Reading a Roll

What each section of the monthly report tells you, and the one line that has to reconcile.

A Roll is published on the first of the month, for the month that just ended, and is numbered from ROLL 001. It needs no wallet and no account to read.

Read it in this order.

1 — The apartments

One row per apartment, every month, whether anything happened to it or not: the building, the unit, the rent its lease says, and one of three statuses.

Because every unit appears every month, you can follow the same apartment across Rolls. A unit that was VACANT in March and PAID in May was re-let. A unit LATE three months running is a different problem from one LATE once.

2 — Arrears

Rent banked this month that was owed for an earlier month, on its own line, with the period it belongs to. Kept separate on purpose: folding last month's rent into this month's collection would flatter the collection rate.

3 — Expenses

Seven lines, each one its own number:

maintenance_routine     maintenance_capex
property_taxes          insurance
property_management     management_fee
performance_fee

The first two are what the operator spent. The other five are computed from published rates — see Fees — so you can recompute each one rather than accept it.

Every amount is written to six decimal places, not to the two a page displays. Taxes, insurance and the management fee are monthly twelfths of a yearly rate and land on fractions of a cent; rounded to cents, the lines add up to a cent less than the total and the arithmetic stops working.

4 — The curve tax

USDG that came into the vault from outside the rent cycle. There is one source: the DEED community token trades on a bonding curve on Pons, and 1% of that trading is routed to the vault. It accrues in ETH, so collecting it is four steps — sweep, claim, convert, settle.

The Roll reports what was claimed in ETH, what was received in USDG, and the transaction hash for each step, never one blended figure. A single "capital: $X" line cannot be checked by a reader, and the rate the conversion achieved is reportable data rather than an implementation detail.

The community token is not vDEED. It carries no claim on the apartments and no share of the vault, and the connection runs one way: its trading lifts the vault, and the vault gives it nothing.

5 — Revaluation

Any building whose appraised value changed, with the amount and the reason.

This section sits outside the reconciliation below, deliberately. A revaluation moves no USDG, so it changes no share price. It appears because it resets what property taxes and insurance are charged on next month, and because a reader is owed the reason.

6 — Totals, and the line that has to reconcile

This is the part worth checking. Two identities, and both must hold:

usdg_held = usdg_prev + rent_net + curve_tax + net_flow
nav       = (usdg_held − net_flow) ÷ supply_prev

Where rent_net = collected + arrears − expenses_total, and net_flow is deposits minus redemptions over the month.

If those two lines do not come out, the report is wrong, and no hash will tell you so. Checking them is the whole point of publishing the file.

Attestation

The report goes to an independent attestor, who checks it against bank records. If that check has not completed by publication, the Roll is marked as awaiting attestation on its face. A published Roll and an attested Roll are two different things.