The collateral is 118.8K mixUSDC, shares in the mixUSDC vault. At a share price of 1.025019 USDC they are worth 121.8K USDC, or $121.8K at USDC’s $1.

A fall of 5.6% in the vault’s share price would take collateralisation from 111.5% to the liquidation line at 105.3%.

5.5K alUSD of the debt is set aside for repayment. A line redemption clears it, and so does the holder repaying with vault shares or closing the position. At this share price clearing all of it takes 5.4K mixUSDC from the collateral, plus 13.43 mixUSDC for the line’s 0.25% redemption fee.

Across the 61 line redemptions on the timeline below, the line cleared 3.4K alUSD of this position’s debt and took 3,388.545 mixUSDC of its collateral. Valued in USDC at each redemption’s block, with one alUSD counted as one USDC, that is a net of −9.639 USDC for the holder: the debt cleared less the value of the collateral taken. The line’s 0.25% redemption fee, paid to Alchemix’s fee receiver, is −8.597 USDC of it (8.45 mixUSDC). The other −1.042 USDC is how the Alchemist charges a position: at the line’s average shares per unit of debt across every redemption since the position’s last event, while the share price moved between them. Each redemption’s own net is in its card’s detail.