The firm's performance desk. The risk monitor checks the box and the factor model says what the book bets on — this says did we make money, where it came from, and whether it was skill or beta. An immutable daily ledger marks the seven desks to an allocator-weighted firm return, then decomposes the cumulative P&L by desk, by allocation effect (the allocator vs a naive equal-weight) and by factor (market-beta P&L vs residual alpha), all benchmarked to SPY.