Where the losses actually landed

Morpho isn’t one pool with shared risk. It is thousands of isolated markets (each a collateral token, a loan token, an oracle and a liquidation LTV), and when a liquidation can’t cover the debt, the shortfall is written off against that market’s suppliers immediately. Morpho publishes that write-off in the event itself, which is the figure a lender in an isolated market needs and the one nobody else surfaces cleanly.