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

GORV

Closed

CLOSEDCollateral records

Gorse Field

Window closed. 3,309 asked while it was live. You are reading history.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Gorse Field — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.

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.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Margin ledger

Counsel hours

Vancouver · closed private round

Sentences killed

Before listing

Claims live

0/16

Sprint

Our cut

Of any proceeds

Plate Horizon · 7367

GORV

The plate

Horizon. Edition 7367.

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

GORV · Vancouver · Collateral records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Vancouver

Private-credit funds

Sells

Administrator

Administrator co-source

Markets

Vancouver

Years

Founded 2022

Surfaces

Margin ledger

Complete

File readiness

The wedge

Administrator co-source

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Why the desk took it

A real job, not a ticker.

Retail was never in the deck. Rare.

Traction

5 named pilots (redacted).

Founded 2022, headquartered in Vancouver. 5 named pilots on file (identities redacted in public). 3,309 on the waitlist, gated — product demand, not a book built. 14 nodes or connected surfaces reported. Desk diligence score 87/100. A named Vancouver administrator who already signs the pack (redacted). No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Ten live facilities or this is still a lab.

eFront and Allvue are funds’ books. This is the tape between funds. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

Most Collateral records decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Gorse Field is the version that survives counsel. It is on a clock.

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

From ops

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From the screen

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 founder

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.

If the window closes you still have the pack — as history. Not as a live conversation.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 72
Asks / week: 414
Our cut: 0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
Owen Berg, Chief executive

This company

Gorse Field

Twelve Collateral records decks look the same. One of them has a Vancouver customer on the record.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.

Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Gorse Field is priced as software against an invoice that already exists.

Vancouver being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

How it works

01A loan or covenant event is written once
02Permissioned counterparties see what they are allowed to see
03Marks and RFQs stay inside named desks
04No public order book, no retail
05Default and amendment events are first-class, not a PDF in a side channel
06A named counterparty verifies; Gorse Field does not attest to its own facts.

In the same conversation as

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

If they raise

Where the money would actually go.

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

Claims & campaign ops
30%
A counsel memo that can survive a later reader.
Control environment
27%
The remaining certifications and the second named market.
Named operators
15%
Hiring the operator who already does this job at a licensed firm.
Second market
28%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Administrator co-source
Who pays: A named Vancouver administrator who already signs the pack (redacted).
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Covenant language mapped to the LMA set — not a custom dialect.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: eFront and Allvue are funds’ books. This is the tape between funds.
Why we listed it: Retail was never in the deck. Rare.

Next twelve months

What has to be true.

Ten live facilities or this is still a lab.

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

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Margin ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Vancouver 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
Customers96
Legal path84
Tech maturity70
Demand57
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Gorse Field asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

Marketplace slip

The moment this looks like a public book, it is a venue. This pad will not list that.

Data rights

Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.

Credit cycle

A default cluster will test whether the product is a record or a reputation.

Retail

Retail is prohibited. Any ‘access token’ story is a different company.

Data rights on exit

If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.

Facts vs theatre

A proof of a fake book is still a fake book. Gorse Field has to attach to the real one, in Vancouver.

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Which geography is actually locked, and which is a hope?
03What happens if a founder later wants a public token?
04Who can unpublish a public sentence in 24 hours, by name?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06What does renewal look like if no round ever happens?

Structure

How money would actually move.

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

Entity: Gorse Field Ltd
Path on file: Vancouver · closed private round
Posture: Window closed
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.

Vancouvernamed
EU retailrestricted

Team

Who runs it.

Owen BergChief executive

Stack

Margin ledger
Collateral records
Approval trail
Takedown SLA

Named with them

Helix Audit
Clearline

Who can decide

The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

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
Gorse Field does not sell a token to the public on this pad	Posture lock	withdrawn
The product is collateral records sold to institutions	Architecture + customer type	withdrawn
Margin 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
Production date for the chain layer is not committed	Desk file	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Vancouver	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
Gorse Field 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

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