Capital Refinery
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The Add-Back That Wasn't

THE ADD-BACK THAT WASN'T — IC pre-read: 'Adjusted EBITDA $46.5M — five add-backs, all permitted under §1.01.' Six months later, audit committee, calmly: 'Two of those have recurred every quarter.' Analyst, defensive: 'Yes, but technically permitted—' Partner cuts in: 'The cushion you sold us is 23 bps narrower than you said.'

Add-back quality is a fact. Not a definition.

'Permitted under §1.01' is a definitional answer to a question the audit committee will ask differently. The credit agreement allows the add-back. The recurrence is what bites. Definitions don't hide financial facts forever.

This is what decision continuity prevents — not by writing the memo for you, but by keeping the memo testable.

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The Spreadsheet That Was Right Once
A clean number with no provenance is a story.
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The Refinance Wall
Maturity isn't a surprise. It's a wall.
See the whole series →

Don't trust the dashboard. Trace the numbers yourself.

Three downloadable deal packs across the lifecycle. Every KPI cites its source cell. Open kpis.csv, follow the citation, the number matches.

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