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

$4,762

HIGH-WATER MARK

$4,762

CLEARED CYCLES

HARVEST → HWM → UNIT RETURN → JUPITER RECEIPTS

TIME	LEG	STATUS	REASON
2026-08-25T10:39:45Z	jupiter.buyback	SKIPPED	no settled profit
2026-08-25T10:39:43Z	unit.withdraw	CONFIRMED	Unit withdrawal settled
2026-08-25T10:39:42Z	accounting.profit-hwm	CONFIRMED	profit budget 0.000000 USDC
2026-08-25T10:39:40Z	hyperliquid.harvest	CONFIRMED	harvested 1 fresh fills
2026-08-25T10:37:56Z	jupiter.buyback	SKIPPED	no settled profit
2026-08-25T10:37:53Z	unit.withdraw	CONFIRMED	Unit withdrawal settled
2026-08-25T10:37:52Z	accounting.profit-hwm	CONFIRMED	profit budget 0.000000 USDC
2026-08-25T10:37:51Z	hyperliquid.harvest	CONFIRMED	harvested 0 fresh fills
2026-08-25T10:36:36Z	jupiter.buyback	SKIPPED	no settled profit
2026-08-25T10:36:34Z	unit.withdraw	CONFIRMED	Unit withdrawal settled
2026-08-25T10:36:33Z	accounting.profit-hwm	CONFIRMED	profit budget 0.000000 USDC
2026-08-25T10:36:31Z	hyperliquid.harvest	CONFIRMED	harvested 0 fresh fills
2026-08-25T10:35:19Z	jupiter.buyback	SKIPPED	no settled profit
2026-08-25T10:35:17Z	unit.withdraw	CONFIRMED	Unit withdrawal settled
2026-08-25T10:35:16Z	accounting.profit-hwm	CONFIRMED	profit budget 0.000000 USDC
2026-08-25T10:35:15Z	hyperliquid.harvest	CONFIRMED	harvested 0 fresh fills
2026-08-25T10:34:05Z	jupiter.buyback	SKIPPED	no settled profit
2026-08-25T10:34:03Z	unit.withdraw	CONFIRMED	Unit withdrawal settled
2026-08-25T10:34:00Z	accounting.profit-hwm	CONFIRMED	profit budget 0.000000 USDC
2026-08-25T10:33:58Z	hyperliquid.harvest	CONFIRMED	harvested 0 fresh fills
2026-08-25T10:32:46Z	jupiter.buyback	SKIPPED	no settled profit
2026-08-25T10:32:44Z	unit.withdraw	CONFIRMED	Unit withdrawal settled
2026-08-25T10:32:43Z	accounting.profit-hwm	CONFIRMED	profit budget 0.000000 USDC
2026-08-25T10:32:41Z	hyperliquid.harvest	CONFIRMED	harvested 1 fresh fills
2026-08-25T10:30:58Z	jupiter.buyback	SKIPPED	no settled profit
2026-08-25T10:30:56Z	unit.withdraw	CONFIRMED	Unit withdrawal settled
2026-08-25T10:30:54Z	accounting.profit-hwm	CONFIRMED	profit budget 0.000000 USDC
2026-08-25T10:30:53Z	hyperliquid.harvest	CONFIRMED	harvested 0 fresh fills
2026-08-25T10:29:38Z	jupiter.buyback	SKIPPED	no settled profit
2026-08-25T10:29:36Z	unit.withdraw	CONFIRMED	Unit withdrawal settled

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.