Perpetual equity model
Drop the 'The' prefix from 3 category names (Fable/Opus both recommended: categories.yaml's own rule bans securities-form section-heading names like 'The Company'); fix 4 broken topic-direct-hold-framework links in root pages; fix 2 sovereign-deployment-architecture banned-vocabulary hits (EN+ES); fix 9 missing Interest Coverage Ratio wikilinks (EN+ES); fix holding-company-valuation-methodology.md's See-also-before-bottom-line ordering bug (EN+ES)
@@ -41,7 +41,7 @@ Transfer mechanics are straightforward: the seller identifies a counterparty, ag ## Distribution Policy Distributions are declared per asset, not across the portfolio. The issuing entity declares distributions from operating income when the asset's interest coverage ratio (ICR) stands at or above 1.2×. A distribution is not declared from an asset below the 1.2× ICR floor; the floor is a covenant established in the applicable Direct-Hold Solution's governing agreement that governs borrowing capacity, consistent with the 1.2–1.4× range typical of commercial real-estate lending. Distributions are declared per asset, not across the portfolio. The issuing entity declares distributions from operating income when the asset's [[cre-financial-metrics|interest coverage ratio]] (ICR) stands at or above 1.2×. A distribution is not declared from an asset below the 1.2× ICR floor; the floor is a covenant established in the applicable Direct-Hold Solution's governing agreement that governs borrowing capacity, consistent with the 1.2–1.4× range typical of commercial real-estate lending. When distributions are declared, they are paid proportionally across all outstanding units of the relevant asset. No unit within the same asset carries a preferential distribution right over another.