=== Report 1: 2025 payout fee revenue and volume by currency (written by Omar) === Engineer's note: Aggregated payouts (status='paid', paid_at in 2025) per currency before converting, joining exchange_rates 1:1 by (EUR, currency, as_of=date(paid_at)) — no fan-out joins, matching the validated methodology. The sum of total_fee_eur across all rows in this report is the comparable figure to Finance's €93,583; if it reconciles to ~€53,186 as before, nothing has changed, otherwise please flag back to us since the batch run will show the actual totals (dry runs can't read data). REPORT: 2025 payout fee revenue and volume by currency QUESTION: Does our 2025 fee-revenue total hold up when broken down by currency, and which currencies carry our FX exposure? currency_code | payout_count | total_gross_native | total_fee_native | total_gross_eur | total_fee_eur | implied_avg_rate_native_per_eur | share_of_total_fee_eur_pct --------------+--------------+--------------------+------------------+-----------------+---------------+---------------------------------+--------------------------- USD | 1802 | 1175910.69 | 37454.41 | 1021107.73 | 32522.97 | 1.1516 | 61.15 GBP | 3165 | 576156.82 | 11796.21 | 669712.4 | 13707.65 | 0.8606 | 25.77 NOK | 238 | 1617567.26 | 48694.22 | 141252.38 | 4249.04 | 11.4601 | 7.99 DKK | 345 | 595621.21 | 10537.79 | 79924.93 | 1413.8 | 7.4535 | 2.66 SEK | 567 | 874215.76 | 14217.03 | 79451.65 | 1292.39 | 11.0006 | 2.43 (5 rows) === Report 2: Merchant refund-rate spike check, Q4 2025 vs 2025 baseline (written by Bea) === Engineer's note: Used payments.tenant_id / payment_refunds.tenant_id directly (both carry tenant_id natively, no need to route through orders). Merchants with no captured volume in the Q1-Q3 baseline window show a blank baseline rate and change (division by zero avoided via NULLIF), sorted last. Order count = distinct orders with a qualifying captured payment in Q4 2025. REPORT: Merchant refund-rate spike check, Q4 2025 vs 2025 baseline QUESTION: Is the Q4 2025 refund-rate increase concentrated in a handful of merchants, or spread broadly across the merchant base? merchant_name | vertical | refund_rate_q4_pct | refund_rate_baseline_pct | change_vs_baseline_pp | refund_amount_q4_eur | order_count_q4 -----------------------+---------------------------+--------------------+--------------------------+-----------------------+----------------------+--------------- Fell & Fjell | Sports & Outdoor | 83.02 | 3.38 | 79.64 | 4888.59 | 17 Bytefield | Consumer Electronics | 52.58 | 0.0 | 52.58 | 4487.99 | 11 Brick & Bobbin | Apparel & Footwear | 50.06 | 32.79 | 17.27 | 612.92 | 10 Lamplight Living | Home & Living | 20.44 | 6.9 | 13.54 | 494.36 | 20 Saffron & Sage | Beauty | 11.76 | 3.56 | 8.21 | 554.55 | 33 Feather & Fin | Pet Supplies | 8.76 | 1.88 | 6.88 | 290.54 | 48 Cinder Peak Sports Co. | Sports & Outdoor | 18.23 | 11.42 | 6.81 | 6920.67 | 105 Willow & Wren | Home & Living | 16.43 | 11.29 | 5.14 | 929.47 | 33 Purrfect Pantry | Pet Supplies | 6.62 | 2.38 | 4.24 | 54.47 | 17 Rosehip Lab | Beauty | 3.17 | 0.0 | 3.17 | 44.48 | 16 Hus & Hem | Home & Living | 9.48 | 6.81 | 2.66 | 172.0 | 15 Grind Collective | Food & Coffee | 3.16 | 0.74 | 2.43 | 367.54 | 166 Petalcourt Beauty | Beauty | 8.46 | 6.83 | 1.63 | 1775.91 | 250 The Balm Room | Beauty | 6.49 | 5.16 | 1.33 | 276.16 | 32 Oakhurst Tailoring | Apparel & Footwear | 14.91 | 13.66 | 1.25 | 2106.35 | 83 Nordic Bloom Cosmetics | Beauty | 8.67 | 7.62 | 1.05 | 468.27 | 45 Castell Fasteners | Industrial Supplies (B2B) | 0.86 | 0.23 | 0.63 | 885.79 | 47 Roast Republic | Food & Coffee | 0.0 | 0.0 | 0.0 | 0.0 | 21 Deskline Supplies | Office Supplies (B2B) | 0.0 | 0.37 | -0.37 | 0.0 | 20 Paperplane Press | Books & Stationery | 2.35 | 3.11 | -0.77 | 16.07 | 15 Kibblewick | Pet Supplies | 0.3 | 1.14 | -0.84 | 28.98 | 100 Tiny Atelier | Home & Living | 5.86 | 7.44 | -1.58 | 79.96 | 10 Honeycomb Larder | Food & Coffee | 0.06 | 1.81 | -1.75 | 6.21 | 91 Marrowby & Vane | Apparel & Footwear | 21.07 | 23.13 | -2.06 | 24695.74 | 642 Coastline Interiors | Home & Living | 6.07 | 8.39 | -2.31 | 548.01 | 67 Tail Wag Supply | Pet Supplies | 0.0 | 2.37 | -2.37 | 0.0 | 29 Cragsley Outfitters | Apparel & Footwear | 22.56 | 25.05 | -2.5 | 70042.32 | 1413 Fennel & Flint | Home & Living | 4.19 | 7.45 | -3.26 | 1288.42 | 173 Fjordline Wear | Apparel & Footwear | 25.8 | 29.07 | -3.27 | 851.8 | 24 Juniper Apothecary | Beauty | 2.5 | 6.78 | -4.28 | 153.65 | 55 Folio & Fern | Books & Stationery | 2.39 | 7.04 | -4.65 | 24.39 | 22 Stoneware Studio | Home & Living | 0.0 | 5.75 | -5.75 | 0.0 | 12 Kayak Corner | Sports & Outdoor | 3.36 | 9.76 | -6.39 | 259.69 | 22 Thistlecombe | Apparel & Footwear | 15.63 | 23.48 | -7.84 | 1029.61 | 42 OfficeHub Nordic | Office Supplies (B2B) | 0.0 | 9.16 | -9.16 | 0.0 | 55 Velvet Ash | Apparel & Footwear | 15.62 | 32.26 | -16.64 | 1784.84 | 51 (36 rows) === Report 3: Merchant risk signals snapshot: receivables, traffic and revenue trend (written by Omar) === Engineer's note: Used tenants.industry as "vertical" (no separate vertical field exists). Invoice balances use the latest EUR exchange rate on/before 2025-12-31 (a single snapshot rate per currency, as specified); payout fees are converted using each payout's own paid_at-date rate since the request implied a period trend rather than a point-in-time valuation. The requested "total merchant count with any non-zero unpaid balance or traffic/revenue decline" is a different, single-number aggregate outside this report's per-merchant grain and the 50-row cap, so it isn't included here — happy to run it as a separate one-row report if useful. REPORT: Merchant risk signals snapshot: receivables, traffic and revenue trend QUESTION: Which merchants look at risk right now, based on unpaid invoices, traffic decline, and revenue trend — our 'accounts to watch' list? merchant_name | vertical | unpaid_invoice_balance_eur | traffic_change_pct_q4_vs_q3 | fee_revenue_change_pct_q4_vs_q3 | days_since_last_order | tenant_status ------------------------------+---------------------------+----------------------------+-----------------------------+---------------------------------+-----------------------+-------------- Kontor24 Bürobedarf | Office Supplies (B2B) | 116652.86 | 1.6 | 147.8 | 5 | active Ballycorran Industrial Supply | Industrial Supplies (B2B) | 22415.24 | -10.3 | 171.8 | 10 | active Castell Fasteners | Industrial Supplies (B2B) | 14481.02 | -43.2 | 157.4 | 17 | active OfficeHub Nordic | Office Supplies (B2B) | 14348.57 | 13.1 | -77.4 | 18 | active Deskline Supplies | Office Supplies (B2B) | 12749.42 | 16.7 | -1.0 | 13 | active Midland Safety Wear | Industrial Supplies (B2B) | 10049.47 | 21.2 | 236.4 | 5 | active Polder Packaging | Industrial Supplies (B2B) | 5296.8 | 116.7 | -50.6 | 12 | active Hanse Industriebedarf | Industrial Supplies (B2B) | 864.14 | 3.7 | -22.9 | 6 | active Brennquell Kaffee | Food & Coffee | 41.84 | 32.8 | 27.0 | 5 | active Trailmark | Sports & Outdoor | 0.0 | -50.0 | 203.9 | 27 | active Pfotenglück | Pet Supplies | 0.0 | -26.3 | 19.6 | 8 | active Alpine Loft | Sports & Outdoor | 0.0 | -22.7 | NULL | 24 | active Papeterie Grossiste | Office Supplies (B2B) | 0.0 | -21.4 | -97.2 | 26 | active Tiny Atelier | Home & Living | 0.0 | -5.3 | 286.5 | 35 | active Fell & Fjell | Sports & Outdoor | 0.0 | -5.1 | -78.5 | 6 | active Driftwood Home | Home & Living | 0.0 | -4.2 | 122.0 | 14 | active Ostwind Mode | Apparel & Footwear | 0.0 | 1.4 | 137.8 | 6 | active Nordic Bloom Cosmetics | Beauty | 0.0 | 4.2 | 16.6 | 6 | active Goldkind | Jewelry & Accessories | 0.0 | 5.9 | -95.4 | 20 | active Stoneware Studio | Home & Living | 0.0 | 6.7 | 95.2 | 6 | active Bijoux Lune | Jewelry & Accessories | 0.0 | 11.8 | -48.2 | 6 | active Spice Route Box | Food & Coffee | 0.0 | 12.2 | 37.6 | 5 | active Purrfect Pantry | Pet Supplies | 0.0 | 12.5 | 40.5 | 13 | active Velo Noord | Sports & Outdoor | 0.0 | 12.5 | -80.8 | 5 | active Ridgeback Gear | Sports & Outdoor | 0.0 | 12.8 | 37.5 | 6 | active Haven Linen | Home & Living | 0.0 | 15.0 | -41.1 | 7 | active Feather & Fin | Pet Supplies | 0.0 | 16.0 | 24.3 | 5 | active Sourdough Club | Food & Coffee | 0.0 | 16.0 | 42.1 | 6 | active Hound Hamper | Pet Supplies | 0.0 | 19.2 | 17.5 | 8 | active Velvet Ash | Apparel & Footwear | 0.0 | 21.9 | 181.9 | 5 | active Tail Wag Supply | Pet Supplies | 0.0 | 22.5 | 62.6 | 7 | active Cinder Peak Sports Co. | Sports & Outdoor | 0.0 | 25.9 | 40.3 | 5 | active Folio & Fern | Books & Stationery | 0.0 | 27.8 | 93.5 | 6 | active Glasshouse Grooming | Beauty | 0.0 | 29.4 | 542.0 | 7 | active Kayak Corner | Sports & Outdoor | 0.0 | 30.0 | -12.6 | 7 | active Inkwell & Quire | Books & Stationery | 0.0 | 31.6 | 334.4 | 5 | active Kibblewick | Pet Supplies | 0.0 | 32.9 | 36.8 | 5 | active Lumen Collective | Apparel & Footwear | 0.0 | 33.3 | 264.0 | 7 | active Paperplane Press | Books & Stationery | 0.0 | 35.3 | 148.2 | 6 | active Studio Vrij | Apparel & Footwear | 0.0 | 39.4 | 121.5 | 5 | active Grind Collective | Food & Coffee | 0.0 | 40.8 | 38.0 | 5 | past_due Fern & Fable | Home & Living | 0.0 | 41.4 | 60.7 | 6 | active Wiesgrund Wohnen | Home & Living | 0.0 | 46.2 | 123.3 | 7 | active Saffron & Sage | Beauty | 0.0 | 50.0 | 125.1 | 7 | past_due Whisker Works | Pet Supplies | 0.0 | 55.2 | 61.6 | 5 | active Cragsley Outfitters | Apparel & Footwear | 0.0 | 55.7 | 140.5 | 5 | active Marrowby & Vane | Apparel & Footwear | 0.0 | 55.9 | 137.4 | 5 | active Brewline Coffee | Food & Coffee | 0.0 | 56.3 | 96.5 | 10 | active Honeycomb Larder | Food & Coffee | 0.0 | 57.4 | 88.4 | 5 | active Willow & Wren | Home & Living | 0.0 | 57.6 | 43.7 | 9 | active (50 rows)