How to Place an Indication of Interest on the Percent Secondary Market

By

Percent

• December 15, 2025

The Secondary Market allows you to indicate interest in buying or selling positions in eligible deals on Percent.

Why use the Secondary Market?

If you missed the opportunity to invest in a deal during primary funding, you can place an indication of interest to buy. If you'd like to potentially exit one of your existing investments before maturity, you can place an indication of interest to sell.

All orders are non-binding indications of interest. A Percent representative will confirm details with both parties before any transaction is executed.

Follow the steps below to get started.

1. Navigate to the Secondary Market

Deals → Secondary Market

From the top navigation, select Deals, then choose Secondary Market. This page displays all deals that are currently eligible for secondary market activity.

Each deal card includes:

• Best Bid: The highest bid price currently indicated for the deal. This represents the maximum price an investor has indicated they are willing to buy.
• Best Ask: The lowest ask price currently indicated for the deal. This represents the minimum price an investor has indicated they are willing to sell.

By default, this page filters to deals with open indications and sorts by ask-side volume in descending order, helping surface opportunities with more visible market activity.

2. View the Secondary Market Details for a Deal

Clicking on any eligible deal will take you to its specific Secondary Market page. This view provides a transparent look at price discovery and liquidity for that specific asset.

• The Order Book (Left): A detailed list of all current bids and asks, organized by price.
• Market Depth Chart (Right): A graphical representation of the order book, helping you visualize the supply and demand at different price points.
• Trade History (Bottom): A record of past secondary transactions for this deal.

From this page, you can submit an indication of interest to buy or, if you hold a position in the deal, to sell.

3. Submit Your Indication of Interest

Once you are ready to place an order, click the Submit Indication of Interest button. This will open an order entry drawer where you can define your terms.

You will be asked to specify:

• Direction: Select Buy to place a bid or Sell to place an ask.

• For Buyers: You must have cash available in your account equal to at least 10% of the bid amount to place a buy order.

  • For Sellers: You must currently hold an amount of the note equal to or greater than the size of your sell order.

• Size: Enter the dollar amount (at face value) you wish to transact.

• Price: Enter your desired price as a percentage of par (100%).

• Example: Entering 95.00 means you are offering to buy (or sell) the note at $950 for every $1,000 of face value.

• Time in Force: All orders are set as "Good 'til Canceled." Your indication will remain active until you manually cancel it or the deal reaches maturity.

Important: All orders submitted are Indications of Interest. They are non-binding until matched and confirmed by a Percent representative.

4. Manage Your Open Indications

You can track the status of your bids and asks at any time by navigating to your Portfolio and selecting the Indications of Interest tab.

This dashboard provides a consolidated view of all your active, filled, or canceled indications. If your strategy changes, you can cancel an open indication directly from this menu.

Questions?

If you have questions about the Secondary Market or need help placing an indication, contact our Investor Relations team at support@percent.com.

A Note on Settlement: Because private credit markets differ from public stock exchanges, trades are not executed instantaneously. Percent facilitates the matching process between buyers and sellers. Once a match is identified based on price and size, both parties must agree to final terms before the trade settles.

Frequently Asked Questions

What is the Percent Secondary Market?

The Secondary Market is a feature that allows investors to indicate interest in buying or selling positions in eligible private credit deals on Percent. It provides an option to seek liquidity before a deal matures or to access deals that may have sold out during primary funding.

Are Secondary Market orders binding?

No. All orders are non-binding indications of interest. A Percent representative will facilitate matching between buyers and sellers, and all parties must agree to final terms before any transaction settles.

Which deals are eligible for secondary trading?

Not all deals are eligible for secondary trading. Eligible deals are marked on the platform and can be found in the Secondary Market tab under Deals. Percent determines eligibility based on deal structure and other factors.

Is there a minimum indication size for secondary trades?

Yes, minimum indications of interest specific to each eligible deal.

How is the price determined?

Prices are expressed as a percentage of par (100%). For example, a price of 95.00% means $950 for every $1,000 of face value. Buyers and sellers set their own prices when submitting indications of interest. There is no automated price matching; Percent facilitates negotiations between parties.

What happens to accrued interest when a position is sold?

Accrued interest is not included in the transaction. The seller forfeits accrued interest at the time of settlement, and future interest payments are distributed to the buyer and all then-current holders according to the payment schedule of the underlying deal.

How long does it take for a trade to settle?

Because private credit markets differ from public exchanges, trades do not settle instantaneously. Once a match is identified and both parties agree to final terms, settlement is processed as quickly as possible. Exact timing depends on the deal and parties involved.

Can I cancel an indication of interest?

Yes. You can cancel any open indication at any time from the Indications of Interest tab in your Portfolio.

Do I need cash available to place a buy order?

Yes. You must have cash available in your Percent account equal to at least 10% of your bid amount to submit a buy indication.

Are there any fees for secondary trades?

Yes, each trade is subject to a fee of 50 basis points on the trade size for each party. For example, if the trade is of $10,000, then the buyer is required to fund their account with $10,050 - $10,000 of which goes to the seller, and $50 goes to Percent. On the flip side, the seller will be charged 50 basis points from their sale proceeds. Using the example above, the seller's Percent account would only be credited with $9,950.