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You're holding sUSDfr. A borrower accrues PIK interest but hasn't paid cash yet. Why can your share value move? FRV recognizes earned cash and PIK interest in NAV before receipt. PIK interest capitalizes into contractual principal only at the facility's scheduled compounding boundary. When repayment arrives, interest follows the protocol fee waterfall, while principal returns to reserves. The same income isn't counted twice. But accrual isn't liquidity or proof of collection. If a loan defaults, accrual stops and credit losses pass through curator first-loss capital, sGROVE coverage, then sUSDfr principal. A rising NAV records recognized income, not a guarantee that the borrower will pay.

Through sUSD-FR, we’re connecting years of lending experience across media, renewables, and digital assets with onchain infrastructure. Read more 👇 perena.org/blog/forest-road-…

Forest Road is bringing its private credit strategy to Solana. We’ve partnered with @Perena to launch sUSD-FR, bringing Forest Road’s experience in specialty lending across media, renewable energy, and digital assets to eligible non-U.S. investors onchain. Forest Road brings the credit expertise. Perena provides the vault infrastructure. Together, we’re opening a new channel for accessing private credit through Solana. Learn more: forestroadvault.com

Mondays are for Transparency.

Want to keep track of your position with Forest Road Vault? Check your balance, review your expected yield, and monitor your position over time. Remember, sUSDfr yield is variable, not guaranteed. Stay informed about what you hold and how it performs. forestroadvault.com/app

You're holding USDfr. The dashboard shows more value deployed in loans than sitting in USDC reserves. Does that mean your USDfr is underbacked? Not necessarily. FRV calculates backing from idle USDC and recognized outstanding loan value, including accrued interest. Every new USDfr mint must pass an on-chain check ensuring supply doesn't exceed backing. But here's the distinction: Backing is not liquidity. A loan can support USDfr's accounting value without providing cash for immediate redemption. Direct USDfr-to-USDC redemption requires KYC verification and sufficient idle reserves. If borrowers delay repayment or credit losses occur, available liquidity and backing value can come under pressure. The question isn't just what backs your USDfr. It's how much of that backing is available as cash today.

Need USDfr? You have two ways to get it. Mint in the FRV app: If you're KYC-verified, connect your wallet, open Deposit & Mint, approve USDC, and mint USDfr 1:1. Swap on Uniswap: Exchange USDC for USDfr at the current market price. Use Ethereum mainnet, keep some ETH for gas, and always review your swap quote before confirming.

The route, in three steps: ① USDC → USDfr ② USDfr → sUSDfr ③ sUSDfr → redemption queue or market Each step changes what you hold and the risk you take.

Want to redeem your sUSDfr? Here's how. Open Redeem in the FRV app. Select sUSDfr and enter your amount. Approve and submit your redemption request. Track its status under Your Queue Positions. Claim your USDfr once your request is filled. Remember: there's a minimum 21-day wait. Requests cannot be cancelled, and settlement depends on available liquidity. Prefer a faster exit? You can also swap through Uniswap, subject to available liquidity and market pricing, instead of waiting in the redemption queue.

You're holding USDfr. It earns 3×–6× points, while sUSDfr earns 1×–2×. So why would you stake? Because the two positions reward you differently. USDfr earns no loan yield. Its higher, time-weighted points multiplier reflects that trade-off. Staking converts your USDfr position into sUSDfr shares, whose exchange rate reflects accrued loan income, net of fees. But that yield is variable. Credit losses can reduce your principal, and exiting requires a redemption queue with a 21-day minimum waiting period or selling directly to the Uniswap pool at market price. Points aren't yield, and they carry no promised token allocation or financial return. The decision isn't which multiplier is bigger. It's whether you prefer a transferable dollar position or loan-linked returns with different liquidity and risk.

Want to see what backs USDfr? Open FRV’s Transparency Dashboard and compare USDfr supply against its backing value. Then explore idle USDC reserves, deployed loan principal, and the live loan book. Every section links to its on-chain contracts, so you can verify the numbers yourself. No wallet connection required.