holding/1: a position log you cannot flatter
holding/1 is a log of what happened to the positions an office holds — committed, funded, impaired, restructured, realised, written off — each on a date with a basis. The current state of any position is derived from its transitions, never asserted, so an office that publishes it cannot quietly restate one that went wrong.
Transitions, not states
A table of current states can be edited; a log of transitions can only be appended to, and a correction is a new entry that names what it supersedes. Recording the shape of a portfolio as a log rather than a snapshot is the whole design — an office that publishes the second cannot silently rewrite the first, and a reader can see how long each position took and how quickly bad news was written down.
The denominator is what makes the numerator credible
Impaired and written-off are two of the seven states because a register without a path to either is not the record of an office that has ever been wrong, and a reader will correctly read it as selective rather than as unusually good. A recovery figure ships with its denominator — the write-off count and the recording lag — or it does not ship, which is the mirror image of a number nobody can raise: this one the publisher can move, so it is only worth anything beside the ones that would expose the moving.
No money, on purpose
Version 1 carries no valuations, multiples or returns. A reader learns the shape of a portfolio — how many positions reached each state, how long each took, how fast a loss was recognised — not how much was made. Publishing marks is a regulated communication and a money column would be the only column anybody read; the record is more credible for refusing it.