Disclosures
The disclosures, stated plainly.
Forest Road Vault is a credit protocol. References to Forest Road in marketing copy mean The Forest Road Company, LLC. The application reads contracts deployed on Ethereum mainnet. A contract deployment is not, by itself, a public product launch or an offer. Enabled transactions can involve real assets and remain subject to the applicable eligibility controls and definitive 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. Securities-counsel review, definitive legal and onboarding documents, external security review, and economic and operational approvals remain gates for each relevant product or entry path until they are documented as closed. Deploying contracts does not close those gates.
Yield is variable. sUSDfr passes through the net performance of the loan book and reserves via its exchange rate. The presently published configuration includes a 2% origination fee, a 10% protocol share of recognized facility interest, a 10% performance fee above one protocol-wide high-water mark, and a 0% management fee. Their timelocked caps are 10%, 20%, 20%, and 2% annually, respectively. On-chain settings and definitive documents govern and may change prospectively. 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.