A position leaves the book in one of three ways. Only two of them return money.

A liquidity event

A listing, an acquisition or a company-run tender. The position converts to cash at the event price. This is what Anchor is built for: six companies past product risk and inside two years of a plausible listing.

A secondary sale

The vault sells its position to another buyer before any company event. Momentum is built on this and sizes every position to be sold into the next up round. Other vaults do it rarely — Anchor holds secondary bids at par on two positions today and has not taken them.

A write-off

A position that fails does not exit. It is marked down, then written off, and it returns nothing. Genesis expects two of its six positions to end this way; that is the stated base case rather than a failure scenario.

There is no fourth route. A member cannot sell their claim to another member — the claim does not trade, there is no order book for it, and no secondary market exists for it.

4 positions have been realised, returning $412M. All four were entered in Epoch 00 and exited in Epoch 02.

Anchor produced $280M of the $412M on its own. The two largest realisations in the book came out of its most conservative equity vault, which is what a late-stage mandate is for: it buys companies that are close to a liquidity event and it is paid when that event arrives rather than when a story changes.

Four exits is a small sample. Read the realised figure as evidence that the routing mechanism works, not as a track record.

Where the proceeds go is mechanical. Nothing about it is discretionary and nothing about it waits on a committee.

1. Principal returns to Reserve

   It settles at par, in the epoch, and is available to redeem or reallocate at the next window. A member's original capital comes back as cash rather than as another position.

2. The gain routes to Compound

   Unless the member opts out at the window. Compound then writes it into mid-stage companies at a maximum of $20.0M per name.

3. The exit is written to chain

   The realisation, the proceeds and the route they took, recorded on the epoch it happens.

Compound holds $84.3M today against $412M realised, because most of that principal went back to members rather than forward into the vault. Its size is therefore a lagging read on how much the rest of the book has exited — it only grows when the other nine vaults do.

Every vault states a term, and the term is the strategy rather than a penalty.

Frontier's 60 months is 60 months because there is no secondary market of any depth for most of that book: a member who needs the money before the term is not going to get it. Momentum's 12 months is the shortest of any equity strategy in the House because a book with a 14-month median holding period should not trap capital for four years. Perpetual has no term at all — it is evergreen, it never fully realises, and it has no scheduled liquidity of any kind.

Stated plainly, because it is the question that matters most.

• Reserve: yes, same epoch. At par, with no queue and no gate. No gate has ever been applied to it, and none can be applied without a governance vote published a full epoch in advance.
• Every other vault: no. The lock-up runs from the entry epoch. There is no early redemption facility, no penalty exit and no secondary market in which to sell the claim.
• After the term: an exit is requested at a window and settles out of Reserve at the published mark, on the next boundary. Not intraday, not on request, not between epochs.

The lock-up is the smaller constraint. Three larger ones sit underneath it and none of them is removed by putting a claim on chain.

• The position may not be sellable at all. A private company with no round and no tender has no price and no buyer. That is not a market condition; it is the normal state of most private positions most of the time.
• A closed window moves the whole book. A shut listing market pushes Anchor's entire book out four to six quarters. It is not a tail scenario — it is a regular feature of the asset class, and the 24-month lock-up exists so that a member cannot force a sale into it.
• Reserve is finite and says so. Its composition, claims outstanding and the share redeemable inside one epoch are attested on chain every block. In the March drawdown the House drew $41.0M out of it in four days and every call settled at par. It is sized for that. It is not sized for everybody leaving at once, and no cash sleeve is.

What the chain gives is a verifiable record — of what is held, at what mark, on whose behalf, and what has left. It does not create a buyer. The distinction between a transparent book and a liquid one is the single most important thing to be clear about before allocating. Verification is covered in Custody & attestation.