Liquidity.

Private credit loans are not actively traded on public exchanges.

When an investor commits capital to a private credit fund, that capital is typically locked until the underlying loans mature or are repaid.

Unlike publicly traded securities, there is no continuous market where these loans can be bought and sold.

This lack of liquidity has historically limited private credit to institutional investors with long investment horizons.

Housd combines multiple liquidity mechanisms to improve capital flexibility while maintaining exposure to institutional-grade credit.

These mechanisms include:

• Vault cash reserves
• Scheduled redemptions
• Secondary liquidity
• Automated Market Makers (AMMs)
• ODL liquidity infrastructure

Together, these components create multiple paths for investors to enter and exit the platform.

ODL (On-Demand Liquidity) is Housd's institutional liquidity infrastructure.

Rather than requiring investors to wait for loan maturities, ODL provides a dedicated buyer capable of purchasing eligible vault positions before redemption.

ODL acquires these positions using external capital and holds the underlying loans until maturity.

This allows long-duration credit assets to become significantly more liquid without forcing the liquidation of the underlying loan portfolio.

Eligible investors may request early liquidity through ODL.

Approved positions can be purchased at approximately 1% below the latest reported Net Asset Value (NAV).

This discount compensates the liquidity provider for assuming the remaining loan duration while providing investors with a predictable exit mechanism.

Unlike traditional secondary markets, pricing remains closely aligned with the underlying value of the portfolio.

Housd supports peer-to-peer transfers of vault shares between eligible investors.

As adoption grows, secondary trading may allow investors to transfer ownership without waiting for scheduled redemption windows.

All transfers remain subject to applicable compliance and eligibility requirements.

For smaller transactions, Housd may utilize Automated Market Makers (AMMs) to facilitate immediate onchain trading.

AMMs provide continuous liquidity by matching buyers and sellers through liquidity pools rather than traditional order books.

Because Housd vault shares represent NAV-based assets, the AMM is intended to complement—not replace—the institutional liquidity model.

Large institutional redemptions are expected to occur through ODL, while AMMs support efficient trading for everyday users.

Housd's liquidity architecture is inspired by the credit line model widely used within traditional private credit markets.

Institutional funds frequently obtain liquidity by selling or financing portfolios through specialized credit providers rather than liquidating the underlying assets.

Housd applies this same concept onchain.

Instead of forcing the sale of residential loans, liquidity providers purchase investor positions and assume the remaining loan exposure until repayment.

This preserves portfolio stability while providing investors with greater flexibility.

Standard Redemption

ODL Liquidity

AMM

Most tokenized private credit products require investors to hold positions until maturity.

Housd introduces multiple complementary liquidity mechanisms designed to reduce friction while preserving the economics of the underlying loans.

The objective is not to transform private credit into a fully liquid asset overnight. Instead, Housd provides investors with practical liquidity options that align more closely with the flexibility expected in modern capital markets.

By combining institutional liquidity providers, onchain secondary markets, and decentralized trading infrastructure, Housd bridges the gap between traditional private credit and decentralized finance.