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What you are buying

A note against a pool of short-dated receivables, in one of three layers. Each layer sits at a different point in the loss waterfall and is priced accordingly. Beneath all three sits the originator’s own money, at least 15% of the pool, which is destroyed first.
Rates are targets, not guarantees. They are our estimates of what each layer should pay, and they will move when real buyers price them. See Disclosures.

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Choosing a layer

pPRIME · senior

Paid first, loses last. The largest and cheapest layer. Often already filled by the originator’s own bank, in which case PRISM does not raise it.

pCORE · mezzanine

The middle. For professional investors who want more than senior pays without taking the junior position.

pALPHA · junior

Paid last, loses early. Intended for a professional credit investor who also judges the originator.

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Who holds pALPHA matters

The junior note is not just the highest-paying layer. It is intended for an investor who does their own diligence on the originator — and whose willingness to hold it at a given price is itself the signal about whether the pool should exist. That is also why PRISM’s 4% expected loss rate is a placeholder: the price a real credit investor demands for pALPHA is one of the two things that will replace it.

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The pool term

Pools run 30 to 90 days. There is no redemption before maturity in version one — see liquidity.