# Withdrawals & Exits River exits are asynchronous because the underlying assets are credit assets. Capital is deployed into receivables and returned as cash becomes available. The important protection is continuity: an exit request keeps the position earning until it is actually paid. :::info\[Exit flow] 1. **Request exit.** Shares are marked for redemption. 2. **Continue earning.** Marked shares keep earning coupon until paid. 3. **Receive payout.** The servicer processes exits as cash is available. 4. **Claim proceeds.** Paid amounts sit in a claim balance until collected. 5. **Cancel if needed.** Unpaid requests can be cancelled where the deal permits. ::: ## Exit pricing Exit prices use the current marked condition of the deal. If a risk has been identified, exits reprice before capital leaves. This prevents a lender from exiting at an old price and concentrating the loss on everyone who remains. It also protects the exiting lender on ordinary days, because the same rule applies to everyone. See [Dual NAV & Exchange Rates](/accounting/dual-nav) for the pricing mechanics. ## Partial payments An exit can be paid in parts. Each paid portion becomes claimable and is final. The unpaid portion continues to sit in the queue and continues to earn until paid or cancelled. Paid proceeds are separate from NAV. Later losses, eligibility changes, or configuration changes leave paid claim balances untouched. ## Liquidity expectations River promises instant redemption only when a specific product or deal explicitly offers it. Exit timing depends on available deal cash, incoming receivable payments, refinancing, repayments, sale activity, reserves, and the servicer's processing. The protocol guarantee is continuity: queued positions keep earning, exit pricing reflects current marks, and paid claims remain collectible. ## Exiting the accumulating wrapper The wrapper exits cash-first: 1. earned income inside the wrapper pays out immediately where available; 2. only the remaining principal exposure enters the underlying class exit queue; 3. queued exposure keeps earning until paid. See [The Accumulating Wrapper](/lenders/wrapper) for the product-level behavior and [Wrapper Accounting](/accounting/wrapper) for the technical details.