Forest Road Vault tokenises secured credit facilities on Ethereum. Forest Road, an originator and servicer of specialty finance, underwrites facilities across five collateral classes: film and television tax credits, renewable energy, life sciences, real estate and digital assets. Each facility is attested on chain, minted as a loan NFT and funded from the protocol's reserves. USDfr is the protocol's senior token, minted against USDC and backed by reserves plus the deployed principal of those facilities. Holders may stake USDfr into sUSDfr, an ERC-4626 vault whose exchange rate moves with actual facility repayments; returns are variable and can fall when a facility defaults. Defaults are absorbed first by curator capital posted for that collateral class, then by staked GROVE, and only then by senior holders. Redemptions from sUSDfr pass through an epoch-based queue. Governance is held by GROVE holders through a timelocked governor. Every parameter, attestation and repayment is recorded on chain, and the project publishes its audit reports and open findings for review.