anyone actually factor that drag into what they call their return on a given platform, or are you just using the note rate?
Ninety days is rough but I'd push back on calling it typical across the board. I've been tracking this on two platforms and my idle time is closer to 45 days per maturity, not 90, so either you're in a longer-queue product or your platform has a specific redemption backlog problem. Either way the note rate is basically fiction if you're not netting out the cash drag. An 8 percent note sitting idle for 31 days out of a 270-day cycle is closer to 7.1 percent realized, and that's before fees. I started doing a weighted-days calculation in a plain spreadsheet after my third maturity because the platform dashboards will never show you that number themselves.
