Quarterly Portfolio Review

Outputs

Output contract

Final-marked output MUST follow _core/executive_output_contract.md: verdict-first block (recommendation, 3-bullet rationale, confidence, materiality, next action), source-class labels on every numeric cell ([operator] / [derived] / [benchmark] / [overlay] / [placeholder]), and refusal-artifact shape when a required reference is absent. Period-seal gate: required_period_seal.minimum_close_status = hard_close (see reference_manifest.yaml); this workflow refuses if close_status is soft or draft at run time.

Required context

Asset_class, segment, market concentration, loan context.

Process

1. Inherit AM outputs. Roll 3 months of AM reviews. Flag any missing.
2. Same-store trend. same_store_noi_growth quarter and trailing 4 quarters.
3. Concentration. portfolio_concentration_market; segment and vintage concentration.
4. Watchlist distribution. Count by color and movers; top risk drivers.
5. Covenant posture (fund-level). DSCR / DY cushion across loans; any breach runway?
6. Capex. Portfolio capex_spend_vs_plan; program-level renovation_yield_on_cost.
7. Lease-up status. Any asset still in lease-up; stabilization_pace_vs_plan.
8. Forecast discipline. Portfolio forecast_accuracy; systematic bias review.
9. Market trend commentary. Pull from workflows/market_rent_refresh outputs where available.
10. Board and investor drafts. Compose per overlay templates; open approval_request rows 15 / 16 for final submissions.
11. Confidence banner. All references surfaced with as_of_date and status.

Metrics used

See frontmatter.

Reference files used

• reference/derived/role_kpi_targets.csv
• reference/normalized/occupancy_benchmarks__{market}_mf.csv
• reference/normalized/collections_benchmarks__{region}_mf.csv
• reference/normalized/watchlist_scoring.yaml
• reference/derived/same_store_set__{org}.yaml
• reference/normalized/approval_threshold_defaults.csv

Escalation points

• Portfolio concentration above threshold -> portfolio_manager -> executive.
• Fund-level covenant breach risk -> CFO.
• Board submission -> row 16.

Required approvals

• Board final submission (row 16).
• Investor / LP quarterly final submission (row 15).

Failure modes

1. Quarterly narrative without citing trend references. Fix: every trend statement cites the source.
2. Same-store set shifting quarter to quarter without note. Fix: same-store set versioned and frozen; any change logged.
3. Board packet without approval. Fix: row 16 gate.
4. Watchlist distribution without drivers. Fix: top risk drivers in every watchlist section.

Edge cases

• Fund mid-capital-raise: context note on capital deployment pace; does not alter operating narrative.
• Recent acquisition or disposition: same-store treatment per overlay; explicit exclusion note.
• Fund nearing harvest: disposition sensitivity view; pairs with workflows/capital_project_intake_and_prioritization for any late-cycle capex.
• Debt maturity wave in coming 12 months: refi runway table.

Example invocations

1. "Run the Q2 2026 portfolio review; include watchlist movers and concentration."
2. "Build the LP quarterly packet for the core fund."
3. "Board packet for the residential portfolio, Q1 2026."

Example outputs

Output — Portfolio review (abridged, Q1 2026)

Same-store NOI growth. Within overlay band trailing 4 quarters.

Concentration. Charlotte weight within overlay threshold; other markets diversified per fund mandate.

Watchlist. Distribution by color; movers detailed with top drivers.

Covenant posture. Fund-level cushion adequate across loans; one loan on refi runway.

Capex program. Portfolio capex_spend_vs_plan within band; renovation_yield_on_cost at or above underwriting.

Lease-up. One asset in lease-up; stabilization_pace_vs_plan within band.

Forecast discipline. Portfolio forecast_accuracy within overlay band; no systematic bias flagged.

Board / LP. Draft prepared; approval_request row 15 and row 16 queued.

Confidence banner. References cited with as_of_date and status.