@uwmd/core 2.4.0 → 2.6.0

package/dist/validator.js

@@ -2,7 +2,7 @@
 // Spec: UW_FORMAT_SPEC_v1.md Part V
 import { DEFAULT_THRESHOLDS, SOURCE_TAGS } from './types.js';
 import { getSection, getSectionVariant, deepGet } from './parser.js';
-import { BUILTIN_REMEDIATIONS, BUILTIN_INCOMPLETE_DATA_POLICIES, lookupIncompleteDataPolicy, getSizeIntensive, DEAL_UNDERWRITING_PROFILE, parseActorSource, isSupportedLocale, STAGE_REQUIREMENTS, requiredSectionsFor } from './protocol.js';
+import { BUILTIN_REMEDIATIONS, BUILTIN_INCOMPLETE_DATA_POLICIES, lookupIncompleteDataPolicy, getSizeIntensive, DEAL_UNDERWRITING_PROFILE, parseActorSource, isSupportedLocale, STAGE_REQUIREMENTS, requiredSectionsFor, CROSS_CHECK_RULE_IDS, CROSS_CHECK_VARIANT_PREFERENCE, RETURN_TAX_BASES, DEFAULT_RETURN_TAX_BASIS, } from './protocol.js';
 import { EXTERNAL_ANNOTATION_KEY } from './composition.js';
 import { UW_LITE_SOURCE_EXTENSION } from './lite-bridge.js';
 import { readGapsContent } from './gaps.js';
@@ -91,15 +91,17 @@ function resolveSectionFieldPath(parsed, path) {
 export function validateUWFile(parsed, thresholdOverrides) {
     const thresholds = { ...DEFAULT_THRESHOLDS, ...thresholdOverrides };
     const issues = [];
+    const ledger = newCoverageLedger();
     checkFinancialValidity(parsed, thresholds, issues);
-    checkCrossSectionConsistency(parsed, issues);
-    checkComponents(parsed, issues);
+    checkCrossSectionConsistency(parsed, issues, ledger);
+    checkComponents(parsed, issues, ledger);
     checkCapitalStack(parsed, issues);
-    checkLeaseUpSchedule(parsed, issues);
+    checkLeaseUpSchedule(parsed, issues, ledger);
     checkCashFlowSeries(parsed, issues);
     checkWaterfall(parsed, issues);
-    checkSizeIntensive(parsed, issues);
-    checkSectionReadiness(parsed, issues);
+    checkSizeIntensive(parsed, issues, ledger);
+    checkSectionReadiness(parsed, issues, ledger);
+    checkReturnsTaxBasis(parsed, issues);
     checkLocale(parsed, issues);
     checkAssetClassIdentifier(parsed, issues);
     checkMetaIntegrity(parsed, issues);
@@ -107,6 +109,23 @@ export function validateUWFile(parsed, thresholdOverrides) {
     checkSourceVocabulary(parsed, issues);
     checkScopeReadiness(parsed, issues);
     checkDataQuality(parsed, issues);
+    // CC-16: one info issue per section that was present as a variant map no
+    // cross-check could resolve (§5.3, RFC 0037). Emitted after every check has
+    // run so the message can name every rule the map silenced.
+    for (const [sectionId, entry] of ledger.unresolvable) {
+        const codes = [...entry.codes].sort();
+        issues.push({
+            code: 'CC-16', severity: 'info', section: sectionId,
+            message: `CC-16: ${sectionId} is present as ${entry.variants.length} variants (${entry.variants.join(', ')}) and none is named default or base; ${codes.join(', ')} ${codes.length === 1 ? 'was' : 'were'} skipped — name a default variant or state the section once (§5.3, RFC 0037)`,
+            value: entry.variants,
+        });
+    }
+    // Every registered rule owes a coverage entry; a rule no check reached is
+    // reported rather than silently missing.
+    for (const code of CROSS_CHECK_RULE_IDS) {
+        if (!ledger.coverage[code])
+            markSkipped(ledger, code, 'not_applicable', 'not reached');
+    }
     // Enrich every issue with BUILTIN_REMEDIATIONS title/remediation/spec_ref
     // when the code matches the registry. Keeps inline messages (which carry
     // deal-specific values) and adds canonical remediation copy.
@@ -127,6 +146,7 @@ export function validateUWFile(parsed, thresholdOverrides) {
         errors,
         warnings,
         info,
+        coverage: orderedCoverage(ledger),
     };
 }
 // ─── §5.2 Financial validity thresholds ──────────────────────────────────────
@@ -245,132 +265,346 @@ function checkFinancialValidity(parsed, t, issues) {
         }
     }
 }
-// ─── §5.3 Cross-section consistency checks ───────────────────────────────────
-function checkCrossSectionConsistency(parsed, issues) {
-    const rentRoll = getSection(parsed, 'rent_roll');
-    const os = getSectionVariant(parsed, 'operating_statement', 't12')
-        ?? getSectionVariant(parsed, 'operating_statement', 'default')
-        ?? getSection(parsed, 'operating_statement');
-    const debtStructure = getSection(parsed, 'debt_structure');
-    const sourcesUses = getSection(parsed, 'sources_uses');
-    const valuation = getSection(parsed, 'valuation');
-    const noiModel = getSection(parsed, 'noi_model');
-    const dcf = getSection(parsed, 'dcf');
-    const stressTests = getSection(parsed, 'stress_tests')
-        ?? getSectionVariant(parsed, 'stress_tests', 'default');
-    const dueDiligence = getSection(parsed, 'due_diligence');
+function newCoverageLedger() {
+    return { coverage: {}, unresolvable: new Map() };
+}
+function markEvaluated(ledger, code) {
+    ledger.coverage[code] = { status: 'evaluated' };
+}
+function markSkipped(ledger, code, reason, detail) {
+    if (ledger.coverage[code]?.status === 'evaluated')
+        return;
+    ledger.coverage[code] = { status: 'skipped', reason, ...(detail ? { detail } : {}) };
+}
+function noteUnresolvable(ledger, sectionId, variants, code) {
+    const entry = ledger.unresolvable.get(sectionId) ?? { variants, codes: new Set() };
+    entry.codes.add(code);
+    ledger.unresolvable.set(sectionId, entry);
+}
+/** Coverage in registered-rule order, so `--json` output is stable. */
+function orderedCoverage(ledger) {
+    const out = {};
+    for (const code of CROSS_CHECK_RULE_IDS) {
+        const entry = ledger.coverage[code];
+        if (entry)
+            out[code] = entry;
+    }
+    return out;
+}
+function resolveCrossCheckSection(parsed, sectionId, preferred = []) {
+    const entry = parsed.sections[sectionId];
+    if (!entry)
+        return { state: 'absent', block: null };
+    if (!isVariantMap(entry))
+        return { state: 'resolved', block: entry };
+    const map = entry;
+    for (const key of [...preferred, ...CROSS_CHECK_VARIANT_PREFERENCE]) {
+        const block = map[key];
+        if (block)
+            return { state: 'resolved', block, variant: key };
+    }
+    const keys = Object.keys(map);
+    if (keys.length === 1)
+        return { state: 'resolved', block: map[keys[0]], variant: keys[0] };
+    return { state: 'unresolvable', block: null, variants: keys.sort() };
+}
+/**
+ * Resolve every section a rule reads. On any failure the rule's skip is
+ * recorded (the first failure's reason wins; every unresolvable section is
+ * noted for CC-16) and `null` is returned.
+ */
+function requireSections(ledger, parsed, code, needs) {
+    const out = {};
+    let skip = null;
+    for (const need of needs) {
+        const sectionId = need[0];
+        const preferred = need.length > 1 ? need[1] : [];
+        const r = resolveCrossCheckSection(parsed, sectionId, preferred);
+        if (r.state === 'resolved') {
+            out[sectionId] = { block: r.block, ...(r.variant ? { variant: r.variant } : {}) };
+            continue;
+        }
+        if (r.state === 'unresolvable')
+            noteUnresolvable(ledger, sectionId, r.variants, code);
+        skip ??= { reason: r.state === 'absent' ? 'section_absent' : 'variant_unresolvable', detail: sectionId };
+    }
+    if (skip) {
+        markSkipped(ledger, code, skip.reason, skip.detail);
+        return null;
+    }
+    return out;
+}
+function num(v) {
+    return typeof v === 'number' && Number.isFinite(v) ? v : undefined;
+}
+function checkCrossSectionConsistency(parsed, issues, ledger) {
     // CC-01: Rent roll GPR must match OS GPR within 3%
-    if (rentRoll && os) {
-        const rrGPR = deepGet(rentRoll.content, 'gross_potential_rent')
-            ?? deepGet(rentRoll.content, 'totals.gross_potential_rent');
-        const osGPR = deepGet(os.content, 'gross_potential_rent')
-            ?? deepGet(os.content, 'income.gross_potential_rent');
-        if (rrGPR != null && osGPR != null && osGPR !== 0) {
-            const pctDiff = Math.abs(rrGPR - osGPR) / osGPR;
-            if (pctDiff > 0.03) {
-                issues.push({ code: 'CC-01', severity: 'warning', section: 'rent_roll', field: 'gross_potential_rent', message: `CC-01: Rent roll GPR ($${rrGPR.toLocaleString()}) differs from Operating Statement GPR ($${osGPR.toLocaleString()}) by ${(pctDiff * 100).toFixed(1)}% (threshold: 3%)`, value: pctDiff });
+    {
+        const got = requireSections(ledger, parsed, 'CC-01', [['rent_roll'], ['operating_statement', ['t12']]]);
+        if (got) {
+            const rentRoll = got['rent_roll'].block;
+            const os = got['operating_statement'].block;
+            const rrGPR = num(deepGet(rentRoll.content, 'gross_potential_rent')) ?? num(deepGet(rentRoll.content, 'totals.gross_potential_rent'));
+            const osGPR = num(deepGet(os.content, 'gross_potential_rent')) ?? num(deepGet(os.content, 'income.gross_potential_rent'));
+            if (rrGPR == null)
+                markSkipped(ledger, 'CC-01', 'field_absent', 'rent_roll.gross_potential_rent');
+            else if (osGPR == null || osGPR === 0)
+                markSkipped(ledger, 'CC-01', 'field_absent', 'operating_statement.gross_potential_rent');
+            else {
+                markEvaluated(ledger, 'CC-01');
+                const pctDiff = Math.abs(rrGPR - osGPR) / osGPR;
+                if (pctDiff > 0.03) {
+                    issues.push({ code: 'CC-01', severity: 'warning', section: 'rent_roll', field: 'gross_potential_rent', message: `CC-01: Rent roll GPR ($${rrGPR.toLocaleString()}) differs from Operating Statement GPR ($${osGPR.toLocaleString()}) by ${(pctDiff * 100).toFixed(1)}% (threshold: 3%)`, value: pctDiff });
+                }
             }
         }
     }
     // CC-02: UW value in valuation must match LTV denominator in debt_structure
-    if (valuation && debtStructure) {
-        const uwValue = deepGet(valuation.content, 'underwritten_value')
-            ?? deepGet(valuation.content, 'purchase_price');
-        const loanAmt = deepGet(debtStructure.content, 'loan_amount');
-        const ltvInDebt = deepGet(debtStructure.content, 'ltv');
-        if (uwValue != null && loanAmt != null && ltvInDebt != null && uwValue > 0) {
-            const impliedLTV = loanAmt / uwValue;
-            const diff = Math.abs(impliedLTV - ltvInDebt);
-            if (diff > 0.005) {
-                issues.push({ code: 'CC-02', severity: 'warning', section: 'debt_structure', field: 'ltv', message: `CC-02: Implied LTV (${(impliedLTV * 100).toFixed(2)}%) from loan/value does not match stated LTV (${(ltvInDebt * 100).toFixed(2)}%) — check valuation.underwritten_value vs debt_structure.ltv`, value: diff });
+    {
+        const got = requireSections(ledger, parsed, 'CC-02', [['valuation'], ['debt_structure']]);
+        if (got) {
+            const valuation = got['valuation'].block;
+            const debtStructure = got['debt_structure'].block;
+            const uwValue = num(deepGet(valuation.content, 'underwritten_value')) ?? num(deepGet(valuation.content, 'purchase_price'));
+            const loanAmt = num(deepGet(debtStructure.content, 'loan_amount'));
+            const ltvInDebt = num(deepGet(debtStructure.content, 'ltv'));
+            if (uwValue == null || uwValue <= 0)
+                markSkipped(ledger, 'CC-02', 'field_absent', 'valuation.underwritten_value');
+            else if (loanAmt == null)
+                markSkipped(ledger, 'CC-02', 'field_absent', 'debt_structure.loan_amount');
+            else if (ltvInDebt == null)
+                markSkipped(ledger, 'CC-02', 'field_absent', 'debt_structure.ltv');
+            else {
+                markEvaluated(ledger, 'CC-02');
+                const impliedLTV = loanAmt / uwValue;
+                const diff = Math.abs(impliedLTV - ltvInDebt);
+                if (diff > 0.005) {
+                    issues.push({ code: 'CC-02', severity: 'warning', section: 'debt_structure', field: 'ltv', message: `CC-02: Implied LTV (${(impliedLTV * 100).toFixed(2)}%) from loan/value does not match stated LTV (${(ltvInDebt * 100).toFixed(2)}%) — check valuation.underwritten_value vs debt_structure.ltv`, value: diff });
+                }
             }
         }
     }
     // CC-03: the senior loan reconciles across sources_uses, debt_structure, and
     // (when present) the capital_stack senior_debt tranche — one senior view stated
-    // once and agreeing everywhere (RFC 0026 §4.24).
+    // once and agreeing everywhere (RFC 0026 §4.24). Two legs; the rule is
+    // evaluated when either leg compared.
     {
-        const suLoan = deepGet(sourcesUses?.content ?? {}, 'sources.loan_amount')
-            ?? deepGet(sourcesUses?.content ?? {}, 'sources.debt_proceeds');
-        const dsLoan = deepGet(debtStructure?.content ?? {}, 'loan_amount');
-        if (sourcesUses && debtStructure && suLoan != null && dsLoan != null && Math.abs(suLoan - dsLoan) > 100) {
-            issues.push({ code: 'CC-03', severity: 'error', section: 'sources_uses', field: 'sources.loan_amount', message: `CC-03: Loan amount in Sources & Uses ($${suLoan.toLocaleString()}) does not match Debt Structure loan amount ($${dsLoan.toLocaleString()})`, value: Math.abs(suLoan - dsLoan) });
+        const su = resolveCrossCheckSection(parsed, 'sources_uses');
+        const ds = resolveCrossCheckSection(parsed, 'debt_structure');
+        if (su.state === 'unresolvable')
+            noteUnresolvable(ledger, 'sources_uses', su.variants, 'CC-03');
+        if (ds.state === 'unresolvable')
+            noteUnresolvable(ledger, 'debt_structure', ds.variants, 'CC-03');
+        const suLoan = su.block ? (num(deepGet(su.block.content, 'sources.loan_amount')) ?? num(deepGet(su.block.content, 'sources.debt_proceeds'))) : undefined;
+        const dsLoan = ds.block ? num(deepGet(ds.block.content, 'loan_amount')) : undefined;
+        let evaluated = false;
+        if (suLoan != null && dsLoan != null) {
+            evaluated = true;
+            if (Math.abs(suLoan - dsLoan) > 100) {
+                issues.push({ code: 'CC-03', severity: 'error', section: 'sources_uses', field: 'sources.loan_amount', message: `CC-03: Loan amount in Sources & Uses ($${suLoan.toLocaleString()}) does not match Debt Structure loan amount ($${dsLoan.toLocaleString()})`, value: Math.abs(suLoan - dsLoan) });
+            }
         }
         const senior = seniorDebtTranche(parsed);
         if (senior) {
-            const seniorAmount = typeof senior['amount'] === 'number' ? senior['amount'] : undefined;
+            const seniorAmount = num(senior['amount']);
             const reference = dsLoan ?? suLoan;
-            if (seniorAmount != null && reference != null && Math.abs(seniorAmount - reference) > 100) {
-                issues.push({ code: 'CC-03', severity: 'error', section: 'capital_stack', field: 'tranches.senior_debt.amount', message: `CC-03: the capital_stack senior_debt tranche ($${seniorAmount.toLocaleString()}) does not match the senior loan amount ($${reference.toLocaleString()})`, value: Math.abs(seniorAmount - reference) });
+            if (seniorAmount != null && reference != null) {
+                evaluated = true;
+                if (Math.abs(seniorAmount - reference) > 100) {
+                    issues.push({ code: 'CC-03', severity: 'error', section: 'capital_stack', field: 'tranches.senior_debt.amount', message: `CC-03: the capital_stack senior_debt tranche ($${seniorAmount.toLocaleString()}) does not match the senior loan amount ($${reference.toLocaleString()})`, value: Math.abs(seniorAmount - reference) });
+                }
             }
         }
+        if (evaluated)
+            markEvaluated(ledger, 'CC-03');
+        else if (su.state === 'unresolvable')
+            markSkipped(ledger, 'CC-03', 'variant_unresolvable', 'sources_uses');
+        else if (ds.state === 'unresolvable')
+            markSkipped(ledger, 'CC-03', 'variant_unresolvable', 'debt_structure');
+        else if (su.state === 'absent')
+            markSkipped(ledger, 'CC-03', 'section_absent', 'sources_uses');
+        else if (ds.state === 'absent')
+            markSkipped(ledger, 'CC-03', 'section_absent', 'debt_structure');
+        else
+            markSkipped(ledger, 'CC-03', 'field_absent', suLoan == null ? 'sources_uses.sources.loan_amount' : 'debt_structure.loan_amount');
     }
     // CC-04: Sources must equal uses in sources_uses (within $1)
-    if (sourcesUses) {
-        const totalSources = deepGet(sourcesUses.content, 'total_sources');
-        const totalUses = deepGet(sourcesUses.content, 'total_uses');
-        if (totalSources != null && totalUses != null && Math.abs(totalSources - totalUses) > 1) {
-            issues.push({ code: 'CC-04', severity: 'error', section: 'sources_uses', field: 'total_sources', message: `CC-04: Sources ($${totalSources.toLocaleString()}) do not equal Uses ($${totalUses.toLocaleString()}) — difference: $${Math.abs(totalSources - totalUses).toLocaleString()}`, value: Math.abs(totalSources - totalUses) });
+    {
+        const got = requireSections(ledger, parsed, 'CC-04', [['sources_uses']]);
+        if (got) {
+            const sourcesUses = got['sources_uses'].block;
+            const totalSources = num(deepGet(sourcesUses.content, 'total_sources'));
+            const totalUses = num(deepGet(sourcesUses.content, 'total_uses'));
+            if (totalSources == null)
+                markSkipped(ledger, 'CC-04', 'field_absent', 'sources_uses.total_sources');
+            else if (totalUses == null)
+                markSkipped(ledger, 'CC-04', 'field_absent', 'sources_uses.total_uses');
+            else {
+                markEvaluated(ledger, 'CC-04');
+                if (Math.abs(totalSources - totalUses) > 1) {
+                    issues.push({ code: 'CC-04', severity: 'error', section: 'sources_uses', field: 'total_sources', message: `CC-04: Sources ($${totalSources.toLocaleString()}) do not equal Uses ($${totalUses.toLocaleString()}) — difference: $${Math.abs(totalSources - totalUses).toLocaleString()}`, value: Math.abs(totalSources - totalUses) });
+                }
+            }
         }
     }
     // CC-05: NOI used for DSCR must match noi_model.net_operating_income within 1%
-    if (noiModel && debtStructure) {
-        const modelNOI = deepGet(noiModel.content, 'net_operating_income');
-        const debtNOI = deepGet(debtStructure.content, 'underwritten_noi')
-            ?? deepGet(debtStructure.content, 'noi_used_for_dscr');
-        if (modelNOI != null && debtNOI != null && modelNOI > 0) {
-            const pctDiff = Math.abs(modelNOI - debtNOI) / modelNOI;
-            if (pctDiff > 0.01) {
-                issues.push({ code: 'CC-05', severity: 'warning', section: 'debt_structure', field: 'underwritten_noi', message: `CC-05: NOI used for DSCR ($${debtNOI.toLocaleString()}) differs from noi_model NOI ($${modelNOI.toLocaleString()}) by ${(pctDiff * 100).toFixed(2)}% (threshold: 1%)`, value: pctDiff });
+    {
+        const got = requireSections(ledger, parsed, 'CC-05', [['noi_model'], ['debt_structure']]);
+        if (got) {
+            const noiModel = got['noi_model'].block;
+            const debtStructure = got['debt_structure'].block;
+            const modelNOI = num(deepGet(noiModel.content, 'net_operating_income'));
+            const debtNOI = num(deepGet(debtStructure.content, 'underwritten_noi')) ?? num(deepGet(debtStructure.content, 'noi_used_for_dscr'));
+            if (modelNOI == null || modelNOI <= 0)
+                markSkipped(ledger, 'CC-05', 'field_absent', 'noi_model.net_operating_income');
+            else if (debtNOI == null)
+                markSkipped(ledger, 'CC-05', 'field_absent', 'debt_structure.underwritten_noi');
+            else {
+                markEvaluated(ledger, 'CC-05');
+                const pctDiff = Math.abs(modelNOI - debtNOI) / modelNOI;
+                if (pctDiff > 0.01) {
+                    issues.push({ code: 'CC-05', severity: 'warning', section: 'debt_structure', field: 'underwritten_noi', message: `CC-05: NOI used for DSCR ($${debtNOI.toLocaleString()}) differs from noi_model NOI ($${modelNOI.toLocaleString()}) by ${(pctDiff * 100).toFixed(2)}% (threshold: 1%)`, value: pctDiff });
+                }
             }
         }
     }
     // CC-06: DCF Year 1 NOI must be consistent with noi_model projections
-    if (noiModel && dcf) {
-        const modelNOI = deepGet(noiModel.content, 'net_operating_income');
-        const dcfY1NOI = deepGet(dcf.content, 'annual_cash_flows[0].noi')
-            ?? deepGet(dcf.content, 'annual_cash_flows[0].net_operating_income');
-        if (modelNOI != null && dcfY1NOI != null && modelNOI > 0) {
-            const pctDiff = Math.abs(modelNOI - dcfY1NOI) / modelNOI;
-            if (pctDiff > 0.02) {
-                issues.push({ code: 'CC-06', severity: 'warning', section: 'dcf', field: 'annual_cash_flows[0].noi', message: `CC-06: DCF Year 1 NOI ($${dcfY1NOI.toLocaleString()}) deviates from noi_model NOI ($${modelNOI.toLocaleString()}) by ${(pctDiff * 100).toFixed(2)}%`, value: pctDiff });
+    {
+        const got = requireSections(ledger, parsed, 'CC-06', [['noi_model'], ['dcf']]);
+        if (got) {
+            const noiModel = got['noi_model'].block;
+            const dcf = got['dcf'].block;
+            const modelNOI = num(deepGet(noiModel.content, 'net_operating_income'));
+            const dcfY1NOI = num(deepGet(dcf.content, 'annual_cash_flows[0].noi')) ?? num(deepGet(dcf.content, 'annual_cash_flows[0].net_operating_income'));
+            if (modelNOI == null || modelNOI <= 0)
+                markSkipped(ledger, 'CC-06', 'field_absent', 'noi_model.net_operating_income');
+            else if (dcfY1NOI == null)
+                markSkipped(ledger, 'CC-06', 'field_absent', 'dcf.annual_cash_flows[0].net_operating_income');
+            else {
+                markEvaluated(ledger, 'CC-06');
+                const pctDiff = Math.abs(modelNOI - dcfY1NOI) / modelNOI;
+                if (pctDiff > 0.02) {
+                    issues.push({ code: 'CC-06', severity: 'warning', section: 'dcf', field: 'annual_cash_flows[0].noi', message: `CC-06: DCF Year 1 NOI ($${dcfY1NOI.toLocaleString()}) deviates from noi_model NOI ($${modelNOI.toLocaleString()}) by ${(pctDiff * 100).toFixed(2)}%`, value: pctDiff });
+                }
             }
         }
     }
     // CC-07: Exit cap rate in dcf must be consistent with stress test cap rate scenarios
-    if (dcf && stressTests) {
-        const dcfExitCap = deepGet(dcf.content, 'assumptions.exit_cap_rate')
-            ?? deepGet(dcf.content, 'exit_cap_rate');
-        const stressExitCap = deepGet(stressTests.content, 'base_case.exit_cap_rate');
-        if (dcfExitCap != null && stressExitCap != null && Math.abs(dcfExitCap - stressExitCap) > 0.005) {
-            issues.push({ code: 'CC-07', severity: 'warning', section: 'stress_tests', field: 'base_case.exit_cap_rate', message: `CC-07: Exit cap rate in DCF (${(dcfExitCap * 100).toFixed(2)}%) differs from stress test base case (${(stressExitCap * 100).toFixed(2)}%)`, value: Math.abs(dcfExitCap - stressExitCap) });
+    {
+        const got = requireSections(ledger, parsed, 'CC-07', [['dcf'], ['stress_tests']]);
+        if (got) {
+            const dcf = got['dcf'].block;
+            const stressTests = got['stress_tests'].block;
+            const dcfExitCap = num(deepGet(dcf.content, 'assumptions.exit_cap_rate')) ?? num(deepGet(dcf.content, 'exit_cap_rate'));
+            const stressExitCap = num(deepGet(stressTests.content, 'base_case.exit_cap_rate'));
+            if (dcfExitCap == null)
+                markSkipped(ledger, 'CC-07', 'field_absent', 'dcf.assumptions.exit_cap_rate');
+            else if (stressExitCap == null)
+                markSkipped(ledger, 'CC-07', 'field_absent', 'stress_tests.base_case.exit_cap_rate');
+            else {
+                markEvaluated(ledger, 'CC-07');
+                if (Math.abs(dcfExitCap - stressExitCap) > 0.005) {
+                    issues.push({ code: 'CC-07', severity: 'warning', section: 'stress_tests', field: 'base_case.exit_cap_rate', message: `CC-07: Exit cap rate in DCF (${(dcfExitCap * 100).toFixed(2)}%) differs from stress test base case (${(stressExitCap * 100).toFixed(2)}%)`, value: Math.abs(dcfExitCap - stressExitCap) });
+                }
+            }
         }
     }
-    // CC-08: Appraised value in due_diligence must match valuation.appraised_value
-    if (dueDiligence && valuation) {
-        const ddAppraisedVal = deepGet(dueDiligence.content, 'appraisal.appraised_value');
-        const valAppraisedVal = deepGet(valuation.content, 'appraised_value');
-        if (ddAppraisedVal != null && valAppraisedVal != null && Math.abs(ddAppraisedVal - valAppraisedVal) > 1000) {
-            issues.push({ code: 'CC-08', severity: 'warning', section: 'due_diligence', field: 'appraisal.appraised_value', message: `CC-08: Appraised value in due_diligence ($${ddAppraisedVal.toLocaleString()}) does not match valuation.appraised_value ($${valAppraisedVal.toLocaleString()})`, value: Math.abs(ddAppraisedVal - valAppraisedVal) });
+    // CC-08: Appraised value in due_diligence must match valuation.appraised_value.
+    // due_diligence's variants are sub-documents (§2.8), so the `appraisal`
+    // variant is preferred and, when it is the resolved block, the value may
+    // sit at its root rather than under an `appraisal` key.
+    {
+        const got = requireSections(ledger, parsed, 'CC-08', [['due_diligence', ['appraisal']], ['valuation']]);
+        if (got) {
+            const dd = got['due_diligence'];
+            const valuation = got['valuation'].block;
+            const ddAppraisedVal = num(deepGet(dd.block.content, 'appraisal.appraised_value'))
+                ?? (dd.variant === 'appraisal' ? num(deepGet(dd.block.content, 'appraised_value')) : undefined);
+            const valAppraisedVal = num(deepGet(valuation.content, 'appraised_value'));
+            if (ddAppraisedVal == null)
+                markSkipped(ledger, 'CC-08', 'field_absent', 'due_diligence.appraisal.appraised_value');
+            else if (valAppraisedVal == null)
+                markSkipped(ledger, 'CC-08', 'field_absent', 'valuation.appraised_value');
+            else {
+                markEvaluated(ledger, 'CC-08');
+                if (Math.abs(ddAppraisedVal - valAppraisedVal) > 1000) {
+                    issues.push({ code: 'CC-08', severity: 'warning', section: 'due_diligence', field: 'appraisal.appraised_value', message: `CC-08: Appraised value in due_diligence ($${ddAppraisedVal.toLocaleString()}) does not match valuation.appraised_value ($${valAppraisedVal.toLocaleString()})`, value: Math.abs(ddAppraisedVal - valAppraisedVal) });
+                }
+            }
         }
     }
     // CC-09: Annual debt service in stress_tests base case must match debt_structure.annual_debt_service
-    if (stressTests && debtStructure) {
-        const stressADS = deepGet(stressTests.content, 'base_case.annual_debt_service');
-        const debtADS = deepGet(debtStructure.content, 'annual_debt_service');
-        if (stressADS != null && debtADS != null && Math.abs(stressADS - debtADS) > 500) {
-            issues.push({ code: 'CC-09', severity: 'warning', section: 'stress_tests', field: 'base_case.annual_debt_service', message: `CC-09: Annual debt service in stress test base case ($${stressADS.toLocaleString()}) differs from debt_structure ($${debtADS.toLocaleString()}) by $${Math.abs(stressADS - debtADS).toLocaleString()}`, value: Math.abs(stressADS - debtADS) });
+    {
+        const got = requireSections(ledger, parsed, 'CC-09', [['stress_tests'], ['debt_structure']]);
+        if (got) {
+            const stressTests = got['stress_tests'].block;
+            const debtStructure = got['debt_structure'].block;
+            const stressADS = num(deepGet(stressTests.content, 'base_case.annual_debt_service'));
+            const debtADS = num(deepGet(debtStructure.content, 'annual_debt_service'));
+            if (stressADS == null)
+                markSkipped(ledger, 'CC-09', 'field_absent', 'stress_tests.base_case.annual_debt_service');
+            else if (debtADS == null)
+                markSkipped(ledger, 'CC-09', 'field_absent', 'debt_structure.annual_debt_service');
+            else {
+                markEvaluated(ledger, 'CC-09');
+                if (Math.abs(stressADS - debtADS) > 500) {
+                    issues.push({ code: 'CC-09', severity: 'warning', section: 'stress_tests', field: 'base_case.annual_debt_service', message: `CC-09: Annual debt service in stress test base case ($${stressADS.toLocaleString()}) differs from debt_structure ($${debtADS.toLocaleString()}) by $${Math.abs(stressADS - debtADS).toLocaleString()}`, value: Math.abs(stressADS - debtADS) });
+                }
+            }
         }
     }
     // CC-10: Purchase price in sources_uses.uses must match valuation.purchase_price
-    if (sourcesUses && valuation) {
-        const suPP = deepGet(sourcesUses.content, 'uses.purchase_price');
-        const valPP = deepGet(valuation.content, 'purchase_price');
-        if (suPP != null && valPP != null && Math.abs(suPP - valPP) > 100) {
-            issues.push({ code: 'CC-10', severity: 'error', section: 'sources_uses', field: 'uses.purchase_price', message: `CC-10: Purchase price in Sources & Uses ($${suPP.toLocaleString()}) does not match valuation.purchase_price ($${valPP.toLocaleString()})`, value: Math.abs(suPP - valPP) });
+    {
+        const got = requireSections(ledger, parsed, 'CC-10', [['sources_uses'], ['valuation']]);
+        if (got) {
+            const sourcesUses = got['sources_uses'].block;
+            const valuation = got['valuation'].block;
+            const suPP = num(deepGet(sourcesUses.content, 'uses.purchase_price'));
+            const valPP = num(deepGet(valuation.content, 'purchase_price'));
+            if (suPP == null)
+                markSkipped(ledger, 'CC-10', 'field_absent', 'sources_uses.uses.purchase_price');
+            else if (valPP == null)
+                markSkipped(ledger, 'CC-10', 'field_absent', 'valuation.purchase_price');
+            else {
+                markEvaluated(ledger, 'CC-10');
+                if (Math.abs(suPP - valPP) > 100) {
+                    issues.push({ code: 'CC-10', severity: 'error', section: 'sources_uses', field: 'uses.purchase_price', message: `CC-10: Purchase price in Sources & Uses ($${suPP.toLocaleString()}) does not match valuation.purchase_price ($${valPP.toLocaleString()})`, value: Math.abs(suPP - valPP) });
+                }
+            }
         }
     }
 }
+// ─── §4.9 dcf.returns.tax_basis (RFC 0038) ───────────────────────────────────
+/**
+ * The tax basis every metric in `dcf.returns` is stated on: the declared
+ * `returns.tax_basis` when it is a registered value, else the spec default
+ * (`pre_tax`). Consumers comparing return metrics across documents call this
+ * rather than re-deriving the default.
+ */
+export function getReturnTaxBasis(parsed) {
+    const dcf = resolveCrossCheckSection(parsed, 'dcf').block;
+    const v = dcf ? deepGet(dcf.content, 'returns.tax_basis') : undefined;
+    return typeof v === 'string' && RETURN_TAX_BASES.includes(v)
+        ? v
+        : DEFAULT_RETURN_TAX_BASIS;
+}
+// RT-01: a stated tax_basis outside the closed set. Absent (or null) means
+// the default and is not an issue.
+function checkReturnsTaxBasis(parsed, issues) {
+    const dcf = resolveCrossCheckSection(parsed, 'dcf').block;
+    if (!dcf)
+        return;
+    const v = deepGet(dcf.content, 'returns.tax_basis');
+    if (v === undefined || v === null)
+        return;
+    if (typeof v === 'string' && RETURN_TAX_BASES.includes(v))
+        return;
+    issues.push({
+        code: 'RT-01', severity: 'error', section: 'dcf', field: 'returns.tax_basis',
+        message: `RT-01: dcf.returns.tax_basis must be one of ${RETURN_TAX_BASES.join(', ')} (found ${JSON.stringify(v)}); omit it to mean ${DEFAULT_RETURN_TAX_BASIS} (format §4.9, RFC 0038)`,
+        value: v,
+    });
+}
 // ─── §4.23 Mixed-use components (RFC 0019) ───────────────────────────────────
 // The eight income classes admissible as a mixed-use component. `land` is
 // excluded (its NOI model nets negative) and `mixed_use` cannot nest in itself.
@@ -381,13 +615,18 @@ const ADMISSIBLE_COMPONENT_CLASSES = new Set([
 // Validates the `components` section: the CC-11 asset-class gate, the CC-12
 // footing check (property NOI == Σ component NOI), and the section-internal
 // MU-* rules. A no-op for any document without a components section.
-function checkComponents(parsed, issues) {
+function checkComponents(parsed, issues, ledger) {
     const components = getSection(parsed, 'components');
-    if (!components)
+    if (!components) {
+        markSkipped(ledger, 'CC-11', 'not_applicable', 'no components section');
+        markSkipped(ledger, 'CC-12', 'not_applicable', 'no components section');
         return;
+    }
     const assetClass = parsed.frontmatter.asset_class;
     // CC-11: a components section is only valid under asset_class mixed_use.
+    markEvaluated(ledger, 'CC-11');
     if (assetClass !== 'mixed_use') {
+        markSkipped(ledger, 'CC-12', 'not_applicable', 'CC-11 fired');
         issues.push({
             code: 'CC-11', severity: 'error', section: 'components', field: 'asset_class',
             message: `CC-11: a components section is only valid when asset_class is mixed_use (found "${String(assetClass)}")`,
@@ -462,6 +701,8 @@ function checkComponents(parsed, issues) {
     // when every admissible component states a numeric NOI — a missing one is
     // MU-04's job, not a footing mismatch.
     const noiModel = getSection(parsed, 'noi_model');
+    if (!noiModel)
+        markSkipped(ledger, 'CC-12', 'section_absent', 'noi_model');
     if (noiModel) {
         const propNOI = deepGet(noiModel.content, 'net_operating_income');
         const compNOIs = admissible
@@ -469,7 +710,12 @@ function checkComponents(parsed, issues) {
             ? raw['net_operating_income']
             : undefined)
             .filter((v) => typeof v === 'number');
+        if (propNOI == null)
+            markSkipped(ledger, 'CC-12', 'field_absent', 'noi_model.net_operating_income');
+        else if (admissible.length === 0 || compNOIs.length !== admissible.length)
+            markSkipped(ledger, 'CC-12', 'field_absent', 'components[*].net_operating_income');
         if (propNOI != null && admissible.length > 0 && compNOIs.length === admissible.length) {
+            markEvaluated(ledger, 'CC-12');
             const sum = compNOIs.reduce((a, b) => a + b, 0);
             if (Math.abs(sum - propNOI) > 1) {
                 issues.push({
@@ -590,36 +836,49 @@ function checkStackContent(content, section, prefix, issues) {
 // hard gate has INCOMPLETE_DATA_POLICIES. The five applicability
 // preconditions are normative (§5.3): each guards against the rule judging a
 // document whose missing size is some *other* rule's diagnosis.
-function checkSizeIntensive(parsed, issues) {
+function checkSizeIntensive(parsed, issues, ledger) {
     // 1. UWX record, not a compiled UW Lite summary — Lite states size in its
     //    own grammar, and its compiled envelope carries the x_uw_lite_source
     //    extension (surfaced under `extensions` by fromUWEnvelope, under
     //    `sections` by a re-parse of the serialized UWX).
-    if (parsed.sections[UW_LITE_SOURCE_EXTENSION] || parsed.extensions?.[UW_LITE_SOURCE_EXTENSION])
+    if (parsed.sections[UW_LITE_SOURCE_EXTENSION] || parsed.extensions?.[UW_LITE_SOURCE_EXTENSION]) {
+        markSkipped(ledger, 'CC-13', 'not_applicable', 'compiled UW Lite summary');
         return;
+    }
     // 2. Deal-record profile only. An absent profile is the plain underwriting
     //    record; any other declared profile has no property section by design.
     const profile = parsed.frontmatter['document_profile'];
-    if (profile != null && profile !== DEAL_UNDERWRITING_PROFILE)
+    if (profile != null && profile !== DEAL_UNDERWRITING_PROFILE) {
+        markSkipped(ledger, 'CC-13', 'not_applicable', `document_profile ${String(profile)}`);
         return;
+    }
     // 3. Recognized class with a primary size field (not mixed_use, §XIII.2;
     //    not an unrecognized class, §XIII.3).
     const assetClass = parsed.frontmatter.asset_class;
-    if (typeof assetClass !== 'string')
+    if (typeof assetClass !== 'string') {
+        markSkipped(ledger, 'CC-13', 'not_applicable', 'no asset_class');
         return;
+    }
     const intensive = getSizeIntensive(assetClass);
-    if (!intensive)
+    if (!intensive) {
+        markSkipped(ledger, 'CC-13', 'not_applicable', `${assetClass} has no primary size field`);
         return;
+    }
     // 4. A property section exists — a missing section is a different defect
     //    with a different remedy (RFC 0027, unresolved question 5).
     const property = getSection(parsed, 'property') ?? getSectionVariant(parsed, 'property', 'default');
-    if (!property)
+    if (!property) {
+        markSkipped(ledger, 'CC-13', 'section_absent', 'property');
         return;
+    }
     // 5. Not externalized (RFC 0021) — the directive is not the section.
     //    Presence of the key is the whole test, as in the Lite projection.
     if (EXTERNAL_ANNOTATION_KEY in property.annotation ||
-        EXTERNAL_ANNOTATION_KEY in property.content)
+        EXTERNAL_ANNOTATION_KEY in property.content) {
+        markSkipped(ledger, 'CC-13', 'not_applicable', 'property is externalized');
         return;
+    }
+    markEvaluated(ledger, 'CC-13');
     // §VIII.2's unwrap rule, exactly as the calc evaluator applies it: a block
     // storing the envelope shape keeps its payload one level down at `content`.
     // CC-13 judges the payload the pack divides by — never the wrapper.
@@ -649,7 +908,7 @@ function checkSizeIntensive(parsed, issues) {
 // same scan shows deal_stage declarations state where a deal is going, not
 // what the file contains (all twelve worked examples fail their declared
 // stage's list); info reports the gap without refusing or nagging.
-function checkSectionReadiness(parsed, issues) {
+function checkSectionReadiness(parsed, issues, ledger) {
     // CC-14 preconditions mirror CC-13's 1 and 2 (RFC 0028 §1). Precondition 3
     // (not externalized) is satisfied structurally: an externalized-but-
     // unresolved section still parses as a block, so it is present here.
@@ -657,6 +916,12 @@ function checkSectionReadiness(parsed, issues) {
     const profile = parsed.frontmatter['document_profile'];
     const isDealRecord = profile == null || profile === DEAL_UNDERWRITING_PROFILE;
     const hasProperty = hasStageSection(parsed, 'property');
+    if (isCompiledLite)
+        markSkipped(ledger, 'CC-14', 'not_applicable', 'compiled UW Lite summary');
+    else if (!isDealRecord)
+        markSkipped(ledger, 'CC-14', 'not_applicable', 'not a deal record');
+    else
+        markEvaluated(ledger, 'CC-14');
     let cc14Fired = false;
     if (!isCompiledLite && isDealRecord && !hasProperty) {
         cc14Fired = true;
@@ -765,10 +1030,12 @@ function checkLeaseUpContent(content, variant, issues) {
         }
     }
 }
-function checkLeaseUpSchedule(parsed, issues) {
+function checkLeaseUpSchedule(parsed, issues, ledger) {
     const entry = parsed.sections['lease_up_schedule'];
-    if (!entry)
+    if (!entry) {
+        markSkipped(ledger, 'CC-15', 'not_applicable', 'no lease_up_schedule');
         return;
+    }
     const variants = isVariantMap(entry)
         ? Object.entries(entry)
         : [['default', entry]];
@@ -791,15 +1058,29 @@ function checkLeaseUpSchedule(parsed, issues) {
     // within LEASE_UP_STABILIZED_TOLERANCE. Tolerance-checked, not exact: the
     // trajectory endpoint and the stabilized-year projection are two different
     // models of stabilization (RFC 0008).
+    // CC-15 reads the base variant ONLY (RFC 0008: non-base variants are
+    // exempt by design — a downside is supposed to disagree). So the §5.3
+    // lone-variant fallback does not apply here, and a map with no base or
+    // default is `not_applicable`, not unresolvable: nothing was silenced.
     const base = isVariantMap(entry)
         ? (entry['base'] ?? entry['default'])
         : entry;
+    if (!base)
+        markSkipped(ledger, 'CC-15', 'not_applicable', 'no base variant');
     const stabilizedNoi = base
         ? deepGet(base.content, 'stabilized_summary.annualized_noi')
         : undefined;
-    const modelNoi = deepGet(getSection(parsed, 'noi_model')?.content, 'net_operating_income');
+    const noiModel = getSection(parsed, 'noi_model');
+    const modelNoi = deepGet(noiModel?.content, 'net_operating_income');
+    if (base && !noiModel)
+        markSkipped(ledger, 'CC-15', 'section_absent', 'noi_model');
+    else if (base && !(typeof stabilizedNoi === 'number' && Number.isFinite(stabilizedNoi)))
+        markSkipped(ledger, 'CC-15', 'field_absent', 'lease_up_schedule.stabilized_summary.annualized_noi');
+    else if (base && !(typeof modelNoi === 'number' && Number.isFinite(modelNoi) && modelNoi !== 0))
+        markSkipped(ledger, 'CC-15', 'field_absent', 'noi_model.net_operating_income');
     if (typeof stabilizedNoi === 'number' && Number.isFinite(stabilizedNoi) &&
         typeof modelNoi === 'number' && Number.isFinite(modelNoi) && modelNoi !== 0) {
+        markEvaluated(ledger, 'CC-15');
         const drift = Math.abs(stabilizedNoi - modelNoi) / Math.abs(modelNoi);
         if (drift > LEASE_UP_STABILIZED_TOLERANCE) {
             issues.push({
@@ -905,12 +1186,13 @@ function checkCashFlowSeries(parsed, issues) {
         checkCashFlowContent(block.content, variant, issues);
     }
 }
-// ─── Distribution waterfall (RFC 0035, §4.27) ────────────────────────────────
+// ─── Distribution waterfall (RFC 0035 + RFC 0036, §4.27) ─────────────────────
 //
 // Structural rules only, the standing split: the ladder grammar, the cash
 // reference, and the capital precondition are validation; the allocation
 // arithmetic belongs to `verifyWaterfall` (waterfall.ts). Multi-variant.
 const RATIO_QUANTUM = 1e-4;
+const RATE_QUANTUM = 1e-6;
 function sumsToOne(a, b) {
     return typeof a === 'number' && typeof b === 'number' &&
         Number.isFinite(a) && Number.isFinite(b) &&
@@ -937,6 +1219,8 @@ function checkWaterfallContent(content, variant, parsed, issues) {
         const ORDER = { return_of_capital: 0, preferred_return: 1, catch_up: 2, split: 3 };
         let prevRank = -1;
         let splitCount = 0;
+        let prevEm = null;
+        let prevIrr = null;
         const seenSingleton = new Set();
         rows.forEach((tier, i) => {
             const type = tier && typeof tier === 'object' ? tier.type : undefined;
@@ -982,19 +1266,51 @@ function checkWaterfallContent(content, variant, parsed, issues) {
                 if (!sumsToOne(t.lp_share, t.gp_share)) {
                     wf01(`tiers[${i}]`, 'split lp_share and gp_share must be fractions in [0,1] summing to 1.0');
                 }
-                if (t.until_lp_irr !== undefined) {
-                    wf01(`tiers[${i}].until_lp_irr`, 'until_lp_irr is reserved for a future RFC and refused (RFC 0035 §C)');
-                }
+                // Hurdles (RFC 0035 `until_lp_em`, RFC 0036 `until_lp_irr`): each in
+                // range, a capped split paying the LP, the terminal split uncapped by
+                // either field, and each kind of hurdle strictly increasing down the
+                // ladder (a later tier hurdled at or below an earlier one has
+                // capacity zero by construction and would pay nothing, silently).
+                let emOk = false;
+                let irrOk = false;
                 if (t.until_lp_em != null) {
-                    if (!(typeof t.until_lp_em === 'number' && t.until_lp_em > 0)) {
+                    if (!(typeof t.until_lp_em === 'number' && Number.isFinite(t.until_lp_em) && t.until_lp_em > 0)) {
                         wf01(`tiers[${i}].until_lp_em`, 'until_lp_em must be a positive equity multiple');
                     }
-                    else if (!(typeof t.lp_share === 'number' && t.lp_share > 0)) {
+                    else {
+                        emOk = true;
+                    }
+                }
+                if (t.until_lp_irr != null) {
+                    if (!(typeof t.until_lp_irr === 'number' && t.until_lp_irr > 0 && t.until_lp_irr < 1)) {
+                        wf01(`tiers[${i}].until_lp_irr`, 'until_lp_irr must be a fraction in (0, 1) — an IRR hurdle rate, 0.12 not 12');
+                    }
+                    else {
+                        irrOk = true;
+                    }
+                }
+                if (t.until_lp_em != null || t.until_lp_irr != null) {
+                    if ((emOk || irrOk) && !(typeof t.lp_share === 'number' && t.lp_share > 0)) {
                         wf01(`tiers[${i}].lp_share`, 'a capped split must pay the LP (lp_share > 0) or the cap can never bind');
                     }
                     if (i === rows.length - 1) {
-                        wf01(`tiers[${i}].until_lp_em`, 'the final split must be uncapped — capped ladders need a terminal residual tier');
+                        const field = t.until_lp_irr != null && t.until_lp_em == null ? 'until_lp_irr' : 'until_lp_em';
+                        wf01(`tiers[${i}].${field}`, 'the final split must be uncapped — capped ladders need a terminal residual tier');
+                    }
+                }
+                if (emOk) {
+                    const em = t.until_lp_em;
+                    if (prevEm !== null && !(em > prevEm + RATIO_QUANTUM)) {
+                        wf01(`tiers[${i}].until_lp_em`, `until_lp_em (${em}) must exceed the earlier tier's hurdle (${prevEm}) — a later tier hurdled at or below an earlier one can never pay`);
+                    }
+                    prevEm = prevEm === null ? em : Math.max(prevEm, em);
+                }
+                if (irrOk) {
+                    const irr = t.until_lp_irr;
+                    if (prevIrr !== null && !(irr > prevIrr + RATE_QUANTUM)) {
+                        wf01(`tiers[${i}].until_lp_irr`, `until_lp_irr (${irr}) must exceed the earlier tier's hurdle (${prevIrr}) — a later tier hurdled at or below an earlier one can never pay`);
                     }
+                    prevIrr = prevIrr === null ? irr : Math.max(prevIrr, irr);
                 }
             }
         });