{"sample":false,"asset":{"slug":"falconx","sample":false,"name":"FalconX Credit Vault","ticker":"AA_FalconXUSDC","assetClass":"private-credit","description":"Senior tranche of the FalconX credit vault on Pareto. USDC is lent to one FalconX borrower wallet, which funds prime-brokerage credit lines. Collateral sits offchain. The junior tranche has no tokens outstanding, so there is no onchain first-loss buffer. This is the vault FalconX announced and that rwa.xyz lists as AA_FalconXUSDC, not Plume's NFALCON or Sygnum's Desygnate. A deprecated Pareto deployment on Optimism is not tracked.\n","issuer":"falconx-credit-vault","manager":"m11-credit","platform":"pareto","tokenStandard":"custom","priceModel":"accumulating-nav","deployments":[{"chain":"ethereum","token":"0xC26A6Fa2C37b38E549a4a1807543801Db684f99C","discovery":{"ignoreMethods":[],"labels":{"0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d":"FalconX credit vault (IdleCDO)","0x17E9Ab2992dfecBe779a06A92a6cDB9fE6aEeEf3":"IdleCreditVault strategy","0xfb3bd022d5dacf95ee28a6b07825d4ff9c5b3814":"Vault owner Safe (3 of 6)","0xCFbFaC74C26F8647cBDb8c5caf80BB5b32E43134":"Gnosis AllowanceModule on the owner Safe","0x1fb0f3602f52e2420acff5cf04dbfde96378df58":"Epoch operator (single wallet)","0xc08f538b079be6edfb6594985e8b93784f41a2c6":"Borrower wallet (single wallet)","0xacbb25b7dd30b6b2f7131865dc1023622de3b3d6":"Junior tranche (supply 0 at review)","0xda86e15d0cda3a05db930b248d7a2f775e575a44":"Upgrade timelock (1 day)"}}}],"access":{"investorType":{"value":"non-us-professional","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Non-US professional investors. Onchain allowlist is KeyringIdleWhitelist policy 18.","checkedAt":"2026-10-14"}},"minimumInvestment":{"status":"public","value":250000,"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"'Min. investment: 250,000 USDC'. Redemptions have the same 250,000 USDC minimum.","checkedAt":"2026-10-24"}},"transferRestricted":{"value":true,"source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"Keyring whitelist. isWalletAllowed must pass before a deposit.","checkedAt":"2026-10-14"}}},"legal":{"vehicleType":{"status":"not_public","searchedAt":"2026-10-14","note":"The lending entity's legal name was not found. rwa.xyz gives a domicile only."},"jurisdiction":{"status":"public","value":"Republic of the Marshall Islands","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Disputes are listed as United Kingdom. The legal entity name is not public, so the legal-entity disclosure check still fails.","checkedAt":"2026-10-14"}},"lei":{"status":"not_public","searchedAt":"2026-10-14"},"secFilings":{"status":"not_public","searchedAt":"2026-10-14","note":"Not a US offering. No EDGAR filer found."},"offeringDocument":{"status":"not_public","searchedAt":"2026-10-14"},"auditedFinancials":{"status":"not_public","searchedAt":"2026-10-14"},"insolvency":{"status":"unknown"}},"freshnessClass":{"value":"private-credit","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Monthly-epoch credit facility to FalconX.","checkedAt":"2026-10-25"}},"underlying":{"holdings":{"status":"public","value":{"asOf":"2026-10-14","basis":"report","items":[{"type":"secured-loans","pct":100,"label":"Credit line to FalconX, collateral held offchain"}]},"source":{"url":"https://artifacts.llama.fi/pdf-exports/0b2211d5-c314-4e7a-97d3-42c6cbf37e7f.pdf","note":"USDC is lent to the FalconX borrower wallet to fund prime-brokerage credit lines; collateral sits with FalconX. The junior tranche has zero supply onchain.","checkedAt":"2026-10-25"}},"wamDays":{"status":"not_public","searchedAt":"2026-10-25"},"creditQuality":{"status":"not_public","searchedAt":"2026-10-25"},"securedPct":{"status":"not_public","searchedAt":"2026-10-25","note":"'Transaction-level collateral' is described, but its size isn't."},"largestObligorPct":{"status":"public","value":100,"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"'Institutional credit lines managed by FalconX': one borrower.","checkedAt":"2026-10-25"}},"obligors":{"status":"public","value":1,"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","checkedAt":"2026-10-25"}},"trackRecord":{"value":{"since":"2025-07-10","losses":[]},"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Inception 2025-07-10. No write-off found; a negative 7-day APY seen on 2026-10-14 is unexplained.","checkedAt":"2026-10-25"}}},"counterparties":{"custodian":{"status":"not_public","searchedAt":"2026-10-25"},"fundAdministrator":{"status":"not_public","searchedAt":"2026-10-25"},"auditor":{"status":"not_public","searchedAt":"2026-10-25"},"transferAgent":{"status":"not_public","searchedAt":"2026-10-14"},"affiliated":{"value":[],"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"No providers are named.","checkedAt":"2026-10-25"}},"settlementRails":{"value":["usdc"],"source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","checkedAt":"2026-10-25"}},"operators":[{"role":"Curator","name":"M11 Credit","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","checkedAt":"2026-10-25"}},{"role":"Platform","name":"Pareto","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","checkedAt":"2026-10-25"}}],"dependencies":[{"name":"FalconX","what":"FalconX is the only borrower and also holds the collateral.","source":{"url":"https://artifacts.llama.fi/pdf-exports/0b2211d5-c314-4e7a-97d3-42c6cbf37e7f.pdf","checkedAt":"2026-10-25"}}]},"control":{"audits":[{"auditor":"Sherlock","scope":"Idle Pareto update (credit vaults)","date":"2025-08-01","source":{"url":"https://audits.sherlock.xyz/watson/0x52","note":"Collaborative audit, August 2025; an earlier Idle credit vault contest ran in December 2024.","checkedAt":"2026-10-25"}}],"bugBounty":{"status":"public","value":{"platform":"Immunefi","maxUsd":50000},"source":{"url":"https://immunefi.com/bug-bounty/pareto/information/","checkedAt":"2026-10-25"}},"powersDocumented":{"value":false,"source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"Docs list addresses only; no admin roles described.","checkedAt":"2026-10-25"}},"signersIndependent":{"status":"not_public","searchedAt":"2026-10-25"},"chains":[{"chain":"ethereum","mechanism":"native","provider":"Pareto","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","checkedAt":"2026-10-25"}}]},"transparency":{"reports":[{"name":"Pareto vault reporting","provider":"pareto","dataSource":"issuer","granularity":"nav","frequency":"monthly","verifiability":"self-reported","onchain":true,"feed":{"chain":"ethereum","address":"0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d"},"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Interest reported by the borrower and set at each epoch; no independent attestation found.","checkedAt":"2026-10-25"}}],"eventReporting":{"status":"not_public","searchedAt":"2026-10-25"},"constraints":[]},"pricing":{"reference":{"type":"oracle","provider":"pareto","chain":"ethereum","address":"0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d","writer":"eoa","dataOrigin":"issuer","cadenceSeconds":2721600,"businessDaysOnly":false,"read":{"value":{"fn":"function priceAA() view returns (uint256)","args":[],"index":0},"updatedAt":{"fn":"function latestHarvestBlock() view returns (uint256)","args":[],"index":0},"decimals":6},"historyOnchain":false,"source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"priceAA is USDC per token (6 decimals), set when the operator stops the epoch from interest the borrower pays. latestHarvestBlock stores a timestamp despite the name. The contract management fee is 200 / 100000 = 0.20% per year. The performance fee in the contract was 0; rwa.xyz says 10%. Morpho's funded USDC market reads that same price through TranchesChainlinkOracle 0x50449B3D1f5931d568A1951Ee506A9534e7f7dFf (cdo() is this vault).","checkedAt":"2026-10-14"}},"stalenessDetectable":{"value":false,"source":{"url":"https://etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d","note":"The tranche price getter carries no timestamp; it only changes at epoch end.","checkedAt":"2026-10-25"}},"lossRecognition":{"value":"next-nav","source":{"url":"https://etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d","note":"Write-offs land at the next monthly epoch.","checkedAt":"2026-10-25"}}},"exit":{"redemption":{"available":{"value":true,"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Monthly, with 31 days' notice. Fee 0. An instant-withdraw window exists in the contract (3-day delay) but it is limited and was closed at review (deadline 2026-10-04).","checkedAt":"2026-10-14"}},"whoCanRedeem":{"value":"whitelisted-holders","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","checkedAt":"2026-10-14"}},"settlement":{"status":"public","value":"T+31","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"31-day notice, then the monthly epoch. epochDuration is 2,721,600 seconds (31.5 days).","checkedAt":"2026-10-14"}},"gatesOrSuspension":{"status":"public","value":"issuer-discretion","source":{"url":"https://etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d#code","note":"The owner Safe can pause or call emergencyShutdown with no published limit. Separately, startEpoch pauses deposits and turns withdrawal requests off until the epoch stops. That is why the vault reads as paused while an epoch is running. Legal suspension terms were not found.","checkedAt":"2026-10-14"}}},"dealing":{"value":"monthly","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Monthly (calendar).","checkedAt":"2026-10-25"}},"noticeDays":{"status":"public","value":31,"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"'31-day notice period for redemptions applies. Early exit available (when applicable).'","checkedAt":"2026-10-25"}},"lockupDays":{"status":"not_public","searchedAt":"2026-10-25"},"dailyCapUsd":{"status":"not_public","searchedAt":"2026-10-25"},"minimumUsd":{"status":"public","value":250000,"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","checkedAt":"2026-10-25"}},"feeBps":{"status":"public","value":0,"source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","checkedAt":"2026-10-25"}},"liquidators":{"value":"anyone","source":{"url":"https://eth.blockscout.com/address/0xC26A6Fa2C37b38E549a4a1807543801Db684f99C?tab=contract","note":"IdleCDOTranche is a plain ERC-20 with no transfer hook; only deposits are KYC-gated. Morpho holds 9.5% of supply.","checkedAt":"2026-10-25"}},"instant":[]},"externalIds":{"defillama":null,"defillamaStablecoin":null,"rwaxyz":"AA_FalconXUSDC","coingecko":"pareto-aa-tranche-falconx-usdc"}},"rating":{"asset":"falconx","categories":{"underlying":{"category":"underlying","rating":"red","floor":"red","headline":"The largest borrower is 100% of the pool, so one default is a large loss.","findings":[{"id":"underlying.concentration","color":"red","text":"The largest borrower is 100% of the pool, so one default is a large loss.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"'Institutional credit lines managed by FalconX': one borrower.","checkedAt":"2026-10-25"},"category":"underlying"},{"id":"underlying.quality","color":"unknown","text":"Credit quality and seniority aren't published.","worstCase":"red","category":"underlying"},{"id":"underlying.credit","color":"yellow","text":"100% is private credit or other risk assets, so losses depend on borrowers paying back.","source":{"url":"https://artifacts.llama.fi/pdf-exports/0b2211d5-c314-4e7a-97d3-42c6cbf37e7f.pdf","note":"USDC is lent to the FalconX borrower wallet to fund prime-brokerage credit lines; collateral sits with FalconX. The junior tranche has zero supply onchain.","checkedAt":"2026-10-25"},"category":"underlying"},{"id":"underlying.history","color":"green","text":"No losses passed to holders since 2025.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Inception 2025-07-10. No write-off found; a negative 7-day APY seen on 2026-10-14 is unexplained.","checkedAt":"2026-10-25"},"category":"underlying"}],"context":["Holdings on 2026-10-14: Credit line to FalconX, collateral held offchain 100%."]},"legal":{"category":"legal","rating":"not-assessed","headline":"Not assessed yet. Bankruptcy remoteness, what the token legally is, and holder rights need a legal review.","findings":[],"context":[]},"counterparties":{"category":"counterparties","rating":"red","floor":"red","headline":"The custodian isn't disclosed.","findings":[{"id":"counterparties.custodian","color":"red","text":"The custodian isn't disclosed.","category":"counterparties"},{"id":"counterparties.fund-administrator","color":"red","text":"The fund administrator isn't disclosed.","category":"counterparties"},{"id":"counterparties.auditor","color":"red","text":"No financial audit is disclosed.","category":"counterparties"},{"id":"counterparties.rails","color":"yellow","text":"Money moves only by USDC, so Circle is a single point of failure.","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","checkedAt":"2026-10-25"},"category":"counterparties"},{"id":"counterparties.dependency-0","color":"yellow","text":"FalconX is the only borrower and also holds the collateral.","source":{"url":"https://artifacts.llama.fi/pdf-exports/0b2211d5-c314-4e7a-97d3-42c6cbf37e7f.pdf","checkedAt":"2026-10-25"},"category":"counterparties"}],"context":["Curator: M11 Credit.","Platform: Pareto."]},"control":{"category":"control","rating":"red","floor":"red","headline":"A single key can create new tokens.","findings":[{"id":"control.single-key.mint","color":"red","text":"A single key can create new tokens.","category":"control"},{"id":"control.single-key.burn-from","color":"red","text":"A single key can destroy tokens in any wallet.","category":"control"},{"id":"control.single-key.set-price","color":"red","text":"A single key can change the onchain price.","category":"control"},{"id":"control.signers","color":"unknown","text":"Multisig signers aren't named, so their independence can't be checked.","worstCase":"yellow","category":"control"},{"id":"control.safe-module.0x9438904ABC7d8944A6E2A89671fEf51C629af351","color":"yellow","text":"A Safe module can act without the signers' approval.","category":"control"},{"id":"control.no-timelock.set-price","color":"yellow","text":"A 3-of-6 multisig can change the onchain price with no timelock.","category":"control"},{"id":"control.safe-module.0xFb3bD022D5DAcF95eE28a6B07825D4Ff9C5b3814","color":"yellow","text":"A Safe module can act without the signers' approval.","category":"control"},{"id":"control.no-timelock.allocate","color":"yellow","text":"A 3-of-6 multisig can move the assets backing the token with no timelock.","category":"control"},{"id":"control.no-timelock.admin","color":"yellow","text":"A 3-of-6 multisig can grant or revoke every other role with no timelock.","category":"control"},{"id":"control.documented","color":"yellow","text":"The issuer doesn't document its admin powers; they're only visible onchain.","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"Docs list addresses only; no admin roles described.","checkedAt":"2026-10-25"},"category":"control"},{"id":"control.audit","color":"green","text":"Audited by Sherlock (2025-08).","source":{"url":"https://audits.sherlock.xyz/watson/0x52","note":"Collaborative audit, August 2025; an earlier Idle credit vault contest ran in December 2024.","checkedAt":"2026-10-25"},"category":"control"}],"context":["5 privileged functions still need manual review.","Bug bounty on Immunefi, up to $50,000.","Transfers are limited to allowlisted wallets."]},"transparency":{"category":"transparency","rating":"red","floor":"red","headline":"The only reports are self-reported by the issuer (best: Pareto vault reporting).","findings":[{"id":"transparency.self-reported","color":"red","text":"The only reports are self-reported by the issuer (best: Pareto vault reporting).","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Interest reported by the borrower and set at each epoch; no independent attestation found.","checkedAt":"2026-10-25"},"category":"transparency"}],"context":[]},"pricing":{"category":"pricing","rating":"red","floor":"red","headline":"A single key types in the onchain price (manual pricing).","findings":[{"id":"pricing.manual","color":"red","text":"A single key types in the onchain price (manual pricing).","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"priceAA is USDC per token (6 decimals), set when the operator stops the epoch from interest the borrower pays. latestHarvestBlock stores a timestamp despite the name. The contract management fee is 200 / 100000 = 0.20% per year. The performance fee in the contract was 0; rwa.xyz says 10%. Morpho's funded USDC market reads that same price through TranchesChainlinkOracle 0x50449B3D1f5931d568A1951Ee506A9534e7f7dFf (cdo() is this vault).","checkedAt":"2026-10-14"},"category":"pricing"},{"id":"pricing.cadence","color":"red","text":"The price updates every 31d 12h, too rarely for private credit.","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"priceAA is USDC per token (6 decimals), set when the operator stops the epoch from interest the borrower pays. latestHarvestBlock stores a timestamp despite the name. The contract management fee is 200 / 100000 = 0.20% per year. The performance fee in the contract was 0; rwa.xyz says 10%. Morpho's funded USDC market reads that same price through TranchesChainlinkOracle 0x50449B3D1f5931d568A1951Ee506A9534e7f7dFf (cdo() is this vault).","checkedAt":"2026-10-14"},"category":"pricing"},{"id":"pricing.staleness","color":"red","text":"Consumers can't tell from the feed when the price is stale.","source":{"url":"https://etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d","note":"The tranche price getter carries no timestamp; it only changes at epoch end.","checkedAt":"2026-10-25"},"category":"pricing"},{"id":"pricing.origin","color":"yellow","text":"The NAV comes from the issuer, with no independent check.","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"priceAA is USDC per token (6 decimals), set when the operator stops the epoch from interest the borrower pays. latestHarvestBlock stores a timestamp despite the name. The contract management fee is 200 / 100000 = 0.20% per year. The performance fee in the contract was 0; rwa.xyz says 10%. Morpho's funded USDC market reads that same price through TranchesChainlinkOracle 0x50449B3D1f5931d568A1951Ee506A9534e7f7dFf (cdo() is this vault).","checkedAt":"2026-10-14"},"category":"pricing"},{"id":"pricing.losses","color":"green","text":"Write-downs show up at the next NAV.","source":{"url":"https://etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d","note":"Write-offs land at the next monthly epoch.","checkedAt":"2026-10-25"},"category":"pricing"}],"context":[]},"exit":{"category":"exit","rating":"red","floor":"red","headline":"Redemption takes T+31, more than a week.","findings":[{"id":"exit.settlement","color":"red","text":"Redemption takes T+31, more than a week.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"31-day notice, then the monthly epoch. epochDuration is 2,721,600 seconds (31.5 days).","checkedAt":"2026-10-14"},"category":"exit"},{"id":"exit.dealing","color":"red","text":"Redemptions are only processed monthly.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Monthly (calendar).","checkedAt":"2026-10-25"},"category":"exit"},{"id":"exit.notice","color":"red","text":"Redeeming needs 31 days' notice.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"'31-day notice period for redemptions applies. Early exit available (when applicable).'","checkedAt":"2026-10-25"},"category":"exit"},{"id":"exit.gates","color":"red","text":"The issuer can suspend redemptions at its discretion.","source":{"url":"https://etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d#code","note":"The owner Safe can pause or call emergencyShutdown with no published limit. Separately, startEpoch pauses deposits and turns withdrawal requests off until the epoch stops. That is why the vault reads as paused while an epoch is running. Legal suspension terms were not found.","checkedAt":"2026-10-14"},"category":"exit"},{"id":"exit.lockup","color":"unknown","text":"Any lock-up isn't public.","worstCase":"red","category":"exit"},{"id":"exit.cap","color":"unknown","text":"Any daily redemption cap isn't public.","worstCase":"yellow","category":"exit"},{"id":"exit.who","color":"yellow","text":"Only allowlisted holders can redeem.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","checkedAt":"2026-10-14"},"category":"exit"},{"id":"exit.liquidity","color":"yellow","text":"No instant or secondary liquidity: every exit goes through issuer redemption.","category":"exit"},{"id":"exit.liquidators","color":"green","text":"Any liquidator can hold the token.","source":{"url":"https://eth.blockscout.com/address/0xC26A6Fa2C37b38E549a4a1807543801Db684f99C?tab=contract","note":"IdleCDOTranche is a plain ERC-20 with no transfer hook; only deposits are KYC-gated. Morpho holds 9.5% of supply.","checkedAt":"2026-10-25"},"category":"exit"}],"context":["Minimum redemption $250.0K.","Top 10 wallets hold 97.0% of supply on ethereum."]}},"risks":[{"id":"underlying.concentration","color":"red","text":"The largest borrower is 100% of the pool, so one default is a large loss.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"'Institutional credit lines managed by FalconX': one borrower.","checkedAt":"2026-10-25"},"category":"underlying"},{"id":"counterparties.custodian","color":"red","text":"The custodian isn't disclosed.","category":"counterparties"},{"id":"control.single-key.mint","color":"red","text":"A single key can create new tokens.","category":"control"},{"id":"transparency.self-reported","color":"red","text":"The only reports are self-reported by the issuer (best: Pareto vault reporting).","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Interest reported by the borrower and set at each epoch; no independent attestation found.","checkedAt":"2026-10-25"},"category":"transparency"},{"id":"pricing.manual","color":"red","text":"A single key types in the onchain price (manual pricing).","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"priceAA is USDC per token (6 decimals), set when the operator stops the epoch from interest the borrower pays. latestHarvestBlock stores a timestamp despite the name. The contract management fee is 200 / 100000 = 0.20% per year. The performance fee in the contract was 0; rwa.xyz says 10%. Morpho's funded USDC market reads that same price through TranchesChainlinkOracle 0x50449B3D1f5931d568A1951Ee506A9534e7f7dFf (cdo() is this vault).","checkedAt":"2026-10-14"},"category":"pricing"},{"id":"exit.settlement","color":"red","text":"Redemption takes T+31, more than a week.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"31-day notice, then the monthly epoch. epochDuration is 2,721,600 seconds (31.5 days).","checkedAt":"2026-10-14"},"category":"exit"},{"id":"counterparties.fund-administrator","color":"red","text":"The fund administrator isn't disclosed.","category":"counterparties"},{"id":"control.single-key.burn-from","color":"red","text":"A single key can destroy tokens in any wallet.","category":"control"},{"id":"pricing.cadence","color":"red","text":"The price updates every 31d 12h, too rarely for private credit.","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"priceAA is USDC per token (6 decimals), set when the operator stops the epoch from interest the borrower pays. latestHarvestBlock stores a timestamp despite the name. The contract management fee is 200 / 100000 = 0.20% per year. The performance fee in the contract was 0; rwa.xyz says 10%. Morpho's funded USDC market reads that same price through TranchesChainlinkOracle 0x50449B3D1f5931d568A1951Ee506A9534e7f7dFf (cdo() is this vault).","checkedAt":"2026-10-14"},"category":"pricing"},{"id":"exit.dealing","color":"red","text":"Redemptions are only processed monthly.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"Monthly (calendar).","checkedAt":"2026-10-25"},"category":"exit"},{"id":"counterparties.auditor","color":"red","text":"No financial audit is disclosed.","category":"counterparties"},{"id":"control.single-key.set-price","color":"red","text":"A single key can change the onchain price.","category":"control"},{"id":"pricing.staleness","color":"red","text":"Consumers can't tell from the feed when the price is stale.","source":{"url":"https://etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d","note":"The tranche price getter carries no timestamp; it only changes at epoch end.","checkedAt":"2026-10-25"},"category":"pricing"},{"id":"exit.notice","color":"red","text":"Redeeming needs 31 days' notice.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","note":"'31-day notice period for redemptions applies. Early exit available (when applicable).'","checkedAt":"2026-10-25"},"category":"exit"},{"id":"exit.gates","color":"red","text":"The issuer can suspend redemptions at its discretion.","source":{"url":"https://etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d#code","note":"The owner Safe can pause or call emergencyShutdown with no published limit. Separately, startEpoch pauses deposits and turns withdrawal requests off until the epoch stops. That is why the vault reads as paused while an epoch is running. Legal suspension terms were not found.","checkedAt":"2026-10-14"},"category":"exit"},{"id":"underlying.quality","color":"unknown","text":"Credit quality and seniority aren't published.","worstCase":"red","category":"underlying"},{"id":"control.signers","color":"unknown","text":"Multisig signers aren't named, so their independence can't be checked.","worstCase":"yellow","category":"control"},{"id":"exit.lockup","color":"unknown","text":"Any lock-up isn't public.","worstCase":"red","category":"exit"},{"id":"exit.cap","color":"unknown","text":"Any daily redemption cap isn't public.","worstCase":"yellow","category":"exit"},{"id":"underlying.credit","color":"yellow","text":"100% is private credit or other risk assets, so losses depend on borrowers paying back.","source":{"url":"https://artifacts.llama.fi/pdf-exports/0b2211d5-c314-4e7a-97d3-42c6cbf37e7f.pdf","note":"USDC is lent to the FalconX borrower wallet to fund prime-brokerage credit lines; collateral sits with FalconX. The junior tranche has zero supply onchain.","checkedAt":"2026-10-25"},"category":"underlying"},{"id":"counterparties.rails","color":"yellow","text":"Money moves only by USDC, so Circle is a single point of failure.","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","checkedAt":"2026-10-25"},"category":"counterparties"},{"id":"control.safe-module.0x9438904ABC7d8944A6E2A89671fEf51C629af351","color":"yellow","text":"A Safe module can act without the signers' approval.","category":"control"},{"id":"pricing.origin","color":"yellow","text":"The NAV comes from the issuer, with no independent check.","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"priceAA is USDC per token (6 decimals), set when the operator stops the epoch from interest the borrower pays. latestHarvestBlock stores a timestamp despite the name. The contract management fee is 200 / 100000 = 0.20% per year. The performance fee in the contract was 0; rwa.xyz says 10%. Morpho's funded USDC market reads that same price through TranchesChainlinkOracle 0x50449B3D1f5931d568A1951Ee506A9534e7f7dFf (cdo() is this vault).","checkedAt":"2026-10-14"},"category":"pricing"},{"id":"exit.who","color":"yellow","text":"Only allowlisted holders can redeem.","source":{"url":"https://app.rwa.xyz/assets/AA_FalconXUSDC","checkedAt":"2026-10-14"},"category":"exit"},{"id":"counterparties.dependency-0","color":"yellow","text":"FalconX is the only borrower and also holds the collateral.","source":{"url":"https://artifacts.llama.fi/pdf-exports/0b2211d5-c314-4e7a-97d3-42c6cbf37e7f.pdf","checkedAt":"2026-10-25"},"category":"counterparties"},{"id":"control.no-timelock.set-price","color":"yellow","text":"A 3-of-6 multisig can change the onchain price with no timelock.","category":"control"},{"id":"exit.liquidity","color":"yellow","text":"No instant or secondary liquidity: every exit goes through issuer redemption.","category":"exit"},{"id":"control.safe-module.0xFb3bD022D5DAcF95eE28a6B07825D4Ff9C5b3814","color":"yellow","text":"A Safe module can act without the signers' approval.","category":"control"},{"id":"control.no-timelock.allocate","color":"yellow","text":"A 3-of-6 multisig can move the assets backing the token with no timelock.","category":"control"},{"id":"control.no-timelock.admin","color":"yellow","text":"A 3-of-6 multisig can grant or revoke every other role with no timelock.","category":"control"},{"id":"control.documented","color":"yellow","text":"The issuer doesn't document its admin powers; they're only visible onchain.","source":{"url":"https://docs.pareto.credit/developers/addresses/product/credit-vaults","note":"Docs list addresses only; no admin roles described.","checkedAt":"2026-10-25"},"category":"control"}],"stage":{"stage":null,"pendingLegal":false,"requirements":[{"id":"stage.holdings","stage":0,"text":"What the token holds is described 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