What does leaving early cost at this size?

Two sellers in the same pool at the same moment get different prices per PT. One sold 1,000 PT, the other 30,000. Why?

• The market's implied APY changed between them
• The bigger sale pushed the pool's price further, so its average price per PT is lower
• The smaller seller paid a penalty for selling early

What happens to your one-PT bullet if you hold it to maturity and redemption works?

• It is sold into the pool at that day's price
• Each PT redeems for 1 unit of the accounting asset, and the pool doesn't matter
• It earns the implied APY of whatever the market shows on that day