JAAA Utilization Shows 78.6% as Proposal Would Lift Its Aave Borrowing Limit

A snapshot displayed 78.6% utilization for the Janus Henderson Anemoy AAA CLO Fund (JAAA), while a proposed Aave Horizon change would increase borrowing capacity and narrow its liquidation buffer. The snapshot was captured at 8:05 p.m. ET Oct. 19 (12:05 a.m. UTC Oct. 20).

The 47.6% figure applied to Centrifuge’s 10 assets as a group, rather than to JAAA alone. That platformwide total included JAAA. The snapshot displayed $448.98 million in JAAA DeFi Active TVL against $571.22 million in active AUM. Across the platform, DeFi Active TVL was $453.74 million against $953.33 million in active AUM.

Utilization compares the value held in third-party DeFi protocols, called DeFi Active TVL, with an asset’s active market value. JAAA is a tokenized share class of the fund, which holds AAA-rated tranches of collateralized loan obligations. The regulated, open-ended British Virgin Islands fund is for non-U.S. professional investors.

LlamaRisk proposed Oct. 15 to raise JAAA’s reserve loan-to-value (LTV) limit on Aave Horizon to 87% from 81%, and the liquidation threshold to 89% from 86%; the liquidation bonus would stay at 5%. Aave Horizon supports borrowing against tokenized real-world assets. The LTV limit caps borrowing against collateral, while the liquidation threshold is the point at which collateral becomes eligible for liquidation.

Under the proposed settings, modeled maximum looped leverage would rise to 7.69 times from 5.26 times. A position opened at the proposed 87% LTV would become eligible for liquidation after a 2.25% decline in net asset value.

LlamaRisk’s proposal points to 93 redemption orders across all JAAA vaults, totaling $717.3 million from Oct. 10, 2025, through Oct. 5, 2026. Sixty-three settled on the request day, 28 on the next business day and two after two business days.

The Oct. 15 update also listed $51.9 million in JAAA supply on Aave Horizon at a NAV of 1.0522 across 11 addresses. Seven reserve-tier positions carried $45 million of debt.

Eligible holders can also use an immediate USD Coin (USDC) liquidity route while their shares follow the fund’s regular redemption schedule. The proposed settings are to proceed through the Risk Steward process.