Senior · junior-buffered
Losses reach this seat only after the Junior buffer is gone, and the yield trails the risk.
Securitize ACRED
Base asset ACREDTokenized private credit fundEthereumPeg NR
StatusNormal
Market TVL$0
Data freshnessas of 875h ago
Junior · first-loss
This seat takes the first loss, and the yield trails the risk.
How the risk stacks
Pharos rates the base asset; this Royco view scores the exposure and the seat structure on top of it. Each layer feeds the next, down to the Safety score for your seat.
Pharos base56after exposure46Senior 34Junior 23
Layer 1
Base asset
Pharos, shown verbatimACREDApollo Diversified Credit Securitize Fund
Pharos Safety
56base 63
Peg stabilityNRNR
no active depeg · 0 depeg events
Pharos dimensions
- Peg StabilityNRNR
Detail
NAV token - peg tracking not applicable
- Peg trackingNot applicable
- LiquidityNRNR
Detail
DEX liquidity unavailable. Redemption route is configured but not used for Safety Score liquidity (eventual-only route)
- LiquidityDEX liquidity unavailable. Redemption route is configured but not used for Safety Score liquidity (eventual-only route)
- Resilience40D
Detail
Collateral: High risk (25). Custody: Regulated custodian (55). Blacklist: Yes (descriptive only)
- CollateralHigh risk
- CustodyRegulated custodian
- BlacklistYes
- Decentralization39F
Detail
Governance: Regulated entity (40). Bridge route: External validated network (65/100) (0). Mint authority: 38/100 (Concentrated) (-1)
- GovernanceRegulated entity
- Bridge routeExternal validated network (65/100)
- Mint authority38/100 (Concentrated)
- Dependency Risk95A
Detail
Self-backed: Centralized (95)
- Self-backedCentralized
Backed by
Pharos reports no upstream dependencies for this asset.
Layer 2
Exposure
curated reference dataTokenized private credit fundexposure score 40 → base −9.6 pts
Yield sourceApollo Diversified Credit fund NAV and credit income
What breaks itPrivate-credit losses, NAV opacity, and centralized fund administration
Exit mechanicsFund redemption process and secondary-market liquidity
Layer 3
Tranche structure
Each seat starts from the base score, then loses points for exposure and seat mechanics down to its final Safety. Hover a segment for the factor behind it.
Senior
junior-buffered · immediate redemptionJunior
first-loss · immediate redemptionComposite Safety = Pharos base score minus exposure haircut plus the tranche-structure effect. Senior protection can lift the score; first-loss structure can pull it down.
Loss waterfall
Where this Royco seat sits in the loss order, and how much cushion stands between a loss and the Senior seat.
Senior is exposed only after the Junior buffer is gone.
Junior buffer (first-loss)0.00x
Required floor 0.18x. Headroom -100.0% over that floor.
Utilization0.0%
Limit 90.0%.
Drawdown0.0%No drawdowns recorded.
30-day history
Read from the published snapshot. Short series show a collecting-history state.
Coverage ratio
0.00xUtilization
0.0%Senior APY
0.0%Junior APY
0.0%Market TVL
$0Senior versus Junior
Same exposure, two seats. Junior earns more because it stands in front of the loss; the spread below is what that extra risk pays.
Senior, junior-buffered
- APY
- 0.0%
- Net (risk-adj.) yield
- 0.0%
Junior, first-loss
- APY
- 0.0%
- Net (risk-adj.) yield
- 0.0%
+0.00%APY spreadExtra yield Junior earns over Senior.
+9.5 ptsExtra haircutJunior's added first-loss structural cost.
These grades describe principal risk, not a recommendation. A first-loss Junior tranche can lose capital before the Senior seat is touched. Yields are variable and the underlying exposures carry their own redemption and market risk. Read the methodology before acting on any grade.