Transparency update on our Flagship cbBTC Vault on Lagoon. Good news first: the vault position is net positive and LP price-per-share stays whole. A recent event in the underlying pools would have shown a ~1.56% PPS drawdown, and rather than let LPs feel it, Tulipa Capital and 9Summits are absorbing the full amount through a treasury loan. What happened: the vault holds ~108 cbBTC in the YieldBasis cbBTC pool. BTC volatility drove Temporary Redemption Discount (TRD) expansion in the legacy pools, with an uncertain and unpredictable recovery timeline. YieldBasis then launched new pools engineered to control TRD volatility and run as a more efficient, less price-sensitive mechanism. On YieldBasis's guidance, we migrated rather than wait, moving from 111.9263 to 108.506 cbBTC (~3.42 cbBTC). The position itself has been net positive since we entered it. What the TRD event affected was rewards we had already earned and counted toward PPS, not principal. After one month of rewards and earnings in the new pools, the remaining deficit versus pre-migration PPS is 2.288 cbBTC. To close it, Tulipa Capital and 9Summits are loaning exactly that amount, 2.288 cbBTC, to the vault: 1 year at 2.00% interest, repaid in monthly payments totaling 2.334 cbBTC (principal plus interest). LPs see zero PPS reduction.