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Clear answers about Paravel, vault participation, fees, withdrawals, and the risks of PayFi lending.
NAV and NAV per Vault Interest after each valuation day. Quarterly, a summary of Vault composition — the split between loans, liquid assets and DeFi positions, material concentrations by borrower, originator, counterparty and jurisdiction, weighted average loan duration, and arrears and default information.
These are intentions rather than binding obligations, and we can change the frequency, scope or format on notice.
You will see material concentrations by borrower, originator, counterparty and jurisdiction in the quarterly reporting. The level of borrower-by-borrower detail we are able to provide will depend on the confidentiality terms of the underlying loans.
Where the Issuer or an affiliate has a direct or indirect economic interest in a borrower or counterparty, we disclose that interest on the Interface and identify the affected loans in reporting.
Several, and they're disclosed in Section 11: originating or holding an interest in a borrower; receiving fees from borrowers; managing more than one Vault with competing demands for the same opportunity; holding Vault Interests ourselves; and determining NAV, which sets the price at which interests are issued and redeemed.
That last one is structural and can't be drafted away. The intended answer is independent attestation.