Pooled-Lender Credit

Pooled-lender credit is the protocol's core product. Many lenders deposit into a pool, and the delegate deploys that combined capital across a book of loans. Each lender holds a pro-rata claim on the pool, earns from the pool's aggregate interest net of fees, and shares in the pool's outcomes.

Pooling does two things a single facility cannot. It diversifies a lender across several borrowers, so no single default determines the outcome, and it sits behind the delegate's first-loss capital, which absorbs losses before lender principal across the whole pool. The metric set — utilization, coverage, loans at risk, default rate — describes the pool as a portfolio, and the loss waterfall applies at the pool level. This is the product most lenders will use and most of this documentation describes.