> For the complete documentation index, see [llms.txt](https://docs.trilobyte.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trilobyte.finance/user-guides/for-investors.md).

# For Investors

This guide explains how investors participate in Trilobyte to earn yield from real-world lending.

## How Investing Works

Investors earn yield by funding loans through Trilobyte Vaults. When you deposit funds, you receive **SEP-41 debt tokens** representing your share of the vault. As the borrower makes repayments, you can claim your proportional share of the yield.

## Depositing

### 1. Find a Vault

Browse available vaults in the **RaisingFunds** phase. Each vault displays its terms:

* **Principal** — Total loan amount being raised
* **Interest rate** — Annual rate the borrower pays
* **Loan term** — Duration in months
* **Split ratio** — Percentage of repayments allocated to investor yield
* **Pool Manager** — Who underwrote the deal
* **Funding deadline** — When funding must be completed (if set)
* **Permissioned** — Whether the vault requires allowlisting

### 2. Deposit Funds

Call `deposit(investor, amount)` to fund the vault:

* A **0.5% protocol fee** is deducted from your deposit
* You receive debt tokens (tVLT) 1:1 with the **net** amount — so a 10,000 USDC deposit mints 9,950 tVLT
* Your deposit is tracked individually in the vault
* You are added to the vault's investor list

{% hint style="info" %}
On repayments the 0.5% protocol fee is taken from the **borrower's** cash share, never from the EMI pool — so it does **not** reduce your yield.
{% endhint %}

{% hint style="info" %}
For **permissioned vaults**, you must be on the Pool Manager's allowlist before you can deposit. Contact the manager to request access.
{% endhint %}

### 3. Withdraw Before Funding Completes

If the vault hasn't been fully funded yet, you can withdraw your deposit:

* Call `withdraw(investor, amount)` to get your funds back
* Your debt tokens are burned proportionally
* You can withdraw partially or in full

{% hint style="warning" %}
Once the vault is fully funded and transitions to AwaitingApproval, you can no longer withdraw. Your funds are committed.
{% endhint %}

## Debt Tokens (tVLT)

When you deposit, you receive **Trilobyte Vault Tokens (tVLT)** — SEP-41 compliant fungible tokens:

| Property         | Value                                                                                                  |
| ---------------- | ------------------------------------------------------------------------------------------------------ |
| **Name**         | Trilobyte Vault Token                                                                                  |
| **Symbol**       | tVLT                                                                                                   |
| **Decimals**     | 7                                                                                                      |
| **Standard**     | SEP-41 (Stellar fungible token)                                                                        |
| **Cap**          | Equal to the vault's principal                                                                         |
| **Transferable** | **No** — tVLT is non-transferable (it represents your own position; `transfer`/`approve` are disabled) |

Debt tokens represent your share of the vault and determine your proportion of yield.

{% hint style="warning" %}
**Debt tokens are non-transferable.** You cannot transfer, sell, or delegate your debt tokens to another address. The `transfer`, `transfer_from`, and `approve` functions are disabled. This ensures that yield claims remain tied to the original depositor.
{% endhint %}

Available token operations:

* `balance` — Check your token balance
* `total_supply` — Check the total supply (= total funded amount)
* `burn` — Redeem tokens (used internally during withdrawals)

## Earning Yield

### How Yield Accumulates

As the borrower makes repayments, a portion (based on the split ratio) flows into the **EMI pool**. This pool holds the yield available to investors.

### Claiming Yield

Call `claim_yield(investor)` to claim your share:

$$
\text{claimable} = \frac{\text{your\_balance}}{\text{total\_supply}} \times \text{emi\_pool} - \text{already\_claimed}
$$

* You can claim at any time during the **Active** or **FullyRepaid** phases
* Claims are cumulative — you receive the difference between your total entitlement and what you've already claimed
* You don't need to claim after every payment — yield accumulates

### Example

| Parameter                         | Value          |
| --------------------------------- | -------------- |
| Vault principal                   | 100,000 USDC   |
| Your deposit                      | 25,000 USDC    |
| Your share                        | 25%            |
| Total EMI pool (after 6 payments) | 20,000 USDC    |
| Your entitlement                  | 5,000 USDC     |
| Already claimed                   | 2,000 USDC     |
| **Claimable now**                 | **3,000 USDC** |

## Monitoring Your Investment

Track your vault's performance using query functions:

| Function                         | What It Shows                           |
| -------------------------------- | --------------------------------------- |
| `get_config()`                   | Vault terms and current phase           |
| `get_investor_deposit(investor)` | Your deposit amount                     |
| `get_claimable(investor)`        | Available yield to claim                |
| `balance(account)`               | Your debt token balance                 |
| `get_payments_made()`            | How many payments the borrower has made |
| `get_outstanding()`              | Remaining principal                     |
| `get_next_due()`                 | Next payment due date                   |
| `get_missed_payments()`          | Consecutive missed payments             |
| `get_emi_pool()`                 | Total accumulated yield pool            |
| `get_late_fees()`                | Accumulated late fees                   |

## Risk Awareness

### What Protects You

* **Manager collateral** — The Pool Manager stakes their own capital, which is slashed on default
* **Delinquency tracking** — Managers with defaults are blocked from new vaults
* **Credit limits** — Cap each manager's total exposure
* **Grace period** — Time buffer before default (default 30 days)
* **Permissionless default trigger** — Anyone can trigger default, preventing collusion
* **Funding/approval deadlines** — Prevent indefinite capital lock-up

### What to Watch For

* **Missed payments** — Check `get_missed_payments()` regularly
* **Late fees** — Rising late fees signal borrower distress
* **Phase changes** — Monitor for transitions to Renegotiation or Defaulted

{% hint style="danger" %}
**Lending carries risk.** If the borrower defaults, the Pool Manager's collateral provides partial recovery, but it may not cover your full deposit. Evaluate each vault's terms and Pool Manager track record carefully before investing.
{% endhint %}