diff --git a/src/KArtSell.Host/Features/ShadowRun/Endpoint.cs b/src/KArtSell.Host/Features/ShadowRun/Endpoint.cs
index 85af9eea..4ceb6a3d 100644
--- a/src/KArtSell.Host/Features/ShadowRun/Endpoint.cs
+++ b/src/KArtSell.Host/Features/ShadowRun/Endpoint.cs
@@ -29,7 +29,7 @@ public sealed class InitiateShadowRunEndpoint : Endpoint<InitiateShadowRunReques
     public override void Configure()
     {
         Post("/api/shadow-runs");
-        AllowAnonymous();  // TODO: Add RBAC (researcher role required)
+        Roles("Admin", "Researcher");  // RBAC: Only Admin or Researcher can initiate
         Validator<InitiateShadowRunValidator>();
     }
 
diff --git a/src/KArtSell.Host/Features/ShadowRun/GetShadowRunPollingEndpoint.cs b/src/KArtSell.Host/Features/ShadowRun/GetShadowRunPollingEndpoint.cs
index 5c22fda0..edde31e2 100644
--- a/src/KArtSell.Host/Features/ShadowRun/GetShadowRunPollingEndpoint.cs
+++ b/src/KArtSell.Host/Features/ShadowRun/GetShadowRunPollingEndpoint.cs
@@ -28,7 +28,7 @@ public sealed class GetShadowRunPollingEndpoint : Endpoint<GetShadowRunPollingRe
     public override void Configure()
     {
         Get("/api/shadow-runs/{RunId}");
-        AllowAnonymous();  // TODO: Add RBAC
+        Roles("Admin", "Analyst");  // RBAC: Only Admin or Analyst can poll
     }
 
     public override async Task HandleAsync(GetShadowRunPollingRequest req, CancellationToken ct)
diff --git a/src/KArtSell.Host/Jobs/ShadowRunJob.cs b/src/KArtSell.Host/Jobs/ShadowRunJob.cs
index 4f60a62e..e998d543 100644
--- a/src/KArtSell.Host/Jobs/ShadowRunJob.cs
+++ b/src/KArtSell.Host/Jobs/ShadowRunJob.cs
@@ -65,6 +65,12 @@ public sealed class ShadowRunJob(
             new EventId(6, nameof(LogError)),
             "Shadow run {RunId} failed: {ErrorMessage}");
 
+    private static readonly Action<ILogger, Guid, Exception?> LogPhase4Complete =
+        LoggerMessage.Define<Guid>(
+            LogLevel.Information,
+            new EventId(7, nameof(LogPhase4Complete)),
+            "Shadow run {RunId} phase 4 (phase segmentation) complete");
+
     [Queue("q-research")]
     [DisableConcurrentExecution(timeoutInSeconds: 3600)]  // Max 60 minutes
     [AutomaticRetry(Attempts = MaxAttempts, OnAttemptsExceeded = AttemptsExceededAction.Fail)]
@@ -105,12 +111,17 @@ public sealed class ShadowRunJob(
 
             LogPhase3Complete(logger, command.RunId, null);
 
-            // Phase 4: Evaluate gates
+            // Phase 4: Phase segmentation
+            var phaseBreakdownDto = PhaseSegmentation.Segment(
+                replayResult.DailyReturns.ToList());
+
             var phaseBreakdown = new PhaseBreakdown(
-                BullMarket: new PhaseMetrics(0, 0, 0, 0, 0),     // TODO: Phase segmentation
-                BearMarket: new PhaseMetrics(0, 0, 0, 0, 0),
-                Sideways: new PhaseMetrics(0, 0, 0, 0, 0),
-                HighVolatility: new PhaseMetrics(0, 0, 0, 0, 0));
+                BullMarket: ConvertPhaseMetrics(phaseBreakdownDto.BullMarket),
+                BearMarket: ConvertPhaseMetrics(phaseBreakdownDto.BearMarket),
+                Sideways: ConvertPhaseMetrics(phaseBreakdownDto.Sideways),
+                HighVolatility: ConvertPhaseMetrics(phaseBreakdownDto.HighVolatility));
+
+            LogPhase4Complete(logger, command.RunId, null);
 
             var costAnalysis = new CostAnalysis(
                 BaseScenarioReturn: metrics.TotalReturn,
@@ -157,4 +168,12 @@ public sealed class ShadowRunJob(
             throw;  // Hangfire will classify as transient/permanent based on exception type
         }
     }
+
+    private static PhaseMetrics ConvertPhaseMetrics(PhaseMetricsDto dto)
+        => new PhaseMetrics(
+            TradingDays: dto.TradingDays,
+            Return: dto.Return,
+            Sharpe: dto.Sharpe,
+            WinRate: dto.WinRate,
+            MaxDrawdown: dto.MaxDrawdown);
 }