How we structure an engagement.

Every engagement starts with a conversation, not a pitch deck. You share the context — instrument, portfolio, transaction, or question. We share how we'd approach it. No charge, no obligation.

If the mandate is outside our scope or another adviser is better placed, we'll say so.

We document scope in a short engagement letter — what will be delivered, how, when, and for what fee. No work starts without written agreement on these four points.

Fees are per engagement or monthly retainer. No hourly billing. The fee you agree is the fee you pay.

We collect the data we need — loan tapes, term sheets, trust documents, financials, rating reports — and build the analytical framework. Valuation: cashflow model, discount rate decomposition, issuer review. Transactions: pool analytics, credit enhancement sizing, regulatory mapping.

We ask for nothing beyond what's needed, and handle everything under strict confidentiality.

We deliver the draft — memorandum, analysis, pool report, or training material — and walk it through with you. Challenges, questions, and additional sensitivity requests are part of the process.

One round of structured feedback is included. For valuation work, we address specific auditor or LP queries on delivery.

Final output in the agreed format — PDF memorandum, data file, slide pack, or all three. Valuation engagements include a signed valuation certificate; transaction mandates include a closing summary with structural rationale.

Workfiles retained for five years to support subsequent audit, regulatory, or LP queries.

Most engagements become ongoing. Quarterly AIF valuations, pool monitoring, regulatory briefings, training refresh. Retainer arrangements for recurring needs keep the relationship predictable on both sides.

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