One file, issued by a company from its own Room, carrying aggregates only, never a seat's answers. The company decides when to issue one and to whom. A fund's book reads it, and never collects a figure from the company directly.
The quarter in aggregate: the readings of the three models, the number with its multiple and margin marked as model outputs, how much of it rests on evidence of each grade, the signed ledger as totals, and where the quarterly record stands. Every figure says how it is known.
No per-question score. No seat's answers. No evidence text. No person's words. No free text from the client. No credential and no record from a connected system.
The verifier travels with every Certificate, and the full schema, field by field, is issued with it. Whoever holds one recomputes every figure in their own browser, offline, without asking us. A certificate a fund's book cannot reproduce refuses to seat. The schema is versioned, and the version travels in the file itself.
VALUE = REVENUE × MARGIN × MULTIPLE · the identity is on the model page · the assurance file is on the trust page.