{
  "as_of": "2026-10-27",
  "source_id": "NETSPREAD",
  "evidence_type": "provider-published illustrative example; not a disclosed completed transaction",
  "published_example": {
    "seller_contract_price_yen": 5000000,
    "seller_fee_rate_as_shown": 0.02,
    "seller_fee_yen": 100000,
    "seller_net_receipt_yen": 4900000,
    "buyer_contract_price_yen": 5500000,
    "buyer_fee_rate_as_shown": 0.02,
    "buyer_fee_yen": 110000,
    "buyer_payment_yen": 5610000,
    "contract_price_spread_yen": 500000,
    "both_side_fees_yen": 210000,
    "dealer_cash_difference_before_costs_and_taxes_yen": 710000
  },
  "identities": [
    "buyer contract price - seller contract price = price spread",
    "seller contract price - seller fee = seller net receipt",
    "buyer contract price + buyer fee = buyer payment",
    "buyer payment - seller net receipt = price spread + seller fee + buyer fee"
  ],
  "excluded": "Club name transfer, annual fee settlement, new entry deposit, other dealers, operating expenses and tax settlements are outside this published example. They are not observed zeros. The source shows 2% fees without a separate tax breakdown; no additional 10% is imputed.",
  "not_estimated": [
    "national prevalence",
    "actual average or maximum spread",
    "any named dealer actual deal margin",
    "net accounting profit"
  ],
  "business_models": [
    {
      "type": "equal-base-price fee model",
      "source_id": "NETGUIDE",
      "evidence": "Provider says it uses one base price for seller and buyer, and earns fees from both. Self-description, not an independent deal audit."
    },
    {
      "type": "own purchase and resale with fees",
      "source_ids": [
        "SANWADEAL",
        "TENONDEAL"
      ],
      "evidence": "Each publishes a purchase step and separate customer fees. Linked seller and buyer contract prices are not published; no actual spread is assigned."
    },
    {
      "type": "new membership issuance",
      "source_ids": [
        "TC26",
        "NTA6249"
      ],
      "evidence": "Issuer receives membership payments under its terms; this is separate from secondary dealer spread."
    }
  ],
  "historical_evidence": {
    "source_id": "NET2010",
    "published_on": "2010-01-15",
    "scope": "Same company described resale markup plus fees at launch. Evidence of longstanding discussion, not a national trend series."
  },
  "measurement_requirements": [
    "same certificate and rights",
    "linked seller and buyer agreements and settlements",
    "fees on both sides",
    "tax basis and club/annual-fee/deposit adjustments",
    "all intervening dealers and timing"
  ],
  "comparison_scope": "Advertised fee alone does not measure total dealer compensation. A public bid-ask quote is not proof of a realized dealer spread."
}