Four numbers appear in every Open Book Report. Worth knowing what each one is doing. BTC collateral posted: the total bitcoin clients have put up against loans. The Network Firm queries the custodial accounts and on-chain addresses directly and sums them. Ledn doesn't hand over the figure. Loans outstanding: principal, interest and admin fees across every active loan at the snapshot date. Average LTV: the second number divided by the first, adjusted for bitcoin's price. A lower figure means more room across the book before volatility becomes anyone's problem. 100% of collateral in custody: every satoshi sitting in an address or custodial account someone outside Ledn has verified control of. Read together they answer one question — is the book carrying more risk this month than last. Published either way. August OBR is here: