Disclosures

Forest Road Vault is a KYC-gated, legally-wrapped real-world-asset credit protocol. The application connects to Ethereum mainnet. Transactions involve real assets and are available only to eligible, verified participants under the definitive onboarding agreements.

Token characterization is a matter for counsel. The protocol's instruments (USDfr, sUSDfr, GROVE, and sGROVE) have the characterization set out in the definitive legal materials; nothing on this site independently claims they are or are not securities. Production operation remains subject to the applicable legal wrapper, counsel-approved controls, external security review, and approved economic parameters.

Yield is variable. sUSDfr passes through the net performance of the loan book and reserves via its exchange rate. A proposed share of gross interest (up to 10%) goes to the protocol; sUSDfr then charges a performance fee of up to 20% of protocol-wide high-water-mark profit and a management fee of up to 2% annually, both prospective and timelocked. Final fees are set in definitive documents and may vary by sector and facility. Vault-level fees are paid through share dilution. The high-water mark is global, not personal to a participant's entry price, and crystallized fees are not clawed back after a later loss. No fixed return is promised, and depositors bear underlying credit performance, subject to the documented loss cascade: a structural ordering of losses, not a guarantee against them.

Governance is Forest-Road-controlled at launch. The full governance machinery exists on-chain, but Forest Road holds effective control of parameters and upgrades initially. Progressive decentralization is a roadmap item, not a present fact.

One sector is a related-party facility. The digital-assets sector finances Forest Road's own trading subsidiary. That conflict of interest is disclosed here and on the risk page, is subject to on-chain concentration limits and arm's-length-terms review, and is an explicit item in ongoing economic and governance review.

Nothing on this site is legal, tax, accounting, or investment advice.