Caliber Accounting

Each Caliber independently computes the value of everything it holds, denominated in the accounting token. This per-Caliber value is the building block the Machine sums into the strategy's total AUM and, ultimately, the share price.

What a Caliber's AUM contains

$\text{net AUM} = \big(\text{base-token balances} + \text{asset positions}\big) - \text{debt positions}$

• Base-token balances are valued directly: the Caliber reads each balance and prices it against the accounting token via the Oracle Registry. No instruction needed.
• Positions contribute their last accounted value (asset positions add, debt positions subtract), yielding a net figure that correctly reflects leverage and hedges.

Freshness: positions must not be stale

A position's value is only meaningful if it's recent. Each position records when it was last accounted, and the Caliber enforces a staleness threshold: if any position is too old, an attempt to read the Caliber's AUM fails rather than returning a stale number. This is a deliberate safety property: a wrong AUM would corrupt the share price.

Positions are re-accounted:

• automatically every time they are managed, and
• on demand, by running the relevant Accounting Instruction.

Who can re-account

Whether re-accounting is permissionless or restricted is a configurable per-strategy setting. When permissionless, anyone can re-account a position. When restricted accounting mode is enabled, both position accounting and the Machine's AUM update are limited to the Operator and a set of designated accounting agents. Restricted mode is commonly used in practice. During Recovery Mode the AUM update is restricted further, to the Security Council. See Permissions & Scopes.

Whoever is allowed to do it, the Operator and the Makina DAO both have a direct incentive to keep values current: fees only crystallize on a complete accounting cycle, and a stale Caliber blocks the Machine's AUM update entirely. In practice the Operator (or a keeper) re-accounts positions continuously.

Feeding the Machine

The Caliber exposes its accounting as a public view function. On the Hub Chain the Machine reads it directly. On Spoke Chains the same data is read by a Chainlink CRE workflow and delivered to the Machine as an accounting snapshot. See Cross-Chain Accounting.