Carry the original investment case through every period of ownership.
The underwrite, the budget, the forecast, and the actuals carry as one record on the deal. Every period close, see where the asset stands against plan and against the case you bought, in the same terminal the deal was built in.
the period close, plan and actuals against the underwrite
One living record
Track underwrite, budget, forecast, and actuals on one lineage.
The original underwrite, the operator budget, your reforecast, and the period actuals sit on a single record for the deal. Read plan against the latest, always current, in one file.
deal · oak-street
Fig · The case carries into ownership
01 · Every period on file
Every close is a permanent entry on the record.
- Each period close lands as a new dated entry on the record. Prior periods stay exactly as they were reported.
- A restatement is a new entry that supersedes the old. The earlier figure stays on the record, flagged, so the change is legible.
- A deal taken on mid-life stands up the record at the first close and backfills the available history, with the full load shown to the analyst for sign-off before the record is set.
each period a new dated entry, plan against the latest
Fig · Every period a dated entry
Closing a period
From the operating statement to where you stand against plan.
The recurring period close runs the same way every reporting cycle, so the read against budget and against the underwrite is consistent from one period to the next.
- 01
01
Pull the actuals
Read the period’s operating statement and rent roll into the record. An unchanged re-run is left alone; a prior period that has moved lands as a flagged restatement.
- 02
02
Refresh budget and forecast
Bring in a new operator budget when one is filed, and take the forward view off actuals to date. A permanent variance moves the forecast; a timing variance that self-corrects does not.
- 03
03
Read against plan
See NOI, occupancy, and return to date against budget and against the original underwrite, each material variance tied to its cause, and where the reforecast now lands versus plan.
02 · Covenant standing
Where you stand against the loan terms, read off the model.
- The covenant terms are read from the loan agreement and its amendments. Each term, its tested metric, its basis, what trips it, the consequence, and the cure path traces to a cited section, and the full schedule goes back to the analyst for sign-off before it becomes the reference of record.
- Each covenant is tested on its own stated basis against the model’s current metrics. You see the cushion to every threshold and anything tripped or trending toward a trip.
- This is the investment team’s own read of where the asset stands against the terms, sourced to the agreement and the model, ready to act on.
Fig · Tested on its stated basis, your own read
Asset management, every period
Three jobs, run every period.
The same terminal that built the deal carries it on the book. Each job does a defined piece of the work the same way every reporting cycle.
Refresh the period
Close the period
Pull the period’s actuals, budget, and reforecast onto the record and report performance against budget and against the underwrite. Every period is a permanent dated entry; the full history stays intact.
Check covenants
Test the loan terms
Read the covenant terms from the loan agreement, test the model’s current metrics against each on its stated basis, and lay out cushions, trips, and cure paths so the team sees exactly where the asset stands against every term.
Refresh the memo
Write the review
Draft the periodic asset-management review in the firm’s house format: performance versus underwrite and budget, the reforecast, covenant standing, and the recommended action, with any prose that now contradicts the refreshed numbers flagged.
The asset-management review
Write the periodic review in your house format.
For the investment committee and investors: where the asset stands versus the underwrite and budget, the reforecast, the covenant standing, and what to do now. Every figure traces to the record or the covenant standing, and prose that has fallen out of step with the latest numbers is surfaced for you to reconcile.
Fig · Recommendation first, figures traced
Hold the asset to the case you bought.
Performance is read, the terms tested, and the review written, so the team spends its time on variance, reforecasting, and the hold, sell, or refinance recommendation.
The hold, sell, or refinance recommendation stays with the team
The review is a recommendation-first draft the analyst owns. The reforecast call and the decision to hold, refinance, or sell remain with your team.
Every period stays on the record
Every close is a permanent dated entry. A restatement adds a new entry that supersedes the old, so every figure your team ever reported is recoverable.
The underwrite stays on file
The original case you bought stays available after close, so every period reads against the original underwrite as well as last quarter.