> For the complete documentation index, see [llms.txt](https://docs.3jane.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.3jane.xyz/levered-callable-capital-lcc/mechanism/call-outcomes.md).

# Call Outcomes

A facility has four stakers holding $3.5M of active promises between them. 3Jane opens a 20% call and each staker owes a pro-rata share of the $700k. Three fund their share; the fourth misses, and the miss goes to the auction.

```mermaid
flowchart TD
    CALL["20% capital call: $700k<br/>against $3.5M of active promises"]
    CALL -->|"$200k obligation"| A["Staker A<br/>$1M promise, $75k margin"]
    CALL -->|"$200k obligation"| B["Staker B<br/>$1M promise, $75k margin"]
    CALL -->|"$100k obligation"| C["Staker C<br/>$500k promise, $37.5k margin"]
    CALL -->|"$200k obligation"| D["Staker D<br/>$1M promise, $75k margin"]
    A -->|"funds"| V["LCC facility"]
    B -->|"funds"| V
    C -->|"funds"| V
    D -.->|"misses"| P
    subgraph CH["Clearinghouse layer"]
        P["staker D's $75k margin,<br/>slashed into the auction pool"] -->|"award ramps each step"| BB["Backstop bidder"]
    end
    BB -->|"fills the $200k"| V
    V -->|"$700k into USD3,<br/>35-day cooldown to each funder"| U["USD3"]
    U -->|"deployed"| F["Fintech lender facilities"]
    classDef box fill:#ffffff,stroke:#0D28F5,color:#1a1a1a;
    classDef pink fill:#EE80E2,stroke:#EE80E2,color:#ffffff;
    class CALL,A,B,C,D,V,BB,U,F box;
    class P pink;
```

* The call is apportioned by promise, so the two $1M promises owe $200k each, the $500k promise owes $100k, and each funder in this example receives USD3 in cooldown for the amount delivered plus a proportional margin release (a roller would retain margin and promise instead).
* Staker D misses, and the clearinghouse layer takes over: D's entire $75k margin is slashed into the auction pool, the award on offer ramps step by step, and a backstop bidder fills the $200k in D's place.
* The bidder takes the $200k of USD3 in cooldown plus the margin award; because the fill covered the whole shortfall, the rest of the pool, minus the auction fee, returns to D with the remaining promise restored.
* The facility ends the epoch having delivered the full $700k into USD3 and on to the fintech lender facilities, with three positions paid down by their funded amounts and D's position reduced by the auction's clearing cost.

A call resolves into a funded share and a defaulted share, and each defaulted obligation ends in one of three ways:

| Outcome             | Who funds the call                          | What the staker keeps                                    |
| ------------------- | ------------------------------------------- | -------------------------------------------------------- |
| Funded              | The staker                                  | USD3 in cooldown, released margin, promise paid down     |
| Missed, backstopped | A bidder, out of the auction                | The pool minus the award and fee, promise restored       |
| Missed, unfilled    | Nobody; 3Jane carries the shortfall forward | Only the filled share of the pool; the rest is forfeited |

In this cohort the defaulted slice is $200k of a $700k call, deliberately large to show the machinery. Real cohorts are underwritten per address precisely to keep the defaulted share a small fraction of any call, which keeps the auction thin relative to the capital it guarantees.