Every figure printed in the book comes out of these six workbooks, and they come with the book, corrected where they were wrong. Each one closes on a Controls sheet that compares its own calculation to the value printed on the page and ends ALL OK. Around them: five of the same models with the inputs emptied, thirteen working documents to print, forty questions that mark themselves, and three cases the book names and never takes to a number. Nothing is locked, protected or watermarked.
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The six workbooks
They carry the book’s own figures, so that every number it prints can be traced to a live formula. Download these six78 KB
Get an email if these files are corrected
Optional. When a workbook on this page is corrected or a new worked case goes up, readers on the list get one email, plus a short note when a new book comes out. The downloads do not need it.
Enter a credit quality step and a duration for debt, or pick an equity category. The whole Article 176 spread grid is on the sheet as a table the formula reads, not as a summary of it.
Revised: the grids of Chapters 4, 12, 21 and 24 and Appendix A are computed and checked cell by cell against the page (all 126 cells agree), and the symmetric adjustment is computed from the index. Qualifying infrastructure takes 77 and 92 per cent of the adjustment, not all of it.
The correlation matrix in full, the aggregate, the benefit — and a Checks sheet that runs the checks that bind alongside the three everyone uses, so you can watch the useless ones pass.
Revised: positive semi-definiteness is now tested on all 63 principal minors, as the book says, not on the full determinant alone; the upward scenario is priced (€991.9 million, €91.3 million less).
Not its standalone charge. The same four funds priced against two insurers of identical size and identical total charges, where two of them swap places.
Revised: the return on marginal capital, and all four together: €171.9 million against €171.1 million summed, the calculation the book says this file makes.
Look-through data, long-term equity status, qualifying infrastructure, matching adjustment eligibility and asset duration — in points and in euros, on one allocation, ranked.
Revised: the eight levers were typed-in constants. They are now formulas, with four new sheets for interest rate risk, the matching adjustment, the volatility adjustment and Article 180. Lengthening the credit fund is worth €4.9 million, not the €4.7 million printed: the shock factors are interpolated for 4.2 years.
Enter your strategy and read what it costs an insurer to hold, and what it would cost after each move. A second sheet shows it filled in, so the formulas are proven.
Revised: the debt branch computed nothing (the charge read the equity cell only). It now reads the Article 176 table, proven on the credit fund in a third sheet.
Fifteen workbooks, the printable documents and the read-me, in one archive. Each group below can also be downloaded on its own. Last revised 24 September 2026.
Three of them are the model that produced the book, loaded with its figures. Two are working tools meant to be overwritten with your own numbers. The sixth is an empty skeleton.
One figure to know about: every equity charge here is quoted at a symmetric adjustment of zero, which is the index eight percent above its own three-year average and not the index at its average. It is a single blue cell in Capital_Charges.xlsx.
If a Controls sheet ever ends on anything other than ALL OK, the workbook is wrong and I would like to know — the whole point of publishing them is that they can be checked.
The same models, for your own fund
Five of the workbooks with every input emptied. The Controls sheets count what is still missing and test what holds for any inputs.
Chapters 4 to 18
Your fund, your prospect, your levers
The capital charges, the mandate, the aggregation, the marginal cost and the levers, with the same formulas and every blue cell emptied. The regulation stays: the Article 176 table, Annex IV, the equity and property shocks, the interest rate factors. Your_Fund already arrives empty, so it has no blank twin.
The book’s inputs are listed in a text file inside the archive. Type them back in and the book’s figures come back with them: 18.90 per cent, €1083.2 million of market risk, €11.9 million of matching adjustment.
Thirteen pages to print and use. A4, with margins wide enough for US Letter.
Chapters 3 to 25 · Appendices A to D
Thirteen working documents
The capital charge asset by asset. The tables on one page. The look-through pack field by field, and what look-through is worth to this fund, residue and frequency included. What the buyer is already long. The ranking the committee uses, standalone and marginal. The long-term equity conditions, the matching adjustment tested and discounted, the infrastructure evidence pack per asset. The lever register, the due diligence list decoded, the questions before the pitch, and the pre-meeting check against the twelve failures of Chapter 25.
A workbook that marks itself. Answer in the yellow cells; the marking fills in as you go.
All parts of the book
Forty questions on the book
Seven on the charges, seven on rates, correlation and look-through, seven on the mandate, six on the adjustments and infrastructure, seven on the levers and how the ratio is used, and six on the three cases below. Numbers are marked to a tolerance, multiple choice to the letter, and the score sheet counts your errors part by part.
New material, not a restatement. Three situations the chapters name and never take to a number. Each case is one workbook: the note is the first sheet, the model is the rest, and a checks sheet closes it. Download the three cases27 KB
Chapter 10 · Case one
The residue, priced
A pack covering 95 per cent of the credit fund charges 20.41 per cent: exactly 95 per cent of the capital relief, but only 88 per cent of the gain in return on capital. The fund leads the mandate down to 54.1 per cent coverage and is last only below 2.6. Sent once a year at 7.5 per cent turnover a quarter (ADDED), the same pack costs €4.8 million more; a complete annual pack loses to a 95 per cent quarterly one on any book turning over faster than 13 per cent a year.
Chapters 7 and 19 · Case two
The levered property fund
The mandate’s real estate fund at the Chapter 7 loan to value of 40 per cent: the deck quotes 8.33 per cent instead of 6.80, and the return on capital falls from 27.20 to 20.00 per cent, from second in the mandate to third (debt at 4.50 per cent, ADDED). With the charge on the gross value, any positive cost of debt lowers the ratio: to tie, the levered fund would need 11.33 per cent on free debt.
Chapters 7, 19 and 23 · Case three
The dollar share class
The credit fund offered unhedged in dollars costs Calder Life €40.3 million at the margin instead of €26.6 million: the 25 per cent currency charge adds €13.7 million, not €37.5 million, and still takes the return on marginal capital from 50.23 to 33.16 per cent. A hedge is worth up to 3.02 per cent of the fund a year, before the €37.5 million it calls in the stress.
Conventions used throughout
Blue cells
inputs: the book’s figures in the loaded workbooks, empty in the blank set
Blue, no fill
the regulation: the Article 176 table, Annex IV, the shocks and factors
Controls sheet
the last sheet of every workbook: each control states its own verdict, and the file ends ALL OK
ADDED
a figure the book does not give, used in the cases and marked wherever it appears
The workbooks open in Microsoft Excel, LibreOffice Calc, Google Sheets and Numbers; the PDF prints on A4 or US Letter. They use no macros.
What changed, and when
24 Sep 2026
The six workbooks corrected; 137 controls, all passing. The levers are formulas now, and lengthening the credit fund is worth €4.9 million (3.24 points), not €4.7 million (3.14): the interest rate factors are interpolated for 4.2 years. Aggregation tests all 63 principal minors; Marginal_Capital computes the joint cost; Your_Fund’s debt branch works. Added: a blank set, thirteen working documents, forty questions that mark themselves, and three cases.
How do you calculate the marginal SCR of an investment?Aggregate the insurer's market risk with and without the asset and take the difference: a fund charged 37.50m standalone costs one insurer 26.72m and another 35.18m.
How is a CLO tranche charged under Solvency II?As a non-STS securitisation: 12.5% per year of duration at AAA. A 4.0-year AAA CLO tranche costs 50.0%, 75.0m on 150.0m, against 3.6% for an AAA bond.
How do you calculate LAC DT under Solvency II?Tax rate times BSCR plus Op, capped at supportable relief: 215.0m notional, 180.0m recognised, taking the SCR to 680.0m and the ratio to 154.4%.
Closing the DealTwo defensible bridges 20.70 million apart, a peg worth 7.00 million, and the six choices that remove 6.60 of a 12.00 earn-out.
CMBS and CRE CLOsWhere the loss actually lands, from appraisal reduction to realised severity, and what the B-piece is really being paid for.
How to Read a Commercial LeaseThe three refinements chapter 19 names and never performs, and the renewal rate below which the mark-to-market is worth nothing.
How to Read a Credit AgreementWhere the default actually comes from, the cure that costs 5.5 times the other, and the capacity nobody adds up.
How to Read a Real Estate Loan AgreementThe cure ratio in closed form, the four-point window in which the cheap cure works, and the cure sized to the wrong threshold.
Office Real EstateA six per cent yield that returns 3.2 per cent once the re-letting cycle is paid for, and the headline-to-net-effective rent arithmetic.
Private Equity Real EstateBoth worked waterfalls to the dollar, the two capital stacks, and the arithmetic of the promote made changeable.
Private Markets PerformanceThirty-one of the thirty-three figures chapter 19 publishes reproduce exactly — and the two that do not are named rather than quietly adopted.
Raising a Real Estate FundThe chapter 17 funnel run on a calendar — when the first close actually lands, and why more travel does not help.
Real Estate Financial ModelingProperty, development and fund models built line by line, and the modelling test worked end to end.
Real Estate Fund ManagementThe waterfall of 6.11, the build-to-core of 8.7 and the proceeds gap, reproduced as live formulas rather than asserted.
REIT Analysis and ValuationFFO of 532.0, AFFO of 381.0, net asset value and dividend safety — every figure a formula you can change.
Retail Real EstateThe occupancy cost of every unit in a centre, the sixteen per cent of the rent roll no tenant can sustain, and the right-size-convert-or-hold decision priced.
Sale and LeasebackA €179.5 million transaction end to end, with rent cover measured on the entity that actually signs the lease.
Self-Storage Real EstateThe cohort engine behind a 590-unit store, and the rate increase on existing customers priced against the move-outs it causes.
The Fund Finance ProfessionalChapter 8 builds the reported-to-eligible NAV bridge; chapter 9 computes every ratio without it. Two points at every state — and what a subscription line does to the IRR.
The Growth Equity InvestorWhat a pro rata cheque really costs, and the band where defending your ownership loses money.
The Private Credit InvestorThe two coverage ratios are not measured on the same thing: the erosion is 47.7 per cent, not the 28.7 the headline implies.
The Private Equity Fund Controller PlaybookThe book defines IRR, DPI, RVPI and TVPI, tells you to update them at the exit, and prints not one value. Computed: a 1.833× deal inside a fund at 0.892 TVPI.
The Venture Capital AssociateWhat defending a position costs, and how many companies a reserve pool actually defends.
Real Estate FinanceFour people look at one building and reach four numbers; the lender is whole only above 105,109,489, twelve per cent below today’s value rather than forty.
Financial Risk ManagementA fund inside every limit that cannot meet a redemption — and the number that decides it is the one with no currency attached.
Business ValuationThree advisers land 26.8 per cent apart on one company, and the whole gap turns out to be 1.96 points of perpetual growth.
Quantitative FinanceThree models agree to a quarter of one per cent about a number that one unobservable input moves a hundred and three times as much.
Asset ManagementFour people quote four returns for one mandate, all correct and 2.7017 points apart — forty-eight times the manager’s net skill.
Alternative InvestmentsA manager reports 13.29 per cent and the endowment earns 6.26 — both correct, and only a third of the advertised advantage arrives.
Credit AnalysisFour defensible EBITDAs on one borrower give leverage from 3.19x to 6.47x — and the add-back argument is fifty times the covenant headroom.
Venture CapitalOne company out of twenty-eight returns 56.7 per cent of the fund, and half the capital goes in after the decision — at half the return.
Machine Learning for FinanceFive people quote the accuracy of one credit model, all five are right, and the number that decides how much money it makes is none of them.
Commercial Real Estate InvestingThe equity earned 8.6647 per cent and the investor received exactly 8.0000 - the preferred return, and nothing above it.
Mergers and AcquisitionsThe board paper says the deal creates 13,436,667 of value. The arithmetic says it destroys 17,530,855. Nobody is lying.
DerivativesThe treasury report says the hedge cost 1,233,698. That is the interest differential, not a cost. The number that mattered appears in no report at all.
Treasury ManagementFive cash balances for one company, all correct and 145,600,000 apart — and the revolver that is two-thirds of the liquidity leaves at a revenue fall of 8.4127 per cent.
Financial Planning and AnalysisRevenue 3.0190 per cent above budget and operating profit 16.3209 per cent below it, in the same quarter, with every figure correctly stated.
Energy TradingA position report that is 91.7031 per cent hedged and correctly computed, on a book that is short 2,542,000 MWh — and a margin call of 198,400,000 the next morning.
Construction Cost ControlA contract sum of 26,301,102 became a final account of 29,153,363 on the building that was drawn — and 85.8 per cent of what was lost was knowable on the day it was signed.
Trade FinanceSix routes to payment on one 4,200,000 export order cost between 178,040 and 223,268, a spread worth 14.8 per cent of the margin, and a day of buyer credit costs 1,031.76.
Cost AccountingOne factory costed twice on the same 13,440,000 of overhead, and 4,053,091 moves between four product families.
Pricing StrategyA list price of 148.00, a pocket price of 112.51, and the nine deductions in between — with what one point of price is actually worth.
Contract ManagementA bid 5.50 a unit cheaper, signed on paper worth 9.81 a unit more — and 94.68 per cent of it was knowable on the day of signature.
Capital MarketsFour defensible readings of one bond, the cost of an issue under each convention, and the placement discount computed at a constant discount.
Financial RegulationThree ratios pass and the fourth is in breach by 1,956.0 million: the output floor, the liquidity buffer after encumbrance, and the loan split.
Bank ManagementFour defensible readings of one balance sheet, the deposit beta measured two ways, and the liquidity that lasts 3.9 days.
The Real Estate WorkoutFour ways out of one broken loan, discounted to today, and the 58.7 cents at which a payoff beats enforcement.
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