> For the complete documentation index, see [llms.txt](https://docs.mezz.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.mezz.finance/using-mezzanine/withdraw-from-a-tranche.md).

# Withdraw from a tranche

Withdrawals convert receipt tokens back to **mzUSD**. Withdrawal periods vary by tranche.

* **Senior (smzUSD)**: Instant. No waiting period.
* **Mezzanine (MLT)**: Initially 3 full epochs.
* **Junior (JLT)**: Initially 2 full epochs.

{% hint style="info" %}
These are initial parameters that can be adjusted over time.
{% endhint %}

{% stepper %}
{% step %}
On the **Earn** page, select your tranche: **smzUSD, MLT,** or **JLT**.
{% endstep %}

{% step %}
Enter the amount of receipt tokens to **Withdraw**.
{% endstep %}

{% step %}
Submit the withdrawal request.
{% endstep %}

{% step %}
Your request appears in the **Pending Withdrawals** list with an **Unlock ETA**.
{% endstep %}

{% step %}
Once the countdown completes, click **Finalize** to receive mzUSD.
{% endstep %}
{% endstepper %}

> #### <mark style="color:$primary;">**During the waiting period:**</mark>

Your position remains in the tranche. Yield accrues at 50% of your tranche rate during the waiting period. Full loss exposure at your original tranche level is maintained until the withdrawal is finalized.

> #### <mark style="color:$primary;">**Epochs:**</mark>

Epochs are 7-day accounting periods that run on a fixed weekly cycle. If you unstake mid-epoch, your waiting period includes the remaining days of that epoch plus the required number of full epochs. For MLT this means a wait of between 21 days and just under 28 days (27 days, 23 hours and 59 minutes at most), and for JLT between 14 days and just under 21 days (20 days, 23 hours and 59 minutes at most). The sooner you unstake after an epoch ends, the longer your wait.

> #### <mark style="color:$primary;">Conversion rate:</mark>

The amount of mzUSD you receive per receipt token is based on the tranche conversion rate at the time of finalization, not at the time of request. For delayed withdrawals, this rate may change before you finalize.

<figure><img src="/files/OZ3n4wWOLS7K7nLuVm9g" alt=""><figcaption></figcaption></figure>

#### Instant Withdrawal with a fee for Junior and Mezzanine tranches.

Instant Withdrawal with a fee allows you to retrieve your funds from the Junior and Mezzanine tranches immediately, bypassing the waiting period.

Steps:

{% stepper %}
{% step %}
Enter the amount of receipt tokens to **Withdraw.**
{% endstep %}

{% step %}
Select **Instant** as the transaction type and review the fee and Withdrawal Limit.
{% endstep %}

{% step %}
Click Withdraw and confirm the transaction..
{% endstep %}

{% step %}
Receive mzUSD.
{% endstep %}
{% endstepper %}

<figure><img src="/files/RJ42l7DEBrTXlCSoVMkH" alt=""><figcaption></figcaption></figure>

#### Instant Withdrawal Limit for Junior and Mezzanine tranches.

The **instant withdrawal limit** per epoch is a safety mechanism that caps the total amount users can withdraw from the MLT and JLT tranches within a single epoch.

The amount currently available is displayed during the **withdrawal process.**

<figure><img src="/files/ERuxK5A87DPbKwlomxxx" alt=""><figcaption></figcaption></figure>

If the instant withdrawal limit is reached, it will be disabled until the next epoch. **The standard withdrawal option** remains available.

Instant withdrawals can be paused for security reasons.


---

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