Labeled Distribution

A labeled distribution is a settlement or award distribution built with explicit source tagging on every input, distinguishing a figure a party to a transaction stated about their own matter from a figure the underlying court or regulatory record independently corroborates. This labeling discipline exists because a distribution that quietly blends seller-asserted values with verified resolution values is not measuring the same thing at every point along its range, and an institution pricing capital off it inherits that inconsistency without being told it exists. A labeled distribution also carries an explicit statement of what it does and does not claim: it states what a defined, comparable population of resolved matters has historically realized, conditioned on stated inputs, and it does not state that any one specific pending matter will realize a value inside that range, only that the range is the best available evidence for where it is likely to fall. Return metrics computed downstream, an IRR or a MOIC, are computed from the labeled distribution plus a capital structure's stated terms, never presented as a direct, unlabeled model output in their own right, since collapsing that computation into the model's own claim would overstate what the model actually knows about the position.