RWA vault yield and factoring calculator.

This calculator uses a simple net rate: gross × (1 − performance fee) − management fee. A 15% gross rate with a 20% performance fee and a 0% management fee gives 12.00%. Net USD over a holding period is amount × net rate × days / 365. On Lagoon, the management fee is charged on total assets under management and the performance fee only on profits above the high-water mark, the highest price per share the vault has reached (Lagoon Docs, Fees). Lagoon reports a 12.58% net APR for the 9SicUSDC vault (Snapshot Oct 23, 2026), computed from the change in net price per share (Lagoon Docs, APR computations). The two figures use different methods.

In this calculator, APR is the linear annualisation of a periodic rate: the periodic rate × (365 / days), with no compounding. APY follows the Regulation DD formula, (1 + interest / principal)^(365 / days in term) − 1, based on a 365-day year (12 CFR Part 1030, Appendix A). For a term of one year or less, the APY is equal to or above the APR. A $2,000 fee on an $85,000 advance collected in 30 days is 28.63% APR and 32.71% APY.

The Federal Reserve's Commercial Bank Examination Manual defines factoring as the purchase, essentially without recourse, of a client's accounts receivable by a factor. In advance factoring, the client can take a percentage of the balance due before the receivable's due date; the remainder, the client's equity, is payable at the due date. The factor's income is the factoring commission, the discount on the receivables purchased, and the agreement usually requires a reserve against chargebacks. This calculator models the commission as a flat discount fee on face value and calls the amount paid at collection the rebate: face value minus the advance minus the fee.

The advance rate is the share of an invoice's face value paid to the seller up front. An 85% advance on a $100,000 invoice is $85,000 now; the remaining 15% less the discount fee is paid at collection. The 80% to 90% range accepted here is an illustrative input range, not a market standard. For comparison only, the OCC reports common advance rates of 70% to 85% of eligible receivables, and up to 90% for some business-to-business receivables, for asset-based loans, which are a different product from factoring (OCC, Asset-Based Lending).

The calculator compares net annual rates and net USD over your tenor, using the rates you enter. The default Treasury bill rate is the 4.41% coupon-equivalent yield on the 52-week bill published by the U.S. Treasury for Oct 23, 2026. It is a Treasury bill yield, not the yield of any tokenized product. The calculator does not model credit, liquidity or redemption terms, which differ between venues.

Rekord Capital Markets (RCM) operates the 9Summits Short Duration Institutional Credit (9SicUSDC) vault, an ERC-7540 (Lagoon) vault on Ethereum Mainnet. 9Summits curates the credit strategy. Rekord AG, Zug, provides the technology underneath: Rekord AI underwrites each position and Rekord Kloud anchors the proof. Status: Fully Allocated · View Only.