@uwmd/core 2.0.0 → 2.2.0

package/dist/waterfall.d.ts

@@ -0,0 +1,126 @@
+import { type CashFlowSeries } from './cash-flow-series.js';
+export type WaterfallParty = 'lp' | 'gp';
+export interface WaterfallTierReturnOfCapital {
+    type: 'return_of_capital';
+}
+export interface WaterfallTierPreferredReturn {
+    type: 'preferred_return';
+    /** Fraction in (0, 1). */
+    rate: number;
+    accrual: 'simple' | 'compound_annual';
+}
+export interface WaterfallTierCatchUp {
+    type: 'catch_up';
+    /** Share of this tier's cash going to the GP. MUST exceed target_promote. */
+    gp_share: number;
+    /** The GP profit share the catch-up fills toward. */
+    target_promote: number;
+}
+export interface WaterfallTierSplit {
+    type: 'split';
+    lp_share: number;
+    gp_share: number;
+    /** Caps the tier where cumulative LP distributions reach this multiple of LP contributions. */
+    until_lp_em?: number | null;
+}
+export type WaterfallTier = WaterfallTierReturnOfCapital | WaterfallTierPreferredReturn | WaterfallTierCatchUp | WaterfallTierSplit;
+export interface WaterfallPartyOutcomes {
+    contributions?: number | null;
+    distributions?: number | null;
+    moic?: number | null;
+    xirr?: number | null;
+}
+export interface WaterfallStatedOutcomes {
+    lp?: WaterfallPartyOutcomes | null;
+    gp?: WaterfallPartyOutcomes | null;
+    promote_total?: number | null;
+    profit_total?: number | null;
+}
+export interface WaterfallScheduleCell {
+    tier: number;
+    lp?: number | null;
+    gp?: number | null;
+}
+export interface WaterfallScheduleRow {
+    date: string;
+    by_tier: WaterfallScheduleCell[];
+}
+/** The `distribution_waterfall` section content (UW_FORMAT_SPEC §4.27). */
+export interface DistributionWaterfall {
+    cash_flow_ref: {
+        variant: string;
+    };
+    equity_split: {
+        lp: number;
+        gp: number;
+    };
+    tiers: WaterfallTier[];
+    stated_outcomes?: WaterfallStatedOutcomes | null;
+    stated_schedule?: WaterfallScheduleRow[] | null;
+}
+export interface WaterfallPartyResult {
+    contributions: number;
+    distributions: number;
+    roc_received: number;
+    pref_received: number;
+    /** Undefined ratio (zero contributions) reports null, never Infinity. */
+    moic: number | null;
+    /** The §VIII.9.3 root, or null when the procedure refuses (no sign change). */
+    xirr: number | null;
+}
+export interface WaterfallAllocation {
+    lp: WaterfallPartyResult;
+    gp: WaterfallPartyResult;
+    promote_total: number;
+    profit_total: number;
+    /** One row per distribution date; only tiers that paid appear. */
+    schedule: Array<{
+        date: string;
+        by_tier: Array<{
+            tier: number;
+            lp: number;
+            gp: number;
+        }>;
+    }>;
+}
+export type WaterfallVerdict = 'verified' | 'failed' | 'unverifiable';
+export type WaterfallIssueCode = 'WF-OUTCOME-DISAGREES' | 'WF-SCHEDULE-DISAGREES' | 'WF-PROCEDURE-REFUSES' | 'WF-UNEVALUABLE';
+export interface WaterfallIssue {
+    code: WaterfallIssueCode;
+    severity: 'failure' | 'indeterminate';
+    message: string;
+    /** Dotted path into stated_outcomes / stated_schedule this anchors to. */
+    field?: string;
+    expected?: string;
+    actual?: string;
+}
+export interface WaterfallVerification {
+    verdict: WaterfallVerdict;
+    issues: WaterfallIssue[];
+}
+export declare const WATERFALL_VERIFY_DECIMALS: Readonly<{
+    readonly currency: 2;
+    readonly rate: 6;
+    readonly ratio: 4;
+}>;
+/**
+ * Recompute the full allocation by the normative §VIII.10 walk. The caller
+ * supplies a structurally valid series and a WF-01-clean waterfall (structure
+ * is validation); this function still returns `null` rather than throwing
+ * when either is unusable, so the verifier can report `unverifiable`.
+ */
+export declare function computeWaterfall(waterfall: DistributionWaterfall, series: CashFlowSeries): WaterfallAllocation | null;
+/**
+ * Recompute the allocation and compare every stated figure, three-state:
+ *   - a stated outcome or schedule cell disagrees beyond its quantum, or a
+ *     stated xirr the §VIII.9.3 procedure refuses → `failed`
+ *   - the referenced series is missing/invalid, or a stated ratio is
+ *     undefined (zero contributions) → `unverifiable`
+ *   - otherwise → `verified`
+ *
+ * `series` is the resolved §4.26 variant the waterfall's `cash_flow_ref`
+ * names; pass `null` when it does not resolve (the WF-02 situation reaching
+ * a verifier rather than the validator).
+ */
+export declare function verifyWaterfall(waterfall: DistributionWaterfall, series: CashFlowSeries | null): WaterfallVerification;
+//# sourceMappingURL=waterfall.d.ts.map

package/dist/waterfall.d.ts.map

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package/dist/waterfall.js

@@ -0,0 +1,384 @@
+// Distribution waterfall — state-and-verify LP/GP allocation (RFC 0035,
+// UW_FORMAT_SPEC §4.27, protocol §VIII.10).
+//
+// The fourth state-and-verify structure: the document states a tier ladder
+// (return of capital → preferred return → catch-up → promote splits) over a
+// §4.26 dated series, and this module RECOMPUTES THE ENTIRE ALLOCATION —
+// period by period, tier by tier — by the normative §VIII.10 walk, so two
+// conforming engines agree on the promote. The verifier never trusts the
+// stated splits; a verifier that did would verify nothing a spreadsheet
+// didn't.
+//
+// This deliberately does NOT touch the Tier-3 calc engine, and it does not
+// touch `capital_stack`: the stack is the liability side at one point in
+// time (RFC 0033), this is the equity side over the hold, and the §4.24
+// CS-WATERFALL-UNSUPPORTED boundary stays. Structural rules (`WF-01`…`WF-03`)
+// are validator errors (validator.ts); arithmetic is verification here.
+// Browser-safe; performs no I/O.
+import { datedFlowsOf, xirrOf, } from './cash-flow-series.js';
+import { DEFAULT_DAY_COUNT, isDayCountConvention, parseISODate, yearfrac, } from './calc/day-count.js';
+// ─── Quantization (§VIII.9.4 quanta, the sibling verifiers' posture) ─────────
+export const WATERFALL_VERIFY_DECIMALS = Object.freeze({
+    currency: 2,
+    rate: 6,
+    ratio: 4,
+});
+function roundTo(value, decimals) {
+    const f = 10 ** decimals;
+    const scaled = value * f;
+    return (scaled < 0 ? -Math.round(-scaled) : Math.round(scaled)) / f;
+}
+function isNum(v) {
+    return typeof v === 'number' && Number.isFinite(v);
+}
+function newParty() {
+    return {
+        unreturned: 0,
+        accrued_pref: 0,
+        contributions: 0,
+        distributions: 0,
+        roc_received: 0,
+        pref_received: 0,
+        flows: [],
+    };
+}
+/**
+ * Recompute the full allocation by the normative §VIII.10 walk. The caller
+ * supplies a structurally valid series and a WF-01-clean waterfall (structure
+ * is validation); this function still returns `null` rather than throwing
+ * when either is unusable, so the verifier can report `unverifiable`.
+ */
+export function computeWaterfall(waterfall, series) {
+    const rows = series.series;
+    const flows = datedFlowsOf(series);
+    if (flows === null)
+        return null;
+    const convention = series.day_count ?? DEFAULT_DAY_COUNT;
+    if (!isDayCountConvention(convention))
+        return null;
+    const split = waterfall.equity_split;
+    if (!split || !isNum(split.lp) || !isNum(split.gp))
+        return null;
+    const tiers = waterfall.tiers;
+    if (!Array.isArray(tiers) || tiers.length === 0)
+        return null;
+    const pref = tiers.find((t) => t?.type === 'preferred_return');
+    const lp = newParty();
+    const gp = newParty();
+    const parties = [
+        ['lp', lp, split.lp],
+        ['gp', gp, split.gp],
+    ];
+    const schedule = [];
+    let prevDate = null;
+    for (let i = 0; i < rows.length; i++) {
+        const row = rows[i];
+        const date = parseISODate(row.date);
+        if (date === null)
+            return null;
+        // 1. Accrue first — pairwise yearfrac per §VIII.10, never differences of
+        // anchor fractions (30/360us is not additive).
+        if (pref && prevDate !== null) {
+            const dt = yearfrac(prevDate, date, convention);
+            for (const [, p] of parties.map(([n, s]) => [n, s])) {
+                if (dt > 0) {
+                    if (pref.accrual === 'simple') {
+                        p.accrued_pref += p.unreturned * pref.rate * dt;
+                    }
+                    else {
+                        p.accrued_pref += (p.accrued_pref + p.unreturned) * ((1 + pref.rate) ** dt - 1);
+                    }
+                }
+            }
+        }
+        prevDate = date;
+        const t = flows[i].t;
+        const amount = row.amount;
+        // 2. Contributions.
+        if (amount < 0) {
+            for (const [, p, share] of parties) {
+                const portion = -amount * share;
+                if (portion === 0)
+                    continue;
+                p.unreturned += portion;
+                p.contributions += portion;
+                p.flows.push({ t, amount: -portion });
+            }
+            continue;
+        }
+        if (amount === 0)
+            continue;
+        // 3. Distributions fill the ladder.
+        let remaining = amount;
+        const byTier = [];
+        // Profit = distributions above returned capital. Pref receipts COUNT as
+        // profit — excluding them makes a catch-up that follows the pref tier
+        // have capacity zero forever (the RFC's original wording had exactly
+        // that bug; recorded as an erratum). `promote_total` still excludes the
+        // GP's own pref: the promote is what the GP earns beyond its co-invest
+        // return.
+        const profitSoFar = () => lp.distributions - lp.roc_received +
+            gp.distributions - gp.roc_received;
+        const gpProfit = () => gp.distributions - gp.roc_received;
+        for (let ti = 0; ti < tiers.length && remaining > 0; ti++) {
+            const tier = tiers[ti];
+            let lpPay = 0;
+            let gpPay = 0;
+            switch (tier.type) {
+                case 'return_of_capital': {
+                    const cap = lp.unreturned + gp.unreturned;
+                    const pay = Math.min(remaining, cap);
+                    if (pay <= 0 || cap <= 0)
+                        break;
+                    lpPay = pay * (lp.unreturned / cap);
+                    gpPay = pay - lpPay;
+                    lp.unreturned -= lpPay;
+                    gp.unreturned -= gpPay;
+                    lp.roc_received += lpPay;
+                    gp.roc_received += gpPay;
+                    break;
+                }
+                case 'preferred_return': {
+                    const cap = lp.accrued_pref + gp.accrued_pref;
+                    const pay = Math.min(remaining, cap);
+                    if (pay <= 0 || cap <= 0)
+                        break;
+                    lpPay = pay * (lp.accrued_pref / cap);
+                    gpPay = pay - lpPay;
+                    lp.accrued_pref -= lpPay;
+                    gp.accrued_pref -= gpPay;
+                    lp.pref_received += lpPay;
+                    gp.pref_received += gpPay;
+                    break;
+                }
+                case 'catch_up': {
+                    const denom = tier.gp_share - tier.target_promote;
+                    if (!(denom > 0))
+                        return null; // WF-01 grammar; unreachable when validated
+                    const cap = Math.max(0, (tier.target_promote * profitSoFar() - gpProfit()) / denom);
+                    const pay = Math.min(remaining, cap);
+                    if (pay <= 0)
+                        break;
+                    gpPay = pay * tier.gp_share;
+                    lpPay = pay - gpPay;
+                    break;
+                }
+                case 'split': {
+                    let cap = Number.POSITIVE_INFINITY;
+                    if (tier.until_lp_em != null) {
+                        if (!(tier.lp_share > 0))
+                            break; // capped tier paying LP nothing: cap 0
+                        cap = Math.max(0, tier.until_lp_em * lp.contributions - lp.distributions) / tier.lp_share;
+                    }
+                    const pay = Math.min(remaining, cap);
+                    if (pay <= 0)
+                        break;
+                    lpPay = pay * tier.lp_share;
+                    gpPay = pay - lpPay;
+                    break;
+                }
+                default:
+                    return null;
+            }
+            const pay = lpPay + gpPay;
+            if (pay <= 0)
+                continue;
+            lp.distributions += lpPay;
+            gp.distributions += gpPay;
+            if (lpPay !== 0)
+                lp.flows.push({ t, amount: lpPay });
+            if (gpPay !== 0)
+                gp.flows.push({ t, amount: gpPay });
+            byTier.push({ tier: ti, lp: lpPay, gp: gpPay });
+            remaining -= pay;
+        }
+        if (remaining > 1e-9 * amount) {
+            // No uncapped terminal split absorbed the residue — WF-01 grammar;
+            // unreachable when validated, refused rather than silently dropped.
+            return null;
+        }
+        if (byTier.length > 0)
+            schedule.push({ date: row.date, by_tier: byTier });
+    }
+    const partyResult = (p) => {
+        let xirr = null;
+        try {
+            xirr = p.flows.length >= 2 ? xirrOf(p.flows) : null;
+        }
+        catch {
+            xirr = null; // §VIII.9.3 refusal — reported as null; the verifier decides severity
+        }
+        return {
+            contributions: p.contributions,
+            distributions: p.distributions,
+            roc_received: p.roc_received,
+            pref_received: p.pref_received,
+            moic: p.contributions > 0 ? p.distributions / p.contributions : null,
+            xirr,
+        };
+    };
+    return {
+        lp: partyResult(lp),
+        gp: partyResult(gp),
+        promote_total: gp.distributions - gp.roc_received - gp.pref_received,
+        profit_total: lp.distributions + gp.distributions - lp.contributions - gp.contributions,
+        schedule,
+    };
+}
+// ─── Verification ────────────────────────────────────────────────────────────
+/**
+ * Recompute the allocation and compare every stated figure, three-state:
+ *   - a stated outcome or schedule cell disagrees beyond its quantum, or a
+ *     stated xirr the §VIII.9.3 procedure refuses → `failed`
+ *   - the referenced series is missing/invalid, or a stated ratio is
+ *     undefined (zero contributions) → `unverifiable`
+ *   - otherwise → `verified`
+ *
+ * `series` is the resolved §4.26 variant the waterfall's `cash_flow_ref`
+ * names; pass `null` when it does not resolve (the WF-02 situation reaching
+ * a verifier rather than the validator).
+ */
+export function verifyWaterfall(waterfall, series) {
+    const issues = [];
+    const stated = waterfall.stated_outcomes;
+    const statedSchedule = waterfall.stated_schedule;
+    const hasClaims = (stated != null && Object.keys(stated).length > 0) ||
+        (statedSchedule != null && statedSchedule.length > 0);
+    if (!hasClaims)
+        return { verdict: 'verified', issues };
+    const allocation = series ? computeWaterfall(waterfall, series) : null;
+    if (allocation === null) {
+        issues.push({
+            code: 'WF-UNEVALUABLE',
+            severity: 'indeterminate',
+            message: series
+                ? 'The waterfall or its referenced series is structurally unusable (WF-01/CF-01/CF-02), so stated figures cannot be verified.'
+                : 'cash_flow_ref does not resolve to a series (WF-02), so stated figures cannot be verified.',
+        });
+        return { verdict: 'unverifiable', issues };
+    }
+    const dp = WATERFALL_VERIFY_DECIMALS;
+    const checkCurrency = (field, claim, actual) => {
+        if (!isNum(claim))
+            return;
+        const want = roundTo(claim, dp.currency);
+        const got = roundTo(actual, dp.currency);
+        if (want !== got) {
+            issues.push({
+                code: 'WF-OUTCOME-DISAGREES',
+                severity: 'failure',
+                field,
+                message: `${field} states ${claim} but §VIII.10 recomputes to ${got}.`,
+                expected: String(want),
+                actual: String(got),
+            });
+        }
+    };
+    for (const party of ['lp', 'gp']) {
+        const claim = stated?.[party];
+        if (!claim)
+            continue;
+        const actual = allocation[party];
+        checkCurrency(`stated_outcomes.${party}.contributions`, claim.contributions, actual.contributions);
+        checkCurrency(`stated_outcomes.${party}.distributions`, claim.distributions, actual.distributions);
+        if (isNum(claim.moic)) {
+            if (actual.moic === null) {
+                issues.push({
+                    code: 'WF-UNEVALUABLE',
+                    severity: 'indeterminate',
+                    field: `stated_outcomes.${party}.moic`,
+                    message: `stated_outcomes.${party}.moic is stated but ${party} has no contributions, so the multiple is undefined and cannot be verified.`,
+                });
+            }
+            else {
+                const want = roundTo(claim.moic, dp.ratio);
+                const got = roundTo(actual.moic, dp.ratio);
+                if (want !== got) {
+                    issues.push({
+                        code: 'WF-OUTCOME-DISAGREES',
+                        severity: 'failure',
+                        field: `stated_outcomes.${party}.moic`,
+                        message: `stated_outcomes.${party}.moic states ${claim.moic} but recomputes to ${got}.`,
+                        expected: String(want),
+                        actual: String(got),
+                    });
+                }
+            }
+        }
+        if (isNum(claim.xirr)) {
+            if (actual.xirr === null) {
+                issues.push({
+                    code: 'WF-PROCEDURE-REFUSES',
+                    severity: 'failure',
+                    field: `stated_outcomes.${party}.xirr`,
+                    message: `stated_outcomes.${party}.xirr states a value but the §VIII.9.3 procedure refuses ${party}'s recomputed flows (no sign change or no bracketed root) — the document asserts a number the procedure cannot produce.`,
+                });
+            }
+            else {
+                const want = roundTo(claim.xirr, dp.rate);
+                const got = roundTo(actual.xirr, dp.rate);
+                if (want !== got) {
+                    issues.push({
+                        code: 'WF-OUTCOME-DISAGREES',
+                        severity: 'failure',
+                        field: `stated_outcomes.${party}.xirr`,
+                        message: `stated_outcomes.${party}.xirr states ${claim.xirr} but §VIII.9.3 recomputes to ${got}.`,
+                        expected: String(want),
+                        actual: String(got),
+                    });
+                }
+            }
+        }
+    }
+    checkCurrency('stated_outcomes.promote_total', stated?.promote_total, allocation.promote_total);
+    checkCurrency('stated_outcomes.profit_total', stated?.profit_total, allocation.profit_total);
+    // Schedule cells: an absent cell reads 0, both directions (§VIII.10.5).
+    if (statedSchedule != null && statedSchedule.length > 0) {
+        const recomputedByDate = new Map();
+        for (const row of allocation.schedule) {
+            const m = new Map();
+            for (const c of row.by_tier)
+                m.set(c.tier, { lp: c.lp, gp: c.gp });
+            recomputedByDate.set(row.date, m);
+        }
+        const tierCount = waterfall.tiers.length;
+        const dates = new Set([
+            ...statedSchedule.map((r) => r.date),
+            ...allocation.schedule.map((r) => r.date),
+        ]);
+        for (const date of [...dates].sort()) {
+            const statedRow = statedSchedule.find((r) => r.date === date);
+            const statedCells = new Map();
+            for (const c of statedRow?.by_tier ?? []) {
+                statedCells.set(c.tier, { lp: isNum(c.lp) ? c.lp : 0, gp: isNum(c.gp) ? c.gp : 0 });
+            }
+            const actualCells = recomputedByDate.get(date) ?? new Map();
+            for (let ti = 0; ti < tierCount; ti++) {
+                const want = statedCells.get(ti) ?? { lp: 0, gp: 0 };
+                const got = actualCells.get(ti) ?? { lp: 0, gp: 0 };
+                for (const party of ['lp', 'gp']) {
+                    const w = roundTo(want[party], dp.currency);
+                    const g = roundTo(got[party], dp.currency);
+                    if (w !== g) {
+                        issues.push({
+                            code: 'WF-SCHEDULE-DISAGREES',
+                            severity: 'failure',
+                            field: `stated_schedule[${date}].tier[${ti}].${party}`,
+                            message: `Schedule ${date} tier ${ti} ${party} states ${w} but §VIII.10 recomputes to ${g}.`,
+                            expected: String(w),
+                            actual: String(g),
+                        });
+                    }
+                }
+            }
+        }
+    }
+    if (issues.some((i) => i.severity === 'failure')) {
+        return { verdict: 'failed', issues };
+    }
+    if (issues.some((i) => i.severity === 'indeterminate')) {
+        return { verdict: 'unverifiable', issues };
+    }
+    return { verdict: 'verified', issues };
+}
+//# sourceMappingURL=waterfall.js.map

package/dist/waterfall.js.map

@@ -0,0 +1 @@
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package/package.json

@@ -1,6 +1,6 @@
 {
   "name": "@uwmd/core",
-  "version": "2.0.0",
+  "version": "2.2.0",
   "description": "Reference implementation of the UW Markdown standard — parser, validator, renderer, and CLI for .uw.md underwriting files.",
   "repository": {
     "type": "git",
@@ -58,7 +58,7 @@
   },
   "peerDependencies": {
     "@anthropic-ai/sdk": "^0.91.1",
-    "@uwmd/signing": "0.2.2"
+    "@uwmd/signing": "0.2.4"
   },
   "peerDependenciesMeta": {
     "@anthropic-ai/sdk": {