A pool’s return depends on how much of the year its capital is actually working, not on the headline rate. An open-ended lending pool holds deposits whether or not a borrower needs them that week. If half the money is idle, the pool earns half the rate. PRISM raises against a specific book with a known size and a known term. The money is committed to a destination before it is raised. Deployment is high by construction, which is why a modest rate still produces a competitive return.

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Why “by construction” is the important part

High deployment here is not the result of good demand forecasting. It is a consequence of the order of operations: the book exists, its size is known, and its term is known before the capital is raised. An open-ended pool does the opposite — it raises first and finds borrowers after. Every week it fails to find them, the idle cash dilutes everyone’s return while earning nothing.

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Roughly 85%

Receivables of 30 to 90 days mean capital is working almost the whole time it is committed — roughly 85% deployment.
85% is a design expectation, not a measured figure. No PRISM pool has been funded, so no deployment rate has been observed. See Where things stand.

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What it costs to get this

Investors cannot exit early. Short tenor is the substitute for liquidity, and a 60-day lock is the price of capital that is never lazy. See liquidity.