The pack a PE/PC IC actually uses.
Seven artifacts a sophisticated investment committee uses to decide, monitor, and defend a position over its life — plus the source documents they were extracted from and the reconciliation report that proves the extraction against accounting identities. All of it is real platform output for the Falcon Services Q1 2026 deal — a corporate private-credit position carrying real KPIs, real covenants, and a real IC anchor. 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.
Unlock downloads with your work email — no NDA, no sales sequence.
- Falcon Services is a synthetic fixture, not a customer claim. No real firm has signed off on these numbers.
- The IC memo, recommendation, covenant rows, evidence index, and decision triptych are real platform output — the same engine functions that run against customer deals.
- This is the buy-side pack in isolation. The Falcon hub frames where this pack sits in the broader buy-side proof architecture (video walkthrough, war room, decision lifecycle).
- The sell-side / institutional-readiness counterpart is Cedarbrook, served through the sample-evaluation pack. Same engine, different audience. Cedarbrook proves seller readiness; Falcon proves buy-side decision integrity. Different artifact streams by design.
Each of the seven files in this pack carries these three stamps in the footer (docx) or Summary sheet (xlsx). The fingerprint is a cryptographic hash of the dossier state; the anchor identifies the IC decision commit; the verify URL resolves to an LP-facing provenance page. Three-way coupling between artifact, decision, and evidence.
The IC memo your committee reads. Embedded, fingerprinted, downloadable.
Inline preview of the IC memo below. All seven files in the pack are linked beneath the viewer and in the cards further down. Every file carries the same fingerprint and resolves to the same public verification URL.
Every file in this pack carries the same fingerprint and resolves to the same verification URL. The pack is the artifact set your IC reads on a real deal — same engine, same evidence standard, same refusal discipline.
Thirteen files, one evidence state, one fingerprint.
The four core artifacts cover the decision frame (IC memo, executive report, financial workbook, KPI summary). The three dedicated artifacts pull the buy-side primitives out of the workbook into standalone files so each can be forwarded as the answer to a specific committee question. The remainder are the source documents themselves — credit agreement, compliance certificate, bank statements in two interchange formats — and the reconciliation report that proves the extraction against accounting identities.
IC Memo
The committee document. Hero strip, recommendation, transaction summary, executive summary, financial profile, capital structure, credit metrics, covenant headroom, key risks with mitigants, Risk Signals scoreboard (observed vs firm-policy bands 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, data quality. One read for the partner who doesn't have time for the full memo.
Financial Workbook
Eight sheets with native charts: Summary (with fingerprint + anchor + verify URL), Financials, Credit, Covenant_Headroom (BarChart), EBITDA_Allocation (BarChart), Capital_Structure, Source (KPI-level provenance), 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.
Covenant Forecast
The standalone covenant book. Current covenant rows with both negotiated thresholds (from the credit agreement) and typical industry fallbacks, headroom math per row, observed compliance-cert filing history (when present), and a structural read on headroom direction. Answers the committee's covenant-capacity question without making the reader hunt through a multi-tab workbook.
Evidence Index
Per-KPI provenance index. Every curated KPI, its canonical key, raw value, unit, source document, extraction method, and confidence. The forwarded artifact a reviewer or LP can use to ask 'where did this number come from?' without opening the full workbook's Source sheet.
Decision Record
The IC anchor document. Recommendation with the text the IC voted on, pre-conditions to origination, investment thesis pillars and their linked levers, risk frame, and the decision triptych (What Must Be True / What Would Change / Likely Pushback in committee). Designed to be the auditable answer to 'what was the committee actually committing to when they approved this?'
Credit Agreement (source)
The borrower's credit agreement — the contractual source the covenant rows trace to. Article VII financial covenants (Consolidated Total Net Leverage Ratio cap stepping to 5.25x; Fixed Charge Coverage Ratio floor of 1.25x; minimum liquidity $12.5M), facility terms, defined terms, cure rights, and events of default. This is the document the covenant forecast reads from, not a platform-generated restatement.
Covenant Compliance Certificate
The Q1 2026 officer's certificate. Leverage and FCCR calculated for the test period against the credit-agreement thresholds — in compliance with headroom (leverage 4.78x vs 5.25x cap; FCCR 1.35x vs 1.25x floor; liquidity $28.4M vs $12.5M minimum). The current-period source document behind the covenant headroom the platform surfaces — the same numbers the IC memo and covenant forecast read from, not a platform-generated restatement.
Reconciliation & Provenance Report
The identity slate, as a document. Ten deterministic accounting identities computed over the deal's governed payload — balance-sheet equation, debt composition, gross profit, free cash flow, A/R aging ties, bank-truth bridges, and the offering-vs-rent-roll unit-count tie, with the unit-scale interpretation on the record — plus the extraction provenance (declared scale, chosen value-column periods, reporting basis) and the case study of the gate catching its own pipeline reading a prior-year column. Generated by the same reconciliation engine that runs on every ingest.
Reconciliation Slate (machine-readable)
The same identity slate as raw JSON — every check with status, both sides of the computation, delta, recorded scale bridge, and currency verification state. For technical diligence teams that want to consume the verification programmatically rather than read a PDF.
Bank Statement — OFX (source)
The borrower's Q1 2026 operating-account statement in OFX — a machine-generated interchange format the platform parses deterministically: no OCR, no candidate adjudication. Closing balance and three monthly interest payments are what the bank-truth reconciliation identities bridge against the management pack.
Bank Statement — ISO 20022 camt.053 (source)
The same statement in the ISO 20022 cash-management format European and treasury-platform banks emit. Two interchange formats, one truth — both parse to the same balances and the same debt-service classification, which is the point.
Excel Model Bridge (CR_ModelBridge)
The one-way bridge workbook the platform generates from this deal's live state — the tables an analyst maps their own Excel model to once, then refreshes. Every value row carries four provenance columns: source_ref (the document anchor), method (deterministic_parse / adjudicated / operator_edit / declared), verified (which accounting identity vouches for it), and a snapshot-pinned evidence link. Declared unit scale normalized to base units, a derived covenant slate with thresholds and headroom, a key dictionary, and a protected manifest whose content hash anyone can check — without a login — at the public verify URL printed in its status panel. Capital Refinery does not validate, maintain, or rely on workbook formulas: this file feeds your model; it never becomes it.
Bridge snapshot crs_45ee0fe02456 — verify it against the platform, no login: capitalrefinery.com/app/api/public/bridge/crs_45ee0fe02456
The pack's Covenant_Headroom sheet, rendered in the system.
Not a screenshot of Excel — the same evidence drawn as bespoke SVG, colored by the canonical compliance states.
The day the gate caught its own pipeline.
Falcon's management pack lays its P&L out the way real borrower packs do: Line Item · Q1 2025 · Q1 2026 · Δ $ · Δ %. Density-based column selection — the shortcut most extraction systems use — had been reading the prior-year column: revenue 24,980 instead of 26,240, interest expense 2,340 instead of 2,910.
It didn't surface as a crash. It surfaced as arithmetic: the EBITDA-bridge tie-out flagged that net income could not be derived from the extracted figures — because they had been silently drawn from different periods. The gate found the defect, named it, and the fix wrote itself into provenance: every extracted column now carries its period, its reporting basis, and its unit scale on the record.
That is the difference between retrieval and verification. A system that answers from context cannot notice it is quoting last year. A deterministic pipeline with accounting identities audits itself — and shows its work in the reconciliation report included in this pack.
The identity slate on the live deal surface: 7 tie · 1 mismatch — the bank balance bridging the pack's ($000) scale with the interpretation recorded, and the A/R gap surfaced amber for a human, not silently absorbed.
The trust claim lives in the document, not the pitch deck.
Every artifact in this pack is the same shape a Capital Refinery subscriber receives against their own deals. Same pipeline, same writers, same provenance discipline.
- Fingerprint on every artifact, not a watermark
A cryptographic hash of the dossier 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.
- IC anchor on every artifact
The anchor fingerprint pins each artifact to the committee commit that produced it. A reader can later compare anchor-vs-current to confirm the artifact still matches the state the IC voted on.
- Verify URL resolves to a public provenance page
The verify URL on each footer points at an LP-facing page that recomputes the fingerprint live and shows pass / fail. The artifact, the decision, and the evidence are three-way coupled by construction.
- No fabricated forward numbers
The Covenant Forecast workbook surfaces structural reads of current headroom and observed filing history. Forward projections come from running the platform stress engine against the borrower's live credit agreement, not from this pack.
- No synthetic decision content
The Decision Record's recommendation, pre-conditions, thesis pillars, and triptych are written by the platform from the same data the IC memo uses — never hand-authored, never templated.
Want this pack on your own deals?
Falcon Services is a synthetic fixture; the platform runs the same pipeline against any corporate private-credit or private-equity deal with a comparable evidence pack. Subscriber packs get their own fingerprints, their own anchors, and their own provenance URLs.
This pack is the artifact arm of the Falcon hub. See the full Falcon hub or audit the methodology underneath the pack.