Historical revision — this record as it stood on 23 August 2026, not the current version. View the current record →
Financial ModelIndex
The Financial Model covers the group's financing discipline, compensation structure, and valuation and forecasting methodology.
Start here: Narrow Bank Financial Model
Financing discipline
How and when debt is used in a building's financing.
- Narrow bank financial model — Two-phase financing discipline of the Direct-Hold Solutions: equity-funded unlevered construction, then First Secured Mortgage Debentures collateralized by the completed buildings.
- Debt service and financing structure — How commercial mortgage financing is structured within direct-hold limited partnerships: loan-to-value conventions, DSCR-constrained debt sizing, interest rate risk, and the interaction between debt structure and the ICR distribution gate.
Compensation and alignment
How the developer is compensated.
- Principal alignment and fee preservation — Compensation model replacing the 2/20 structure: developer profit taken as equity held in trust until investor capital is returned, plus a fixed annual overhead contribution.
Valuation and forecasting methodology
How value and forward figures are estimated.
- holding-company-valuation-methodology — The three-method framework — price/earnings, earnings-yield, and book value — used to model a composite fair-value-per-share estimate for the parent holding company, distinct from asset- and vehicle-level valuation.
- IFRS forecast methodology for Direct-Hold Solution vehicles — How a 10-year IFRS-styled financial forecast for a Direct-Hold Solution vehicle applies IFRS 18, IAS 40, IFRS 13, and IFRS 2 to project future financial statements — illustrative, not a guarantee of results.
- How sensitivity and stress-test analysis works for Direct-Hold Solutions — How Direct-Hold Solutions model interest-rate, occupancy, and development-yield stress against the 1.20x interest-coverage covenant.