How reporting would work.
Nothing on this page has been built. Build Capital has formed no vehicle and owes a report to no one; what follows is the design that would apply if that ever changed.
A report is owed because a document says so
The intended starting point is an obligation rather than a habit. A report would be owed because a governing document required it, and the terms of that requirement — what is delivered, to whom, and on what trigger — would be transcribed from the document rather than written alongside it. Build Capital would author none of them.
One consequence of building on obligations is worth stating, because it is the reason for the choice. A register of what is owed can show what has not arrived. A note recording only the last thing sent structurally cannot. The internal design makes a missing report visible rather than silent.
Because no governing document exists, this page names no rhythm of delivery and none should be read into it. Those terms belong to an instrument that has not been drafted, and inventing them here would be exactly the error the design is built to avoid.
What the document would decide, and this page does not
- What must be delivered, and in what form.
- Who it is owed to, and on what event it becomes owed.
- What counts as material enough to require a notice.
- What being late means, and what follows from it.
Where a figure would come from
A figure inside a report would be transcribed from the party that produced it and carried with a reference back to that source. It would not be recomputed in-house, and no internal system would author an investor-facing figure of its own.
The reasoning is the same one running through the rest of this build. A number that cannot be traced back to the document it came from is a number no reader can check, and an uncheckable figure inside an investor report is worse than an absent one.
Whether any of this would ever be required, and in what form, is a question for counsel and for a document that has not been written. Nothing here anticipates the answer.
Transcribed, not computed
A figure would be copied from the record that produced it, with a reference to that record travelling beside it.
Checkable, not asserted
A reader would be able to trace any figure back to its origin without having to ask for it.
Nothing is sent by an agent
Every outbound communication to an investor would be released by a named person. Drafting can be delegated; sending is not. While the compliance question at the centre of this build stays open, sending is blocked outright rather than merely discouraged.
That rule is written into the internal design rather than left to judgement, and it is why this page can describe a mechanism without describing a service. There is no service, and no part of this bundle sends anything to anyone.
The same holds for this website. Nothing on it has been published, nothing on it collects anything, and no page in it reaches a recipient. Read the whole of the description above as a plan that has been drafted and not adopted: it says how Build Capital intends to think about an obligation it does not yet have, to a person it has not yet met, under a document nobody has written.