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The senior floor

pPRIME has a floor around 7%. Maple pays roughly 5% on overcollateralised, zero-loss, instantly redeemable paper. A senior note on an unrated receivables pool has to pay meaningfully more than that or there is no reason to hold it.
That floor is set outside the pool. It is not a number PRISM chooses — it is what investors can earn elsewhere for less risk and better liquidity.
This matters more than it looks. Senior is the largest layer, so it sets most of the cost of funds, which in turn sets the minimum yield the underlying loan book has to earn. See why the asset has to earn 15% or more.

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Why pALPHA is ~16% and not ~26%

pALPHA is priced as second loss, not first loss. The originator’s 15% absorbs the first losses, so pALPHA does not carry true first-loss risk and is not priced as if it does. True first-loss capital — taking the very first dollar of loss — would demand far more. The originator’s deposit is what makes the junior note a second-loss position, and that position is what the ~16% reflects.

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What would move these numbers

All three are targets, not guarantees. No real buyer has priced any PRISM note. Everything here is an estimate of what each layer should pay.