CARRY

Instant

1 USDC

0%

Subscription to CARRY is permissioned and processed onchain. Prospective investors first complete the Company's onboarding and eligibility verification (KYC/KYB and sanctions screening; persons in sanctioned jurisdictions are excluded via geo-blocking and counterparty wallet screening), after which their wallet address is added to the whitelist. Whitelisted investors subscribe by submitting a deposit request through the ExternalRequestsManager contract, depositing USDC — the sole accepted subscription asset. Following onchain KYT screening, the authorized MPC operator set completes the mint, issuing Receipt Tokens (CARRY) to the subscriber's wallet at the applicable oracle price, representing a pro-rata claim on the floating NAV of the Vault Pool, including accrued net yield. There is no subscription fee, no minimum subscription amount, and no subscription window or cut-off. Deposited USDC moves to an intermediary MPC wallet and is then deployed into the vault's collateral basket of tokenised private and asset-backed credit positions in accordance with the strategy. Receipt Tokens are transfer-restricted and may only be held by or transferred to whitelisted addresses.

Monthly (Calendar)

1 USDC

0%

Redemptions are processed onchain in USDC, the sole redemption currency. A holder submits a redemption request through the Platform; upon submission the Receipt Tokens are transferred to the ExternalRequestsManager, and following KYT screening the authorized MPC operator set completes the burn, delivering the holder's pro-rata share of the CARRY Vault Pool, including accrued net yield, net of any applicable costs. Standard redemptions are epoch-based: requests submitted before the 00:00 UTC cut-off on the 27th are targeted for settlement by the 5th of the following month, extendable by up to 20 business days during periods of elevated redemption volumes, market stress, or force majeure. An express path is available for aggregate redemptions not exceeding 10% of Vault Pool NAV in the relevant calendar month: these are processed on a best-efforts basis by the next business day, subject to available Vault liquidity. There is no redemption fee and no minimum redemption amount. Processing timelines are operational targets rather than binding commitments, and actual timing may depend on the liquidity of underlying positions (RWA issuer redemptions and orderly unwinding of leveraged positions on Morpho). All redemption obligations are limited-recourse, payable solely from the CARRY Vault Pool: holders receive their pro-rata share of the Vault Pool at the time of processing, which may be less than the amount originally deposited. The Company may also compel redemption of a holder's tokens at any time (e.g., for compliance reasons), and redeems all outstanding tokens in an orderly manner if it ceases operating the Vault.

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Vault Street

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1.00%

10.00%

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