Carry the underwrite into ownership.
From the day the asset goes on the book, your team holds the full investment thesis: the model, the assumptions, the memo that won approval, and every period that follows, on one record that carries the deal from origination through the hold.
01 · Continuity
The question shifts from “should we buy this” to “are we executing the thesis.”
- The original underwrite is already in front of you. The model, the assumptions, and the memo that won approval stay in the deal’s workspace, so the team starts the hold from the firm’s own view.
- Every period close measures the asset against the original underwrite and against the operator’s budget. The thesis you bought on is the standing yardstick through the hold.
- One team owns the asset from close through every reporting period, reading off the same record the deal team built.
deal · oak-street
Fig · asset management picks up where underwriting left off
One record
Plan versus latest, always in view.
One record carries the underwrite, the operator’s budget, the reforecast, and the period actuals side by side. Plan-versus-actuals becomes a single read off that record.
Fig · underwrite · budget · forecast · actuals, one record
The period close
Close the period against the thesis you bought.
The recurring job your team runs every period: pull the actuals in, refresh the forward view, and read performance against plan. Each close adds to the record without disturbing what came before.
- 01
01
Pull the period’s actuals
Load the period’s operating statement and rent roll into the record. Each set of figures lands as a new dated entry, so every prior period stays intact and the full history remains in view.
- 02
02
Refresh the forward view
Take the reforecast off actuals-to-date, separating a permanent variance from a timing one, so the forward numbers move for changes that affect the outlook. The team makes that call.
- 03
03
Measure performance against plan
See performance against the operator’s budget and against the original underwrite, with each material variance, its cause, and the action it points to.
- 04
04
Carry it to the book
The refreshed headline figures publish to the firm’s portfolio view, stamped with how current they are, so the book reads off closed periods.
02 · Permanent history
A record that preserves every period, exactly as reported.
- Every period is a new dated entry. A later restatement of an earlier number lands as a fresh entry beside the original, so your team holds the complete history of what the asset reported, and when.
- On a deal brought in mid-life, the first close stands up the record and backfills the available history. The team sees exactly what will be written for sign-off before any of it lands.
- Plan, budget, forecast, and actuals each carry their own lineage, so the team reads a clear view of how the forward view evolved across the hold.
Fig · each period a new dated entry, history preserved
03 · Covenant standing
Covenant standing, read from the loan terms themselves.
- The covenant terms are sourced straight from the loan agreement and its amendments, each test, basis, and threshold traced to the section it came from. Your team reviews and confirms the schedule before it becomes the reference of record.
- Each period’s metrics are tested against those terms on the basis the agreement states, with the cushion to each threshold, anything trending toward a trip, and the cure path it carries.
- Each period’s covenant result sits beside the operating actuals, so the loan-term history runs on the same timeline as asset performance.
Fig · metrics tested against the loan terms, sourced to the section
What your team runs
Three jobs that carry the asset through the hold.
Period close, covenant standing, and the AM review all read and write the same record the deal team built.
Every period
Close the period
Pull the actuals, refresh the budget and forecast, and report where the asset stands against plan, added to the record as a new dated entry.
On a test date
Check covenant standing
Test the current metrics against the loan terms on their stated basis, with cushions, anything tripping or trending, and the cure path.
For the committee
Write the AM review
Draft the periodic review in the firm’s house format: performance against the underwrite and budget, the reforecast, covenant standing, and the recommended action, every figure traced to the record.
Cap Orbit carries the asset-management work. The hold, sell, or refinance recommendation stays with your team.
Cap Orbit closes the period, tests the covenants, and drafts the review. The judgment on what a variance means, where the forward view lands, and what to do about it belongs to the asset manager.
Every period preserved as a dated entry
Each close and every restatement is appended to the record. The full history of what the asset reported, and when, remains auditable across the hold.
Covenant standing sourced to the agreement
Every test, basis, and threshold traces back to the loan document. Your team owns the schedule and the read; the source is always visible.
The thesis call is yours
The review is drafted recommendation-first for your team to own. Whether the asset is on plan, and what to do about it, is the firm’s call.