> For the complete documentation index, see [llms.txt](https://qiro.gitbook.io/qiro-vaults/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://qiro.gitbook.io/qiro-vaults/core-concepts/yield-sources.md).

# Yield Sources

Where Subaccount capital is deployed to generate returns.

Yield Sources are the destinations where Subaccount capital is deployed. Qiro vaults use two types.

### Credit facilities

The primary source. Capital is lent to payment companies, private credit funds, and fintech lenders through bankruptcy-remote Special Purpose Vehicles, each established for one borrower relationship and standing as the legal lender to that borrower.

Yield is the interest the borrower pays, generated by the borrower's own business: settlement flows, receivables books, and loan portfolios.

### Liquid strategies

A portion of vault capital may be allocated to liquid yield sources such as T-bills or lending protocols like Aave. These earn a baseline return on capital not yet deployed to credit facilities, and maintain a liquidity buffer for servicing redemptions.

***

See [Subaccounts](/qiro-vaults/core-concepts/subaccounts.md) for how capital reaches these destinations, [Borrowers](/qiro-vaults/stakeholders/borrowers.md) for who receives it, and [Risks](/qiro-vaults/legal-disclosure/risks.md) for what can go wrong at each.