Because Commodity Loans exist off-chain, the transparency framework is designed to give depositors as much visibility as possible into the health and composition of the loan portfolio, through multiple independent channels.
Per-loan data
The Commodity Yield Fund provides per-loan data directly from its loan and risk management systems. This data is ingested by Kamino and displayed in the Commodity Yield vault interface.
Monthly independent attestation
An attestation is a signed report from an independent accounting firm confirming that stated facts (here, loan balances and collateral coverage) match the underlying records.
- the aggregate and per-loan principal outstanding
- collateral coverage and alignment with the documented framework
- key portfolio health indicators, such as loan ageing, defaults, or restructurings
These attestations provide an external verification layer for the off-chain lending activity.
Regulatory oversight
The Commodity Yield Fund is an approved fund under the supervision of the Cayman Islands Monetary Authority (CIMA) and is subject to applicable regulatory reporting and oversight. This regulatory status applies exclusively to the Commodity Yield Fund; it does not imply that Kamino, the Institutional Yield SPV, or the on-chain Commodity Yield vault are licensed, approved, or supervised by CIMA. 
