Does WAL mean if I have 100 with a WAL of 2 on average I will...

Does WAL mean if I have 100 with a WAL of 2 on average I will receive 25 in year 1, 25 in year 2, 25 in year 3 and 25 in year 4 or I could get all 100 in year 2 or any combination of repayment over time that gives an WAL of 2?

I think the interest over the WAL should always be the same.

i.e. 5% on 100 over 2 is 10
and 5% on 100 over 4 i.e. 100, 75, 50, 25 is also 10 i.e. (4.375+3.125+1.875+0.625)

If I calculate the repayment of the debt using the WAL and a smooth repayment over WAL i.e. repayment over WALx2 I get the total debt and interest repaid in 2016 that leaves 61c of NTA per security left based on the current values of the assets and before any erosion from administrative costs.

That 61c is paid out over a number of years to about 2033.

The discounted value of those cashflows now at a discount rate of 10% is 19c.

If I take out all the amounts on the credit watch list the discounted value of cash flows falls to 4c.

Looks good at 6c