---
hedgefund: 1
name: Example tokenized assets book
currency: USD
nav: 100000000
updated: 2026-11-01
---

# Example tokenized assets book

A made-up book of tokens: bill tokens, a private credit tape, property, a commodity token and a position borrowed against as collateral. On a screen these can all look calm and liquid. The ladder shows how differently they get back to cash on these numbers, not whether a holder may use any of those routes. Every number is made up.

The numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms

## Limits

```json
{
  "max_gross_pct": 200,
  "max_net_pct": 200,
  "max_vol_pct": 15,
  "max_tail_sum_pct": 40,
  "min_liquid_1d_pct": 25,
  "min_liquid_30d_pct": 60,
  "max_settle_days": 5,
  "needs_yes_over_pct_nav": 5
}
```

## Correlation

```json
0.25
```

## Sleeves

### bill_tokens

```json
{
  "model": "tokenized_bills",
  "capital_pct": 40,
  "assumed": { "vol_pct": 0.5 },
  "inputs": {
    "rungs": [
      { "days": 30, "face": 15000000, "yield_pct": 4 },
      { "days": 60, "face": 20000000, "yield_pct": 4.5 },
      { "days": 90, "face": 25000000, "yield_pct": 5 },
      { "days": 180, "face": 40000000, "yield_pct": 5.5 }
    ],
    "cash": 1500000,
    "tokens_outstanding": 100000000,
    "mgmt_fee_bps": 20,
    "admin_custody_bps": 10,
    "mint_redeem_fee_bps": 5,
    "settle_days": 1,
    "daily_redemption_pct": 3,
    "stress_days": 20,
    "rate_shock_bps": 200,
    "bid_ask_bps": 10
  }
}
```

### credit_tape

```json
{
  "model": "private_credit_tape",
  "capital_pct": 20,
  "assumed": { "vol_pct": 6, "liquidity_days": 365 },
  "inputs": {
    "loans": [
      {
        "name": "Loan 1",
        "balance": 20000000,
        "rate_pct": 9,
        "pd_annual_pct": 1.5,
        "lgd_pct": 40
      },
      {
        "name": "Loan 2",
        "balance": 12000000,
        "rate_pct": 10,
        "pd_annual_pct": 2,
        "lgd_pct": 45
      },
      {
        "name": "Loan 3",
        "balance": 10000000,
        "rate_pct": 10,
        "pd_annual_pct": 2,
        "lgd_pct": 45
      },
      {
        "name": "Loan 4",
        "balance": 10000000,
        "rate_pct": 11,
        "pd_annual_pct": 3,
        "lgd_pct": 50
      },
      {
        "name": "Loan 5",
        "balance": 8000000,
        "rate_pct": 11,
        "pd_annual_pct": 3,
        "lgd_pct": 50
      },
      {
        "name": "Loan 6",
        "balance": 8000000,
        "rate_pct": 12,
        "pd_annual_pct": 4,
        "lgd_pct": 55
      },
      {
        "name": "Loan 7",
        "balance": 8000000,
        "rate_pct": 12,
        "pd_annual_pct": 4,
        "lgd_pct": 55
      },
      {
        "name": "Loan 8",
        "balance": 6000000,
        "rate_pct": 13,
        "pd_annual_pct": 5,
        "lgd_pct": 60
      },
      {
        "name": "Loan 9",
        "balance": 6000000,
        "rate_pct": 13,
        "pd_annual_pct": 5,
        "lgd_pct": 60
      },
      {
        "name": "Loan 10",
        "balance": 5000000,
        "rate_pct": 14,
        "pd_annual_pct": 6,
        "lgd_pct": 60
      },
      {
        "name": "Loan 11",
        "balance": 4000000,
        "rate_pct": 15,
        "pd_annual_pct": 8,
        "lgd_pct": 65
      },
      {
        "name": "Loan 12",
        "balance": 3000000,
        "rate_pct": 16,
        "pd_annual_pct": 10,
        "lgd_pct": 70
      }
    ],
    "tranches": [
      { "name": "Senior", "size_pct": 75, "coupon_pct": 6.5 },
      { "name": "Mezzanine", "size_pct": 15, "coupon_pct": 10 },
      { "name": "Junior", "size_pct": 10, "coupon_pct": 12 }
    ],
    "asset_correlation_pct": 20,
    "horizon_years": 3,
    "servicing_bps": 50,
    "sims": 5000,
    "seed": 7
  }
}
```

### property

```json
{
  "model": "tokenized_property",
  "capital_pct": 15,
  "assumed": { "vol_pct": 12 },
  "inputs": {
    "properties": [
      {
        "name": "Office tower A",
        "value": 40000000,
        "noi": 2200000,
        "debt": 24000000,
        "debt_rate_pct": 5.5,
        "amort_pct": 1
      },
      {
        "name": "Warehouse B",
        "value": 30000000,
        "noi": 1950000,
        "debt": 15000000,
        "debt_rate_pct": 5,
        "amort_pct": 1
      },
      {
        "name": "Retail park C",
        "value": 10000000,
        "noi": 750000,
        "debt": 6000000,
        "debt_rate_pct": 6,
        "amort_pct": 2
      }
    ],
    "tokens_outstanding": 1000000,
    "platform_fee_bps": 100,
    "reserve_pct_of_noi": 10,
    "cap_rate_shock_bps": 100,
    "vacancy_shock_pct": 5,
    "ltv_covenant_pct": 65,
    "gate_pct_per_quarter": 5,
    "redemption_request_pct": 25,
    "secondary_discount_pct": 12
  }
}
```

### commodity

```json
{
  "model": "commodity_token",
  "capital_pct": 10,
  "assumed": { "vol_pct": 15, "tail_loss_pct": 30, "liquidity_days": 5 },
  "inputs": {
    "spot_per_unit": 2000,
    "units_per_token": 0.01,
    "position_value": 250000,
    "storage_bps": 35,
    "insurance_bps": 15,
    "mint_fee_bps": 25,
    "redeem_fee_bps": 25,
    "min_redeem_units": 400,
    "delivery_cost": 1500,
    "market_premium_pct": 1.25,
    "cash_rate_pct": 4,
    "futures_carry_pct": 5,
    "holding_years": 3,
    "exit_discount_pct": 1
  }
}
```

### collateral_loop

```json
{
  "model": "rwa_collateral",
  "capital_pct": 10,
  "inputs": {
    "collateral_value": 10000000,
    "debt": 7000000,
    "liquidation_threshold_pct": 80,
    "liquidation_penalty_pct": 5,
    "asset_vol_pct": 15,
    "oracle_lag_hours": 24,
    "redemption_days": 90,
    "pool_cash_depth": 30000000,
    "pool_token_depth": 300000,
    "borrow_rate_pct": 7,
    "asset_yield_pct": 9,
    "buffer_sigmas": 3
  }
}
```