VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

ASPH

Closed

CLOSEDShare-class ops

Aspen Yard

Window closed. a short list asked while it was live. You are reading history.

Yara Reilly will not run a public sale on this pad. The listing exists because of that sentence.

Aspen Yard — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Stage

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Share-class ledger

Counsel hours

Leeds · closed private round

Sentences killed

Before listing

Claims live

0/16

Sprint

Our cut

Of any proceeds

Plate Lattice · 6316

ASPH

The plate

Lattice. Edition 6316.

A unique plate for Aspen Yard. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

ASPH · Leeds · Share-class ops

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Leeds

Fund administrators

Sells

Bps

Bps of AUM on the books

Markets

Leeds

Years

Founded 2023

Surfaces

Share-class ledger

Complete

File readiness

The wedge

Bps of AUM on the books

The wedge is staffing: administrators cannot hire the close they promised allocators.

Why the desk took it

A real job, not a ticker.

The admin of record is named, even if redacted here.

Traction

3 named pilots (redacted).

Founded 2023, headquartered in Leeds. 3 named pilots on file (identities redacted in public). 14 nodes or connected surfaces reported. Desk diligence score 82/100. A treasurer at a bank that already settles — not a crypto-native desk. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

No public ‘buy the token’ language anywhere they touch.

SS&C and Apex are the admin. This is the event layer they can defend. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Leeds is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Aspen Yard chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

The bet is narrow. A named Leeds buyer already has budget for this invoice. Aspen Yard wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

US traffic was taken off the public surfaces in the first working session. Aspen Yard did not argue. Adult companies do not costume a US offering.

From the founder

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the pilot

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From counsel

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

The window

Miss this and you read the archive.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

The comment period is not a path. This company is priced as if that is already true.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 88
Asks / week: 3
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Yara Reilly, Chief executive

This company

Aspen Yard

Not the incumbent brand. Aspen Yard sells the job the brand will not staff.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

The wedge is staffing: administrators cannot hire the close they promised allocators.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Named: Leeds, United Kingdom. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Leeds. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Counsel & perimeter
31%
A counsel memo that can survive a later reader.
Named operators
21%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
21%
The remaining certifications and the second named market.
Certifications & adapters
27%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Bps of AUM on the books
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Auditor has seen the dual-record and not walked out.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: SS&C and Apex are the admin. This is the event layer they can defend.
Why we listed it: The admin of record is named, even if redacted here.

Next twelve months

What has to be true.

No public ‘buy the token’ language anywhere they touch.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Share-class ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Leeds is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers84
Legal path84
Tech maturity70
Demand10
Market access68

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Leeds story becomes a fact pattern. The restricted list exists for a reason: Global public.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Aspen Yard is a copy of a spreadsheet. Copies do not survive the audit.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Aspen Yard has to be cheaper or faster before that happens.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02What does renewal look like if no round ever happens?
03Has counsel written the perimeter in a memo you can file?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Is the waitlist demand for a product, or a queue for a coin?
06What happens if a founder later wants a public token?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Aspen Yard Ltd
Path on file: Leeds · closed private round
Posture: No public sale
Pack: Sprint

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Leedsnamed
United Kingdomnamed
Global publicrestricted

Team

Who runs it.

Yara ReillyChief executive
Marcus ColeChief compliance

Stack

Share-class ledger
Share-class ops
Disclosure templates
Approval trail

Named with them

Helix Audit
Clearline

Who can decide

Yara Reilly came in named. The team is not a handle. Aspen Yard Ltd exists, founded 2023, headquartered in Leeds. Anonymity would have been an automatic decline.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Aspen Yard does not sell a token to the public on this pad	Posture lock	withdrawn
The product is share-class ops sold to institutions	Architecture + customer type	withdrawn
Share-class ledger is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Pilot identities redacted in public	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Leeds, United Kingdom	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Aspen Yard archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.