What happened to every position, including the ones that did not work.
This office does not abandon a position because a line item went the wrong way. It holds through a bad decade, it restructures where restructuring is what the counterparty needs, and it stays in the relationship afterwards. That is a real and unusual thing to be able to say about an investor.
It is also exactly the kind of claim that is worthless when it is written down as a sentence. So it is not written down as a sentence. It is published as a record, in a format that will not let this office quietly restate its own history, and the number that would tell you whether the claim is true is derived from that record rather than asserted beside it.
A log, not a table
The register records transitions — a position was committed, funded, impaired, restructured, realised or written off, on a date, with a basis somebody can open. The current state of any position is computed from its transitions and is never written by hand.
That single choice is the whole design. A table of current states can be edited. A log can only be appended to, and a correction is a new entry naming what it supersedes, so the old one stays visible. An office publishing the second cannot quietly improve the first.
The seven states
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01
committed
Signed and not funded. An obligation exists.
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02
funded
Money moved. The position exists.
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03
held
Current, and carried at or above cost by this office’s own mark.
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04
impaired
Carried below cost by this office’s own mark. One of the two states a track record leaves out.
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05
restructured
The terms changed. Always names who agreed, and never valid without a consent block.
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06
realised
Exited. Proceeds received, whatever they were. Terminal.
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07
written-off
Carried at zero. The other state a track record leaves out. Terminal.
A register with no path to impaired or written-off is a track record, and a reader will correctly conclude it is selective rather than that the office is unusually good. The denominator is what makes the numerator worth anything: shown only recoveries, a reader reads spin; shown the whole register with the failures in it, the same reader reads competence.
What an entry must carry
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01
The date it happened
Not the date it was written down. Those are two fields.
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02
The date it was written down
May not precede the first. The gap between them is published, per entry and as a median.
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03
A named human
A person, never an agent. An agent that could record a write-off could record it late.
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04
A basis
A document a reader — or a counterparty — can open. Our word for it is not a basis.
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05
Who else was involved
Required for a restructuring. A restructuring always has somebody on the other side.
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06
Their consent, where value moved between entities
Every affected party by id, a document each of them holds, and a date that does not follow the event.
Moving a position between entities
Restructuring a position from one vehicle into another, inside a group that owns both, is the transaction where an investor is entitled to be suspicious. It can be exactly what a counterparty asked for, and it can also be cross-subsidisation, and from the outside those look identical.
Describing it in softer language does not reduce that exposure — it removes the reader’s ability to check. So the format refuses such a transition unless it carries a consent block: every affected party named by id, a document each of them also holds, and a date that does not follow the event. Consent obtained afterwards is ratification, and the record will not let the two be written as the same thing.
“Restructured with the agreement of all parties” stops being a sentence anybody can write and becomes a document somebody must hold.
No money in version one
The register carries no amounts, no valuations, no multiples and no returns. Fifteen field names are refused outright, by name.
Three reasons, in order of weight. Publishing marks is a regulated communication in most jurisdictions this office operates in, and a format that made a currency field ordinary would push every reader of it into a decision they have not taken. A distribution is harder to flatter than a multiple — how many positions reached each state, and how long each took, is most of what a counterparty wants to know and none of what a selective track record shows. And a money column would be the only column anybody read, which would waste the recording lag, the consent block and the counterparty state, all of which are the part that makes the record worth trusting.
The register today
It holds nothing. Nought positions, nought transitions, as of 2026-09-01, and the emptiness is the finding rather than an unfinished feature.
An entry needs a named human, a date it happened, a date it was written down, and a basis a reader can open. Nobody has done that work yet, and publishing entries before the scheme existed is how a register ends up describing itself rather than the world. The scheme is published first, so a reader can check that the first entry postdates the rule it was entered under.
There is a second, sharper reason to say so here. The property register on this site has defined a realised status — the position was sold; recorded, not operated — since it was written, and has used it 0 times, while this estate’s own account of its virtual-world vertical says positions there were bought, written down and sold. The vocabulary for this existed and the record behind it did not. That gap is what this page is for.
The one rule about the recovery ratio
Of the positions that were ever impaired, the share that came back — to held, or to a realisation — is the number that would tell you whether the claim at the top of this page is true.
It is never published alone. It ships with its own denominator, the count of positions written off, and the median number of days between a thing happening and this office writing it down, or it does not ship. The reason is that this office can move the recovery ratio, unlike the countersignature ratio it publishes elsewhere, which only somebody else can move. A number you can move is worth publishing only beside the numbers that would expose you moving it.
The format is holding/1, it is open, and it is Apache-2.0: the standard this estate publishes itself against. The reasoning about why this office holds positions through cycles is Gord Capital’s, not this page’s — one claim, one home.