Fund Detail: Ledger

See Core Concepts for the investment and redemption lifecycle stages this page logs, and Ledger's role as Tahoe's audit-grade source of truth.

Purpose And Operating Boundary

Ledger is the fund-level, event-level audit trail — not a status summary. Every state change in every investment and redemption lifecycle gets its own timestamped row; the current status of a subscription or redemption is whatever its most recent row says, not a separately maintained field. Ledger is exportable for audit purposes.

Ledger has no mutation entry point. It does not create, edit, or delete an investment, redemption, or subscription — it only records what already happened elsewhere (Onboarding, Investment Management, NAV Management, Vault Operations).

Ledger is not a bank statement or block explorer

The table shows Tahoe's current projection of application and Vault state. Reconcile fiat settlement against the payment provider and crypto settlement against the configured chain when operational confirmation is required.

Row Shape And IDs

• One row per state change, not one row per investment or redemption. A single investment thread produces up to five rows over its life (Locked, Accepted, Funds transferred, Shares issued, Claimed); a redemption produces its own five (Locked, Accepted, Priced & funded, Paid out, Claimed) — see Core Concepts for what each stage means, per rail.
• Related rows share a thread ID (for example 415-1, 415-2, 415-3) so one investor's full flow can be traced without collapsing it into a single row.
• Each row carries: timestamp, event type, amount, and — where applicable — the NAV or price used at that step.
• Filterable and sortable, so a manager can see everything or narrow to one investor, one fund, one event type, or one date range.

What Ledger Logs

Investor-Facing Lifecycle Events

Every stage of the investment lifecycle and redemption lifecycle, for both fiat and stablecoin, gets its own row here as it happens.

Manager Actions That Touch Money Or NAV

• NAV records created, edited, or deleted — see NAV Management.
• Strategy drawdowns and returns — see Vault Operations and Fund Treasury Vault.

Each of these rows includes the acting team member, timestamp, and amount or value.

Planned

• Investor-to-investor transfers, once built — technically possible today since fund tokens are whitelist-transfer-only, but not yet a live feature.
• Distributions, once that feature ships — each distribution event will log here the same way as any other lifecycle event.

Out Of Scope

Non-financial admin actions — investor invitations, KYC/B status changes, manual adjustments to KYC/B forms, permission changes, profile edits, and similar — are not logged here. Those are covered by Tahoe's separate Organization audit page.

Actors And Permissions

Actor	Read and export Ledger
Owner	funds.read
Admin	funds.read
Ops	funds.read
Auditor	funds.read
Investor	No access to the manager Ledger

Ledger has no write actions, so there is no separate write-permission column — every role above that can read the page has the same access to it.

Failures And Recovery

Condition	Result and recovery
Ledger request fails	Fund Detail retains any previously loaded payload for the same fund while refreshing. Retry by reselecting the tab or reloading the page.
Expected row is hidden	Clear search and filters, return to page 1, then sort by date or thread ID.
Amount appears rounded	Use the source transaction or API record for exact decimals.
Mock rows are visible	Do not use them for accounting, settlement, or chain reconciliation.

Revision History

Version	Date	Change
1.0	2026-08-24	Original single-status-row description, combined with the Record Investment manual-subscription workflow.
2.0	2026-09-14	Rebuilt as a pure event-level audit trail per Core Concepts: one row per state change, thread IDs, manager money/NAV actions included, Planned items scoped in, non-financial admin actions explicitly excluded. Record Investment removed from this page entirely and confirmed to be the same feature as Add Subscription on the Individual Investor Profile page — its useful content moved there, not duplicated here.