The Stack

Every senior claim, in seniority order, at contractual value and at the market's price for it. Three layers per instrument: what the contract says, what the structure is made of, what the market pays.
Valuation layer · measurement unchanged
Canonical CEBE carries every claim at contractual value; the Adjusted Claims layer reprices the same stack at observed market prices and is a valuation output. It never replaces the measurement, because marking claims to market makes a distressed stack flatter the common, which is the circularity the measurement layer exists to refuse.

Adjusted Claims, the layer · Adjusted Claims %, the ratio · MABE, the per-share output, pronounced "maybe"

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. Market is the value implied by an observed quote, published per instrument from anchor findings with the quote's provenance on record. Discount derives on read from those two figures; a negative discount is a premium, applied as observed with no cap at face. An instrument with no observable quote carries at face, no quote, and never gets a fabricated mark.

Symmetry shares apply a binary rule: any instrument marked below face because of a conversion feature charges its full contractual conversion share count to the adjusted denominator, and every other instrument charges zero. Both sides move together or not at all. The claim side takes the market value, the share side takes the conversion shares, which is what keeps a marked-down convertible from flattering the per-share figure from one side only.

The rollup shows CEBE and MABE side by side, always from the same snapshot and the same BTC price. The mark date is quote provenance, never a price lookup. Marks are VER when traced to a verifiable quote and EST when estimated. The measurement lives on the methodology page; the grading layer lives at Claims Grade.

CEBE Framework by @chcbearsfan. cebetracker.io.