The pack your committee reads.
This is what Capital Refinery actually writes. Not a mockup, not a template — a full IC pack plus the institutional readiness assessment and the source documents behind it (credit agreement, covenant compliance certificate), produced by the live pipeline against a sell-side / institutional-readiness position (Cedarbrook Foods, food distribution, Q1 2026). Every number carries an evidence fingerprint. Every file links to a verifiable provenance page. If the underlying evidence changes, the pipeline reruns and every file is restamped.
Below: a guided read of each surface, the decision framing the platform emits, and the four files themselves. Unlock downloads with your work email — no NDA, no sales sequence.
- This is a synthetic fixture, not a customer claim. No real firm has signed off on these numbers.
- The KPIs, the “Approve with conditions” recommendation, and the What Must Be True / What Would Change / Likely Pushback structure are real platform output — the same engine functions that run against customer deals.
- This is the sell-side / institutional-readiness pack. The Cedarbrook hub is the orientation page that frames where this pack sits in the broader seller-readiness proof architecture (composite verdict, axis grid, Re-IRA delta, public verification).
- The buy-side counterpart is Falcon, served through the buy-side proof pack. Cedarbrook proves seller readiness; Falcon proves buy-side decision integrity. Same engine, different audience, different artifact stream.
Each of the four files in this pack carries these three stamps in the footer (docx) or Summary sheet (xlsx). The fingerprint is a cryptographic hash of the evidence state; the anchor identifies the IC decision commit; the verify URL resolves to an LP-facing provenance page. Three-way coupling between the artifact, the decision, and the evidence.
Approve with conditions — and here’s the framework behind that call.
The IC memo doesn’t just quote a recommendation. It anchors the verdict to live multiples, names the counterfactuals, and writes out the questions a committee will ask before the committee asks them.
Readiness profile supports the facility subject to: confirm add-back quality on adjusted EBITDA (reported $38.9M vs adjusted $46.5M) and maintain quarterly covenant monitoring on the 1.15x FCCR floor (currently 1.38x).
- FCCR stays at or better than the 1.15x floor (currently 1.38x — 0.23x of headroom).
- Net leverage stays within the 5.00x covenant ceiling (currently 3.22x).
- Working-capital days and the input-cost trajectory stay bounded so the FCCR cushion holds.
- Add-back quality on adjusted EBITDA survives diligence (reported LTM EBITDA $38.9M vs adjusted $46.5M).
- A sustained drop of FCCR toward the 1.15x floor moves the recommendation to WATCH.
- Net leverage crossing the 5.00x covenant ceiling on a trailing basis requires covenant restructuring.
- Customer concentration loss or an input-cost shock that compresses the food margin triggers a scenario rerun.
- New evidence (restated financial, waiver, amendment) triggers pipeline rerun + fresh fingerprint.
- How durable is the 1.38x FCCR — what's the trajectory of working-capital days and input costs against the 1.15x floor?
- Adjusted EBITDA is $46.5M vs reported $38.9M — which add-backs, and do they survive a buyer's quality-of-earnings review?
- Aggregate confidence is 62% — which sources drive it down, what raises it above 85%?
- Net leverage 3.22x against a 5.00x covenant — comfortable now, but what's the headroom under a demand-shock scenario?
Seven files, one evidence state, one fingerprint.
Filenames are honest. The platform writes .docx and .xlsx — what you unlock here is exactly what lives in a subscriber’s drive after the pipeline runs.
IC Memo
The committee document. Hero strip, verdict, transaction summary, executive summary, financial profile, capital structure chart, credit metrics, covenant headroom, key risks with mitigants, Risk Signals (firm-policy scoreboard: observed vs firm policy across LTV, concentration, T-3 expense creep, debt-service runway, title), what-must-be-true / what-would-change / likely-pushback, investment highlights, data quality, source attribution.
Executive Credit Report
Senior-decision-maker view of the same underlying pack. Compressed decision frame, hero dashboard, covenant headroom, EBITDA allocation, capital structure, credit snapshot, Risk Signals scoreboard (observed vs firm-policy bands), data quality.
Diligence Dataset
Source-linked, model-ready financials that reconcile dollar-for-dollar to the assessment. Six sheets: README, Financial Summary, Statements (income statement / balance sheet / cash flow, derived cells shown as formulas), Credit & Covenant (metrics + EBITDA add-back bridge + covenant headroom), Provenance (every figure traced to its data-room source), Source Documents.
KPI Summary
Compact KPI strip — every curated metric with its canonical key, value, unit, and confidence score. Designed for spreadsheet-native workflows where the full memo is overkill.
Institutional Readiness Assessment
The IRA artifact a sell-side operator, advisor, or banker hands to a buyer or lender. Composite verdict + foundation gating axes, Readiness Consequence Summary (executive-scan), full ten-axis grid with buyer-framed consequences, named blockers, Customer Data Readiness probe (seven observable-fact questions feeding existing IRA axes), sector diligence questions grouped by axis, intake-vs-evidence conflicts, partner-handoff brief. Fingerprint + verify URL on the cover and in the footer of every page.
Advisor Readiness Bridge (CR_ReadinessBridge)
The workbook a banker or CEPA maps their own engagement deliverables to — generated live from this assessment, recomputed at export so a stale vintage can never ship. Axis grades and sub-axis evidence states as real Excel tables (an ungraded sub-axis ships absent, never guessed), named blockers, prior-vintage history (the delta story you show the client), and — because the full IRA is the sell-side mirror of buy-side diligence — the promoted financial KPI layer with the valuation evidence facts. Deterministic snapshot id with the hash recipe in a protected manifest; the assessment fingerprint stays the canonical record. Lower-tier engagements (Self-Assessment, Gap Review) export axes only — the financial layer appears when the engagement earns it.
Credit Agreement (source)
The underlying credit agreement a lender holds the company to — the source document behind every covenant the platform tests. Article VII financial covenants (Consolidated Total Net Leverage Ratio stepped schedule; Fixed Charge Coverage Ratio floor of 1.15x), facility and amortization terms, defined terms, reporting obligations. This is the contractual truth the covenant headroom and breach-timing read from — not a platform-generated summary.
Covenant Compliance Certificate
The Q1 2026 officer's certificate the borrower delivers under §6.01(d) / §7.02 — leverage and FCCR calculated for the test period against the credit-agreement thresholds, with compliance status. The current-period evidence that ties the live covenant headroom to a signed, dated source document.
The trust claim lives in the document, not the pitch deck.
- Fingerprint on every artifact, not a watermark
A cryptographic hash of the evidence state sits in the footer of every docx and the Summary sheet of every xlsx. Copy the file to a drive, email it, print it — the stamp travels with the artifact.
- One verify URL, one provenance page
Every file in the pack links to https://capitalrefinery.com/api/public/provenance/sample/cedarbrook-verify. A reader resolves the URL, sees the current evidence state, and compares fingerprints. Same fingerprint = the file is current. Different fingerprint = the file has been superseded and the system can tell you by which decision.
- Committee framing, not just KPIs
The IC memo writes out what must be true, what would change the call, and what the committee will push back on. Each anchored on a live metric the pipeline will re-check on the next run. No template language.
- Data quality in the memo, not a footnote
Aggregate confidence, decision-gate status, reconciled conflicts, and per-KPI scores sit inside the memo — not in a separate audit report. The committee sees the evidence integrity alongside the recommendation.
Open the verified package the way a buyer or lender would.
Capital Refinery readiness packages are designed to move with the asset. A buyer, lender, advisor, or board member can open a verified package, inspect the artifact, see the disclosure, and request the appropriate next step.
View the verified Cedarbrook readiness package the way a buyer or lender would →Synthetic sample package. Built to show how a verified readiness artifact travels with an asset.
Every new management pack produces a new run. Every run carries a fresh fingerprint.
What you see here is one state of Cedarbrook Foods. On a live deal, the pipeline is continuous — a new compliance certificate, a waiver, an amended MSA, a CFO change all fire event-driven re-runs within seconds. The four surfaces return with refreshed values, a new fingerprint, and anchor history showing which prior decisions are now superseded.
- ↻Financials arrive
Extraction reruns → diligence-dataset Statements sheet, IC memo financial profile, executive report credit narrative all refresh with lineage back to the prior run.
- ↻Covenants change
Amendment or waiver → Covenant_Headroom sheet, covenant math, IC memo covenant section all rerun on the new posture. Prior artifacts become superseded; the governance dashboard flags which exports are now stale.
- ↻Risk signals land
Breach model or pressure event → the Risk Signals scoreboard (observed vs firm-policy bands across LTV, concentration, T-3 expense creep, debt-service runway, and title), Key Risks, and the Likely Committee Pushback section regenerate from the risk engine’s live output rather than hand-written language. Tighten a firm policy knob and every existing deal re-grades on the next render.
- ↻Operator verdict recorded
Every committed decision produces an anchor snapshot, which stamps subsequent artifacts until the next commit. The what-must-be-true statements become auditable commitments.
Want this pack on your own deals?
The sample here is a composite position; the platform runs the same pipeline against any corporate private-credit or private-equity deal with a comparable evidence pack. Subscriber decks get their own fingerprints, their own anchors, and their own provenance URLs.
This pack is the sell-side / IRA-aligned proof case. See the full Cedarbrook hub, inspect the buy-side proof pack on Falcon, or audit the methodology underneath both.
You don't need to trust our dashboard.
Download the pack and trace the numbers yourself.
The artifacts above are the IC pack, the readiness assessment, and the source documents the covenants trace to. The deal pack below is the inspectable substrate — every KPI with its source citation, every covenant, every evidence document the pipeline read. Open kpis.csv, follow the citation to a specific cell in evidence/, the number matches. No app, no login required.
cedarbrook-foods-q1-26-deal-pack.zip · 70KB · 15 files