IC summary verdict
Hold
Coverage on the financing proposed in the OM is using underwriting NOI; the ask is above the value the OM’s own financing and return terms support. The seller’s rooms-revenue claim exceeds the operator statement by .
USALI-structured hotel underwriting
Recompute every figure.
KeyTwelve normalizes a hotel deal package to the USALI 12th Revised Edition and checks the seller's numbers against the seller's own documents — every figure naming the cell it came from.
IC memo · run 602bc661Synthetic fixture ¹
Excerpt · normalized USALI summaryFull statement on /sample-deal
| Account | T‑12 Actual | Underwriting |
|---|---|---|
| Rooms Revenue | $4,373,655 | |
| Total Operating Revenue | $4,998,000 | |
| Net Operating Income (NOI) | $1,387,366 | $1,176,666 |
⋯ 21 further statement lines ⋯
Riverton Landing HotelRead the deal →
Two documents. One asset. Different numbers.
The offering memorandum states one figure for current trailing-twelve rooms revenue. The operating statement attached to it states another. Same department, same period, $426,345 apart.
Riverton_Landing_Offering_Memorandum.pdf p. 1
Current performance
A rooms department performing ahead of its submarket
Trailing-twelve rooms revenue of $4,800,000 reflects a stabilized occupancy base and sustained rate performance, with the airport submarket absorbing recent supply ahead of expectation.
Rooms revenue, trailing twelve
Same period, actuals$4,800,000Riverton_Landing_T12_Operating_Statement.xlsx
T-12 Operating Statement
Rooms Revenue
B14 · $4,373,655T-12 ending June 30, 2026
both stated as actualsBreakRooms Revenue
Seller claims$4,800,000Riverton_Landing_Offering_Memorandum.pdf · page 1
T‑12 supports$4,373,655Riverton_Landing_T12_Operating_Statement.xlsx · T‑12 Operating Statement!B14
Delta$426,345$4,800,000 − $4,373,655
§ 03
Figure → Code → Source
The lineage is not a log written after the fact. It is the operation: lineage::sum returns the value and its operand tree in the same call, so there is no path through the kernel that produces a figure without producing its provenance.
Extracted
Figure / ExtractedSynthetic fixture
Total Operating RevenueComputed
Rooms Revenue · B14Food & Beverage Revenue · B15Other Operated Departments Revenue · B16Miscellaneous Income · B17
Rooms + F&B + Other Operated + Miscellaneous
Code / Rustrun 602bc661
crate/src/registry/pl.rs · assemble · v0.9.0
// every metric returns a tree, not a scalar
let total_operating_revenue = lineage::sum(vec![
lines.rooms_revenue.clone(),
lines.fb_revenue.clone(),
lines.other_operated_revenue.clone(),
lines.misc_income.clone(),
])
.labeled("Total Operating Revenue");Source revision 2579ddea6af5 · lines 176–182
Revenue · T-12
Riverton_Landing_T12_Operating_Statement.xlsx
| # | B |
|---|---|
| 14 | Rooms Revenue$4,373,655 |
| 15 | Food & Beverage Revenue$385,000 |
| 16 | Other Operated Departments Revenue$142,500 |
| 17 | Miscellaneous Income$96,845 |
Four cells, boxed. Nothing between them and the figure.
Governed
Figure / GovernedSynthetic fixture
Property Tax (Fixed)Computed
Purchase Price · page 1
Governed · Tax rateOM · p. 1
Tax rate × Purchase price, reassessed at sale
Code / Rustrun 602bc661
crate/src/registry/pl.rs · build_underwriting · v0.9.0
// one operand is ours, and the tree says so
let property_tax = lineage::round(
lineage::mul(deal.property_tax_rate.clone(), deal.asking_price.clone()),
0,
)
.labeled("Property Tax (Fixed)");Source revision 2579ddea6af5 · lines 511–515
Offering memorandum · p. 1
Riverton_Landing_Offering_Memorandum.pdf
Purchase Price
p. 1 · $21,500,000One operand is cited. The other is ours, and carries no box.
Withheld
Figure / WithheldSynthetic fixture
RGI · RevPAR IndexData dependent
Required inputComp-Set RevPAR
requires Property RevPAR and Comp-Set RevPAR; this computation carries no usable Comp-Set RevPAR (parsed for it: Riverton_Landing_Market_Overview.pdf)
Property RevPAR ÷ Comp-Set RevPAR × 100
The ? is where honesty lives: a missing operand returns a withheld state instead of a number.
Requires Comp-Set RevPAR; the package carries no competitive set. It is not zero, and it is not blank.
Code / Rustrun 602bc661
crate/src/registry/kpis.rs · market_index · v0.9.0
// the ? that refuses to guess
match computed {
Some(value) => Metric::computed(channel, value),
None => Metric::data_dependent(channel, Withholding::derive(ctx, channel.requirements())),
}Same function shape as the figures above. The missing operand propagates a named state, which is why a withheld metric keeps its row.
Source revision 2579ddea6af5 · lines 229–232
In package · insufficient
Riverton_Landing_Market_Overview.pdf
Broker market overview
T-12 ending June 30, 2026
Comp-set RevPAR benchmark
No competitive set is included in this package.
The market report is in the package. It carries demand segmentation, not a competitive set — so the box marks an absence rather than a citation.
The boxed region moves with the metric — and where a number is ours, there is nothing to box.
Both figures feed the verdict above — the same nodes, not a second calculation done for display.
Most lines tie. Two are normalized.
Every line of the underwriting is set against the trailing statement that should support it. Agreement is stated as plainly as disagreement, because a reconciliation that only reports problems is not a reconciliation.
Run 602bc661Underwriting − T-12
| Line | T-12 records | Underwriting applies |
|---|---|---|
| Management Fees | $0 | $149,940 |
| Property Taxes | $149,940 | $210,700 |
16 lines tie
- Rooms Revenue
- Food & Beverage Revenue
- Other Operated Revenue
- Miscellaneous Income
- Rooms Expense
- Food & Beverage Expense
- Other Operated Expense
- Administrative & General
- Sales & Marketing
- Property Operations & Maintenance
- Utilities
- Information & Telecom Systems
- Franchise Fees
- Insurance
- Rent / Ground Lease
- Reserve for Replacement (FF&E)
The sample deal is recomputed from the sealed extraction on every release, and the output hashes are published.
Upload · Execute · Standardize
Three steps, each shown by the thing it produces.
01 / Upload
3 documents
- Riverton_Landing_T12_Operating_Statement.xlsxT-12
- Riverton_Landing_Offering_Memorandum.pdfOM
- Riverton_Landing_Market_Overview.pdfMarket
Whatever the broker sent. Extraction is model-assisted and disclosed as such; what a document does not contain is recorded, not filled in.
02 / Execute
high
producer source observations
- Run
- 602bc661
- Kernel
- 0.9.0
03 / Standardize
4 of 18 lines
LineUnderwriting
Rooms Revenue$4,373,655
Food & Beverage Revenue$385,000
Other Operated Revenue$142,500
Miscellaneous Income$96,845
⋯ 14 further mapped lines ⋯
One chart of accounts, so two deals are comparable. A sample of the mapping, not a statement — the totals are struck on the deal page. Structured to the USALI 12th Revised Edition.
One deal, worked all the way through
Ungated, on its own URL, including the parts that did not resolve.
Riverton Landing HotelSynthetic property · disclosed
What came in
Three documents on a 102-key select-service asset.
Riverton Airport Market · T-12 ending June 30, 2026 · asking $21,500,000.
What it found
A $544,004 pro-forma gap that foots exactly, and a rooms-revenue figure the seller's own two documents disagree on.
What it refused
One metric, naming the input it lacked.
RGI — no competitive set in the package.
Read the worked dealNo form, no email gate
Data handling
The backend stores deal documents; Anthropic assists extraction and normalization; server-side calculations produce the finished deliverable.
Deal content is not used to train models — not by us, and under Anthropic's Commercial Terms, not by Anthropic.
§ 08
Read the deal before you talk to us.
The sample deal is public and ungated, including the rooms-revenue break and the withheld metric.