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

WILG

In diligence

IN MOTIONRoyalty admin

Willow Yard

If you read one Royalty admin company this quarter, make it this one.

Seats of attention are not infinite. 7 counterparties are in the live thread. You are not — yet.

Willow Yard — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.

In a 14-day diligence sprint (day 5). This is when the story, the customers and the legal path get written down — or the file stops.

Most Royalty admin applications this quarter were declined. You are looking at one that was not.

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

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Rights ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/7

Sprint

Our cut

Of any proceeds

Plate Lattice · 2891

WILG

The plate

Lattice. Edition 2891.

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

WILG · Brussels · Royalty admin

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

Brussels

Producers

Sells

Producer

Producer seat

Markets

Brussels

Years

Founded 2026

Surfaces

Rights ledger

Complete

File readiness

The wedge

Producer seat

The wedge is double-counting: corporate offtakers are being asked to prove what they bought.

Why the desk took it

A real job, not a ticker.

Registry cooperation is in writing, even if early.

Traction

One named pilot (redacted).

Founded 2026, headquartered in Brussels. One named pilot on file (redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 87/100. Sprint day 5 of 14. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Counsel on commodity vs software — one memo.

A public carbon coin is a commodity or a security. This pad will not sell it. 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 Royalty admin 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.

The bet is narrow. A named Brussels buyer already has budget for this invoice. Willow 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.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the pilot

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

From ops

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

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Brussels buyer who already has budget.

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

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 11
Counsel hours on file: 83
Asks / week: 20
Our cut: 0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
Kofi Reilly, Chief executive

This company

Willow Yard

The protocol pitch is the thing this company has already refused.

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

The wedge is double-counting: corporate offtakers are being asked to prove what they bought.

Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.

GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.

Versus the field

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

Brussels 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 certificate that exists in a registry is evented here
02Delivery and retirement are visible to the offtaker
03The registry remains the legal source
04No public ‘carbon token’ sale on this pad
05Delivery and retirement are visible to the offtaker; the registry remains source
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

National GO registries
Xpansiv
Not a public carbon coin

If they raise

Where the money would actually go.

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

Control environment
34%
Hiring the operator who already does this job at a licensed firm.
Named operators
23%
A counsel memo that can survive a later reader.
Claims & campaign ops
22%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
21%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Producer seat
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Dual-record: the registry still owns the legal fact.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A public carbon coin is a commodity or a security. This pad will not sell it.
Why we listed it: Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

Counsel on commodity vs software — one memo.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Operating notes for Rights ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Brussels is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

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

Product56
Customers40
Legal path62
Tech maturity54
Demand38
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Double count

If the registry and this ledger can both be sold, the product is a liability.

Green token

A freely traded climate token is usually a commodity or a security. This pad will not sell it.

Registry cooperation

Without the registry, this is a shadow certificate.

Policy

GO rules move. The product has to move with them, not ahead of them.

Double count

If the registry and this ledger can both be sold, Willow Yard is a liability. Dual-record or nothing.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01What does renewal look like if no round ever happens?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Has counsel written the perimeter in a memo you can file?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Is the waitlist demand for a product, or a queue for a coin?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Willow Yard Ltd
Path on file: Not offering — locked
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.

Brusselsnamed
United Kingdomnamed
Public residual claimsrestricted

Team

Who runs it.

Kofi ReillyChief executive

Stack

Rights ledger
Royalty admin
Approval trail
Disclosure templates

Named with them

Northbridge Counsel
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.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

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

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:33
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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.