Social Investment Fund Quarterly Digest

Key Financial Indicators

investing, lending, and giving i inspired by the work of rudolf steiner

liquidityfinancial strength

additional statscredit quality

0% non-current loans*% of borrowers not current on loan repayments

2.57% loan loss allowance* loan loss provision over total loan portfolio

2.06% default rate*** historical rate since inception, 1984

100% earned income ratio earned revenue / total revenue

10.58% capital ratio**reserves / total Fund assets

$0 losses incurred by investors***since inception, 1984

$104M in investment notesfrom 1578 investors

$77.6M in loans*to 82 borrowers

$12.1M reserves**to support the Fund and for loan losses

97 new investors

11.21% sif redemption rate 7.5 yrs average investment term

0.50% current interest rate (effective jan 1, 2016)

0.25% average interest rate (last 4 qtrs)

0.59% average interest rate(last 5 years)

ytd as of dec 31, 2015

This is not an offer to sell, nor a solicitation of an offer to buy, Investment Notes. The offer is made solely by the Fund’s Prospectus, and only in states where authorized. Any decision to purchase Investment Notes should only be made after reading the Prospectus, which is available at rsfsocialfinance.org/sif or by calling Mark Herrera at 415.561.6160.

* Includes the loan portfolio of RSF Social Enterprise, Inc., which is funded using capital supplied by the Fund through an intercompany credit facility.

** Includes cash reserves of $3.12 million maintained by Fund affiliates Rudolf Steiner Foundation, Inc. and RSF Global Community Fund, Inc. The Fund anticipates that in the event that losses in the loan portfolio exceed the Fund’s cash reserves, these affiliates would contribute their reserves to the Fund to the extent necessary to offset such losses. However, Investment Notes are not obligations of, nor are they guaranteed by, the affiliates. The Fund’s own reserves total $8.99 million, of which $6.4 million are in cash and the remaining $2.63 million are in the form of commitments from certain investors to donate their Investment Notes to the Fund to the extent necessary to offset losses in excess of the foregoing cash reserves.

*** Includes loan portfolios of RSF Social Enterprise, Inc. and Rudolf Steiner Foundation, Inc., which operated a lending program similar to the Fund's starting in 1984. The Fund began operations in 2006.

$7.46M revenue$6.51M expenses$955K net income

Operating Budget

© 2016 rsf social finance i 1002 o'reilly avenue, san francisco, ca 94129 i tel. 415.561.3900 i rsfsocialfinance.org

Social Enterprise Borrowers

Q4 impact

new loans q4 2015: $7.5mbhakti chai | bhaktichai.comfarmhouse culture | farmhouseculture.comflorida organic growers* | foginfo.orgiroquois valley farms | iroquoisvalleyfarms.commalibu compost* | malibucompost.commindful meats* | mindfulmeats.compasadena waldorf school | pasadenawaldorf.orgpositive energy solar | positiveenergysolar.comsea to table | sea2table.comunion kitchen* | unionkitchendc.com

new loans 2015: $25m

figures reflect rsf's whole portfolio

loans by enterprise typefor-profit non-profit

malibu compost*Malibu Compost is the first producer and distributor of Biodynamic-certified compost and compost tea in the country. The company is led by a team of people passionate about three things: stewardship of this Earth we all share; respect for its people, plants and animals; and utilizing business as a force for social change. Malibu Compost strives to set an example as a sustainable business, encouraging its partners—from farmers to packagers to retailers—to improve their business practices and, thereby, enhance the health of our communities and our planet. RSF provided Malibu Compost with a PRI loan to purchase equipment to help the company build a new production facility.

* Indicates a loan made possible by RSF’s PRI Program

loans by focus area

sea to tableHeadquartered in Brooklyn, NY, Sea to Table is a seafood distribution company that partners with small-scale sustainable fisheries and connects them with restaurants, institutions and consumers nationwide. The company procures wild, domestic fish that is sustainably harvested and traceable directly to the dock. In bypassing the traditional distribution chain, Sea to Table develops long-term relationships with its fishermen, and creates a more transparent and valuable connections for fishermen, chefs, and diners. RSF supplied the social enterprise with working capital to support its growing operation.

pasadena waldorf schoolEstablished in 1979, Pasadena Waldorf is nestled in the foothills of the San Gabriel Mountains in Altadena, CA, and offers enrollment to students from early childhood through grade 12. The school provides an extraordinary learning environment, integrating the arts and academics to foster imagination and independent thinking in students. Its experienced faculty offers a robust Waldorf curriculum that includes world languages, instrumental and vocal music, Eurythmy, integrated arts, educational outings, and movement and athletics. RSF provided the school with a construction loan to fund new classrooms and make improvements to its existing campus.

Do you know any social enterprises RSF should be lending to? Tell us at rsfsocialfinance.org/loan-referral

education & the arts

food & agriculture

ecological stewardship 9%

27%64%

30% 70%