Verticals
The five collateral classes
Each vertical is a governance-parameterized collateral class with its own LTV cap, maturity profile, concentration limits, and default-remedy path. Interest rates are signed per facility, not set by class, and clean v1 has no DSRA reserve sizing. The remaining class parameters are enforced on-chain by the CollateralRegistry, live on Sepolia testnet.
Film & TV tax credits
Loans against transferable US state film/TV tax credits — a state issues a percentage of qualified production spend back as a credit, and the production borrows against that receivable today.
Short — months to roughly two years, driven by state issuance timing.
Receivable-backed
Renewable energy
Small and mid-market renewable projects — lending against transferable ITC/PTC tax credits and project cashflows, for borrowers underserved by community banks and capital markets.
Medium to long, spanning construction and operation.
Receivable-backed
Life sciences
Venture debt, royalty financing, and milestone-based credit for biotech and life-science companies.
Long, with milestone-driven repricing.
Receivable-backed
Real estate
Property-backed debt and structured credit positions.
Medium to long.
Receivable-backed
Digital assets
Secured lending to Forest Road's digital-assets trading subsidiary, financing the desk's trading book — a related-party facility, and disclosed as such.
Short and revolving, with continuous collateral-health monitoring.
Marked-to-market · related party