Research
Alternatives to an SBLOC / Pledged-Asset Line
A pledged-asset line is a credit agreement, usually priced as a spread over SOFR. These comparisons use the Haven SPX Box Rate and that overnight index.
Key takeaway
A pledged-asset line is usually a spread over SOFR. From 2018 through 2025 the 1-month Haven SPX Box Rate averaged 0.39 percentage points above SOFR itself, before any lender add-on.
1-month Haven SPX Box RateSOFR
Hover a point for that year. Lender spreads are not in this chart.
Index comparison
| Period | Days | 1-month Haven SPX Box Rate | SOFR | Haven minus SOFR, pp |
|---|---|---|---|---|
| 2018–2025 | 1,836 | 2.98% | 2.59% | 0.39 |
| 2020 | 231 | 0.93% | 0.37% | 0.56 |
| 2026 through Oct 6 | 170 | 4.08% | 3.65% | 0.43 |
What sits next to a pledged-asset line
| Route | What is published | What it is not |
|---|---|---|
| Haven SPX Box Rate | Constant-maturity reference rate from SPX box spreads | Not a pledged-asset line |
| SOFR | Overnight secured rate | Not a loan quote |
| Pledged-asset line | Lender spread over an overnight index | Not the Haven SPX Box Rate |
| Margin loan | Broker debit schedule, current tiers only | Not a pledged-asset line |
What this means
The chart compares the Haven SPX Box Rate with SOFR, the overnight index many pledged-asset lines use. It does not include a lender add-on, and it is not a history of any credit line. The pledged-asset and margin articles next to this page hold the fuller tables.
Sources: Methodology · Box Spread Financing vs. Pledged-Asset Lines · Box Spread Rates vs. SOFR · Alternatives to a Margin Loan.
Haven Funding LLC is owned by Haven Systems LLC. Neither firm is a bank or a registered broker-dealer. Securities and execution services are provided through Interactive Brokers LLC. The Haven SPX Box Rate is a constant-maturity reference rate. It is not a Truth in Lending APR and not a commitment to lend.