diff --git a/README.md b/README.md
index fb04a75..6df7072 100644
--- a/README.md
+++ b/README.md
@@ -78,7 +78,7 @@ The concept's §13 now defines a **Global Contingency Share Determination Rule**
 | [TREV-WP-0003](workplans/TREV-WP-0003-normative-core-extraction.md) | Extract stable normative core docs — **finished**, reviewed and accepted 2026-07-29 |
 | [TREV-WP-0004](workplans/TREV-WP-0004-global-jurisdiction-research.md) | Global jurisdictional research backing the License/CUA candidates — **finished**, T10 synthesis accepted 2026-07-29 with alpha/beta working defaults (full legal review deferred until out of beta — see `SCOPE.md` §1) |
 | [TREV-WP-0005](workplans/TREV-WP-0005-enforcement-network-research.md) | Enforcement Network legal feasibility research — **finished**, T10 synthesis accepted 2026-07-29 on the same alpha/beta basis (Japan's Article 12 risk remains explicitly unresolved) |
-| [TREV-WP-0006](workplans/TREV-WP-0006-trust-service-implementation.md) | Hosted Trust Service reference implementation (PRD Phase 4b) — active; T01 (PRD), T02 (ADR-0002, accepted), T03 (registries), T04 (Ledger append API) done; T05 (Metrics) next |
+| [TREV-WP-0006](workplans/TREV-WP-0006-trust-service-implementation.md) | Hosted Trust Service reference implementation (PRD Phase 4b) — active; T01 (PRD), T02 (ADR-0002, accepted), T03 (registries), T04 (Ledger append API), T05 (Metrics) done; T06 (Conversion Attestation) next |
 | [TREV-WP-0007](workplans/TREV-WP-0007-degeneration-policy-and-canonical-profiles.md) | Degeneration policy + canonical monetization profile catalog — active, not yet started |
 | [TREV-WP-0008](workplans/TREV-WP-0008-governance-and-pilot-rollout.md) | Governance formalization + pilot rollout across `coulomb-loop`/`net-kingdom`/`helix-forge`/`railiance-*` — active, not yet started; real Phase declarations gated behind T05 |
 
diff --git a/src/target_revenue/metrics.py b/src/target_revenue/metrics.py
new file mode 100644
index 0000000..970eb8a
--- /dev/null
+++ b/src/target_revenue/metrics.py
@@ -0,0 +1,125 @@
+"""Public metrics computation (WP-0006-T05).
+
+Implements the mandatory public metrics set from
+`specs/OpenQuestions-WorkingDefaults.md` Q9, plus its recommended
+velocity/forecast tier, always labeled fact / calculation / forecast per
+`specs/TargetRevenueLicenseConcept.md` §14.6 and
+`specs/TrustServiceProductRequirementsDocument.md` TS-FR-5:
+
+- **fact**: read or summed directly from the Manifest/Ledger, no modeling.
+- **calculation**: a deterministic derivation over facts (e.g. a percentage).
+- **forecast**: a projection that could be wrong; never positioned where a
+  fact is expected, and — per TSD §4.1's Metrics component's forbidden
+  action — never presented as if it were a ledger fact.
+
+Pure and deterministic given `(manifest, entries, as_of)`: the only
+"impure" input is the caller-supplied `as_of` timestamp, kept as an
+explicit parameter (not read from the wall clock internally) so this
+module stays testable and reproducible like `fold.py` (TSD §6.1).
+"""
+
+from __future__ import annotations
+
+from datetime import datetime, timezone
+from typing import Any
+
+from . import conversion as conversion_module
+from . import fold as fold_module
+
+_MATERIAL_PROGRESS_TYPES = frozenset({"development-credit", "remission-credit"})
+
+
+def _parse(ts: str) -> datetime:
+    return datetime.fromisoformat(ts.replace("Z", "+00:00"))
+
+
+def compute_metrics(
+    manifest: dict[str, Any], entries: list[dict[str, Any]], as_of: datetime
+) -> dict[str, Any]:
+    """Compute the full labeled metrics set for one Phase at a point in time."""
+    if as_of.tzinfo is None:
+        raise ValueError("as_of must be timezone-aware")
+
+    status = conversion_module.conversion_status(manifest, entries)
+    fold_result = fold_module.fold_outstanding_target(
+        manifest["phase"]["initial_target"]["amount"], entries
+    )
+    initial_amount = manifest["phase"]["initial_target"]["amount"]
+    last_entry = entries[-1] if entries else None
+
+    material_entries = [e for e in entries if e["type"] in _MATERIAL_PROGRESS_TYPES]
+    first_material = material_entries[0] if material_entries else None
+    last_material = material_entries[-1] if material_entries else None
+
+    facts = {
+        "initial_target_amount": initial_amount,
+        "initial_target_currency": manifest["phase"]["initial_target"]["currency"],
+        "cumulative_development_credit": fold_result.development_credit,
+        "cumulative_remission_credit": fold_result.remission_credit,
+        "outstanding_target": fold_result.outstanding_target,
+        "is_converted": status.is_converted,
+        "future_license": status.future_license,
+        "last_ledger_entry_id": last_entry["id"] if last_entry else None,
+        "longstop_at": manifest["phase"].get("longstop_at"),
+    }
+
+    calculations: dict[str, Any] = {
+        "target_satisfaction_percentage": (
+            None
+            if initial_amount <= 0
+            else round(
+                100.0
+                * min(1.0, (fold_result.development_credit + fold_result.remission_credit) / initial_amount),
+                4,
+            )
+        ),
+        "development_credit_velocity_per_day": None,
+        "remission_credit_velocity_per_day": None,
+        "days_since_last_material_progress": None,
+    }
+
+    if first_material and last_material:
+        span_days = (_parse(last_material["recognized_at"]) - _parse(first_material["recognized_at"])).total_seconds() / 86400.0
+        if span_days > 0:
+            dev_total = sum(
+                e["amount"] for e in material_entries if e["type"] == "development-credit"
+            )
+            rem_total = sum(
+                e["amount"] for e in material_entries if e["type"] == "remission-credit"
+            )
+            calculations["development_credit_velocity_per_day"] = round(dev_total / span_days, 6)
+            calculations["remission_credit_velocity_per_day"] = round(rem_total / span_days, 6)
+
+    if last_material:
+        calculations["days_since_last_material_progress"] = round(
+            (as_of - _parse(last_material["recognized_at"])).total_seconds() / 86400.0, 4
+        )
+
+    forecasts: dict[str, Any] = {"projected_conversion_date": None}
+    velocity = (
+        (calculations["development_credit_velocity_per_day"] or 0.0)
+        + (calculations["remission_credit_velocity_per_day"] or 0.0)
+    )
+    if not status.is_converted and velocity > 0:
+        days_remaining = fold_result.outstanding_target / velocity
+        forecasts["projected_conversion_date"] = (
+            as_of.replace(microsecond=0) + _timedelta_days(days_remaining)
+        ).isoformat()
+
+    return {
+        "phase": manifest["phase"]["id"],
+        "as_of": as_of.isoformat(),
+        "facts": facts,
+        "calculations": calculations,
+        "forecasts": forecasts,
+    }
+
+
+def _timedelta_days(days: float):
+    from datetime import timedelta
+
+    return timedelta(days=days)
+
+
+def utcnow() -> datetime:
+    return datetime.now(timezone.utc)
diff --git a/src/target_revenue/service/app.py b/src/target_revenue/service/app.py
index 7461575..6382954 100644
--- a/src/target_revenue/service/app.py
+++ b/src/target_revenue/service/app.py
@@ -18,7 +18,7 @@ from fastapi import Depends, FastAPI, HTTPException, Request
 from psycopg import Connection
 from psycopg_pool import ConnectionPool
 
-from .. import ledger, registry
+from .. import ledger, metrics, registry
 from . import keys
 
 app = FastAPI(title="Target Revenue Trust Service — Registries", version="0.1.0")
@@ -140,3 +140,16 @@ def read_ledger(
     if registry.get_phase_manifest(conn, phase_id) is None:
         raise HTTPException(status_code=404, detail="phase not found")
     return ledger.get_ledger(conn, phase_id)
+
+
+@app.get("/phases/{phase_id}/metrics")
+def read_metrics(
+    phase_id: str, conn: Connection = Depends(get_connection)
+) -> dict[str, Any]:
+    """Public, unauthenticated per FR-9/FR-10 — see `target_revenue.metrics`
+    for the fact/calculation/forecast labeling this response preserves."""
+    manifest = registry.get_phase_manifest(conn, phase_id)
+    if manifest is None:
+        raise HTTPException(status_code=404, detail="phase not found")
+    entries = ledger.get_ledger(conn, phase_id)
+    return metrics.compute_metrics(manifest, entries, metrics.utcnow())
diff --git a/tests/test_ledger_hosting.py b/tests/test_ledger_hosting.py
index c487899..f8fa21e 100644
--- a/tests/test_ledger_hosting.py
+++ b/tests/test_ledger_hosting.py
@@ -274,3 +274,30 @@ def test_duplicate_entry_id_rejected(client, pg_container, registered_phase):
     second = client.post(f"/phases/{phase_id}/ledger", json=e, headers=auth_headers(pg_container["token"]))
     assert second.status_code == 422
     assert "already exists" in second.json()["detail"]
+
+
+def test_metrics_endpoint_unauthenticated_and_matches_offline_computation(
+    client, pg_container, registered_phase
+):
+    """WP-0006-T05: the hosted /metrics response must match what
+    target_revenue.metrics.compute_metrics computes offline from the same
+    exported Manifest + Ledger — the metrics-layer analogue of T04's
+    hosted/offline fold-agreement test."""
+    from target_revenue import metrics as metrics_module
+
+    phase_id = registered_phase["phase"]["id"]
+    e = _entry(phase_id, "trsl:entry:ledgertestmetrics0001", "development-credit", 4000, "2026-08-01T00:00:00Z")
+    resp = client.post(f"/phases/{phase_id}/ledger", json=e, headers=auth_headers(pg_container["token"]))
+    assert resp.status_code == 201, resp.text
+
+    # No Authorization header at all: metrics are public per FR-9/FR-10.
+    metrics_resp = client.get(f"/phases/{phase_id}/metrics")
+    assert metrics_resp.status_code == 200
+    hosted = metrics_resp.json()
+
+    entries = client.get(f"/phases/{phase_id}/ledger").json()
+    as_of = metrics_module.datetime.fromisoformat(hosted["as_of"])
+    offline = metrics_module.compute_metrics(registered_phase, entries, as_of)
+
+    assert hosted == offline
+    assert hosted["facts"]["cumulative_development_credit"] == 4000
diff --git a/tests/test_metrics.py b/tests/test_metrics.py
new file mode 100644
index 0000000..e70c0f3
--- /dev/null
+++ b/tests/test_metrics.py
@@ -0,0 +1,96 @@
+"""Pure, offline tests for target_revenue.metrics (WP-0006-T05).
+
+No Docker/Postgres required — metrics.compute_metrics is a pure function
+of (manifest, entries, as_of), like fold.py (TSD §6.1).
+"""
+
+from __future__ import annotations
+
+from datetime import datetime, timezone
+
+from conftest import golden_entries, golden_manifest
+
+from target_revenue import metrics
+
+
+def test_mandatory_facts_present_for_golden_phase():
+    manifest = golden_manifest()
+    entries = golden_entries()
+    as_of = datetime(2026, 12, 1, tzinfo=timezone.utc)
+
+    result = metrics.compute_metrics(manifest, entries, as_of)
+
+    facts = result["facts"]
+    assert facts["initial_target_amount"] == manifest["phase"]["initial_target"]["amount"]
+    assert facts["initial_target_currency"] == manifest["phase"]["initial_target"]["currency"]
+    assert facts["last_ledger_entry_id"] == entries[-1]["id"]
+    assert facts["longstop_at"] == manifest["phase"]["longstop_at"]
+    assert "cumulative_development_credit" in facts
+    assert "cumulative_remission_credit" in facts
+    assert "outstanding_target" in facts
+    assert "is_converted" in facts
+
+
+def test_calculations_and_forecast_are_separately_labeled():
+    manifest = golden_manifest()
+    entries = golden_entries()
+    as_of = datetime(2026, 12, 1, tzinfo=timezone.utc)
+
+    result = metrics.compute_metrics(manifest, entries, as_of)
+
+    assert set(result.keys()) == {"phase", "as_of", "facts", "calculations", "forecasts"}
+    assert "target_satisfaction_percentage" in result["calculations"]
+    assert "projected_conversion_date" in result["forecasts"]
+    # A forecast must never appear inside the facts block.
+    assert "projected_conversion_date" not in result["facts"]
+
+
+def test_target_satisfaction_percentage_matches_fold():
+    manifest = golden_manifest()
+    entries = golden_entries()
+    as_of = datetime(2026, 12, 1, tzinfo=timezone.utc)
+
+    result = metrics.compute_metrics(manifest, entries, as_of)
+    facts = result["facts"]
+    initial = facts["initial_target_amount"]
+    expected_pct = round(
+        100.0
+        * min(
+            1.0,
+            (facts["cumulative_development_credit"] + facts["cumulative_remission_credit"])
+            / initial,
+        ),
+        4,
+    )
+    assert result["calculations"]["target_satisfaction_percentage"] == expected_pct
+
+
+def test_no_material_entries_yields_no_velocity_or_forecast():
+    manifest = golden_manifest()
+    as_of = datetime(2026, 12, 1, tzinfo=timezone.utc)
+
+    result = metrics.compute_metrics(manifest, [], as_of)
+
+    assert result["calculations"]["development_credit_velocity_per_day"] is None
+    assert result["calculations"]["remission_credit_velocity_per_day"] is None
+    assert result["calculations"]["days_since_last_material_progress"] is None
+    assert result["forecasts"]["projected_conversion_date"] is None
+    assert result["facts"]["outstanding_target"] == manifest["phase"]["initial_target"]["amount"]
+
+
+def test_converted_phase_has_no_forecast():
+    manifest = golden_manifest()
+    entries = golden_entries()
+    as_of = datetime(2026, 12, 1, tzinfo=timezone.utc)
+    result = metrics.compute_metrics(manifest, entries, as_of)
+    if result["facts"]["is_converted"]:
+        assert result["forecasts"]["projected_conversion_date"] is None
+
+
+def test_as_of_must_be_timezone_aware():
+    manifest = golden_manifest()
+    entries = golden_entries()
+    import pytest
+
+    with pytest.raises(ValueError):
+        metrics.compute_metrics(manifest, entries, datetime(2026, 12, 1))
diff --git a/workplans/TREV-WP-0006-trust-service-implementation.md b/workplans/TREV-WP-0006-trust-service-implementation.md
index 1d2534c..8dfe8ae 100644
--- a/workplans/TREV-WP-0006-trust-service-implementation.md
+++ b/workplans/TREV-WP-0006-trust-service-implementation.md
@@ -192,7 +192,7 @@ with plain system Python; no stray Docker containers left running.
 
 ```task
 id: TREV-WP-0006-T05
-status: todo
+status: done
 priority: medium
 state_hub_task_id: "6bab5e64-0091-4a25-906d-758310cbe723"
 ```
@@ -202,6 +202,29 @@ Q9 (Initial Target, cumulative credits, Outstanding Target, conversion
 status, last checkpoint, Longstop timestamp as mandatory; velocity/forecast
 as recommended, clearly labeled as forecasts per concept §14.6).
 
+**Result:** `src/target_revenue/metrics.py`'s `compute_metrics(manifest,
+entries, as_of)` — pure and deterministic like `fold.py` (the only input
+that varies with wall-clock time, `as_of`, is an explicit parameter, never
+read internally), reusing `fold.py`/`conversion.py` unchanged. Returns
+three explicitly separated blocks per TrustServicePRD TS-FR-5: `facts`
+(Q9's mandatory set — Initial Target, cumulative Development/Remission
+Credit, Outstanding Target, conversion status, last ledger entry id,
+Longstop timestamp), `calculations` (target satisfaction percentage,
+Development/Remission Credit velocity per day, days since last material
+progress), and `forecasts` (projected conversion date, `null` whenever
+already converted or velocity is zero/negative — never populated as a
+disguised fact). Added `GET /phases/{id}/metrics` to `service/app.py`,
+unauthenticated per FR-9/FR-10. `tests/test_metrics.py` (6 tests, no
+Docker/Postgres required, runs under plain system Python — no new hard
+dependency) covers the mandatory-facts set, fact/calculation/forecast
+separation, percentage correctness, the zero-material-entries case, and
+`as_of` timezone-awareness. Added one Docker-gated test to
+`tests/test_ledger_hosting.py` proving the hosted `/metrics` response
+(fetched with no Authorization header) exactly equals
+`compute_metrics()` run offline against the same exported Manifest +
+Ledger. Full suite (offline 36 + metrics 6 + Docker-gated 22) verified
+passing; no stray containers left running.
+
 ## Conversion Attestation publication
 
 ```task