> For the complete documentation index, see [llms.txt](https://docs.ibis.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ibis.app/platform/shares-and-the-share-price.md).

# Shares and the share price

Each facility issues shares that represent a lender's position in it. Its share price is the asset value of one share, used to value positions and price deposits and withdrawals. Yield increases the share price.

Shares are recorded to 18 decimals. Each facility's share price applies only to its own shares, which carry no claim on other facilities. Transferability remains subject to the facility's terms.

## The share price

The share price starts at 1.000000000000000000 when a facility is created and grows under the product's [accrual law](/platform/yield-accrual.md).

After a default, accrual stops. See [Recovery balances](/platform/after-a-default.md#recovery-balances).

Each conversion uses the share price that applies to it.

| Conversion                                              | Share price used                                                                                                                                      |
| ------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------- |
| Deposit on a Continuous facility                        | The current share price when the deposit is accepted                                                                                                  |
| Deposit on an Epochs facility                           | The continuing-holder price pinned at the settlement that converts the deposit                                                                        |
| Withdrawal on a Continuous facility                     | The current share price at execution                                                                                                                  |
| Withdrawal on an Epochs facility                        | The withdrawal price pinned at settlement, equal to the continuing-holder price except on a protected settlement                                      |
| Value of a position                                     | The current share price                                                                                                                               |
| Unpaid withdrawal converted into shares after a default | The price fixed at default; rounding as set out under [Converting an unpaid withdrawal](/platform/after-a-default.md#converting-an-unpaid-withdrawal) |

## Converting assets and shares

Every facility's asset has exactly 6 decimals (bound), with a smallest unit of 0.000001. Shares and share prices carry 18 decimals.

Unless a formula shows a ceiling or its page states an exception, an asset amount converts into shares by dividing it by the applicable share price, rounded down to 18 decimals. Shares convert into assets by multiplying them by that price, rounded down to 6 decimals. Conversion into shares requires a share price above zero.

**Shares for an asset amount**

$$
s = \lfloor a \div I \rfloor
$$

Where:

$$s$$ is the number of shares, to 18 decimals. $$a$$ is the asset amount being converted, in the facility's asset to 6 decimals. $$I$$ is the share price that applies to the conversion, in assets per share to 18 decimals.

The share amount is rounded down to 18 decimals, the smallest share unit. If a pending deposit on an Epochs facility would issue zero shares at settlement, the facility credits it to the lender's claimable balance instead.

A withdrawal is funded only when the facility holds cash to fund it, normally from borrower repayment.

Illustrative example: a deposit of 10,000.000000 USDC at a share price of 1.043200000000000000 converts into 9,585.889570552147239263 shares, which is 10,000.000000 divided by 1.043200000000000000, rounded down to 18 decimals.

**Position value**

$$
a = \lfloor s \times I \rfloor
$$

Where:

$$a$$ is the asset value of the shares, in the facility's asset to 6 decimals. $$s$$ is the number of shares held, to 18 decimals. $$I$$ is the share price that applies, in assets per share to 18 decimals.

The asset value is rounded down to 6 decimals, the smallest asset unit. A partial withdrawal request must leave at least the minimum residual in the position; see [Facility terms, limits and fees](/platform/facility-terms.md).

Illustrative example: 9,585.889570552147239263 shares at a share price of 1.043200000000000000 are worth 9,999.999999 USDC, rounded down to 6 decimals.

### Rounding in small amounts

Each conversion rounds down, so converting assets into shares and back can return slightly less than the starting amount. In the examples above, 10,000.000000 USDC becomes 9,585.889570552147239263 shares worth 9,999.999999 USDC at the same share price, one smallest asset unit (0.000001) less. The difference stays in the facility.