A structuring fee when a pool is issued, and a servicing fee on notes outstanding. No performance fee, no share of returns, no balance sheet exposure.

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Why the alignment is built this way

PRISM is paid the same whether the pool performs or fails. That alignment is deliberate: it means there is no reason to hide bad news, and no incentive to push a pool that should not exist. It also means PRISM carries no credit risk and needs no lending licence. PRISM never makes a loan, never holds one, and is never the lender of record.

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The trade-off, stated honestly

Being paid the same either way cuts both ways. It removes the incentive to hide a bad pool. It also means PRISM does not share the downside an investor takes. What PRISM offers instead of shared downside is structure: the originator’s first loss, controlled collections, the automatic stop, and the true sale. Those are the things doing the work — not PRISM’s own exposure, because it has none.

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Fee levels

Fee levels are not final. Structuring and servicing fees are stated as ranges because they have not yet been tested against a real originator.
In the worked economics, PRISM’s fees are $136,000 on a $10M pool — the smallest line in the table.