Citation and evidence standard

A link to a 400-page S-1 does not tell a reader where a fact came from. Every citation here identifies enough information to verify the claim without searching the filing.

The requirement

Every material fact — every table row, every tightly related group of sentences — carries a pinpoint citation that identifies:

• Source ID (S001, S002, …)
• Document title
• Form type
• Filing or publication date
• SEC accession number or other stable identifier
• Exact named section
• Prospectus, agreement or filing page
• Table row, paragraph or agreement section, where applicable
• Direct URL

The full detail lives in each page’s source register. Inline markers are compact and link to the matching register row.

Locator formats

Filing locator

[S001, Form 424B4, filed 2026-02-05, accession 0001628280-26-005868,
section "Use of Proceeds," prospectus p. 57]

Exhibit locator

[S014, Exhibit 2.1 to Form 8-K, filed YYYY-MM-DD,
accession 0000000000-00-000000, § 2.03(b), agreement p. 41]

Web-source locator

[S021, NYSE issuer page, "Historical Data," row dated YYYY-MM-DD,
accessed YYYY-MM-DD]

Market-data locator

[S021, historical-price table, row dated YYYY-MM-DD, accessed YYYY-MM-DD]

Calculated values

A calculated value is never presented as though an issuer reported it. Every calculation discloses its formula and cites the source ID of each input:

[C003: $2.216bn basic equity value = 130,367,060 shares [S001, p. 22]
     × $17.00 per share [S001, cover]]

Each material calculation is also stored in the transaction’s structured-data file with a machine-checkable expression. scripts/validate_calculations.py re-evaluates every expression on each build and fails if a stored result no longer matches its own arithmetic. This catches the failure mode where a number is updated in prose but not in the register, or vice versa.

Each page’s calculation register shows the formula, the inputs, the expression and the date the value was last recalculated.

Four categories, never blurred

Analysis distinguishes between:

1. Reported facts — what an issuer or other source stated, with a pinpoint locator.
2. Site calculations — arithmetic this site performed on reported facts, with a formula.
3. Assumptions — inputs this site selected, such as a discount rate or peer set.
4. Analytical conclusions — this site’s interpretation.

Management representations that have not been independently verified are labelled as such rather than restated as fact.

Source-ID conventions

• Source IDs are S###, assigned in the order they first appear in a page’s research and never reused within a transaction.
• Calculation IDs are C### within the same transaction.
• IDs are stable: once published, a source keeps its ID even if it is later superseded, so that external citations of this page’s rows do not break.
• Gaps in the sequence are acceptable and expected — a source dropped during research keeps its retired ID rather than being renumbered.

Copyright and reuse

Large blocks of issuer-authored filing text are not reproduced. This site extracts facts, quotes sparingly, paraphrases analysis and links to the underlying filing. Material EDGAR exhibits may contain third-party-authored content, so publication on SEC.gov is not treated as blanket permission to republish an entire document.

Citing this site

Every transaction page includes a ready-made citation block with its research status, analysis date, last-verified date and canonical URL. Structured data for each transaction is published at /data/<slug>.json, and the full index at /data/transactions.json.