First-time investor guide

A Senior Note Unit is the instrument issued by each Deploi credit pool. Every unit launches at a primary price of $1.00 and represents a senior claim on the underlying loan book.

• Not a fund share, equity unit, or deposit.
• Senior to a junior tranche that absorbs first losses.
• Transferable only to allow-listed wallets.

As underlying loans pay interest, the pool accrues cashflow. We surface this two ways:

• ACV (Accrued Claim Value) — a continuous, indicative per-unit value updated as cashflows accrue. Also labelled Reference Debt Value in market data.
• ORA (Official Redemption Amount) — the legally binding per-unit figure used to settle a redemption, struck once per cycle at the published cut-off.

Mon ─── Tue ─── Wed ─── Thu ─── Fri (cut-off)        Tue (settle)
 ACV    ACV    ACV    ACV    ACV ─── ORA struck ───→ T+5 payout

1. Primary market — subscribe at the launch price while capacity is open. Allocation is filled in order until the offering closes.
2. Secondary order book — once issuance is closed, exposure trades peer-to-peer at a premium or discount to ACV.
3. Special Pools — concentrated sub-pools that fund a single named lender, nested under each parent pool type.

Two paths, depending on liquidity:

• Sell on secondary — fastest. You set an ask; the order book matches you to a buyer. Trade settles T+0 on-chain.
• Weekly redemption — managed exit. Lender-approved release capacity is distributed to redemption requests. Your request is filled pro-rata at the cycle's ORA and settles T+5.

Use secondary when spreads are tight. Use weekly redemption when secondary cannot clear at a price you accept.

Deploi is non-custodial. You link a wallet you already control — institutional custodian (Fireblocks, BitGo, GK8, Copper, Anchorage) or self-custody. Your assets never move into Deploi's custody.

• Satoshi Test — you sign a unique message to prove control of the wallet. No funds move.
• Allow-list — once verified, your address is added to the on-chain registry. Units can only be held or moved by allow-listed addresses.

KYB/KYC is run by Sumsub. The entity completes a KYB level; each ultimate beneficial owner completes a linked KYC level. PEP status is self-declared and reviewed internally — it does not automatically block access.

All legal documents (term sheets, subscription agreements, transparency reports) are signed and downloadable from Compliance → Documents. You can also queue them for delivery to your registered email.

Accrued Claim Value (ACV)

ACV — also shown as Reference Debt Value — is a real-time indicator updated as underlying loan cashflows accrue. ACV begins at 1.0000 the moment your primary subscription settles; it does not accrue before you hold the unit. It is the best continuous estimate of a unit's economic value but is not the figure used to settle a redemption.

Allow-list

Allow-listing is enforced at the token-contract level. You connect a wallet you control (custodial or self-custodial), prove ownership via a signed message (Satoshi Test), and once approved your address is added to the registry.

Audit trail hash

Each rating publishes input-data, calculation-steps and combined verification hashes plus full report and audit trail URLs.

Bid / Ask spread

On Deploi the spread is quoted against ACV. A 20 bps ask premium means the best seller is asking 0.20% above current reference.

Deploi Lender Scorecard v2.0

Each lender is scored against four components. The weighted sum sets the rating band (A+ Minimal, A Low, B Moderate, C Medium, D High). Ratings are indicative credit-quality views, not investment advice.

Financial Health

Looks at equity-to-assets, debt-to-equity and liquidity ratios. Material restatements trigger a refresh.

KYB / KYC

KYB covers the entity (registration, controllers, sanctions). KYC covers each UBO above the threshold. Verification is handled by Sumsub via its web SDK with linked applicants.

Loan Portfolio Quality

Captures NPL ratios, principal aging buckets, restructuring discipline and collection velocity at the lender's portfolio level.

Multi-chain issuance

Deploi issues one economic unit per pool across multiple chains. Each chain is an independent deployment with its own contract, order book and settlement asset (USDCx on Canton, USDC on Base and Ethereum). No automatic bridging — you pick the chain at order time.

NPL ratio

Read alongside roll-rate, write-off and collection reporting. A high NPL in a recovery model does not automatically map to loss.

Official Redemption Amount (ORA)

ORA is calculated once per redemption cycle from realised cashflows, fees, and reserves. ACV during the week is indicative; the ORA at the cut-off is what pays out.

Operational Assessment

Reviewed against AML, compliance, ownership and loan assignment files plus issuance and collection cadence.

PEP

PEP status triggers enhanced internal review. It does not automatically disqualify an investor but may extend approval times.

Primary market

Primary issuance funds the pool. Allocations are filled in order until the offering is fully subscribed. Units are minted to your wallet at $1.00 on settlement — your per-unit ACV starts at 1.0000 at that moment and accrues from there. After close, exposure is only available via the secondary order book.

Reference Debt Value

See ACV. Reference Debt Value is the alternative label used in market data feeds.

Risk Factors

Used to flag idiosyncratic risks that are not yet visible in portfolio or financial metrics — e.g. consumer-sector concentration or regulatory regime change.

Satoshi Test

We send a unique challenge; you sign it with the wallet's key. The signature proves control without exposing your private key or moving any assets.

Secondary order book

Secondary provides continuous liquidity. The spread to ACV reflects supply, demand, and the cost of waiting for the next weekly redemption cycle.

Senior Note Unit

A Senior Note Unit (SNU) is the legal instrument issued by the pool. It sits senior to junior tranches and is not a fund share, equity unit, or deposit. Primary subscriptions mint to your wallet at $1.00 at settlement — ACV starts from that block. Secondary trades clear at market between existing holders.

Senior tranche

Pools are typically structured with a junior layer that absorbs first losses, protecting the senior Note Units that investors hold.

Settlement route

Every order is priced in USD and settles in the stablecoin native to the chosen chain. Route parameters (finality window, network fee, platform fee) are shown before you submit so you always know where your funds land.

Special Pool

Special Pools let qualified investors take concentrated exposure to one originator while inheriting the parent pool's documentation and waterfall.

T+0 / T+2 / T+5

Primary subscriptions typically settle T+2 once stablecoin transfer and allow-list checks clear. Secondary trades clear T+0 on-chain. Weekly redemptions settle T+5 from the cycle cut-off.

USDC

USDC on Base and Ethereum is the same Circle-issued asset. On Canton, settlement uses USDCx — a Canton-native tokenised USDC — to enable privacy-preserving delivery-versus-payment.

Weekly redemption (75%)

Each week the pool reserves 75% of net cashflow for redemptions and 25% for reinvestment and reserves. Your request is filled pro-rata over one or more cycles at the ORA struck per cycle.

Is a Senior Note Unit a fund share?

No. Units are debt-style instruments with a senior claim on pool cashflows. We deliberately avoid 'fund', 'NAV', 'equity share', and 'management' language.

Can I lose money?

Yes. Underlying loans can default. Junior tranches absorb first losses, but a sufficiently large default scenario could impair senior holders.

What if no one wants to buy my units on secondary?

Use the weekly redemption. Lender-approved release capacity is distributed to redemption requests at the cycle's ORA.

How is ACV calculated?

ACV accrues continuously from realised loan interest, net of fees and reserves, divided by units outstanding. It is indicative and may differ from the legally binding ORA.

When is ORA struck?

Once per redemption cycle at the published cut-off (typically end of week). All redemptions cleared in that cycle settle at the same ORA.

What jurisdictions are eligible?

Access is gated by jurisdiction at onboarding. Retail investors are not eligible; only qualified, professional, or accredited entities and individuals subject to applicable regulation.

How are fees disclosed?

Pool-level fees are listed in each Senior Note Unit term sheet under Compliance → Documents. There are no platform-level performance fees.

Do you take custody of my assets?

No. Deploi is non-custodial. You connect a wallet you control (institutional custodian or self-custody) and prove ownership; your assets never leave your custody.

What happens on a default?

The pool's servicer pursues recovery. Realised losses are absorbed by junior tranches first; only residual losses reduce senior ACV/ORA.

How long does onboarding take?

Typical KYB/KYC completes in 1–3 business days end-to-end. Wallet allow-listing and the Satoshi Test usually finish same-day after approval.