// V1 Blog index — "The Ledger", Delt's editorial notebook. // Structure: // Masthead — Vol / Issue dateline strip, oversized display lockup // Featured — one lead editorial (full-bleed photo placeholder + deck) // Categories — sticky filter pills: Underwriting, Operators, Policy, etc // Grid — 6 recent posts in a 3-col editorial grid // Series — a horizontal rail for "The Floor Rate" (underwriter letters) // Archive — compact list of older pieces with issue/vol numbers // Newsletter — trailing band; monospaced input, purple accent // // Tone: operator-first, direct, no marketing platitudes. Every post has a // short deck (standfirst), reading time, author, issue label, and a short // "tl;dr" that a busy founder can scan in 3 seconds. const BLOG_CATS = [ { k: 'all', label: 'All dispatches' }, { k: 'underwrite', label: 'Underwriting' }, { k: 'operators', label: 'Operators' }, { k: 'pricing', label: 'Pricing & rates' }, { k: 'policy', label: 'Policy' }, { k: 'field', label: 'Field notes' }, ]; const BLOG_POSTS = [ { id: 'plaid-over-fico', cat: 'underwrite', issue: 'Vol. VII · No. 14', date: 'Mar 18, 2026', read: '11 min', kicker: 'The case against credit scores', title: 'Why we stopped pulling FICO for the first 90% of a file.', deck: 'Three years of declined-but-funded data, a stubborn correlation nobody wanted to publish, and the day our chief underwriter tore up the scorecard.', tldr: 'Deposit variance predicts repayment 3.4× better than FICO. We stopped leading with credit in 2023 and default rates actually dropped.', author: { n: 'Elena Morgan', r: 'Lead Underwriter' }, tags: ['data', 'policy', 'underwriting'], featured: true, }, { id: 'factor-math-cfo', cat: 'pricing', issue: 'Vol. VII · No. 13', date: 'Mar 11, 2026', read: '7 min', kicker: 'Pricing, unpacked', title: 'The factor-rate math your CFO wishes you\'d send them.', deck: 'A one-page spreadsheet, a signed NDA, and the reason we publish buy rates when every other lender hides them.', tldr: '1.18× over 10 months ≈ 36% APR simple. Published, once, so operators stop doing this on the back of a napkin.', author: { n: 'Kevin Cheng', r: 'Head of Pricing' }, tags: ['pricing', 'apr', 'transparency'], }, { id: 'restaurant-cash-gap', cat: 'operators', issue: 'Vol. VII · No. 13', date: 'Mar 06, 2026', read: '9 min', kicker: 'Operator notebook', title: 'Bridging the 47-day gap between invoice and deposit.', deck: 'Three restaurants, one logistics company, and the cash-flow pattern nobody talks about at the franchise convention.', tldr: 'Average B2B deposit lag for SMB operators: 47 days. It\'s getting worse. Here\'s the rolling-advance pattern that fixes it.', author: { n: 'Marcus Rivera', r: 'Ops Research' }, tags: ['operators', 'cash-flow', 'restaurants'], }, { id: 'mca-vs-delt', cat: 'pricing', issue: 'Vol. VII · No. 12', date: 'Feb 27, 2026', read: '6 min', kicker: 'Competitive', title: 'The MCA receipt we keep pinned above the underwriting desk.', deck: 'A screenshot of a 1.42× "daily" offer, a margin-note from the CEO, and the reason we turned down a $40M warehouse line.', tldr: 'A brokered MCA at 1.42× with 5% origination = 61% APR. We priced the same file at 1.16× with no origination. Receipt on file.', author: { n: 'Elena Morgan', r: 'Lead Underwriter' }, tags: ['mca', 'pricing', 'comparison'], }, { id: 'restructure-call', cat: 'operators', issue: 'Vol. VII · No. 12', date: 'Feb 21, 2026', read: '5 min', kicker: 'From the field', title: 'How to call us before you miss a debit.', deck: 'The 90-second phone script we give every underwriter — and what to say on your side so the restructure is boring.', tldr: 'A 48-hour heads-up is always cheaper than a missed debit. Here\'s the exact three-question script our underwriters use.', author: { n: 'Priya Shah', r: 'Servicing' }, tags: ['servicing', 'restructure', 'operators'], }, { id: 'cfpb-1071', cat: 'policy', issue: 'Vol. VII · No. 11', date: 'Feb 14, 2026', read: '14 min', kicker: 'Regulation read', title: 'Section 1071 is here. What it actually means for small-biz lending.', deck: 'A plain-English walk through what CFPB 1071 obligates lenders to collect — and why we published our disparity data voluntarily.', tldr: 'The new rule forces race/gender/revenue disclosure on small-biz apps. We started two years early. Our data is publicly downloadable.', author: { n: 'Jordan Kessler', r: 'General Counsel' }, tags: ['policy', 'cfpb', 'compliance'], }, { id: 'plaid-limits', cat: 'underwrite', issue: 'Vol. VII · No. 11', date: 'Feb 09, 2026', read: '8 min', kicker: 'Underwriting', title: 'Five cases where Plaid isn\'t enough (and what we do instead).', deck: 'Cash-heavy businesses, deposit-splitting across accounts, and the kind of operator file where we ask for statements the old-fashioned way.', tldr: 'Plaid covers ~88% of files. The other 12% — laundromats, some beauty salons, split-account ops — we underwrite on 3mo statements.', author: { n: 'Elena Morgan', r: 'Lead Underwriter' }, tags: ['plaid', 'underwriting', 'edge-cases'], }, { id: 'rate-sheet-oct', cat: 'pricing', issue: 'Vol. VII · No. 10', date: 'Feb 03, 2026', read: '4 min', kicker: 'Rate sheet', title: 'Q1 2026 rate sheet, published with a changelog.', deck: 'A dry document with one interesting detail: what we changed since October, and why.', tldr: 'Floor rate held at 1.12×. Median moved from 1.19 → 1.18. One tier tightened, one expanded. Changelog on page 3.', author: { n: 'Kevin Cheng', r: 'Head of Pricing' }, tags: ['rate-sheet', 'pricing', 'quarterly'], }, { id: 'underwriter-letter-01', cat: 'underwrite', series: 'The Floor Rate', issue: 'Letter 01', date: 'Jan 26, 2026', read: '6 min', kicker: 'The Floor Rate', title: 'On the files I say no to first.', deck: 'A monthly letter from the desk. This month: the three patterns that put a file in the decline pile before I\'ve read page two.', tldr: 'Stacking without disclosure, negative-days clustering, and mid-term re-applies. Three patterns, one rule: be honest up front.', author: { n: 'Elena Morgan', r: 'Lead Underwriter' }, tags: ['series', 'underwriting'], }, { id: 'underwriter-letter-02', cat: 'underwrite', series: 'The Floor Rate', issue: 'Letter 02', date: 'Dec 15, 2025', read: '5 min', kicker: 'The Floor Rate', title: 'The honest conversation about stacking.', deck: 'When a second position makes sense, when it doesn\'t, and what we actually see on books with three or more active advances.', tldr: 'One position: normal. Two: situational. Three+: call us before you sign anything else. The math stops working at about 11% DSO.', author: { n: 'Elena Morgan', r: 'Lead Underwriter' }, tags: ['series', 'stacking'], }, { id: 'underwriter-letter-03', cat: 'underwrite', series: 'The Floor Rate', issue: 'Letter 03', date: 'Nov 09, 2025', read: '7 min', kicker: 'The Floor Rate', title: 'A good offer is boring.', deck: 'The most valuable thing a lender can do is be predictable. A short argument for restraint in a market addicted to novelty.', tldr: 'If our offer surprises you, we failed. Boring offers compound into boring books, which compound into businesses that survive.', author: { n: 'Elena Morgan', r: 'Lead Underwriter' }, tags: ['series', 'philosophy'], }, ]; // Archive (shown as compact list) const BLOG_ARCHIVE = [ { issue: 'Vol. VII · No. 09', date: 'Jan 19, 2026', title: 'Twelve questions we now ask every first-time applicant.', read: '6 min' }, { issue: 'Vol. VII · No. 08', date: 'Jan 12, 2026', title: 'What a "soft pull" actually is, in language a bureau doesn\'t use.', read: '4 min' }, { issue: 'Vol. VII · No. 07', date: 'Jan 05, 2026', title: 'The holiday cash-flow gap: three charts, one recommendation.', read: '5 min' }, { issue: 'Vol. VII · No. 06', date: 'Dec 22, 2025', title: 'We funded $47M in December. Here\'s where it went.', read: '4 min' }, { issue: 'Vol. VII · No. 05', date: 'Dec 15, 2025', title: 'Why our origination fee is a flat $395, forever.', read: '3 min' }, { issue: 'Vol. VII · No. 04', date: 'Dec 08, 2025', title: 'A receipt-per-customer dashboard for small-batch operators.', read: '8 min' }, { issue: 'Vol. VII · No. 03', date: 'Dec 01, 2025', title: 'The renewal conversation: a checklist for the operator side.', read: '6 min' }, { issue: 'Vol. VII · No. 02', date: 'Nov 24, 2025', title: 'Q4 2025 portfolio snapshot.', read: '9 min' }, ]; // ─── Atoms ─── function BlogAvatar({ name, size = 28 }) { const initials = name.split(' ').map((n) => n[0]).slice(0, 2).join(''); // Deterministic hue off of the name let h = 0; for (let i = 0; i < name.length; i++) h = (h * 31 + name.charCodeAt(i)) % 360; return ( {initials} ); } function BlogMeta({ post, color = V1.muted, onDark = false }) { return (
{post.issue} · {post.date} · {post.read}
); } // Editorial illustration placeholder — generative abstract "plate" per post function BlogPlate({ seed = 0, aspect = '16/10', tone = 'light' }) { // Deterministic shapes from seed const rand = (n) => { const x = Math.sin(n) * 10000; return x - Math.floor(x); }; const hue = Math.floor(rand(seed * 7.1) * 30) + 250; // purple/violet range const sat = 20 + Math.floor(rand(seed * 3.3) * 35); const isDark = tone === 'dark'; const bg = isDark ? V1.ink : `hsl(${hue}, ${sat}%, 96%)`; const shapes = []; for (let i = 0; i < 3; i++) { const s = seed * 11 + i * 7.7; shapes.push({ cx: 20 + rand(s) * 60, cy: 20 + rand(s * 2) * 60, r: 12 + rand(s * 3) * 22, h: hue + (rand(s * 4) - 0.5) * 40, l: isDark ? 35 + rand(s * 5) * 15 : 70 + rand(s * 5) * 20, a: 0.3 + rand(s * 6) * 0.35, }); } return (
{shapes.map((s, i) => ( ))} {/* An editorial "plate mark" */} FIG. {String(seed).padStart(2, '0')} {/* Subtle grid overlay */}
); } // ─── Masthead ─── function BlogMasthead({ accent }) { return (
{/* Top rule */}
Vol. VII · Q1 2026 · No. 14 Delt Capital Editorial · Est. 2019 Publishing weekly
{/* Lockup */}
The Ledger

The Ledger.
Published notes
from the desk.

Underwriting dispatches, pricing letters, and operator field notes from the people who actually size your offer. One long read and a few short ones, most Wednesdays.
{BLOG_POSTS.length + BLOG_ARCHIVE.length} dispatches · 6 authors · ~1,800 readers
); } // ─── Featured lead story ─── function BlogFeatured({ post, accent }) { return (
This week's lead
{post.kicker}

{post.title}

{post.deck}

{/* tl;dr pull-box */}
tl;dr {post.tldr}
{/* Author row */}
{post.author.n}
{post.author.r}
Read the full piece
{/* Plate */}
Plate 14 —
The scorecard,
in pieces
); } // ─── Category filter ─── function BlogCategoryBar({ activeK, onSelect, counts, accent }) { return (
Filter
{BLOG_CATS.map((c) => { const active = activeK === c.k; const n = counts[c.k] || 0; return ( ); })}
); } // ─── Grid card ─── function BlogCard({ post, seed, accent }) { const [hover, setHover] = React.useState(false); return ( setHover(true)} onMouseLeave={() => setHover(false)} style={{ display: 'flex', flexDirection: 'column', gap: 18, textDecoration: 'none', color: 'inherit', cursor: 'pointer', padding: 20, borderRadius: 14, border: `1px solid ${hover ? V1.ink : 'transparent'}`, background: hover ? V1.white : 'transparent', transition: 'border-color .15s, background .15s, transform .15s', transform: hover ? 'translateY(-2px)' : 'none', }} >
{post.kicker} · {post.read}

{post.title}

{post.deck}

{post.author.n}
{post.date}
 ); } // ─── Series rail — "The Floor Rate" ─── function BlogSeriesRail({ posts, accent }) { return (
Series

The Floor Rate.
Monthly letters from our lead underwriter.

A plain-language dispatch from the desk that sizes your offer. No marketing review, no comms team — just what she'd say across the phone, on the record.

{posts.map((p, i) => ( { e.currentTarget.style.background = 'rgba(255,255,255,0.07)'; e.currentTarget.style.borderColor = 'rgba(255,255,255,0.2)'; e.currentTarget.style.transform = 'translateY(-2px)'; }} onMouseLeave={(e) => { e.currentTarget.style.background = 'rgba(255,255,255,0.04)'; e.currentTarget.style.borderColor = 'rgba(255,255,255,0.1)'; e.currentTarget.style.transform = 'translateY(0)'; }} >
{p.issue} · {p.read}

{p.title}

{p.deck}

{p.author.n}
{p.date}
))}
); } // ─── Archive list ─── function BlogArchive({ accent }) { return (
Archive

Older dispatches.

Every piece we've published, by issue. Searchable — and the full back-catalog is downloadable as a single PDF for long flights.

{BLOG_ARCHIVE.map((a, i) => ( { e.currentTarget.style.background = V1.white; }} onMouseLeave={(e) => { e.currentTarget.style.background = 'transparent'; }} >
{a.issue}
{a.date}
{a.title}
{a.read}
))}
); } // ─── Newsletter ─── function BlogNewsletter({ accent, onTalk }) { const [email, setEmail] = React.useState(''); const [submitted, setSubmitted] = React.useState(false); return (
Subscribe

One long read, a few short ones,{' '} most Wednesdays.

The Ledger in your inbox. No tracking pixels, no marketing sequences, and one single "unsubscribe" button that actually works. If you don't like an issue, reply and tell us — a human writes back.

~1,800 readers · 52 issues / year · No sales mail
{ e.preventDefault(); if (email.trim()) setSubmitted(true); }} style={{ padding: 24, background: V1.bg, border: `1px solid ${V1.line}`, borderRadius: 14, }} > {!submitted ? ( <>
setEmail(e.target.value)} placeholder="operator@yourcompany.com" style={{ flex: 1, padding: '14px 16px', background: V1.white, border: `1px solid ${V1.line}`, borderRadius: 10, fontFamily: V1.fontMono, fontSize: 13.5, color: V1.ink, outline: 'none', transition: 'border-color .15s', }} onFocus={(e) => { e.target.style.borderColor = accent; }} onBlur={(e) => { e.target.style.borderColor = V1.line; }} />
By subscribing you agree to receive 1 email a week from the Delt Capital editorial desk. We don't share your address.
) : (
Subscribed.
Confirmation on its way to {email}. Next issue lands Wednesday 6:00am ET.
)}
Rather talk than read?
30 min with an underwriter, on Teams.
); } // ─── Main page ─── function V1BlogPage({ accent, onApply, onTalk }) { const [activeK, setActiveK] = React.useState('all'); const accentColor = accent || V1.blue; const series = BLOG_POSTS.filter((p) => p.series === 'The Floor Rate'); const nonSeries = BLOG_POSTS.filter((p) => !p.series); // The featured lead is the one marked featured const featured = nonSeries.find((p) => p.featured) || nonSeries[0]; const gridSource = nonSeries.filter((p) => p.id !== featured.id); const filtered = activeK === 'all' ? gridSource : gridSource.filter((p) => p.cat === activeK); const counts = React.useMemo(() => { const c = { all: gridSource.length }; for (const cat of BLOG_CATS) { if (cat.k === 'all') continue; c[cat.k] = gridSource.filter((p) => p.cat === cat.k).length; } return c; }, []); return (
{/* Grid of recent posts */}
Recent dispatches
Showing {filtered.length} of {gridSource.length}
{filtered.length === 0 ? (
Nothing published in this category yet.

Try another tag, or browse the archive below.

) : (
{filtered.map((p, i) => ( ))}
)}
); } Object.assign(window, { V1BlogPage });