Ledger
Claims retired, shares repurchased, converts settled, across the tracked fleet
Every row here is a capital event that removed a senior claim or reduced the common share count. The ledger states what happened, when, at what price, and what it did to the Bitcoin each common share owns.
This is the record. The Retirement Trade is the model. The model says what a dollar would do at today's prices. The ledger says what companies did with theirs.
Treasury-held stock counts as a repurchase. A treasury share carries no dividend, no liquidation participation and no vote, and it is already outside the basic share count that CEBE divides by, which is the same reasoning the dual-class rule follows.
| Type | What moved | Accretion test |
|---|---|---|
| Cash retirement | Claim extinguished for cash | Face retired minus cash deployed |
| Share conversion | Claim extinguished by issuing shares | Conversion price against CEBE per share at execution |
| Common repurchase | Shares bought back or taken to treasury | Execution price against CEBE per share at execution |
| Refinancing | Claim replaced by another claim | Net claim change, which can be positive |
A row that cannot be measured names what it is missing, in its own column. Not a dash, not a blank, not a zero. That column is the backlog made visible, and it says exactly what would unlock each row.
A reported date is not an execution date. A row keyed to a press release days after settlement carries a date the market never traded on, so the ledger never strikes a price from a date. Bitcoin converts at the price recorded on the row itself, and the balance sheet comes from the latest snapshot dated on or before the event. The date column states which basis it is showing, and a row whose basis cannot be established shows a named gap in place of a figure.
Where an event covers several days, the mark is struck at the window close, the last date on which the claim could still have been outstanding. The other closes appear in the row detail when the source recorded them, so the sensitivity is visible rather than buried.
Senior claims come from the shared claims reader in config/compute-drag.js, the same one the tracker, the modeler and the public feed call. It is not reimplemented here. Each event is applied to the claim stack, the share count and the treasury, and the sats effect is the difference between the residual per share before and after.
Paying from the bank and paying by selling Bitcoin have the same effect on the residual, because cash held is a claim offset. Where a disposal in the same funding group paid for an event whose own row shows no outflow, that disposal is carried as the cash deployed.
A funding group whose rows both remove and add a senior claim is presented as one refinancing with the net change. Measuring its legs separately would book the retirement leg as relief the company never delivered, because the claim returned in another form. A group that also repurchases stock is not treated as a refinancing.
Capital raises and Bitcoin purchases are counted above and are not listed. Neither removes a senior claim nor reduces the share count, so neither belongs in this ledger. Companies whose status is not live are held back by the same gate every page uses.
CEBE Framework by @chcbearsfan. cebetracker.io.