Automated financial spreading for private markets

F2 spreads statements, tax returns, and models into formula-rich workbooks normalized to your firm's standards. Every figure traces to its source page.

By submitting this form, you consent to allow F2 to store and process the personal information submitted here to provide you with occasional updates and content that may interest you.

Example of F2 screening memo generated by proprietary LLMC

The manual way

How spreading gets done todayAnalysts re-key borrower financials into firm templates line by line, deal after deal. Horizontal LLMs read statements as flat text, so adjustments lose their logic and totals stop tying out. The spread gets done, and nobody can say later where a number came from.

Step 1: Upload the financials

Statements, tax returns, and models land in the deal file as PDFs, Excel files, and Word documents. F2 reads them the way an analyst does: as financial statements with structure, footnotes, and adjustments that matter.

Step 2: Normalize to your standards

Messy private company financials get mapped to your firm's categories and conventions: chart of accounts, adjustments, and period alignment. If a mapping changes, ask for the update and the dependent figures follow.

Step 3: Spread into the Databook

The output is a formula-rich, source-linked workbook in a deterministic Excel environment. Every figure keeps its formula, and every formula keeps the source page behind it.

Step 4: Carry the spread downstream

Spreads feed the model, the screening memo, and the IC memo without re-keying. The numbers stay linked from the first upload to the committee document.

It's a different approach than a lot of the other tools we've seen. It's more data-first than document first. The tool is extremely, extremely powerful.

SVP
Private Credit Team, $90B publicly traded bank

Frequently Asked Questions

Spreading is the process of taking a borrower's financial statements and restating them in a standardized format for analysis: consistent categories, adjustments, and periods a credit team can compare across deals.
Upload the statements and F2 normalizes them to your firm's conventions, spreads them into a formula-rich workbook, and links every figure to the source page it came from.
Yes. Tax returns, financial statements, and models all spread into the same standardized workbook, which is how lending teams use F2 for borrower analysis.
PDF, Excel, and Word documents.
Yes. Commercial banks use F2 to spread borrower financials for loan analysis, alongside the private credit funds and private equity firms on the platform.