What it is
The Transactions Ledger sheet lists the transactions that took each security to its current state, so you can follow a stock certificate, restricted stock award, or profits interest unit from issuance through every change. It covers certificates, restricted stock awards, and profits interest units issued directly to a holder rather than granted from your equity pool, the block of shares set aside for future grants.
Why it matters
Companies can verify exactly how their cap table got where it is, which prepares them for the scrutiny of a tender offer or IPO. You can trace any holding without rebuilding its history by hand.
How it works
When you download a cap table report, select Transactions Ledger to include the sheet. You need detailed cap table access.
Author: Webb Allen
Webb Allen leads the cap table product teams at Carta. He works across design, data systems, and platform APIs to deliver impactful user experiences for managing equity at scale. Prior to Carta, Webb managed the machine learning and optimization platforms at Marketing Evolution, and led investment research for the venture funds at Tremendous View and Landscape Capital Management.
