> ## Documentation Index
> Fetch the complete documentation index at: https://kamino.com/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Reporting & Transparency

> What data is available to depositors, how it's sourced, and the verification mechanisms that underpin Institutional Yield

Because Institutional Yield 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.

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## Real-time loan data

The lending operation provides per-loan data directly from its systems. This data is sourced from an industry-standard loan management and collateral tracking platform used by major institutional counterparties.

### What depositors can see

| Data point                         | Granularity                                         | Source                                           |
| ---------------------------------- | --------------------------------------------------- | ------------------------------------------------ |
| **Collateral asset**               | Per loan                                            | Lending operation                                |
| **Loan amounts**                   | Per loan                                            | Lending operation                                |
| **Collateral value**               | Per loan (collateral value at current market price) | Lending operation                                |
| **LTV per loan**                   | Per loan                                            | Calculated from loan amount and collateral value |
| **Portfolio-weighted average LTV** | Aggregate                                           | Calculated from per-loan data                    |
| **Number of active loans**         | Aggregate                                           | Lending operation                                |
| **Total collateral value**         | Aggregate                                           | Lending operation                                |

This data is displayed in the **Vault Analytics** section of the Institutional Yield vault UI on Kamino.

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## Monthly attestation

An independent accounting firm conducts monthly attestations of the Institutional Yield portfolio. The attestation covers:

* **Loan balances outstanding** — total and per-loan amounts verified against the lending operation's records
* **Collateral coverage ratios** — independent verification that collateral values match reported positions
* **Portfolio health metrics** — assessment of overall portfolio status

The attestation is a formal, signed document produced by a professional accounting firm. It is the primary independent verification mechanism for off-chain lending activity.

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## Additional oversight

The lending operation also reports to the Financial Market Authority (FMA) in Liechtenstein, providing additional regulatory oversight beyond the independent attestation.

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## Comparison to other institutional lending products

| Mechanism                   | Kamino Institutional Yield                                | Typical off-chain lending                 |
| --------------------------- | --------------------------------------------------------- | ----------------------------------------- |
| **Per-loan data**           | Available — loan amounts, collateral values, LTV per loan | Rarely disclosed                          |
| **Real-time data**          | Continuous feed from lending operation systems            | Usually monthly or quarterly reports only |
| **Independent attestation** | Monthly (independent accounting firm)                     | Quarterly or annual                       |
| **Regulatory oversight**    | Top-tier jurisdiction (FMA)                               | Typically unregulated                     |