Claim Extraction Gym: assertions

opus leads at 84 avg, flash trails at 38. Overall avg 64 across 54 candidates, 6 models.

About This Gym

Task: Extract structured claims from documents — entities, atoms (raw facts), assertions (interpretations), and relationships (influence links between claims). Models receive a document and a prompt variant, and must return structured JSON with typed, sourced claims.

Evaluation: An Opus judge scores each candidate (0–100) against a human-curated reference extraction. The judge compares the candidate’s output field-by-field against the reference, checking whether entities were found, facts captured, interpretations justified, and relationships mapped. Six weighted criteria:

CriterionWeightWhat it measures
Entity coverage15%Did the model find all significant entities?
Atom completeness20%Were key facts and data points captured?
Assertion quality20%Are interpretations well-formed and distinct from raw facts?
Relationship accuracy20%Are influence links correctly identified with appropriate weights?
Precision15%No hallucinated claims, spurious entities, or invented relationships
Source grounding10%Every claim backed by an accurate quote from the document

What a high score means: The extraction is thorough (catches what the reference caught), precise (doesn’t invent things), and well-structured (assertions are interpretive, atoms are factual, relationships have reasonable influence weights). A score of 80+ means the extraction is near-reference quality.

Matrix: 6 models × 3 prompt variants × 3 documents = 54 candidates total.

Score Matrix (model × prompt)

Model \ Promptdefaulttightverbose
flash41.732.338.7
gpt81.765.026.0
grok-fast55.046.758.7
haiku78.061.076.7
opus89.380.783.0
sonnet82.076.782.0

Extraction Volume

Model Avg Claims Avg Entities Avg Relationships Avg Atoms Avg Assertions Avg Score
flash 12.1 6.0 2.6 5.4 4.1 37.6
gpt 52.4 11.2 3.3 31.7 17.2 57.6
grok-fast 22.6 9.4 2.0 15.6 4.7 53.4
haiku 55.9 11.4 0.7 42.6 12.7 71.9
opus 48.3 10.6 4.7 32.4 11.2 84.3
sonnet 48.6 12.7 4.1 32.6 11.9 80.2

Category Breakdown (avg subscores per model)

Modelassertion_qualityatom_completenessentity_coverageprecisionrelationship_accuracysource_grounding
flash42.224.657.279.434.473.9
gpt52.164.060.764.642.969.9
grok-fast34.458.266.672.328.380.0
haiku64.683.781.378.047.187.1
opus84.288.992.189.670.991.8
sonnet81.387.385.184.861.790.4

Failure Taxonomy

Candidates scoring <20 are auto-classified by failure type.

Failure TypeCount% of Scored
Task failure (wrong extraction)24%

Scored Examples

Best vs worst extraction on document 2792469495 (score spread: 88 points). Shows what the judge rewards and penalizes.

Best: opus:default — 88
Judge says: The candidate extraction is very close to the reference in entity coverage, atom completeness, and assertion quality. It captures nearly all key data points, assertions, and relationships. Minor differences include slightly less detailed relationship structures (fewer cross-references between claims) and a couple of additional useful atoms (e.g., YTD EBITDA seasonality) not in the reference. The candidate adds a useful assertion about barge cost advantage (c48) and an extra relationship about Navieras (c58). Relationships are slightly less richly connected than the reference but still accurate.
entity_coverage
100.0
atom_completeness
90.0
assertion_quality
88.0
relationship_accuracy
80.0
precision
92.0
source_grounding
90.0
Extraction preview (21492 chars) 

```json
{
  "entities": [
    {"id": "e1", "name": "Trailer Bridge (TRBR)", "type": "company"},
    {"id": "e2", "name": "Jones Act", "type": "regulation"},
    {"id": "e3", "name": "Puerto Rico market", "type": "market"},
    {"id": "e4", "name": "John McCown", "type": "person"},
    {"id": "e5", "name": "Crowley Lines", "type": "company"},
    {"id": "e6", "name": "SeaStar", "type": "company"},
    {"id": "e7", "name": "Horizon Lines (HRZ)", "type": "company"},
    {"id": "e8", "name": "Navieras", "type": "company"},
    {"id": "e9", "name": "Malcolm McLean", "type": "person"},
    {"id": "e10", "name": "Bill Gottimer", "type": "person"},
    {"id": "e11", "name": "Goldman Sachs", "type": "company"},
    {"id": "e12", "name": "UBS", "type": "company"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "TRBR stock price is approximately $8.73-$9.00",
      "confidence": 0.95,
      "source_quote": "With the stock at $9, I believe that there is 70%+ upside based on current operations",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "TRBR has 12.3 million fully diluted shares outstanding",
      "confidence": 0.95,
      "source_quote": "TRBR's market cap is 12.3 million FD shares at $8.73 = $108 million",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "atom",
      "text": "TRBR market cap is $108 million",
      "confidence": 0.95,
      "source_quote": "TRBR's market cap is 12.3 million FD shares at $8.73 = $108 million",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "TRBR total debt is $109 million",
      "confidence": 0.95,
      "source_quote": "Total Debt is $109 million",
      "subject": "e1"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "TRBR cash is $12 million",
      "confidence": 0.95,
      "source_quote": "Cash is $12 million",
      "subject": "e1"
    },
    {
Worst: gpt:verbose — 0
Judge says: The candidate extraction is completely empty (ERROR), containing no entities, claims, or any content whatsoever.
entity_coverage
0.0
atom_completeness
0.0
assertion_quality
0.0
relationship_accuracy
0.0
precision
0.0
source_grounding
0.0
Extraction preview (7 chars) 
ERROR:

Detail Cards (top 10 + bottom 5)

opus default 3417 92
The candidate extraction is highly comprehensive and closely mirrors the reference, with all key entities, atoms, assertions, and relationships captured. It includes a few additional claims (c28, c29, c31, c34) that are well-grounded in the document, and the relationships are well-structured with appropriate influence weights. Minor differences include c23 being classified as an atom rather than assertion, and some slight variations in evidence linkages, but overall quality is excellent.
Claims: 39 · Relationships: 5 · Entities: 4 · Atoms: 21 · Assertions: 13
entity_coverage
100.0
atom_completeness
95.0
assertion_quality
90.0
relationship_accuracy
88.0
precision
90.0
source_grounding
95.0
Content preview (14715 chars) 

```json
{
  "entities": [
    {"id": "e1", "name": "Heliad Equity Partners", "type": "company"},
    {"id": "e2", "name": "Andreas Lange", "type": "person"},
    {"id": "e3", "name": "GreenPark Investments", "type": "company"},
    {"id": "e4", "name": "German small-cap market", "type": "market"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro",
      "confidence": 0.95,
      "source_quote": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro.",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "Heliad is run by Andreas Lange, a mid-30s executive",
      "confidence": 0.95,
      "source_quote": "Heliad is run by Andreas Lange, a mid 30s executive who is considered to be a rising star in the German private equity community",
      "subject": "e2"
    },
    {
      "id": "c3",
      "claim_type": "assertion",
      "text": "Andreas Lange is considered a rising star in the German private equity community",
      "confidence": 0.75,
      "direction": "bullish",
      "source_quote": "Andreas Lange, a mid 30s executive who is considered to be a rising star in the German private equity community",
      "subject": "e2",
      "evidence": []
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "Heliad started making investments in 2006",
      "confidence": 0.95,
      "source_quote": "Heliad started making investments in 2006",
      "subject": "e1"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "Management plans to exit almost all current investments in 2009 and 2010",
      "confidence": 0.85,
      "source_quote": "management plans to exit almost all of their current investments in 2009 and 2010",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "The three exits to date have generated IRRs in excess of 25%",
      "confidence": 0.90,
      "source_quote": "the three exits to date have generated IRRs in excess of 25%",
      "subject": "e1"
    },
    {
      "id": "c7",
      "claim_type": "atom",
      "text": "German accounting regulations preclude Heliad from marking much of its portfolio up to fair market value given the recent vintage of investments",
      "confidence": 0.90,
      "source_quote": "German accounting regulations preclude Heliad from marking much of its portfolio up to fair market value given the recent vintage of the investments",
      "subject": "e1"
    },
    {
      "id": "c8",
      "claim_type": "atom",
      "text": "Heliad's stated net asset value is 1.20 Euro per share",
      "confidence": 0.95,
      "source_quote": "the company's stated net asset value is 1.20 Euro (current share price 0.53 Euro)",
      "subject": "e1"
    },
    {
      "id": "c9",
      "claim_type": "atom",
      "text
opus default 2792469495 88
The candidate extraction is very close to the reference in entity coverage, atom completeness, and assertion quality. It captures nearly all key data points, assertions, and relationships. Minor differences include slightly less detailed relationship structures (fewer cross-references between claims) and a couple of additional useful atoms (e.g., YTD EBITDA seasonality) not in the reference. The candidate adds a useful assertion about barge cost advantage (c48) and an extra relationship about Navieras (c58). Relationships are slightly less richly connected than the reference but still accurate.
Claims: 60 · Relationships: 7 · Entities: 12 · Atoms: 38 · Assertions: 15
entity_coverage
100.0
atom_completeness
90.0
assertion_quality
88.0
relationship_accuracy
80.0
precision
92.0
source_grounding
90.0
Content preview (21492 chars) 

```json
{
  "entities": [
    {"id": "e1", "name": "Trailer Bridge (TRBR)", "type": "company"},
    {"id": "e2", "name": "Jones Act", "type": "regulation"},
    {"id": "e3", "name": "Puerto Rico market", "type": "market"},
    {"id": "e4", "name": "John McCown", "type": "person"},
    {"id": "e5", "name": "Crowley Lines", "type": "company"},
    {"id": "e6", "name": "SeaStar", "type": "company"},
    {"id": "e7", "name": "Horizon Lines (HRZ)", "type": "company"},
    {"id": "e8", "name": "Navieras", "type": "company"},
    {"id": "e9", "name": "Malcolm McLean", "type": "person"},
    {"id": "e10", "name": "Bill Gottimer", "type": "person"},
    {"id": "e11", "name": "Goldman Sachs", "type": "company"},
    {"id": "e12", "name": "UBS", "type": "company"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "TRBR stock price is approximately $8.73-$9.00",
      "confidence": 0.95,
      "source_quote": "With the stock at $9, I believe that there is 70%+ upside based on current operations",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "TRBR has 12.3 million fully diluted shares outstanding",
      "confidence": 0.95,
      "source_quote": "TRBR's market cap is 12.3 million FD shares at $8.73 = $108 million",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "atom",
      "text": "TRBR market cap is $108 million",
      "confidence": 0.95,
      "source_quote": "TRBR's market cap is 12.3 million FD shares at $8.73 = $108 million",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "TRBR total debt is $109 million",
      "confidence": 0.95,
      "source_quote": "Total Debt is $109 million",
      "subject": "e1"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "TRBR cash is $12 million",
      "confidence": 0.95,
      "source_quote": "Cash is $12 million",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "TRBR has $20 million of tax assets with estimated PV of $15 million at 10%",
      "confidence": 0.90,
      "source_quote": "Tax assets $20 million, my PV = 15 million at 10%",
      "subject": "e1"
    },
    {
      "id": "c7",
      "claim_type": "atom",
      "text": "TRBR enterprise value calculated at $190 million (108+109-12-15)",
      "confidence": 0.90,
      "source_quote": "So EV = 108+109-12-15 = $190 million",
      "subject": "e1"
    },
    {
      "id": "c8",
      "claim_type": "atom",
      "text": "TRBR 2005E EBITDA is $22.3 million, 2006E EBITDA is $25.4 million",
      "confidence": 0.85,
      "source_quote": "Year 2005 2006 EBITDA 22.3 25.4",
      "subject": "e1"
    },
    {
      "id": "c9",
      "claim_type": "atom",
      "text": "TRBR 2005E recurring FCF is $8.5 million, 2006E is $10.5 million",
      "confidence": 0.85,
      "source_quote": "Recurring FCF 8.5 10.5",
      "subject": "e1"
    },
opus default 5159562350 88
The candidate extraction is very comprehensive and closely mirrors the reference. It captures nearly all entities, atoms, assertions, and relationships with accurate source quotes. Minor differences include combining some atoms (c21 merges two reference atoms), classifying a few items differently (c54 as atom vs assertion in reference, c53 combines atom and assertion), and missing the explicit 'residential connections represent 60% of water sales revenue' as a separate atom. Relationships are well-structured and accurate.
Claims: 62 · Relationships: 6 · Entities: 13 · Atoms: 41 · Assertions: 15
entity_coverage
95.0
atom_completeness
88.0
assertion_quality
90.0
relationship_accuracy
85.0
precision
90.0
source_grounding
92.0
Content preview (24431 chars) 

```json
{
  "entities": [
    {"id": "e1", "name": "ARTNA (Artesian Resources)", "type": "company"},
    {"id": "e2", "name": "MSEX (Middlesex Water Company)", "type": "company"},
    {"id": "e3", "name": "YORW (York Water Company)", "type": "company"},
    {"id": "e4", "name": "Chester Water Authority", "type": "company"},
    {"id": "e5", "name": "Allen Harim", "type": "company"},
    {"id": "e6", "name": "Taylor Family", "type": "entity"},
    {"id": "e7", "name": "Dian Taylor", "type": "person"},
    {"id": "e8", "name": "Nicki Taylor", "type": "person"},
    {"id": "e9", "name": "DEPSC (Delaware Public Service Commission)", "type": "entity"},
    {"id": "e10", "name": "Tidewater Utilities", "type": "company"},
    {"id": "e11", "name": "New Castle County", "type": "geography"},
    {"id": "e12", "name": "Sussex County", "type": "geography"},
    {"id": "e13", "name": "ARTNB", "type": "security"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "ARTNA is a small cap water & wastewater utility company in Delaware servicing New Castle and Sussex counties",
      "confidence": 0.98,
      "source_quote": "ARTNA is a small cap water & wastewater utility company in Delaware servicing New Castle and Sussex counties",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "Since 2014, ARTNA has increased corporate ROE from 7.7% to 9.5%",
      "confidence": 0.95,
      "source_quote": "Since 2014, ARTNA has maintained a conservative balance sheet, increased corporate ROE from 7.7% to 9.5%",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "atom",
      "text": "ARTNA has increased TBV/share at a 4% CAGR since 2014",
      "confidence": 0.95,
      "source_quote": "increased TBV/share at a 4% CAGR",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "ARTNA has grown EPS at an 8% CAGR since 2014",
      "confidence": 0.95,
      "source_quote": "grown EPS at an 8% CAGR while paying a dividend equal to ~60% of earnings",
      "subject": "e1"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "ARTNA pays a dividend equal to ~60% of earnings",
      "confidence": 0.95,
      "source_quote": "paying a dividend equal to ~60% of earnings",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "ARTNA trades at ~20x LTM P/E with a 3% dividend yield and ~2.0x TBV",
      "confidence": 0.95,
      "source_quote": "ARTNA remains reasonably priced given the stability and growth of the business (~20x LTM P/E; 3% dividend yield; ~2.0x TBV)",
      "subject": "e1"
    },
    {
      "id": "c7",
      "claim_type": "atom",
      "text": "ARTNA trades at a historically wide discount to its closest peers MSEX and YORW",
      "confidence": 0.95,
      "source_quote": "trades at a historically wide discount to its closest peers (MSEX and YORW)",
      "subject": "
opus verbose 3417 85
The candidate extraction is comprehensive and well-structured, capturing nearly all key facts, assertions, and relationships from the document. It identifies more entities than the reference (including portfolio companies as a group, German financial stocks as a segment, and the author), extracts additional atoms (A6, A21, A22, A23, A24), and provides well-formed assertions with good evidence chains. Relationships are reasonable though some use entity IDs rather than claim IDs in influence slots, which is slightly inconsistent. Minor issues include some direction labels on atoms that should be neutral, and a few relationship influences that mix entity and claim references.
Claims: 41 · Relationships: 5 · Entities: 7 · Atoms: 24 · Assertions: 12
entity_coverage
90.0
atom_completeness
92.0
assertion_quality
85.0
relationship_accuracy
72.0
precision
82.0
source_grounding
92.0
Content preview (19261 chars) 

```json
{
  "entities": [
    {
      "id": "E1",
      "name": "Heliad Equity Partners",
      "type": "company",
      "description": "Publicly traded investment firm in Germany"
    },
    {
      "id": "E2",
      "name": "Andreas Lange",
      "type": "person",
      "description": "Mid-30s executive running Heliad, considered a rising star in German private equity"
    },
    {
      "id": "E3",
      "name": "GreenPark Investments",
      "type": "company",
      "description": "$2 billion London-based investment firm"
    },
    {
      "id": "E4",
      "name": "Heliad portfolio companies",
      "type": "asset_group",
      "description": "Portfolio of investments made by Heliad starting in 2006"
    },
    {
      "id": "E5",
      "name": "German small-cap market",
      "type": "market",
      "description": "German small-cap equities market"
    },
    {
      "id": "E6",
      "name": "German financial stocks",
      "type": "market_segment",
      "description": "Financial sector stocks in Germany"
    },
    {
      "id": "E7",
      "name": "Author/Analyst",
      "type": "person",
      "description": "VIC member presenting the investment thesis"
    }
  ],
  "claims": [
    {
      "id": "A1",
      "claim_type": "atom",
      "text": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro.",
      "confidence": 0.95,
      "source_quote": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro.",
      "subject": "E1",
      "direction": "neutral"
    },
    {
      "id": "A2",
      "claim_type": "atom",
      "text": "Heliad is run by Andreas Lange, a mid-30s executive considered a rising star in the German private equity community.",
      "confidence": 0.9,
      "source_quote": "Heliad is run by Andreas Lange, a mid 30s executive who is considered to be a rising star in the German private equity community",
      "subject": "E2",
      "direction": "bullish"
    },
    {
      "id": "A3",
      "claim_type": "atom",
      "text": "Heliad started making investments in 2006.",
      "confidence": 0.95,
      "source_quote": "Heliad started making investments in 2006",
      "subject": "E1",
      "direction": "neutral"
    },
    {
      "id": "A4",
      "claim_type": "atom",
      "text": "Management plans to exit almost all current investments in 2009 and 2010.",
      "confidence": 0.85,
      "source_quote": "management plans to exit almost all of their current investments in 2009 and 2010",
      "subject": "E1",
      "direction": "bullish"
    },
    {
      "id": "A5",
      "claim_type": "atom",
      "text": "The three exits to date have generated IRRs in excess of 25%.",
      "confidence": 0.9,
      "source_quote": "the three exits to date have generated IRRs in excess of 25%",
      "subject": "E1",
      "direction": "bullish"
    },
    {
      "id": "A6",
      "claim_type": "atom",
      "text": "Management is w
gpt default 5159562350 85
The candidate extraction is comprehensive and well-structured, capturing nearly all key entities, atoms, assertions, and relationships from the document. It includes more granular claims than the reference in some areas (e.g., DSIC charges, capital allocation risk, inflation risk details) and has strong source grounding. Minor issues include treating ARTNA and Artesian as separate entities, some relationship influence weights that use unusual conventions (output slots with influence=1.0), and a few assertions that could be more tightly linked to evidence.
Claims: 102 · Relationships: 5 · Entities: 18 · Atoms: 56 · Assertions: 41
entity_coverage
88.0
atom_completeness
90.0
assertion_quality
85.0
relationship_accuracy
75.0
precision
88.0
source_grounding
92.0
Content preview (35728 chars) 
{"entities":[{"id":"e1","name":"ARTNA","type":"company"},{"id":"e2","name":"Artesian","type":"company"},{"id":"e3","name":"Delaware Public Service Commission","type":"regulator"},{"id":"e4","name":"New Castle County","type":"place"},{"id":"e5","name":"Sussex County","type":"place"},{"id":"e6","name":"Pennsylvania","type":"place"},{"id":"e7","name":"Maryland","type":"place"},{"id":"e8","name":"Philadelphia","type":"place"},{"id":"e9","name":"MSEX","type":"company"},{"id":"e10","name":"YORW","type":"company"},{"id":"e11","name":"Tidewater Utilities","type":"company"},{"id":"e12","name":"Allen Harim","type":"company"},{"id":"e13","name":"Chester Water Authority","type":"organization"},{"id":"e14","name":"Taylor family","type":"group"},{"id":"e15","name":"Dian Taylor","type":"person"},{"id":"e16","name":"Nicki Taylor","type":"person"},{"id":"e17","name":"TCJA corporate tax cut","type":"policy"},{"id":"e18","name":"Covid-19","type":"event"}],"claims":[{"id":"c1","claim_type":"atom","text":"ARTNA is a small cap water and wastewater utility company in Delaware servicing New Castle and Sussex counties.","confidence":0.99,"source_quote":"ARTNA is a small cap water & wastewater utility company in Delaware servicing New Castle and Sussex counties.","subject":"e1"},{"id":"c2","claim_type":"assertion","text":"ARTNA is one of the lowest risk 9% IRRs with a reasonable probability of 20%+ IRR over the next two years.","confidence":0.86,"direction":"bullish","source_quote":"It is one of the lowest risk 9% IRR’s with a reasonable probability of 20%+ IRR over the next two years that I am aware of.","subject":"e1"},{"id":"c3","claim_type":"atom","text":"Since 2014, ARTNA maintained a conservative balance sheet.","confidence":0.88,"source_quote":"Since 2014, ARTNA has maintained a conservative balance sheet","subject":"e1"},{"id":"c4","claim_type":"atom","text":"ARTNA increased corporate ROE from 7.7% to 9.5% since 2014.","confidence":0.98,"source_quote":"increased corporate ROE from 7.7% to 9.5%","subject":"e1"},{"id":"c5","claim_type":"atom","text":"ARTNA increased TBV/share at a 4% CAGR since 2014.","confidence":0.98,"source_quote":"increased TBV/share at a 4% CAGR","subject":"e1"},{"id":"c6","claim_type":"atom","text":"ARTNA grew EPS at an 8% CAGR since 2014 while paying a dividend equal to about 60% of earnings.","confidence":0.98,"source_quote":"grown EPS at an 8% CAGR while paying a dividend equal to ~60% of earnings","subject":"e1"},{"id":"c7","claim_type":"atom","text":"ARTNA trades at about 20x LTM P/E, 3% dividend yield, and about 2.0x TBV.","confidence":0.98,"source_quote":"(~20x LTM P/E; 3% dividend yield; ~2.0x TBV)","subject":"e1"},{"id":"c8","claim_type":"assertion","text":"ARTNA remains reasonably priced given the stability and growth of the business.","confidence":0.9,"direction":"bullish","source_quote":"ARTNA remains reasonably priced given the stability and growth of the business","subject":"e1","evidence":["c3","c4","c5","c6","c7"]},{"id":"c9","
opus tight 3417 82
Strong extraction that captures nearly all key facts and assertions with good source grounding. Missing the 'German small-cap market' entity. Relationships are fewer and less detailed than reference, but the ones present are reasonable. Good additional atoms (C15, C19, C24) not in reference.
Claims: 27 · Relationships: 1 · Entities: 3 · Atoms: 19 · Assertions: 7
entity_coverage
75.0
atom_completeness
90.0
assertion_quality
85.0
relationship_accuracy
60.0
precision
92.0
source_grounding
92.0
Content preview (10727 chars) 

```json
{
  "entities": [
    {
      "id": "E1",
      "name": "Heliad Equity Partners",
      "type": "company"
    },
    {
      "id": "E2",
      "name": "Andreas Lange",
      "type": "person"
    },
    {
      "id": "E3",
      "name": "GreenPark Investments",
      "type": "company"
    }
  ],
  "claims": [
    {
      "id": "C1",
      "claim_type": "atom",
      "text": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro.",
      "confidence": 0.95,
      "source_quote": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro.",
      "subject": "E1"
    },
    {
      "id": "C2",
      "claim_type": "atom",
      "text": "Heliad is run by Andreas Lange, a mid-30s executive.",
      "confidence": 0.95,
      "source_quote": "Heliad is run by Andreas Lange, a mid 30s executive who is considered to be a rising star in the German private equity community",
      "subject": "E2"
    },
    {
      "id": "C3",
      "claim_type": "assertion",
      "text": "Andreas Lange is considered a rising star in the German private equity community.",
      "confidence": 0.75,
      "source_quote": "Andreas Lange, a mid 30s executive who is considered to be a rising star in the German private equity community",
      "subject": "E2",
      "evidence": ["C2"]
    },
    {
      "id": "C4",
      "claim_type": "atom",
      "text": "Heliad started making investments in 2006.",
      "confidence": 0.95,
      "source_quote": "Heliad started making investments in 2006",
      "subject": "E1"
    },
    {
      "id": "C5",
      "claim_type": "atom",
      "text": "The three exits to date have generated IRRs in excess of 25%.",
      "confidence": 0.9,
      "source_quote": "the three exits to date have generated IRRs in excess of 25%",
      "subject": "E1"
    },
    {
      "id": "C6",
      "claim_type": "atom",
      "text": "Management plans to exit almost all of their current investments in 2009 and 2010.",
      "confidence": 0.85,
      "source_quote": "management plans to exit almost all of their current investments in 2009 and 2010",
      "subject": "E1"
    },
    {
      "id": "C7",
      "claim_type": "atom",
      "text": "German accounting regulations preclude Heliad from marking much of its portfolio up to fair market value given the recent vintage of the investments.",
      "confidence": 0.85,
      "source_quote": "German accounting regulations preclude Heliad from marking much of its portfolio up to fair market value given the recent vintage of the investments",
      "subject": "E1"
    },
    {
      "id": "C8",
      "claim_type": "atom",
      "text": "Heliad's stated net asset value is 1.20 Euro per share, while the current share price is 0.53 Euro.",
      "confidence": 0.95,
      "source_quote": "the company's stated net asset value is 1.20 Euro (current share price 0.53 Euro)",
      "subject": "E1"
    },
    {
      "id": "C9",
sonnet default 3417 82
Strong extraction that covers most key facts and assertions with good source grounding. Slightly different entity choices (adding VIC members and German accounting regulations as entities, missing German small-cap market). Atoms are comprehensive and well-formed. Assertions are generally good but c22 is oddly labeled 'bearish' when it actually supports the bullish undervaluation thesis. Relationships are reasonable but fewer and slightly less nuanced than reference. Some minor issues with evidence linking (e.g., c26 cites c6 which is the GreenPark sale atom rather than the due diligence atom).
Claims: 33 · Relationships: 4 · Entities: 6 · Atoms: 17 · Assertions: 12
entity_coverage
75.0
atom_completeness
90.0
assertion_quality
78.0
relationship_accuracy
72.0
precision
85.0
source_grounding
92.0
Content preview (12867 chars) 
```json
{
  "entities": [
    {"id": "e1", "name": "Heliad Equity Partners", "type": "company"},
    {"id": "e2", "name": "Andreas Lange", "type": "person"},
    {"id": "e3", "name": "GreenPark Investments", "type": "company"},
    {"id": "e4", "name": "VIC members", "type": "group"},
    {"id": "e5", "name": "German private equity community", "type": "concept"},
    {"id": "e6", "name": "German accounting regulations", "type": "concept"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "Heliad Equity Partners has a market cap of 37 million Euro",
      "confidence": 0.95,
      "source_quote": "Heliad Equity Partners is a publicly traded investment firm in Germany with a market cap of 37M Euro.",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "Heliad's current share price is 0.53 Euro",
      "confidence": 0.95,
      "source_quote": "the company's stated net asset value is 1.20 Euro (current share price 0.53 Euro)",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "atom",
      "text": "Heliad's stated net asset value is 1.20 Euro per share",
      "confidence": 0.95,
      "source_quote": "the company's stated net asset value is 1.20 Euro (current share price 0.53 Euro)",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "Heliad started making investments in 2006",
      "confidence": 0.95,
      "source_quote": "Heliad started making investments in 2006, so given the typical private equity 3-5 year time frame there have been few exits to date.",
      "subject": "e1"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "Heliad's three exits to date have generated IRRs in excess of 25%",
      "confidence": 0.90,
      "source_quote": "the three exits to date have generated IRRs in excess of 25%.",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "Heliad sold half of its current portfolio to GreenPark Investments at a valuation of 1.32 Euro per share",
      "confidence": 0.95,
      "source_quote": "this past summer they sold half of their current portfolio to GreenPark Investments (a $2 billion London-based investment firm) at a valuation of 1.32 Euro.",
      "subject": "e1"
    },
    {
      "id": "c7",
      "claim_type": "atom",
      "text": "GreenPark Investments is a $2 billion London-based investment firm",
      "confidence": 0.95,
      "source_quote": "GreenPark Investments (a $2 billion London-based investment firm)",
      "subject": "e3"
    },
    {
      "id": "c8",
      "claim_type": "atom",
      "text": "The GreenPark transaction will result in Heliad receiving nearly 0.65 Euro per share in cash with minimal tax leakage",
      "confidence": 0.90,
      "source_quote": "Heliad will receive nearly 0.65 per share in cash (minimal tax leakage).",
      "subject": "e1"
    },
    {
      "id": "c9",
      "cla
sonnet verbose 3417 82
The candidate extraction is comprehensive and well-structured, with more entities and atoms than the reference. It captures virtually all key facts and assertions from the document. However, the entity model is over-granular (metrics as entities is unusual), some relationship structures use entity IDs mixed with claim IDs in influences which is inconsistent, and a few directional labels on atoms are questionable (atoms should generally be neutral facts).
Claims: 45 · Relationships: 6 · Entities: 17 · Atoms: 26 · Assertions: 13
entity_coverage
90.0
atom_completeness
95.0
assertion_quality
85.0
relationship_accuracy
70.0
precision
75.0
source_grounding
90.0
Content preview (22845 chars) 
```json
{
  "entities": [
    {
      "id": "E1",
      "name": "Heliad Equity Partners",
      "type": "organization",
      "description": "Publicly traded investment firm in Germany"
    },
    {
      "id": "E2",
      "name": "Andreas Lange",
      "type": "person",
      "description": "CEO/Manager of Heliad Equity Partners, mid-30s executive"
    },
    {
      "id": "E3",
      "name": "GreenPark Investments",
      "type": "organization",
      "description": "$2 billion London-based investment firm that bought 50% of Heliad's portfolio"
    },
    {
      "id": "E4",
      "name": "Heliad Share Price",
      "type": "metric",
      "description": "Current trading price of Heliad shares: 0.53 Euro"
    },
    {
      "id": "E5",
      "name": "Heliad Stated NAV",
      "type": "metric",
      "description": "Company's stated net asset value per share: 1.20 Euro"
    },
    {
      "id": "E6",
      "name": "Heliad FMV (Author Estimate)",
      "type": "metric",
      "description": "Author's estimated fair market value per share: 1.35 Euro"
    },
    {
      "id": "E7",
      "name": "Heliad Market Cap",
      "type": "metric",
      "description": "Market capitalization of Heliad: 37M Euro"
    },
    {
      "id": "E8",
      "name": "Heliad Portfolio Companies",
      "type": "asset",
      "description": "The collection of private equity investments held by Heliad"
    },
    {
      "id": "E9",
      "name": "German Accounting Regulations",
      "type": "regulatory_framework",
      "description": "German accounting rules that preclude marking portfolio investments to fair market value given recent vintage"
    },
    {
      "id": "E10",
      "name": "GreenPark Transaction",
      "type": "event",
      "description": "Sale of 50% of each Heliad portfolio company to GreenPark at 1.32 Euro per share valuation"
    },
    {
      "id": "E11",
      "name": "VIC Members",
      "type": "audience",
      "description": "Value Investors Club members, the target audience of this write-up"
    },
    {
      "id": "E12",
      "name": "German Small-Cap Market",
      "type": "market",
      "description": "German small-cap stock market environment, which has broadly declined"
    },
    {
      "id": "E13",
      "name": "Heliad Cash Position",
      "type": "metric",
      "description": "Cash per share receivable from GreenPark transaction: ~0.65 Euro per share"
    },
    {
      "id": "E14",
      "name": "GreenPark Receivable Balance",
      "type": "metric",
      "description": "Outstanding receivable of approximately 12M Euro (0.15 per share) owed by GreenPark to Heliad"
    },
    {
      "id": "E15",
      "name": "Heliad Total NAV",
      "type": "metric",
      "description": "Total current NAV of Heliad: 84M Euro"
    },
    {
      "id": "E16",
      "name": "Q308 Results",
      "type": "event",
      "description": "Heliad's Q3 2008 financial results reporting, expected to show cash from GreenPark transaction"
    },
opus verbose 2792469495 82
The candidate extraction is comprehensive and well-structured, covering most key entities, atoms, assertions, and relationships from the document. It captures additional details like charter revenue and seasonal patterns not in the reference. However, relationships use entity-level influences rather than claim-level influences as in the reference, which is less precise. Some minor atoms are missing (e.g., Bill Gottimer buying shares). Overall a strong extraction with good source grounding.
Claims: 56 · Relationships: 7 · Entities: 17 · Atoms: 37 · Assertions: 12
entity_coverage
90.0
atom_completeness
85.0
assertion_quality
88.0
relationship_accuracy
68.0
precision
88.0
source_grounding
90.0
Content preview (24850 chars) 

```json
{
  "entities": [
    {"id": "E1", "name": "Trailer Bridge (TRBR)", "type": "company"},
    {"id": "E2", "name": "Jones Act", "type": "regulation"},
    {"id": "E3", "name": "Puerto Rico market", "type": "market"},
    {"id": "E4", "name": "Crowley Lines", "type": "company"},
    {"id": "E5", "name": "SeaStar", "type": "company"},
    {"id": "E6", "name": "Horizon Lines (HRZ)", "type": "company"},
    {"id": "E7", "name": "Navieras", "type": "company"},
    {"id": "E8", "name": "John McCown", "type": "person", "role": "CEO of TRBR"},
    {"id": "E9", "name": "Bill Gottimer", "type": "person", "role": "Secretary and General Counsel of TRBR"},
    {"id": "E10", "name": "Malcolm McLean", "type": "person", "role": "Founder of TRBR (deceased)"},
    {"id": "E11", "name": "McLean family/estate", "type": "entity"},
    {"id": "E12", "name": "Goldman Sachs", "type": "company"},
    {"id": "E13", "name": "UBS", "type": "company"},
    {"id": "E14", "name": "TRBR stock", "type": "security"},
    {"id": "E15", "name": "TRBR 9.25% high yield debt", "type": "security"},
    {"id": "E16", "name": "Title XI debt", "type": "debt_instrument"},
    {"id": "E17", "name": "Author/Analyst", "type": "person"}
  ],
  "claims": [
    {
      "id": "A1",
      "claim_type": "atom",
      "text": "Trailer Bridge is one of four operators in the Puerto Rico Jones Act shipping market.",
      "confidence": 0.95,
      "source_quote": "Trailer Bridge is one of four operators in the Puerto Rico market",
      "subject": "E1",
      "direction": "neutral"
    },
    {
      "id": "A2",
      "claim_type": "atom",
      "text": "The Jones Act requires all vessels operating between two US ports to be US built, owned, and crewed.",
      "confidence": 0.97,
      "source_quote": "The Jones Act requires in essence that all vessels operating between two US ports be US built, owned and crewed",
      "subject": "E2",
      "direction": "neutral"
    },
    {
      "id": "A3",
      "claim_type": "atom",
      "text": "TRBR operates ocean-going barges, as does competitor Crowley Lines, while SeaStar and Horizon operate self-propelled ships.",
      "confidence": 0.95,
      "source_quote": "unusually it operates ocean going barges (as does one of its competitors, Crowley Lines). The barges are slower, but much cheaper to build and operate than self propelled ships (operated by SeaStar and Horizon in the PR market)",
      "subject": "E1",
      "direction": "bullish"
    },
    {
      "id": "A4",
      "claim_type": "atom",
      "text": "TRBR's fleet is the youngest in the PR market, with 5 barges that are 7 years old and 2 that are 21 years old.",
      "confidence": 0.95,
      "source_quote": "TRBR's fleet is the youngest in PR, with 5 barges 7 years old and 2 that are 21 years old",
      "subject": "E1",
      "direction": "bullish"
    },
    {
      "id": "A5",
      "claim_type": "atom",
      "text": "Most vessels in the PR market are 29-37 years old.",
      "con
sonnet default 2792469495 82
Strong extraction that covers most key entities, atoms, and assertions with good source grounding. Some minor gaps in atom coverage (e.g., missing monthly buying pattern detail, fuel surcharge pass-through, Navieras bankruptcy detail, Jones Act 85-year history as separate atom, TRBR expenses drydocking costs). Assertions are well-formed and relationships are reasonable, though the candidate adds a relationship about debt repayment constraints (c52) that is somewhat interpretive beyond the document's framing. Overall a solid extraction closely aligned with the reference.
Claims: 53 · Relationships: 5 · Entities: 12 · Atoms: 33 · Assertions: 15
entity_coverage
92.0
atom_completeness
78.0
assertion_quality
83.0
relationship_accuracy
76.0
precision
85.0
source_grounding
88.0
Content preview (17951 chars) 
```json
{
  "entities": [
    {"id": "e1", "name": "Trailer Bridge", "type": "company"},
    {"id": "e2", "name": "John McCown", "type": "person"},
    {"id": "e3", "name": "Bill Gottimer", "type": "person"},
    {"id": "e4", "name": "Malcolm McLean", "type": "person"},
    {"id": "e5", "name": "Crowley Lines", "type": "company"},
    {"id": "e6", "name": "SeaStar", "type": "company"},
    {"id": "e7", "name": "Horizon Lines", "type": "company"},
    {"id": "e8", "name": "Navieras", "type": "company"},
    {"id": "e9", "name": "Jones Act", "type": "concept"},
    {"id": "e10", "name": "Puerto Rico market", "type": "concept"},
    {"id": "e11", "name": "Goldman Sachs", "type": "company"},
    {"id": "e12", "name": "UBS", "type": "company"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "TRBR stock price is $9 (approximately $8.73)",
      "confidence": 0.95,
      "source_quote": "TRBR's market cap is 12.3 million FD shares at $8.73 = $108 million",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "TRBR has 12.3 million fully diluted shares outstanding",
      "confidence": 0.95,
      "source_quote": "TRBR's market cap is 12.3 million FD shares at $8.73 = $108 million",
      "subject": "e1"
    },
    {
      "id": "c3",
      "claim_type": "atom",
      "text": "TRBR market cap is $108 million",
      "confidence": 0.95,
      "source_quote": "TRBR's market cap is 12.3 million FD shares at $8.73 = $108 million",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "TRBR total debt is $109 million",
      "confidence": 0.95,
      "source_quote": "Total Debt is $109 million",
      "subject": "e1"
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "TRBR cash is $12 million",
      "confidence": 0.95,
      "source_quote": "Cash is $12 million",
      "subject": "e1"
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "TRBR tax assets are $20 million, with PV estimated at $15 million at 10% discount rate",
      "confidence": 0.90,
      "source_quote": "Tax assets $20 million, my PV = 15 million at 10%",
      "subject": "e1"
    },
    {
      "id": "c7",
      "claim_type": "atom",
      "text": "TRBR enterprise value is estimated at $190 million",
      "confidence": 0.90,
      "source_quote": "So EV = 108+109-12-15 = $190 million",
      "subject": "e1"
    },
    {
      "id": "c8",
      "claim_type": "atom",
      "text": "TRBR 2005 estimated EBITDA is $22.3 million",
      "confidence": 0.80,
      "source_quote": "Year 2005 2006 EBITDA 22.3 25.4",
      "subject": "e1"
    },
    {
      "id": "c9",
      "claim_type": "atom",
      "text": "TRBR 2006 estimated EBITDA is $25.4 million",
      "confidence": 0.75,
      "source_quote": "Year 2005 2006 EBITDA 22.3 25.4",
      "subject": "e1"
    },
    {
      "id": "c10",
      "claim_type": "atom",
      "text": "TRBR 2
flash default 2792469495 32
The candidate extraction captures only a small fraction of the document's rich detail. It misses most entities (Crowley, SeaStar, Navieras, Goldman Sachs, UBS, Bill Gottimer), the vast majority of quantitative atoms (market cap, debt, cash, tax assets, EV, FCF estimates, fleet details, share counts, option exercises, McLean estate details, drydocking accounting, etc.), and provides only shallow relationships. While what is included is generally accurate, the extraction is far too sparse for a document of this complexity.
Claims: 13 · Relationships: 3 · Entities: 6 · Atoms: 4 · Assertions: 6
entity_coverage
40.0
atom_completeness
18.0
assertion_quality
45.0
relationship_accuracy
35.0
precision
85.0
source_grounding
70.0
Content preview (4066 chars) 
{
  "entities": [
    {"id": "e1", "name": "Trailer Bridge", "type": "company"},
    {"id": "e2", "name": "Jones Act", "type": "regulation"},
    {"id": "e3", "name": "John McCown", "type": "person"},
    {"id": "e4", "name": "Puerto Rico Market", "type": "market"},
    {"id": "e5", "name": "Horizon Lines", "type": "company"},
    {"id": "e6", "name": "Malcolm McLean", "type": "person"}
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "Trailer Bridge trades below 9x 2005 Free Cash Flow",
      "confidence": 0.95,
      "source_quote": "trading below 9x 05 FCF, and less than 7x 06 FCF",
      "subject": "e1"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "The Jones Act requires US built, owned, and crewed vessels",
      "confidence": 1.0,
      "source_quote": "The Jones Act requires in essence that all vessels operating between two US ports be US built, owned and crewed",
      "subject": "e2"
    },
    {
      "id": "c3",
      "claim_type": "assertion",
      "text": "Trailer Bridge is the low-cost provider in its market",
      "confidence": 0.85,
      "direction": "bullish",
      "source_quote": "The company is the low cost provider in a protected market",
      "subject": "e1"
    },
    {
      "id": "c4",
      "claim_type": "assertion",
      "text": "There is a 70%+ upside for the stock price",
      "confidence": 0.7,
      "direction": "bullish",
      "source_quote": "I believe that there is 70%+ upside based on current operations",
      "subject": "e1",
      "evidence": ["c1", "c10"]
    },
    {
      "id": "c5",
      "claim_type": "atom",
      "text": "CEO John McCown buys shares in the open market nearly every month",
      "confidence": 0.95,
      "source_quote": "Literally EVERY month going back years... he buys shares in the open market with his own money.",
      "subject": "e3"
    },
    {
      "id": "c6",
      "claim_type": "assertion",
      "text": "Management interests are aligned with shareholders",
      "confidence": 0.9,
      "direction": "bullish",
      "source_quote": "I’d say his interests are pretty aligned.",
      "subject": "e3",
      "evidence": ["c5"]
    },
    {
      "id": "c7",
      "claim_type": "assertion",
      "text": "Liquidity is the primary drawback of the investment",
      "confidence": 0.85,
      "direction": "bearish",
      "source_quote": "So what was that drawback thing? Liquidity. Insiders own the majority of the shares",
      "subject": "e1"
    },
    {
      "id": "c8",
      "claim_type": "atom",
      "text": "2005 Estimated EBITDA is $22.3 million",
      "confidence": 0.9,
      "source_quote": "2005E EBITDA ... 22.3",
      "subject": "e1"
    },
    {
      "id": "c9",
      "claim_type": "assertion",
      "text": "A repeal of the Jones Act is highly unlikely",
      "confidence": 0.9,
      "source_quote": "Repeal of the Jones Act. Highly unlikely - hasn’t happened in 85 years.",
      "subject": "e2
flash tight 5159562350 30
The candidate extraction captures only a small fraction of the document's claims. While the 10 claims present are generally accurate and well-grounded, the extraction misses the vast majority of key facts (valuation metrics, growth rates, capital deployment, population data, compensation details, Covid impact, IRR projections, etc.) and most assertions and relationships from the reference.
Claims: 10 · Relationships: 2 · Entities: 7 · Atoms: 5 · Assertions: 3
entity_coverage
55.0
atom_completeness
18.0
assertion_quality
35.0
relationship_accuracy
30.0
precision
85.0
source_grounding
80.0
Content preview (4485 chars) 
```json
{
  "entities": [
    {
      "id": "ARTNA",
      "name": "Artesian Resources Corporation",
      "type": "entity",
      "description": "Small cap water and wastewater utility company"
    },
    {
      "id": "DEPSC",
      "name": "Delaware Public Service Commission",
      "type": "entity",
      "description": "Regulatory body for Delaware assets"
    },
    {
      "id": "MSEX",
      "name": "Middlesex Water Company",
      "type": "entity"
    },
    {
      "id": "YORW",
      "name": "York Water Company",
      "type": "entity"
    },
    {
      "id": "Chester_Water_Authority",
      "name": "Chester Water Authority",
      "type": "entity"
    },
    {
      "id": "Taylor_Family",
      "name": "The Taylor Family",
      "type": "entity",
      "description": "Controlling shareholders of ARTNA"
    },
    {
      "id": "Allen_Harim",
      "name": "Allen Harim",
      "type": "entity",
      "description": "Poultry facility client"
    }
  ],
  "claims": [
    {
      "id": "c1",
      "claim_type": "atom",
      "text": "ARTNA grew EPS at an 8% CAGR between 2014 and 2019.",
      "confidence": 1.0,
      "source_quote": "grown EPS at an 8% CAGR",
      "subject": "ARTNA"
    },
    {
      "id": "c2",
      "claim_type": "atom",
      "text": "ARTNA pays a dividend approximately equal to 60% of earnings.",
      "confidence": 1.0,
      "source_quote": "paying a dividend equal to ~60% of earnings",
      "subject": "ARTNA"
    },
    {
      "id": "c3",
      "claim_type": "assertion",
      "text": "ARTNA's corporate returns are expected to exceed 10% ROE following the termination of the Chester Water contract.",
      "confidence": 0.9,
      "source_quote": "ARTNA’s corporate returns are poised to increase to >10% as an uneconomic water supply contract rolls off at YE2021",
      "subject": "ARTNA"
    },
    {
      "id": "c4",
      "claim_type": "atom",
      "text": "95% of ARTNA's Corporate EBITDA is generated by regulated business segments.",
      "confidence": 1.0,
      "source_quote": "95% of Corporate EBITDA is generated by the regulated side of the business.",
      "subject": "ARTNA"
    },
    {
      "id": "c5",
      "claim_type": "relationship",
      "text": "The termination of the Chester Water Authority contract will positively influence ARTNA's net income.",
      "confidence": 0.95,
      "source_quote": "ARTNA... will not renew this contract when it terminates in December 2021... a large portion will [flow through to Net Income].",
      "subject": "ARTNA",
      "influences": [
        {
          "from": "Chester_Water_Authority",
          "influence": 0.8,
          "slot": "net_income"
        }
      ]
    },
    {
      "id": "c6",
      "claim_type": "atom",
      "text": "The Taylor family controls ARTNA by owning over 50% of Class B voting shares.",
      "confidence": 1.0,
      "source_quote": "The Taylor family controls ARTNA by owning >50% of the Class B’s.",
      "subject": "Taylor_F
flash tight 2792469495 25
The candidate extraction is extremely sparse compared to the reference. It captures only 5 of 12 significant entities, 10 claims versus 60 in the reference, and misses the vast majority of financial data points, competitive dynamics, valuation details, and nuanced assertions. While what is present is mostly accurate, the coverage is far too thin.
Claims: 10 · Relationships: 2 · Entities: 5 · Atoms: 5 · Assertions: 3
entity_coverage
35.0
atom_completeness
15.0
assertion_quality
25.0
relationship_accuracy
20.0
precision
75.0
source_grounding
70.0
Content preview (3880 chars) 
```json
{
  "entities": [
    {
      "id": "TRBR",
      "name": "Trailer Bridge",
      "type": "Company"
    },
    {
      "id": "HRZ",
      "name": "Horizon Lines",
      "type": "Company"
    },
    {
      "id": "J_MCCOWN",
      "name": "John McCown",
      "type": "Person"
    },
    {
      "id": "JONES_ACT",
      "name": "Jones Act",
      "type": "Regulation"
    },
    {
      "id": "PR_MARKET",
      "name": "Puerto Rico shipping market",
      "type": "Market"
    }
  ],
  "claims": [
    {
      "id": "C1",
      "claim_type": "atom",
      "text": "Trailer Bridge operates as the low-cost provider in the Puerto Rico shipping market.",
      "confidence": 0.95,
      "source_quote": "The company is the low cost provider in a protected market",
      "subject": "TRBR"
    },
    {
      "id": "C2",
      "claim_type": "atom",
      "text": "Trailer Bridge owns three idle barges not currently used in the Puerto Rico service.",
      "confidence": 1.0,
      "source_quote": "only 4 of the 7 barges are currently used in the PR service. The other 3 are either laid up, or chartered part of the time",
      "subject": "TRBR"
    },
    {
      "id": "C3",
      "claim_type": "assertion",
      "text": "The stock has a 70% upside potential based on current operations.",
      "confidence": 0.8,
      "source_quote": "I believe that there is 70%+ upside based on current operations",
      "subject": "TRBR"
    },
    {
      "id": "C4",
      "claim_type": "relationship",
      "text": "The Jones Act restricts competition by requiring vessels to be US built, owned, and crewed.",
      "confidence": 1.0,
      "source_quote": "The Jones Act requires in essence that all vessels operating between two US ports be US built, owned and crewed",
      "subject": "JONES_ACT",
      "influences": [
        {
          "from": "JONES_ACT",
          "influence": 0.9,
          "slot": "Market Entry Barriers"
        }
      ]
    },
    {
      "id": "C5",
      "claim_type": "atom",
      "text": "CEO John McCown maintains a consistent monthly pattern of open market share purchases.",
      "confidence": 1.0,
      "source_quote": "the most persistent insider buying pattern by a CEO that I’ve ever seen. Literally EVERY month going back years... he buys shares in the open market",
      "subject": "J_MCCOWN"
    },
    {
      "id": "C6",
      "claim_type": "assertion",
      "text": "Deployment of one idle barge could produce incremental EBITDA of $2-$3 million per year.",
      "confidence": 0.7,
      "source_quote": "This could produce incremental EBITDA of $2-$3 million/year, conservatively.",
      "subject": "TRBR"
    },
    {
      "id": "C7",
      "claim_type": "atom",
      "text": "Trailer Bridge is restricted from paying down its 9.25% high-yield debt until 2008.",
      "confidence": 1.0,
      "source_quote": "TRBR can’t pay down its 9.25% high yield until 2008",
      "subject": "TRBR"
    },
    {
      "id": "C8",
      "claim_ty
gpt verbose 2792469495 0
The candidate extraction is completely empty (ERROR), containing no entities, claims, or any content whatsoever.
entity_coverage
0.0
atom_completeness
0.0
assertion_quality
0.0
relationship_accuracy
0.0
precision
0.0
source_grounding
0.0
Content preview (7 chars) 
ERROR:
gpt verbose 5159562350 0
The candidate extraction is completely empty (ERROR), containing no entities, claims, or any content whatsoever.
entity_coverage
0.0
atom_completeness
0.0
assertion_quality
0.0
relationship_accuracy
0.0
precision
0.0
source_grounding
0.0
Content preview (7 chars) 
ERROR:

Generated 20260311_225551 — 54 candidates