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Hypercore calculates three key performance indicators (KPIs) for loans to help lenders assess investment performance: 

 (Total Value to Paid-In, also known as Investment Multiple), and 

 (Distributions to Paid-In, also called Realized Multiple). Each KPI is calculated in two variants: 

 (based on actual transactions to date) and 

 (including future projected cash flows).

Current (Realized) vs Expected Calculations

: Based on actual transactions that have occurred up to today, plus current outstanding balances.

: Include both actual transactions and future expected cash flows based on the loan schedule.

When equity investments are associated with a loan, Hypercore includes equity transactions and valuations in KPI calculations. This provides a comprehensive view of total investment performance.

IRR measures the annualized rate of return on an investment, accounting for the timing of cash flows.

: Calculated using the XIRR function on actual cash flows to date plus current outstanding balance.

All actual disbursements (negative cash flows)

All actual repayments (positive cash flows)

Current outstanding balance as of today (positive cash flow)

Equity transactions (buys as negative, sells/returns as positive)

Loan disbursement: -$100,000 (Jan 1)
Repayment: +$20,000 (Mar 1)
Repayment: +$25,000 (Jun 1)
Current outstanding: +$60,000 (today)
IRR Current = 12.5%



: Calculated using the XIRR function on actual cash flows plus future expected cash flows.

Future expected repayments from the loan schedule

Future expected disbursements (if applicable)

Equity transactions (actual and expected)

Actual disbursement: -$100,000 (Jan 1)
Actual repayments: +$45,000 (to date)
Expected repayments: +$65,000 (future)
IRR Expected = 15.2%



TVPI (Total Value to Paid-In, also called Gross Investment Multiple)

TVPI measures the total value returned relative to the total amount invested, including both realized and unrealized gains.

TVPI Current (also called Gross Realized Multiple)

: (Total Payments + Outstanding Balance + Equity Values) ÷ Total Disbursements

: Principal, interest, and fees received to date

: Current principal, interest, and fees outstanding

: Current market value of equity holdings

Total disbursed: $100,000
Total payments received: $45,000
Current outstanding: $60,000
Equity current value: $5,000
TVPI Current = ($45,000 + $60,000 + $5,000) ÷ $100,000 = 1.10x



TVPI Expected (also called Gross Expected Multiple)

: (Total Expected Payments + Equity Expected Values) ÷ Total Expected Disbursements

: All actual and future expected payments

Total disbursed: $100,000
Total payments (actual + expected): $110,000
Expected equity income: $10,000
TVPI Expected = ($110,000 + $10,000) ÷ $100,000 = 1.20x



DPI (Distributions to Paid-In, also called Realized Multiple)

DPI measures the ratio of total distributions received to the total amount invested, focusing on realized returns.

Total disbursed: $100,000
Total payments received: $45,000
Equity income: $5,000
DPI Current = ($45,000 + $5,000) ÷ $100,000 = 0.50x


All calculations are performed in the loan’s target currency

Equity transactions are converted to the loan currency using exchange rates as of the transaction date

Current equity values are converted using current exchange rates

If a loan is terminated early (early redemption or write-off), the system uses current calculations instead of expected calculations

This ensures KPIs reflect actual performance rather than projections

IRR calculations include fees by default; this can be configured.

Outstanding balance calculations include principal, interest, compounding interest, and fees

: Based on loan schedule rows (disbursements, repayments, expected transactions)

: From equity transactions, valuations, and expected transactions

: Aggregated values from loan schedule summaries

: Shows realized vs projected performance

: Shows realized vs potential total returns

: Shows realized vs projected cash returns

: Equity can significantly boost total returns

Below are common KPI issues, symptoms, causes, and solutions to help resolve inconsistencies in your metrics.

If your KPI values appear incorrect or inconsistent, here are some quick steps to help diagnose and resolve common issues:

: Download the amortization schedule and use Excel's XIRR function on disbursements and repayments to verify calculations. Ensure equity cashflows are included if applicable.

: Manually sum repayments and equity cashflows. Use the formulas in this guide to confirm expected results.

: Check that all equity transactions, valuations, and expected events are correctly recorded and in the correct currency.

 Contact Hypercore support for assistance—our team can help verify data integrity and ensure the calculation setup is correct.

: IRR appears unusually high (>9999%) or negative

Insufficient cash flow data for XIRR calculation

All cash flows in same direction (all positive or all negative)

Verify loan has both disbursements and repayments

Ensure currency conversion rates are available

Review equity transaction data if applicable

Large outstanding balance (TVPI includes unrealized value)

Expected vs current calculation differences

This is normal - TVPI includes unrealized gains while DPI only includes realized cash

Check equity valuations and expected income

Equity transactions not properly linked to loan

Verify equity is properly associated with the loan

Check currency conversion rates for equity transactions

Review equity transaction data for completeness

: KPIs seem incorrect for multi-currency loans

Missing exchange rates for transaction dates

Incorrect currency conversion calculations

Verify exchange rates are available for all transaction dates

: KPIs show null values or calculation errors

Beyond the Basics

Loan KPIs Calculations