# Erebor Loan Book Lending ledger for [[Erebor]]. It does for a bank what the Contracts ledger does in the [[Anduril Dossier]]: records **what the bank has lent, to whom, and against what**. This is where the network's money layer either stays a vault or becomes a financier of its own portfolio. **Ledger discipline:** record a loan only when it is disclosed by a filing, a borrower or lender announcement, or a law-firm deal notice. A **facility size is not Erebor's exposure**. When Erebor leads or agents a syndicated facility, its own share is usually undisclosed; record the facility and mark Erebor's share "undisclosed." Never add a pitch or a term sheet as a loan. ## Aggregate (from call reports) | As of | Total loans | Loans ÷ deposits | Source | |---|---|---|---| | Mar 31, 2026 | none reported | 0% | Airwallex (citing the call report: "up from no loans three months earlier") | | Jun 30, 2026 | $77.8M | 1.9% | FFIEC data via BankRegReports | | Sep 30, 2026 | pending (due Oct 30) | | | ## Disclosed facilities | Date | Borrower | Facility | Erebor's role | Other lenders | Erebor's share | Source | |---|---|---|---|---|---|---| | Aug 4, 2026 | [[Valar Atomics]] | $200M credit facility | **Lead and administrative agent** | J.P. Morgan ([[JPMorgan Chase]]), Crescent Cove, Hercules Capital | undisclosed | Goodwin; Morgan Lewis (Aug 4, 2026) | **Why the Valar facility matters:** it is Erebor's first publicly disclosed large loan and its first step into the physical buildout behind AI (nuclear power for industrial loads). [[Valor Equity Partners]] invested in Valar's same-day $1B Series B and is also an expected investor in Erebor's own 2026 round. See [[Erebor Investors]]. ## Stated lending plans From public product descriptions and from the fundraising memo described in [[Elizabeth Warren]]'s April 23, 2026 letter: - Lines of credit against **crypto assets** and **private securities** (startup shares) - Loans against **GPUs** for data-center and AI projects - Venture debt and equipment finance - **Longer term, per the memo: "deploy its own assets into DeFi"** (decentralized finance). Warren noted this plan was not in the public section of the charter application. If it happens, it is the single most consequential item this ledger could record. ## Watch - The Q3 2026 total-loans figure: does lending grow by orders of magnitude after the Valar deal? - Borrowers that are [[Anduril]] suppliers or portfolio companies of [[Founders Fund]], [[8VC]] or [[Lux Capital]] - The first loans **secured by crypto** or by GPUs, and their size relative to capital - Any lending to crypto market-makers (see the September 2026 stablecoin-redemption episode in the [[Erebor Watch Log]]) - Any on-chain or DeFi deployment of the bank's own assets ## See Also - [[Erebor Dossier]] · [[Erebor Call Reports]] · [[Erebor Investors]] - [[Valar Atomics]] · [[Stablecoin]] · [[Silicon Valley Bank]]