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Clear answers about Paravel, vault participation, fees, withdrawals, and the risks of PayFi lending.
The Issuer determines NAV each Business Day. Liquid assets are valued at market using the price source in the Valuation Policy. Loans are valued at amortised cost — principal outstanding plus accrued interest and fees — less an impairment provision where there is a material risk the loan won't be recovered in full. Liabilities and accrued expenses are deducted. NAV per Vault Interest is the result divided by the interests in issue.
The Issuer determines it, and that determination is binding on Participants absent manifest error.
We recognise the obvious objection: the Issuer marks its own book. Our intended answer is periodic attestation by an independent accounting or audit firm of the loan balances held by each Vault, published on the Interface. We intend to implement this at the earliest opportunity.
If and when an attestation is published, read what it covers. An attestation of balances is not an audit and does not verify borrower-level origination or repayment, or opine on whether a loan will actually be recovered.
We correct it and publish the correction. Where the error exceeds 0.5% of NAV per Vault Interest, we will also restate the affected NAV and compensate anyone who subscribed or redeemed at the wrong price, to the extent of their loss. Below that threshold we correct the published NAV going forward but do not restate past transactions.
Yes, in the same circumstances in which redemption can be suspended. While valuation is suspended, no deposits are accepted and no redemptions processed.