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

YAR6

Screened

SCREENEDISDA ops

Yarrow Works

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Closed files are history. Live files have a clock. Yarrow Works has a few days.

Yarrow Works — 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.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

A year from now this will be an obvious company or a missed one. The window decides which.

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

upcoming

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

Confirmations book

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

0/4

Sprint

Our cut

Of any proceeds

Plate Signal · 3275

YAR6

The plate

Signal. Edition 3275.

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

YAR6 · Vilnius · ISDA ops

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Vilnius

Private-credit funds

Sells

Desk

Desk seat

Markets

Vilnius

Years

Founded 2026

Surfaces

Confirmations book

Complete

File readiness

The wedge

Desk seat

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

Why the desk took it

Early — still a question.

Retail was never in the deck. Rare.

Traction

One named pilot (redacted).

Founded 2026, headquartered in Vilnius. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 69/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

Closed RFQ wires do this slowly. Yarrow Works does it as a record. 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.

In Vilnius, the person who signs the monthly pack already has a vendor. Yarrow Works is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

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

From the founder

The legal source of truth stays with the incumbent register, admin, or custodian. Yarrow Works does not attest to its own facts.

From the pilot

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

From counsel

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.

The window

Miss this and you read the archive.

The incumbent will still be slow in a year. The window will not.

The incumbent copy takes a year. The named customer is already writing into this record.

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: 11
Counsel hours on file: 5
Asks / week: 10
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Yara Park, Chief executive

This company

Yarrow Works

Services firms hide in ‘platform’ language. Yarrow Works sells a seat plus an event. Named.

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

The incumbent brand sells the relationship. Yarrow Works sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

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

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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Second market
39%
Adapter work against the incumbent register, admin, or custodian.
Control environment
28%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
21%
The remaining certifications and the second named market.
Named operators
12%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Desk seat
Who pays: A qualified custodian reconciling against this book.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Administrator of record has signed a dual-control letter.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Closed RFQ wires do this slowly. Yarrow Works does it as a record.
Why we listed it: Retail was never in the deck. Rare.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

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

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Vilnius 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.”

Product26
Customers40
Legal path62
Tech maturity34
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 Vilnius story becomes a fact pattern. The restricted list exists for a reason: Public residual claims.

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.

Single-customer gravity

If the first named buyer is also the only buyer, Yarrow Works is a services shop with a ledger. Ask for the second.

Ask these next

01What happens if a founder later wants a public token?
02Has counsel written the perimeter in a memo you can file?
03Who is the first named paying customer — not a letter of intent?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.

Entity: Yarrow Works Ltd
Path on file: Not offering — locked
Posture: Private only
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.

Vilniusnamed
United Kingdomnamed
Public residual claimsrestricted

Team

Who runs it.

Yara ParkChief executive
Devon ParkChief executive

Stack

Confirmations book
ISDA ops
Disclosure templates
Approval trail

Named with them

Helix Audit

Who can decide

Yara Park came in named. The team is not a handle. Yarrow Works Ltd exists, founded 2026, headquartered in Vilnius. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Yarrow Works is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Yarrow Works does not sell a token to the public on this pad	Posture lock	live
The product is isda ops sold to institutions	Architecture + customer type	draft
Confirmations book is the method — not a listed asset	Paper only	draft
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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Vilnius, United Kingdom	Named markets on the file	draft

On the record

Application APP-4829ScreenSep
Counsel questionPathSep

Operating log

05 Sep 16:00
Application scored. Yarrow Works is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.

Path to now

Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.

Not a subscription

This is not a sale page.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. 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.