An analytical model of subtropical mode water is presented, based on ventilated thermocline theory and on numerical solutions of a planetary geostrophic basin model. In ventilated thermocline theory, the western pool is a region bounded on the east by subsurface streamlines that outcrop at the western edge of the interior, and in which additional dynamical assumptions are necessary to complete the solution. Solutions for the western pool were originally obtained under the assumption that the potential vorticity of the subsurface layer was homogenized. In the present theory, it is instead assumed that all of the water in the pool region is ventilated and, therefore, that all the Sverdrup transport is carried in the uppermost, outcropping layer. The result is the formation of a deep, vertically homogeneous, fluid layer in the northwest corner of the subtropical gyre that extends from the surface to the base of the ventilated thermocline. This ventilated pool is an analog of the observed subtropical mode waters. The pool also has the interesting properties that it determines its own boundaries and affects the global potential vorticity–pressure relationship. When there are multiple outcropping layers, ventilated pool fluid is subducted to form a set of nested annuli in ventilated, subsurface layers, which are the deepest subducted layers in the ventilated thermocline.