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🦀 Multi-withdrawal controller

Overview

The multi-withdrawal controller is designed to give the portfolio manager finer control over withdrawals processed within the portfolio term. It allows the manager to set withdrawal exceptions (negotiated off-chain) for investors and process withdrawals based on these exceptions.

This controller offers two modes of processing redemptions/withdrawals. The modes are mutually exclusive, and which one can be used at a given time is dependent on whether withdrawals are allowed in the current stage of portfolio lifecycle (capital formation/live/closed).

  • If withdrawals are allowed in the current stage, investors may withdraw their funds by themselves on regular terms (no fee, share price calculated based on the amount of shares and portfolio liquidity).
  • If withdrawals are not allowed, only the manager can perform withdrawals for them using the multiRedeem function.

By default, every tranche disallows withdrawals while the portfolio is active or accumulating capital, and allows them after the portfolio term has ended.

Withdrawal exception

enum WithdrawType {
  Interest,
  Principal
}

struct WithdrawalException {
    address lender;
    WithdrawType withdrawType;
    uint256 shareAmount;
    uint256 assetAmount;
    uint256 fee;
}

The withdrawal exception model contains the lender address, withdrawal type, the amount of shares they will redeem, the amount of assets they will receive (minus fee that is calculated in contract) and a withdrawal fee percentage. The fee is expressed in basis points (10000 BPs = 100%).

Methods

Used by the Portfolio Manager

function setWithdrawAllowed(bool newWithdrawAllowed, Status portfolioStatus) public

Used to allow withdrawals by investors for a particular stage of portfolio lifecycle (capital formation/live/closed). Portfolio stage/status is represented by the Status enum from Structured Portfolio:

enum Status {
    CapitalFormation,
    Live,
    Closed
}
function multiRedeem(address vault, WithdrawalException[] memory exceptions) external

Used to action withdrawals based on exceptions for one or more investors. In order for it to work, the investors must first allow the controller contract to use their portfolio shares token.

function setFloor(uint256 newFloor) public

Sets the tranche floor (minimum liquidity). Any withdrawals that would result in portfolio liquid value dropping below this amount before the portfolio term ends will be reverted. This is respected both by regular and by exception withdrawals.

function configure(uint256 newFloor, WithdrawAllowed memory newWithdrawAllowed) external

Configures the portfolio floor and allows/disallows withdrawals for one particular stage of portfolio lifecycle. It accepts the WithdrawAllowed structure below.

struct WithdrawAllowed {
    Status status;
    bool value;
}

View functions

function maxRedeem(address owner) external view returns (uint256)

Returns the maximum amount of asset tokens that the owner can withdraw, factoring in the available liquidity and portfolio floor.

function maxWithdraw(address owner) public view returns (uint256)

Returns the maximum amount of shares tokens that the owner can redeem, factoring in the available liquidity and portfolio floor.

Actors

Two actors are meant to interact with the MultiWithdrawalController directly: Portfolio Manager and the TrancheVault contract. Interactions by any other parties are done through transactions made by TrancheVault.

Tranche Vault

The controller is a logic component used by TrancheVault to determine withdrawal amounts, as well as who is/is not allowed to withdraw at a given time. TrancheVault represents one of 1..* tranches in a StructuredPortfolio.

  • the initialize function gets called by the TrancheVault once, at portfolio creation, and passes initial parameters to the controller
  • maxRedeem, maxWithdraw, previewRedeem, previewWithdraw are view functions that are intended to be called by the TrancheVault. Their results are only guaranteed to be correct when called by TrancheVault, and can be used by TrancheVault to preview values before withdraw/redeem functions are called.
  • onRedeem and onWithdraw are called by TrancheVault during redeem/withdraw transactions.

Portfolio Manager

The address managing the portfolio which contains the TrancheVault and its controller. The manager can process withdrawals for multiple investors, as well as configure the contract.

  • the multiRedeem function makes withdrawals for one or more investors, with the redemption terms (such as redeemed asset amount, burned shares and manager fee) set explicitly by the manager. This is agreed upon by the manager and investors off-chain and assumes the manager is trustworthy.
  • setFloor, setWithdrawAllowed, configure are used by the manager to configure the controller. See detailed descriptions in function descriptions above.

Diagrams

Withdrawal flow