Finance-grade means recognized, verified and re-performable. This page follows one improvement from the ground to the balance sheet.
Audit a claim, price it conservatively, or route capital to the capital class they meant to fund. VLAS makes each of those a defined step.
Every number traces to a CalcProof that another party can re-perform from the artifacts alone.
Only admissible marks from approved venues and benchmark curves enter INAV. Hand-set prices never do.
Lots are formed by capital class, uncertainty tier, geography, vintage, governance and permanence.
Four phases turn a place’s potential into assets. Each phase has a place gate and a capital gate, and the next phase opens only when both pass. Stewardship is the second phase, not the last.
The Regenerative Dividend is the uplift in return from integrating verified ecological and social outcomes into the financial structure of the portfolio. Each driver is independently measurable. Together they compound.
Regenerative practices lower input costs, reduce dependency on volatile commodity markets, and build operational resilience through stewardship enterprise models.
Fourteen stewardship enterprise models unlock revenue conventional portfolios cannot access: verified carbon and biodiversity credits, agroforestry yields, renewable energy, eco-hospitality, and community dividends.
Diversified income across credit streams, land operations, and enterprise portfolios creates structural margin improvement and resilience against commodity volatility.
Lower weighted average cost of capital through catalytic and concessionary capital layers, with Impact NAV recognizing verified regenerative outcomes.
Over a decade-long horizon, stewardship converts into self-reinforcing growth. Ecological and financial performance become two readings of the same underlying system.
Results enter the dividend only after they pass the governance gates: a regenerative readiness gate and a financial investment gate, each independent of the other.
VLAS does not ask the market to trust a result. It carries each field observation, calculation, review and corporate action forward as a record that can be re-performed.
Impact NAV, signed and re-performable. An auditor can follow one VLA from field measurement to the number on the balance sheet, and reproduce every step. Source: VLAS Standard v1.1.1, S1.4.
A lot is a group of VLAs recorded together. It is the unit that gets priced, traded and reported in INAV, so the rules for forming one are the first place a good result could be quietly spoiled. The Standard sets them at the start, in the PLOP, and the registry enforces them.
S = 1.0 and S = 0.7
P = 0.95 (30-year) and P = 0.60 (5-year)
Tier 1 (U ≤ 0.10) and Tier 3 (U > 0.25)
Pooling high- and low-uncertainty VLAs, then selling the blend at the low-uncertainty price.
Combining consent-compliant and non-compliant VLAs without saying so.
Mixing old and current windows to hide how old the measurements are.
Pooling unrelated places so a lot looks more diversified than it is.
Pooling short and long covenants, then selling the blend as long-lived.
The registry rejects any lot that does one of these. It is enforced at the registry, not left to the seller.
At formation, the lot is split between circulating and held. The held share is released later, as checks reduce its uncertainty. The schedule is written down at formation and cannot be changed afterward without a governance-approved action.
Where a method requires it, a buffer is taken out when the lot forms, not afterward, as a separate lot of its own. The link between the two lots is visible from either record, so nothing is deducted invisibly.
A lot is created from an approved CalcProof.
Part waits: until uncertainty resolves, or as a reversal buffer.
Released VLAs are held, transferred and priced.
Transferred to a new holder, or retired for good.
A reasonably competent auditor must be able to reconstruct why a lot was formed the way it was, from its own record and the AdapterSpec alone: which calculations fed it, which rules applied, and why its quality values are what they are. Every change after that is a signed corporate action, and a correction adds a record instead of erasing one.
Two lenses on one portfolio, reported in the same monthly audit pack.
What the fund’s conventional books report.
Circulating VLAs times their admissible price, reconciled to the registry and signed at Gate 3.
The same kernel applied to the Standard’s worked data. The mangrove example runs twelve months from one data file: a spike held and voided, a storm stall, a rebound verified and released.
VLAS sits upstream of disclosure and certification regimes. Adapters export verified lots, positions and INAV outward, and the frameworks consume them. Nothing flows back: an external framework never changes VLAS. Select one to see how.