PC3DRP
Paperchain Series 3 Music Streaming Invoices DROP
- Value outstanding
- $0
- 18D change
- -
- Yield · Gross YTM
- 8.60%
- NAV
- 1.0500
- Management fees
- 0.55%
- Minimum
- $10K
- Redemption
- Quarterly
- Launched
- 01 Nov 2020
Depends onCentrifuge
Field coverage 92%Primary-source or on-chain verified 100% of tracked metrics0/1 source documents analyst-verifiedLast reconciled 13 Nov 2026
Overview
What this product is
Senior DROP tranche of Paperchain Series 3 on Centrifuge, unlocking automated daily advances against music royalty cash flows.
- Underlying asset
- Verified streaming revenue invoices owed to independent recording artists and digital record labels
- Asset class
- Private Credit
- Product structure
- SPV-Backed Security
- Legal structure
- US Reg D / 3(c)(7) Fund
- Issuer jurisdiction
United States- Fund domicile
- United States
- Base currency
- USD
- Launched
- 01 Nov 2020
Peer set
Comparable products
Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.
Issuer
Who runs it
PaperchainNew York, United States
New York, United StatesMedia and digital entertainment fintech platform providing automated liquidity for music streaming revenues and digital royalties on-chain.
Portfolio
Composition
- Digital Media Royalty Receivables100.0%
On-chain history begins 26 Oct 2026 and covers 18 days of readings.
AUM
$0
Assets under management
+0.0% over 18 days held
Yield
8.60%
Yield history. Gross YTM
+0.0% over 18 days held
NAV
1.0500
NAV per token
+0.0% over 18 days held
Movement
Recent daily movement
Net movement -Over -Change -
| Direction | ||||
|---|---|---|---|---|
| 12 Nov 2026 | $0 | $0 | - | |
| 11 Nov 2026 | $0 | $0 | - | |
| 10 Nov 2026 | $0 | $0 | - | |
| 09 Nov 2026 | $0 | $0 | - | |
| 08 Nov 2026 | $0 | $0 | - | |
| 07 Nov 2026 | $0 | $0 | - | |
| 06 Nov 2026 | $0 | $0 | - | |
| 05 Nov 2026 | $0 | $0 | - | |
| 04 Nov 2026 | $0 | $0 | - | |
| 03 Nov 2026 | $0 | $0 | - |
Holdings
Disclosure
Underlying portfolio
| Share | ||||
|---|---|---|---|---|
| Digital Media Royalty Receivables | Private loans | - | 100.0% |
Exposure
What you actually own
Economic exposure is to verified streaming revenue invoices owed to independent recording artists and digital record labels. Weighted average maturity is 60 days, which sets how quickly the portfolio reprices as rates move.
- Private loans
- 100.0%
Redemption
Terms
Contractual terms
- Redemption frequency
- Quarterly
- Dealing cut-off
- 17:00 UTC
- Settlement
- T+5
- Redemption fee
- None
- Secondary venues
- Centrifuge Tinlake
- Transfer restrictions
- US Reg D accredited and international institutional investors
These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.
Assessment
Liquidity profile
Primary redemption
Quarterly · T+5
Off-hours exit
Constrained to 17:00 UTC
Secondary market
Centrifuge Tinlake
Transferability
Allow-listed wallets only
Exit fee
No redemption fee
Relationship graph
Operational dependency network
Every firm and system this product relies on. Select any of them to open its profile.
Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.
Open in Ecosystem Graph →Issuance & legal
Who is legally on the hook for this product.Custody
Where the backing assets actually sit.Markets & settlement
Where it trades and how value moves between venues and chains.
Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.
Deployments
Registry
Networks and contracts
| Contract / asset id | |||
|---|---|---|---|
| EthereumPrimary | public l1 | 0x94E64afed0…E7760Dfd | 100.0% |
Counterparties
Service providers
If any of these has a problem, this product is affected.
- Custodian
- Centrifuge·
Berlin, Germany - Administrator
- Centrifuge· Berlin, Germany
- Transfer agent
- Not disclosed
- Tokenization platform
- Centrifuge· Berlin, Germany
- Oracle / attestation
- Not disclosed
Access
Classification
Who may hold this
RetailNot eligible
AccreditedEligible
ProfessionalNot eligible
InstitutionalEligible
- Minimum investment
- $10,000
- Allow-list required
- Yes
- Transfer restrictions
- US Reg D accredited and international institutional investors
Geography
Where it is available
United StatesAvailable
European UnionNot available
SingaporeAvailable
United KingdomAvailable
SwitzerlandAvailable
Hong Kong SARNot available
United Arab EmiratesNot availableExplicit prohibitions
- −North Korea
- −Iran
- −Cuba
Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.
Structure
Legal and regulatory
- Legal structure
- US Reg D / 3(c)(7) Fund
- Product structure
- SPV-Backed Security
- Fund domicile
- United States
- Issuer jurisdiction
- United States
- Transfer agent
- Not disclosed
The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.
Source documents
Offering documentation
The documents behind the figures on this page. Anything marked verified has been checked by an analyst.
On-chain activity
Daily value outstanding
Value outstanding as read from the token contracts each day, and the movement between readings. Mints and redemptions are not separable on-chain, so this is the net of both, not gross issuance.
Net movement -Over -Change -
| Direction | ||||
|---|---|---|---|---|
| 12 Nov 2026 | $0 | $0 | - | |
| 11 Nov 2026 | $0 | $0 | - | |
| 10 Nov 2026 | $0 | $0 | - | |
| 09 Nov 2026 | $0 | $0 | - | |
| 08 Nov 2026 | $0 | $0 | - | |
| 07 Nov 2026 | $0 | $0 | - | |
| 06 Nov 2026 | $0 | $0 | - | |
| 05 Nov 2026 | $0 | $0 | - | |
| 04 Nov 2026 | $0 | $0 | - | |
| 03 Nov 2026 | $0 | $0 | - | |
| 02 Nov 2026 | $0 | $0 | - | |
| 01 Nov 2026 | $0 | $0 | - | |
| 31 Oct 2026 | $0 | $0 | - | |
| 30 Oct 2026 | $0 | $0 | - | |
| 29 Oct 2026 | $0 | $0 | - | |
| 28 Oct 2026 | $0 | $0 | - | |
| 27 Oct 2026 | $0 | $0 | - | |
| 26 Oct 2026 | $0 | - | - |
Related intelligence
0 events reference this product
No tracked events reference this product yet.