:root{--ink:#1a1a18;--sub:#5f5e5a;--muted:#8a897f;--line:#e2e0d5;--bg:#fbfaf6;--card:#ffffff;
--accent:#0c447c;--accent-bg:#e6f1fb;--warn:#854f0b;--warn-bg:#faeeda;--good:#27500a;--good-bg:#eaf3de;
--danger:#791f1f;--danger-bg:#fcebeb;}
*{box-sizing:border-box}
body{margin:0;background:var(--bg);color:var(--ink);font-family:Georgia,'Times New Roman',serif;line-height:1.5}
a{color:var(--accent);text-decoration:none}
a:hover{text-decoration:underline}
.wrap{max-width:800px;margin:0 auto;padding:0 20px 60px}
header.site{border-bottom:2px solid var(--ink);padding:24px 0 14px;margin-bottom:20px}
header.site .word{font-size:28px;font-weight:bold;letter-spacing:-0.5px}
header.site .tag{font-family:Arial,sans-serif;font-size:12px;color:var(--muted);margin-top:2px}
nav.site{font-family:Arial,sans-serif;font-size:13px;margin-top:14px;display:flex;gap:18px;flex-wrap:wrap}
nav.site a{color:var(--ink);border-bottom:1px solid transparent}
nav.site a.current{border-bottom:1px solid var(--ink);font-weight:bold}
.thesis{font-family:Arial,sans-serif;font-size:13px;background:var(--card);border:1px solid var(--line);
border-radius:4px;padding:10px 14px;margin-bottom:24px;color:var(--sub)}
.thesis b{color:var(--ink)}
h1.page{font-size:22px;margin:0 0 4px}
p.dek{font-family:Arial,sans-serif;font-size:13px;color:var(--sub);margin:0 0 22px}
.section-label{font-family:Arial,sans-serif;font-size:11px;text-transform:uppercase;letter-spacing:0.06em;
color:var(--muted);border-bottom:1px solid var(--line);padding-bottom:6px;margin:28px 0 4px}
.item{display:flex;gap:12px;padding:12px 0;border-bottom:1px solid var(--line);align-items:baseline}
.badge{font-family:Arial,sans-serif;font-size:10px;font-weight:bold;text-transform:uppercase;
padding:3px 7px;border-radius:3px;white-space:nowrap;align-self:flex-start;margin-top:3px}
.badge.confirmed{background:var(--good-bg);color:var(--good)}
.badge.developing{background:var(--warn-bg);color:var(--warn)}
.item .body{flex:1;min-width:0}
.item .headline{font-size:16px}
.item .headline a.src-link{color:var(--ink);border-bottom:1px solid var(--line)}
.item .headline a.src-link:hover{color:var(--accent);border-bottom-color:var(--accent);text-decoration:none}
.row a.src-link{color:inherit;border-bottom:1px solid var(--line)}
.row a.src-link:hover{color:var(--accent);border-bottom-color:var(--accent);text-decoration:none}
.item .meta{font-family:Arial,sans-serif;font-size:12px;color:var(--sub);margin-top:2px}
.item .date{font-family:Arial,sans-serif;font-size:12px;color:var(--muted);white-space:nowrap;align-self:baseline}
.stage-group{margin-top:26px}
.stage-title{font-family:Arial,sans-serif;font-size:12px;font-weight:bold;color:var(--ink);margin-bottom:4px}
.row{display:flex;justify-content:space-between;gap:12px;padding:7px 0;border-bottom:1px solid var(--line);font-size:15px}
.row .right{font-family:Arial,sans-serif;font-size:12px;color:var(--muted);white-space:nowrap}
.tile{background:var(--card);border:1px solid var(--line);border-radius:4px;padding:12px 14px;margin-bottom:10px}
.tile .d{font-family:Arial,sans-serif;font-size:12px;color:var(--muted)}
.tile .t{margin-top:2px}
.footnote{font-family:Arial,sans-serif;font-size:11px;color:var(--muted);margin-top:40px;border-top:1px solid var(--line);padding-top:14px}
.brief-body h1,.brief-body h2,.brief-body h3{font-family:Georgia,serif}
.brief-body{font-size:15px}
header.site a.umbrella{display:inline-block;font-family:Arial,sans-serif;font-size:12px;
color:var(--muted);text-decoration:none;margin-bottom:8px}
header.site a.umbrella:hover{color:var(--accent);text-decoration:none}

/* ADR-041 — differentiated source links.
   A deal-specific link is the document for this event. A shared link is one
   page covering several unrelated events (an ABA roundup, or a regulator's
   applications-received listing). The dotted underline and the badge say so
   without hiding the link: visible weak sourcing is a backlog, invisible weak
   sourcing is a claim. */
a.src-link.src-shared{border-bottom-style:dotted}
.src-badge{
  display:inline-block;margin-left:.4em;padding:0 .4em;
  font-size:.68em;line-height:1.5;vertical-align:.12em;
  letter-spacing:.02em;white-space:nowrap;
  color:var(--muted);border:1px solid var(--line);border-radius:2px;
}