> For the complete documentation index, see [llms.txt](https://tomorrowlend.gitbook.io/tommorrowlend/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://tomorrowlend.gitbook.io/tommorrowlend/protocol/tomorrowlend-tokens/valuation.md).

# Valuation

TomorrowLend Tokens (TMT) should be valued at the price of the underlying purchase token multiplied by the redemption value (typically 1:1) adjusted for (i) the time value of money and (ii) the perceived risk of collateral backing those loans and (iii) the required maintenance margin ratios applied to those loans. The time value of money should reference the redemption timestamp, which is the earliest time at which TomorrowLend Tokens can be redeemed (typically begins within 24 hours of the repurchase date).