{
  "total_low": 868.5,
  "total_mid": 2315.99,
  "total_high": 4053.01,
  "systems": [
    {
      "system": "backend",
      "collateral_score": 65.4,
      "grade": "B",
      "borrowing_base": {
        "low": 100.06,
        "mid": 266.83,
        "high": 466.96
      },
      "verdict": "underwritable"
    },
    {
      "system": "membra-operator",
      "collateral_score": 44.8,
      "grade": "D",
      "borrowing_base": {
        "low": 68.54,
        "mid": 182.78,
        "high": 319.87
      },
      "verdict": "underwritable_after_demo_and_usage_logs"
    },
    {
      "system": "files",
      "collateral_score": 44.3,
      "grade": "D",
      "borrowing_base": {
        "low": 67.78,
        "mid": 180.74,
        "high": 316.3
      },
      "verdict": "underwritable_after_demo_and_usage_logs"
    },
    {
      "system": "membra-qr-gateway",
      "collateral_score": 43.3,
      "grade": "D",
      "borrowing_base": {
        "low": 66.25,
        "mid": 176.66,
        "high": 309.16
      },
      "verdict": "underwritable_after_demo_and_usage_logs"
    },
    {
      "system": "membramoney",
      "collateral_score": 41.3,
      "grade": "D",
      "borrowing_base": {
        "low": 74.34,
        "mid": 198.24,
        "high": 346.92
      },
      "verdict": "underwritable_after_demo_and_usage_logs"
    },
    {
      "system": "membra-semantic-consensus",
      "collateral_score": 38.0,
      "grade": "D",
      "borrowing_base": {
        "low": 37.62,
        "mid": 100.32,
        "high": 175.56
      },
      "verdict": "underwritable_after_demo_and_usage_logs"
    },
    {
      "system": "field-triage-app",
      "collateral_score": 34.2,
      "grade": "F",
      "borrowing_base": {
        "low": 46.17,
        "mid": 123.12,
        "high": 215.46
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "decloud",
      "collateral_score": 32.4,
      "grade": "F",
      "borrowing_base": {
        "low": 32.08,
        "mid": 85.54,
        "high": 149.69
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "autonomous-cleanstat-agent",
      "collateral_score": 31.2,
      "grade": "F",
      "borrowing_base": {
        "low": 42.12,
        "mid": 112.32,
        "high": 196.56
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "files_cpp",
      "collateral_score": 28.9,
      "grade": "F",
      "borrowing_base": {
        "low": 26.01,
        "mid": 69.36,
        "high": 121.38
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "solana-staking-tracker",
      "collateral_score": 22.9,
      "grade": "F",
      "borrowing_base": {
        "low": 20.61,
        "mid": 54.96,
        "high": 96.18
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "overmanifold",
      "collateral_score": 22.4,
      "grade": "F",
      "borrowing_base": {
        "low": 24.19,
        "mid": 64.51,
        "high": 112.9
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "mac_compute_node",
      "collateral_score": 21.8,
      "grade": "F",
      "borrowing_base": {
        "low": 25.51,
        "mid": 68.02,
        "high": 119.03
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "membra_mobile",
      "collateral_score": 21.5,
      "grade": "F",
      "borrowing_base": {
        "low": 29.02,
        "mid": 77.4,
        "high": 135.45
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "membra-bridge-ecosystem",
      "collateral_score": 20.2,
      "grade": "F",
      "borrowing_base": {
        "low": 27.27,
        "mid": 72.72,
        "high": 127.26
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "config_data_files",
      "collateral_score": 18.9,
      "grade": "F",
      "borrowing_base": {
        "low": 17.01,
        "mid": 45.36,
        "high": 79.38
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "Downloads",
      "collateral_score": 17.9,
      "grade": "F",
      "borrowing_base": {
        "low": 16.11,
        "mid": 42.96,
        "high": 75.18
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "cleanstat-infrastructure",
      "collateral_score": 13.1,
      "grade": "F",
      "borrowing_base": {
        "low": 11.79,
        "mid": 31.44,
        "high": 55.02
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "membra-ads",
      "collateral_score": 13.1,
      "grade": "F",
      "borrowing_base": {
        "low": 11.79,
        "mid": 31.44,
        "high": 55.02
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "agent-workforce",
      "collateral_score": 12.8,
      "grade": "F",
      "borrowing_base": {
        "low": 11.52,
        "mid": 30.72,
        "high": 53.76
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "veis",
      "collateral_score": 12.8,
      "grade": "F",
      "borrowing_base": {
        "low": 11.52,
        "mid": 30.72,
        "high": 53.76
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "docs",
      "collateral_score": 12.2,
      "grade": "F",
      "borrowing_base": {
        "low": 10.98,
        "mid": 29.28,
        "high": 51.24
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "ios",
      "collateral_score": 12.2,
      "grade": "F",
      "borrowing_base": {
        "low": 10.98,
        "mid": 29.28,
        "high": 51.24
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "membra-kpi-mobile",
      "collateral_score": 12.2,
      "grade": "F",
      "borrowing_base": {
        "low": 10.98,
        "mid": 29.28,
        "high": 51.24
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "sniffies-rentals",
      "collateral_score": 12.2,
      "grade": "F",
      "borrowing_base": {
        "low": 10.98,
        "mid": 29.28,
        "high": 51.24
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "chat-provenance-api",
      "collateral_score": 11.9,
      "grade": "F",
      "borrowing_base": {
        "low": 10.71,
        "mid": 28.56,
        "high": 49.98
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "terminal_agent",
      "collateral_score": 11.5,
      "grade": "F",
      "borrowing_base": {
        "low": 10.35,
        "mid": 27.6,
        "high": 48.3
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "protocol",
      "collateral_score": 10.2,
      "grade": "F",
      "borrowing_base": {
        "low": 9.18,
        "mid": 24.48,
        "high": 42.84
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "membra-ecosystem",
      "collateral_score": 8.3,
      "grade": "F",
      "borrowing_base": {
        "low": 7.47,
        "mid": 19.92,
        "high": 34.86
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "membra-l3",
      "collateral_score": 7.0,
      "grade": "F",
      "borrowing_base": {
        "low": 6.3,
        "mid": 16.8,
        "high": 29.4
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "winserv_chatgpt_automation",
      "collateral_score": 6.8,
      "grade": "F",
      "borrowing_base": {
        "low": 6.12,
        "mid": 16.32,
        "high": 28.56
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "bitcoin-bearer-notes",
      "collateral_score": 4.4,
      "grade": "F",
      "borrowing_base": {
        "low": 3.96,
        "mid": 10.56,
        "high": 18.48
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "frontend",
      "collateral_score": 3.4,
      "grade": "F",
      "borrowing_base": {
        "low": 3.06,
        "mid": 8.16,
        "high": 14.28
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "cleanstat-autonomous-agent",
      "collateral_score": 0.1,
      "grade": "F",
      "borrowing_base": {
        "low": 0.12,
        "mid": 0.31,
        "high": 0.55
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "api",
      "collateral_score": 0.0,
      "grade": "F",
      "borrowing_base": {
        "low": 0.0,
        "mid": 0.0,
        "high": 0.0
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "api_integration_system",
      "collateral_score": 0.0,
      "grade": "F",
      "borrowing_base": {
        "low": 0.0,
        "mid": 0.0,
        "high": 0.0
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "kamino-flash-executor",
      "collateral_score": 0.0,
      "grade": "F",
      "borrowing_base": {
        "low": 0.0,
        "mid": 0.0,
        "high": 0.0
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "live-kamino-jupiter-flash-arb",
      "collateral_score": 0.0,
      "grade": "F",
      "borrowing_base": {
        "low": 0.0,
        "mid": 0.0,
        "high": 0.0
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "membra-economics",
      "collateral_score": 0.0,
      "grade": "F",
      "borrowing_base": {
        "low": 0.0,
        "mid": 0.0,
        "high": 0.0
      },
      "verdict": "not_underwritable_needs_remediation"
    },
    {
      "system": "setup_installation_systems",
      "collateral_score": 0.0,
      "grade": "F",
      "borrowing_base": {
        "low": 0.0,
        "mid": 0.0,
        "high": 0.0
      },
      "verdict": "not_underwritable_needs_remediation"
    }
  ],
  "disclaimer": "Borrowing base estimates are derived from collateral scores and estimated replacement cost. Not a guaranteed valuation. Subject to external audit and due diligence."
}