The Challenge

Client Focused Reforms changed the standard.

Since 2022, dealers must demonstrate deep product knowledge before placement. For public securities, the infrastructure exists — analyst coverage, IFRS reporting, market prices. For private and exempt-market real estate, you're expected to meet the same standard with a fraction of the information.

The Offering Memorandum is not due diligence — it's a legal document written to protect the issuer. It doesn't decompose returns by source, benchmark fees against alternatives, test whether distributions are covered by cash earnings, or identify the specific disclosure gaps you should be asking about.

That's what we build.

What You Receive

A complete forensic package — per vehicle.

Every analyzed vehicle produces four deliverables that work together as a forensic intelligence package.

Forensic Memo
Narrative investment analysis with forensic depth.
Multi-year return attribution, fee decomposition, distribution sustainability testing, capital allocation assessment, and management credibility scoring. Written in plain language — not compliance boilerplate. Available as HTML and PDF.
Pro Forma Model
Formula-driven Excel. Every assumption toggleable.
Multi-year income statement, cash flow analysis, three-track FFO (management, RF-FFO, RF-AFFO), fee extraction inventory, distribution coverage testing, and forward projections. Change any input and the entire model recalculates.
KYP Term Sheet
Structured for your compliance file.
Organized by regulatory obligation under NI 31-103: what you're buying, how you get in, how you get out, what you're paying, who's running it, how it's valued, and what risks the dealer must understand. Including disclosure gaps and items to request from the issuer.
Platform Access
The vehicle joins the living analytical platform.
Once analyzed, the vehicle appears in comparison tools, rankings, and the AI analyst. As the issuer publishes new data, the model and memo update. Stack it against every other vehicle in coverage — private and public — across 40+ forensic metrics.
Process

Three steps. 24–72 hours.

1
Upload the issuer's documents.
Through your secure subscriber portal, upload whatever the issuer has provided. The more data we have, the deeper the analysis — but we can work with as little as an OM and one set of financial statements. We confirm receipt within 24 hours.
2
We build the forensic analysis.
Our team extracts and structures the financial data, models the fee economics, tests distribution sustainability, identifies disclosure gaps, and writes the narrative memo. The analysis applies the same institutional methodology used across our entire coverage universe — so every vehicle is comparable.
3
You receive the full package — the platform gets richer.
Within 24–72 hours: forensic memo, Excel model, KYP term sheet, and the vehicle added to the platform. Every new vehicle enriches the comparison tools for all subscribers. As the issuer publishes updated data, upload it and we refresh the analysis.
What to Upload

Documents we can work with.

We analyze whatever you have. More data means deeper analysis — but we can produce a meaningful assessment from even limited materials.

Offering Memorandum — structure, fees, redemption terms, conflicts, risk factors
Financial Statements — audited or unaudited; the more years, the deeper the analysis
Investor Reports — quarterly or annual updates with operating metrics, NAV, distributions
Investor Presentation — helpful for understanding management's narrative
DDQ / Due Diligence Package — if the issuer has provided one
Declaration of Trust / LP Agreement — governance structure, related-party terms
Appraisal Reports — if available, for independent NAV verification
Management Agreement — fee mechanics, termination rights

◆ = strongly recommended   ◇ = helpful but not required

KYP Structure

What the KYP term sheet covers.

Every section maps directly to a dealer's regulatory obligations under NI 31-103 and Client Focused Reforms.

Product Overview
What you're buying — structure, unit classes, economic rights, and the critical differences from public alternatives
How You Get In
Subscription mechanics, purchase options, day-one fee flow, and what actually happens to each dollar invested
How You Get Out
Redemption process, notice periods, cash caps, lock-ups, and the honest liquidity assessment
What You're Paying
Complete fee inventory: management, trailer, acquisition, capex, property management, carry, and the all-in effective MER
Who's Running It
Governance structure, independence assessment, conflicts of interest, and related-party transaction analysis
How It's Valued
NAV methodology, management-set pricing analysis, divergence from independent valuations, and the economic NAV bridge
Key Risks
Leverage, liquidity, concentration, interest rate sensitivity, key person risk, and the specific risks the OM doesn't highlight
Alternatives
Comparable products — public and private — with head-to-head metrics so you can document why this product vs. alternatives
Disclosure Gaps
Specific items missing from the issuer's materials, with recommended questions to ask management before placement

Ready to submit documents?

Sign in to your subscriber portal to upload issuer documents securely. New to REIT Forensics? Start with a subscription or request a free analysis on one vehicle.

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