9Summits Institutional Credit USDC

Strategy

9Summits allocates vault capital to short-duration institutional credit. The strategy targets steady, contracted cash flows rather than market-driven returns.

Rekord's platform provides the infrastructure behind the strategy: risk analysis measured against industry standards and a versioned, append-only record of collateral, cash-flow and strategy data anchored on Rekord's trust layer. Depositors see the same proof surface the curator works from. That's why we call it Provable Finance.

How it works

1. Users deposit USDC into the Lagoon vault and receive vault shares.
2. 9Summits, as curator, moves capital from the vault Safe to the whitelisted settlement address, where it is deployed under a fixed-term, fixed-payment structure.
3. Scheduled payments return to the vault in USDC.
4. The Valuation Manager updates the vault NAV on Lagoon at each valuation update using data anchored on Rekord's trust layer.
5. Deposits and redemptions are asynchronous and settled at each valuation update.

Roles and security

Role permissions. The 3/6 Safe runs a Zodiac Roles Modifier that restricts what the operator can execute. The role is scoped to Lagoon vault curation functions and transferring USDC from the Safe to the whitelisted settlement address only; no other targets, tokens or functions are allowed.

Permissions are public and can be inspected here: Zodiac Roles on the vault Safe

Risks

• Credit risk: returns depend on offchain borrowers meeting their scheduled payments. Collateral reduces but does not eliminate loss risk.
• Custody and counterparty risk: capital is held and deployed outside the vault contract once it leaves the Safe.
• Liquidity: underlying positions are short duration but not instantly liquid. Redemptions are processed asynchronously at valuation updates.
• Valuation: NAV relies on portfolio data anchored on Rekord's trust layer.

Redemptions and withdrawals

Redemptions are asynchronous: users submit a redemption request on Lagoon and receive USDC once the request is settled by the curator. Settlement time depends on the size of the request:

• standard redemptions require Rekord to unwind underlying credit positions and can take up to 3 weeks to settle.
• Large redemptions may, in extreme market conditions, take up to 3 months to be fully settled, as short-duration receivables and loans run to maturity.