FOLIO 06 // PROFIT ACCOUNTING

Principal stays. Profit must clear the mark.

The high-water mark prevents principal or recovered losses from being presented as buyback profit. Harvested realized P&L becomes spendable only above the prior peak.

MACHINE NAV

HIGH-WATER MARK

CLEARED CYCLES

HARVEST → HWM → UNIT RETURN → JUPITER RECEIPTS

TIME	LEG	STATUS	REASON
2026-08-25T08:22:35Z	jupiter.buyback	SKIPPED	no settled profit
2026-08-25T08:22:35Z	unit.withdraw	CONFIRMED	Unit withdrawal settled
2026-08-25T08:22:34Z	accounting.profit-hwm	CONFIRMED	profit budget 0.000000 USDC
2026-08-25T08:22:33Z	hyperliquid.harvest	SKIPPED	fill baseline seeded

CONSERVATION RULE — realized loss first consumes the profit buffer. No withdrawal is budgeted while the account remains below its high-water mark. Buyback settlement is held in a separate Solana wallet so every returned dollar can be distinguished from creator-fee custody.