{"license":"CC-BY-4.0","licenseUrl":"https://creativecommons.org/licenses/by/4.0/","attribution":"ChainChoice (https://chainchoice.io)","category":"private_credit","evidenceReadAt":"2026-09-27","generatedAt":"2026-11-12","criteria":[{"id":"loss_history_disclosure","label":"Published default and loss history","weight":30},{"id":"underwriter_identity_and_skin","label":"Named underwriter and first-loss capital","weight":25},{"id":"depositor_legal_claim","label":"Depositor's legal claim","weight":25},{"id":"redemption_terms_and_gating","label":"Redemption terms and gating","weight":20}],"providers":{"kasu_finance":{"loss_history_disclosure":{"s":4,"q":"No Lender on Kasu has lost capital. A track record, not a promise. | In three years, InvoiceMate's only losses were 0.2% on an unrelated SMB strategy, touching a sliver of interest and no principal. | Lender losses to date, across all lending on Kasu","u":"https://kasu.finance/protection","d":"2026-09-27"},"underwriter_identity_and_skin":{"s":8,"q":"You can view whether a Credit Originator has contributed any First Loss Capital in the ‘Details’ tab of each Lending Strategy. It is noted that Kasu has undertaken Due Diligence on Apxium, and has not requested First Loss Capital.","u":"https://docs.kasu.finance/risk-structuring-and-security-collateral-structuring/first-loss-capital.md","d":"2026-09-27"},"depositor_legal_claim":{"s":7,"q":"Priority Ranking. By choosing a Lending Option you accept its position in the strategy's Priority Ranking: losses are borne by the most junior option first, then Mezzanine, then the more senior options; recoveries apply in reverse. | Your loan's record.","u":"https://kasu.finance/docs/user/important-information-when-lending/important-information","d":"2026-09-27"},"redemption_terms_and_gating":{"s":5,"q":"Your request may be filled in full, in part, or not at all, and any remaining amount stays in the queue for following cycles. | A request that remains queued for more than five Transaction Cycles is prioritised ahead of all other requests until it is filled. | Not on demand.","u":"https://kasu.finance/docs/user/withdrawal-requests/how-withdrawals-work","d":"2026-09-27"}},"pareto_credit":{"loss_history_disclosure":{"s":2,"q":"Stability fund: 5% of the fees generated by USP are saved in a fund that should cover potential CVs' losses | Stakers' deposits: sUSP holders should cover additional losses by having their conversion price to USP reduced to keep the peg for USP stable | USP generates yield from Credit Vaults that…","u":"https://docs.pareto.credit/product/usp/risks.md","d":"2026-09-27"},"underwriter_identity_and_skin":{"s":5,"q":"M11 Credit | Prime brokerage | Heka Elysium Alpha Bitcoin | Abraxas Capital Management","u":"https://docs.pareto.credit/product/credit-vaults/live-vaults.md","d":"2026-09-27"},"depositor_legal_claim":{"s":4,"q":"Assets deposited into a Credit Vault are sent directly to borrower wallets. Only whitelisted borrowers can access loans | When the interest rate of the next lending cycle is lower than the previous one by 1% or more (or otherwise provided in the Credit Agreement) | to ensure alignment with the…","u":"https://docs.pareto.credit/product/credit-vaults.md","d":"2026-09-27"},"redemption_terms_and_gating":{"s":8,"q":"the 6 to 24 hours between the end of the previous lending cycle and the start of the new one | When the interest rate of the next lending cycle is lower than the previous one by 1% or more (or otherwise provided in the Credit Agreement), lenders are entitled to an | and can redeem funds with a…","u":"https://docs.pareto.credit/product/users/lenders/guides/redeem.md","d":"2026-09-27"}},"maple_finance":{"loss_history_disclosure":{"s":3,"q":"Reduce the pool’s value by the amount of outstanding principal on the loan and any interest accrued. | Impairment prevents a situation where a loan is known to be compromised (by borrower distress or otherwise), and some lenders withdraw their capital prior to the loss | Maple will maintain an…","u":"https://docs.maple.finance/maple-institutional-for-lenders/defaults-and-impairments.md","d":"2026-09-27"},"underwriter_identity_and_skin":{"s":5,"q":"This interest is determined by the loan terms set by Maple's in-house credit underwriting and risk management. | All loans from Maple pools are fully backed by select digital assets, which undergo rigorous risk assessment | Maple Blue Chip Secured pool provides the security of only accepting BTC…","u":"https://docs.maple.finance/maple-institutional-for-lenders/introduction.md","d":"2026-09-27"},"depositor_legal_claim":{"s":9,"q":"syrupUSDC is issued by Maple International Operations SPC acting on behalf of and for the account of Secured Loan Segregated Portfolio 1 | The assets and liabilities of each entity are ring-fenced by statute.","u":"https://docs.maple.finance/legal/syrupusdc-and-syrupusdt-risks.md","d":"2026-09-27"},"redemption_terms_and_gating":{"s":7,"q":"Withdrawals are processed on a first-in, first-out basis as liquidity becomes available. | Most withdrawals are processed in under 24 hours, but could take up to 30 days. | Users are fully responsible for any fees, slippage, and risks associated","u":"https://docs.maple.finance/syrupusdc-usdt-usdg-for-lenders/risk.md","d":"2026-09-27"}},"huma_finance":{"loss_history_disclosure":{"s":3,"q":"In the event of a default, the amount of loss covered by the first loss covers is calculated as the lesser of the | The order of loss coverage is the same as the order of the first loss covers listed above.","u":"https://docs.huma.finance/products/huma-institutional/first-loss-covers.md","d":"2026-09-27"},"underwriter_identity_and_skin":{"s":6,"q":"Typical coverage ranges from 2% to 10% and rarely exceeds this rate. | Unless this flag is set to | Also, until the coverage reaches its maximum, all fees generated for the admins (Huma Protocol, Pool Owner, EA) are automatically deposited into the first loss cover.","u":"https://docs.huma.finance/products/huma-institutional/first-loss-covers.md","d":"2026-09-27"},"depositor_legal_claim":{"s":3,"q":"No requirement for professional investor status or KYC/KYB. | by deploying capital into various PayFi applications. These platforms generate revenue through transaction fees from businesses that leverage Huma's accelerated cross-border payment solutions","u":"https://docs.huma.finance/products/huma-2.0/overview.md","d":"2026-09-27"},"redemption_terms_and_gating":{"s":4,"q":"Most redemptions are completed | per our service-level agreement (SLA). | This cap is configurable and resets daily at | Once the cap is reached, additional redemption requests for that day will be | as long as sufficient liquidity is available.","u":"https://docs.huma.finance/products/huma-2.0/redemption.md","d":"2026-09-27"}},"clearpool":{"loss_history_disclosure":{"s":4,"q":"Terminated Permissioned Pools | Compound Capital Partners | Apollo Capital | 2,500,000 | 3,000,000 | 11th November 2022 | Alameda filed for bankruptcy","u":"https://docs.clearpool.finance/clearpool/faq/for-lenders/terminated-permissioned-pools.md","d":"2026-09-27"},"underwriter_identity_and_skin":{"s":4,"q":"These ratings are independent from Clearpool and are intended to help lenders assess potential risk. | A portion of interest earned in each pool is allocated to an | This fund is used to provide partial recovery to lenders in the event of borrower default.","u":"https://docs.clearpool.finance/clearpool/products/lending/dynamic.md","d":"2026-09-27"},"depositor_legal_claim":{"s":4,"q":"If the majority vote to reject the bid, then each cpToken holder will be able to redeem their cpTokens for their proportionate share of the pools insurance account, and maintain their rights to legally pursue the defaulted borrower individually.","u":"https://docs.clearpool.finance/clearpool/how-it-works/dynamic/protocol/default.md","d":"2026-09-27"},"redemption_terms_and_gating":{"s":4,"q":"Lenders may still provide and withdraw liquidity during High-Util, however, withdrawals for lenders will also be halted should the utilization rate reach 99%. | Should the Grace Period end without the utilization rate returning below 95%, the borrower and pool will enter the Default state.","u":"https://docs.clearpool.finance/clearpool/how-it-works/dynamic/protocol/default.md","d":"2026-09-27"}},"centrifuge":{"loss_history_disclosure":{"s":1,"q":"For many products, gains or losses are reflected through changes in the token price over time. | Defines the expected return considering a default rate and loss given default","u":"https://docs.centrifuge.io/llms-full.txt","d":"2026-09-27"},"underwriter_identity_and_skin":{"s":2,"q":"Centrifuge provides the infrastructure, and each product is issued and operated by its manager. | Today, Centrifuge powers onchain strategies for leading institutions including Apollo, Janus Henderson, and S&P Dow Jones Indices","u":"https://docs.centrifuge.io/llms-full.txt","d":"2026-09-27"},"depositor_legal_claim":{"s":2,"q":"Centrifuge is the platform that provides investors direct onchain access to the tokenized financial products offered by independent issuers. | the ownership layer of a share class.","u":"https://docs.centrifuge.io/llms-full.txt","d":"2026-09-27"},"redemption_terms_and_gating":{"s":5,"q":"the investor requests a redemption from the product page, sees the estimated amount they will receive, and the manager processes the request at the product's cadence.","u":"https://docs.centrifuge.io/llms-full.txt","d":"2026-09-27"}},"goldfinch-private_credit":{"loss_history_disclosure":{"s":5,"q":"Lend East expects to be able to repay only ~$4.25m of its $10.15m Goldfinch pool. This implies a loss of approximately 58% of the principal, which would impact both Backers and the Senior Pool.","u":"https://gov.goldfinch.finance/t/update-on-lend-east-pool/1957?print=true","d":"2026-09-27"},"underwriter_identity_and_skin":{"s":2,"q":"All parameters for the default process are defined in the off-chain legal agreements established per Borrower Pool, in addition to being defined in the Pool’s smart contract.","u":"https://docs.goldfinch.finance/goldfinch/goldfinch-v1/protocol-mechanics/default-process.md","d":"2026-09-27"},"depositor_legal_claim":{"s":5,"q":"All parameters for the default process are defined in the off-chain legal agreements established per Borrower Pool, in addition to being defined in the Pool’s smart contract.","u":"https://docs.goldfinch.finance/goldfinch/goldfinch-v1/protocol-mechanics/default-process.md","d":"2026-09-27"},"redemption_terms_and_gating":{"s":0,"q":"Goldfinch Prime is shutting down. No new deposits will be taken.","u":"https://www.goldfinch.finance/","d":"2026-09-27"}}}}