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Fundamento

Pre-crisis hardening — the antifragility checklist

Everything in a crisis playbook is easier to do before the crisis than during it. Five categories: capital structure (debt ladder, hedges, lender diversification, audited covenants); liquidity (12+ months reserves); portfolio composition (HHI under 3,000 across asset class, geography, tenant industry); operational readiness (playbooks documented); knowledge and process (annual stress tests).

Capital structure: weighted-average debt maturity ≥ 5 years; floating-rate exposure hedged; lender relationships diversified across at least 3 lenders; every loan covenant audited and tracked; recourse minimized; debt maturities laddered with no more than 15–20% in any year.

Liquidity: portfolio reserves ≥ 12 months of debt service; asset-level capex reserves at policy + 20%; sponsor liquidity 12+ months outside the business; contingent capital commitments (LOCs, committed equity from co-investors) pre-arranged.

Portfolio composition: asset-class concentration (HHI) ≤ 3,000; geographic concentration ≤ 3,000; tenant-industry concentration ≤ 2,500; lease maturity ladder ≤ 15% NRA in any year. Operations: tenant relief playbook documented; lender contact list maintained; counsel on retainer; insurance reviewed including business interruption.

#hardening#reserves#antifragility

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