# Strategies & Reporters ## The split: custody vs valuation A **strategy** is a capital destination (idle yield, a credit facility). A **reporter** prices it. The `Structure` never trusts either alone: * Strategies move assets but their movements must reconcile against **observed balance changes** and reported value, exactly. * Reporters state values but cannot move assets, and their reports are checked for staleness and version rollbacks at every read. ```mermaid flowchart LR ST[["Structure
cash + class NAV"]] -- "fund / requestReturn / claim" --> S["Strategy
(Facility, idle)"] RP["Reporter"] -. "metrics(strategy, mode)" .-> ST S -. priced by .-> RP ``` ## Strategy movements (all keeper-called, all bounded) | Call | Moves | Enforced | | --- | --- | --- | | `fundStrategy(id, max, data)` | Cash → strategy | Settlement first; reported value must rise exactly by the accepted assets; observed outflow must match | | `requestStrategyReturn` | Nothing (opens a request) | No asset movement allowed during the call | | `claimStrategyReturn` | Strategy → cash | Reported value must fall exactly by the returned assets; observed inflow must match; `minAssets` floor | | `rebalanceStrategy` | Nothing net | Internal reallocation must be exactly value-neutral | Every movement re-baselines the strategy's checkpoint so mechanical capital shifts are never mistaken for performance. Inactive strategies can still settle and return capital — wind-downs are never trapped. ## Reporter metrics Reporters normalize each strategy into the values settlement needs, per pricing mode: | Metric | Meaning | Settles | | --- | --- | --- | | `proRataValue` | Value shared by dollar NAV (idle yield) | Pro-rata across classes | | `waterfallValue` | Credit value (deployed principal + performance) | Through the waterfall | | `impairment` | Expected-loss mark | Conservative mode only; junior-first as a loss signal | | `version`, `flags` | Freshness controls | Stale flag or version rollback ⇒ settlement reverts | ## The Facility The flagship strategy: a borrowing-base credit facility. The keeper draws and repays within covenants (advance rate against attested eligible collateral); the `FacilityReporter` accepts **signed attestations** — nonce-monotonic, timestamped, ECDSA-verified marks of expected loss, realized loss, and collateral — that become the facility's reported value. A compromised keeper can refresh attestations it has; it cannot forge marks without the signer key, and it cannot draw past the borrowing base. ## Rotating a reporter `file("reporter", …)` settles at the old reporter first (no pending performance stranded), swaps, then re-baselines at zero delta — the rotation must be value-neutral or it reverts. Valuation methodology can evolve; it can never smuggle a gain or loss.