RepayingPortland, OregonBorrower approvedListed Feb 2, 2026
SEMAIL: end-to-end email without changing the client
Two years of runway for the encrypted-email layer that placed second at Medford, now under contract with a Portland law firm.
Two years of runway for the encrypted-email layer that placed second at Medford, now under contract with a Portland law firm.
Every attempt to make email private has asked the user to leave their email client. SEMAIL does not. It pairs PGP keys with PushDrop-anchored delivery underneath the mailbox somebody already has, so an encrypted message arrives in Outlook looking like a message and the workflow does not change.
Brent Monning took it to second place at Medford and had a paying pilot inside a month: a Portland litigation firm with a discovery problem and a compliance officer who could not sign off on the alternative. That contract is now in its fourth quarter and has renewed once.
The loan funds the SOC 2 Type II audit that every subsequent firm has asked for, plus the two hires needed to service them. It is repaid monthly from contracted recurring revenue.
Renewed recurring contracts service the scheduled payments with margin, before any new sale.
Four firms have said in writing that they will buy on SOC 2 Type II. The loan buys the certificate.
Six instalments settled on or before the due date since March.
Audit engagement signeddone
Type II auditor appointed.
Mar 20, 2026
First hiredone
Engineer one started.
Apr 14, 2026
Observation window opensdone
Twelve-month evidence period begins.
Aug 1, 2026
Type II report issued
Certificate in hand, pipeline unblocked.
Sep 1, 2027
Abhi Sridharan
Independent reviewerCredit analyst, 11 years across SME lending, supply-chain finance and early-stage software.
Grade
Contracted revenue, a specific and checkable use of proceeds, and one very large customer. The concentration is the whole risk.
This is the cleanest credit in the BSV development book. Revenue is contracted rather than projected, the money buys a certificate with a known price and a known effect on the sales pipeline, and the borrower has paid six of twenty-four instalments early.
Seventy-one per cent concentration would ordinarily take this to C. It does not here for two reasons: the contract has already renewed once, and the coupon is covered 2.4×, so even losing the client mid-term leaves the remaining book servicing the debt, if not growing.
The key-recovery gap is worth reading properly. It is a design position rather than a bug, and it will cost this company some enterprise deals permanently. The listing says so, which is more than most.
Posted Feb 2, 2026
| # | Due | Principal | Interest | Status | Transaction |
|---|---|---|---|---|---|
| 1 | Apr 1, 2026 | 18.75 BSV | 148.31 MNEE | Paid | 99e494…2b63 |
Monning Labs LLC · Security software · Portland, Oregon · founded 2024
SEMAIL layers end-to-end encryption onto the email client somebody already uses, pairing PGP keys with PushDrop-anchored delivery so nothing about the workflow changes. Second place at Medford, and the only entry that shipped to a paying pilot inside a month.
Brent Monning
Founder
One client is 71% of revenue. Losing it would not breach the coupon but would end the growth case the loan is written on.
A Type II observation window is twelve months minimum. Any restart pushes the revenue case a year right.
A client who loses their keys loses their archive. The product documents this; some buyers will not accept it.
Collateral coverage
2.97×
$16,700 of security against $5,631 still outstanding. The line is one times.
How it was marked. Recurring contracts at 70% of the remaining committed term. Floating charge over receivables at 75% under 90 days. Marked Feb 7, 2026 by Abhi Sridharan.
A mark on a date, not a valuation and not a promise. Nothing here can be sold at 3am: enforcing a charge over stock or receivables takes months, costs money, and recovers less than the figure above.
This loan is drawn in BSV. Move the price.
Monning Labs owes BSV and earns in ordinary money. You hold a claim on BSV and think in dollars. The same move helps one of you and hurts the other.
unchanged from today
the schedule as written
The coupon is not on either side of this: it was fixed in dollars at drawdown and a move in the price does not touch it. Arithmetic on a figure you chose, not a forecast.
A missed instalment moves the loan to late. If it is not cured or restructured by the next due date it moves to default and arbitration opens automatically. Every lender with a position can read the case file, add evidence and vote on the recovery route, weighted by principal.
How arbitration worksThe Type II observation window formally opened on 1 August. Twelve months of evidence collection from here; the auditor's readiness assessment came back with two findings, both remediated inside a fortnight.
450 BSV closed in eleven days. Thank you. The audit engagement is signed and the first hire starts in April.
Some updates on this loan are visible only to lenders holding a position. They are withheld on the server, not hidden in your browser.
What the borrower answered before the listing went up, and everything asked since. Anyone can read this; anyone with a wallet connected can ask.
Every live loan has a room where lenders and the borrower talk. Anyone can read it; anyone holding a position can post. The thread above is the public one and stays public.
Open lender chatAnd 96 more. This build models a handful of lenders as people with profiles and carries the rest as a count, so the list above is a subset of the book rather than all of it.
Every lend and every repayment on this loan.
| Who | What | Amount | When | Transaction |
|---|---|---|---|---|
| @brent.m | Instalment 6 of 24 | 22.90 BSV | 28d ago | 474419…37ef |
#1 Apr 1, 2026 18.75 BSV principal 148.31 MNEE Paid |
| 2 | May 1, 2026 | 18.75 BSV | 142.13 MNEE | Paid | 9ae495…ce5a |
#2 May 1, 2026 18.75 BSV principal 142.13 MNEE Paid | |||||
| 3 | Jun 1, 2026 | 18.75 BSV | 135.95 MNEE | Paid | 9be497…7151 |
#3 Jun 1, 2026 18.75 BSV principal 135.95 MNEE Paid | |||||
| 4 | Jul 1, 2026 | 18.75 BSV | 129.77 MNEE | Paid | 94e48c…1448 |
#4 Jul 1, 2026 18.75 BSV principal 129.77 MNEE Paid | |||||
| 5 | Aug 1, 2026 | 18.75 BSV | 123.59 MNEE | Paid | 95e48d…b73f |
#5 Aug 1, 2026 18.75 BSV principal 123.59 MNEE Paid | |||||
| 6 | Sep 1, 2026 | 18.75 BSV | 117.41 MNEE | Paid | 96e48f…5a36 |
#6 Sep 1, 2026 18.75 BSV principal 117.41 MNEE Paid | |||||
| 7 | Oct 1, 2026 | 18.75 BSV | 111.23 MNEE | Scheduled | – |
#7 Oct 1, 2026 18.75 BSV principal 111.23 MNEE Scheduled | |||||
| 8 | Nov 1, 2026 | 18.75 BSV | 105.05 MNEE | Scheduled | – |
#8 Nov 1, 2026 18.75 BSV principal 105.05 MNEE Scheduled | |||||
| 9 | Dec 1, 2026 | 18.75 BSV | 98.88 MNEE | Scheduled | – |
#9 Dec 1, 2026 18.75 BSV principal 98.88 MNEE Scheduled | |||||
| 10 | Jan 1, 2027 | 18.75 BSV | 92.70 MNEE | Scheduled | – |
#10 Jan 1, 2027 18.75 BSV principal 92.70 MNEE Scheduled | |||||
| 11 | Feb 1, 2027 | 18.75 BSV | 86.52 MNEE | Scheduled | – |
#11 Feb 1, 2027 18.75 BSV principal 86.52 MNEE Scheduled | |||||
| 12 | Mar 1, 2027 | 18.75 BSV | 80.34 MNEE | Scheduled | – |
#12 Mar 1, 2027 18.75 BSV principal 80.34 MNEE Scheduled | |||||
| 13 | Apr 1, 2027 | 18.75 BSV | 74.16 MNEE | Scheduled | – |
#13 Apr 1, 2027 18.75 BSV principal 74.16 MNEE Scheduled | |||||
| 14 | May 1, 2027 | 18.75 BSV | 67.98 MNEE | Scheduled | – |
#14 May 1, 2027 18.75 BSV principal 67.98 MNEE Scheduled | |||||
| 15 | Jun 1, 2027 | 18.75 BSV | 61.80 MNEE | Scheduled | – |
#15 Jun 1, 2027 18.75 BSV principal 61.80 MNEE Scheduled | |||||
| 16 | Jul 1, 2027 | 18.75 BSV | 55.62 MNEE | Scheduled | – |
#16 Jul 1, 2027 18.75 BSV principal 55.62 MNEE Scheduled | |||||
| 17 | Aug 1, 2027 | 18.75 BSV | 49.44 MNEE | Scheduled | – |
#17 Aug 1, 2027 18.75 BSV principal 49.44 MNEE Scheduled | |||||
| 18 | Sep 1, 2027 | 18.75 BSV | 43.26 MNEE | Scheduled | – |
#18 Sep 1, 2027 18.75 BSV principal 43.26 MNEE Scheduled | |||||
| 19 | Oct 1, 2027 | 18.75 BSV | 37.08 MNEE | Scheduled | – |
#19 Oct 1, 2027 18.75 BSV principal 37.08 MNEE Scheduled | |||||
| 20 | Nov 1, 2027 | 18.75 BSV | 30.90 MNEE | Scheduled | – |
#20 Nov 1, 2027 18.75 BSV principal 30.90 MNEE Scheduled | |||||
| 21 | Dec 1, 2027 | 18.75 BSV | 24.72 MNEE | Scheduled | – |
#21 Dec 1, 2027 18.75 BSV principal 24.72 MNEE Scheduled | |||||
| 22 | Jan 1, 2028 | 18.75 BSV | 18.54 MNEE | Scheduled | – |
#22 Jan 1, 2028 18.75 BSV principal 18.54 MNEE Scheduled | |||||
| 23 | Feb 1, 2028 | 18.75 BSV | 12.36 MNEE | Scheduled | – |
#23 Feb 1, 2028 18.75 BSV principal 12.36 MNEE Scheduled | |||||
| 24 | Mar 1, 2028 | 18.75 BSV | 6.18 MNEE | Scheduled | – |
#24 Mar 1, 2028 18.75 BSV principal 6.18 MNEE Scheduled | |||||
Principal is repaid in BSV; the coupon is paid in MNEE, so an instalment has two amounts in two units and no meaningful sum. Every settled instalment carries the transaction that paid it.
