The Stack

Every senior claim, in seniority order, at contractual value, with its Claims Grade.
Adjusted CEBE EST · measurement unchanged
Adjusted CEBE is a valuation estimate, prior under test, shown beside CEBE only for companies whose serving gate passes; a company that fails reads Not yet shown. Canonical CEBE carries every claim at contractual value and is unchanged.

Loading the stack from the sheet.

How to read this

Each company block lists its senior instruments in seniority order, most senior first, with common equity as the residual line. Contractual is the accrued value the CEBE measurement carries, read from the instruments ledger.

The rollup shows CEBE from the latest snapshot at that snapshot's own BTC price. Adjusted CEBE beside it is the feed's served estimate: each admitted instrument in its expected state at the delivery prior of its moneyness band, at the same snapshot and price. It is marked EST because the priors are under test, and it is shown only where the company's serving gate passes, meaning Adjusted CEBE lies between CEBE and the fully exercised figure. A company that fails reads Not yet shown, with the reason on hover. No market repricing of the stack enters it. The measurement lives on the methodology page; the grading layer lives at Claims Grade.

CEBE Framework by @chcbearsfan. cebetracker.io.