← Back to all charts

Referral Firm — Cumulative Settlement Receipts

Chart 4A  ·  Cumulative net revenue received by the referral firm as campaigns settle. The referral firm has no capital outflows — acquisition costs are funded entirely by funders and recovered via the funder fee share.
Inflows = Net_To_Referral_Firm from Calc_Fees. For the funder's J-curve (with drawdown and breakeven), see Chart 4E.

$0
Capital at Risk
Acquisition costs funded by funders
Q1 2026
First Receipt
AFFF settlements begin arriving
$36.3M
Total Net Revenue
Cumulative net to referral firm
Q3 2030
Final Settlement
Roundup + Roblox close
Referral firm perspective — no capital at risk.
• The referral firm does not fund acquisition costs. That capital ($12.1M total) is deployed by the funders (F1–F4) and recovered through their fee share percentage of gross referral revenue.
• The referral firm's cash position starts at $0 and rises monotonically as each campaign reaches settlement — there is no J-curve drawdown period for this party.
• Net to referral firm ($36.3M) = gross referral revenue ($67.9M) minus funder fee share ($31.6M). This is the referral firm's net revenue, sourced from Calc_Fees!L.
• For the true J-curve — including the −$10.8M peak drawdown, Q1-2027 breakeven, and funder profit of +$19.5M — see Chart 4E: Funder Portfolio J-Curve.