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Fund tranches behind a creator's first-loss bond. Capital locks at binding, earns premium over the term, and absorbs covered losses in seniority order.
| Launch | Requested | Filled | Rate · term | Ref. if no event | Risk · model | First loss | Closes | Status |
|---|---|---|---|---|---|---|---|---|
| $HOUSE62d | $1.2M | $960K$240K open | 4.10% | 24.1% | B+ 3.1–7.2% | $150K · 12.5% | 2D 06H | FUNDING |
| $MERID45d | $750K | $690K$60K open | 2.75% | 22.3% | A− 1.6–3.5% | $90K · 12.0% | 14H 40M | BINDING |
| $PALE45d | $500K | $377K$123K open | 2.40% | 19.5% | A− 1.4–3% | $50K · 10.0% | 4D 11H | FUNDING |
“Ref. if no event” annualizes the term rate for comparison only. Premium is earned once over the term; capital can be lost to covered events. It is not a yield.
Exposure by policy and grade. Every allocation is fully collateralized, so a book can lose capital but cannot become insolvent.