Every distressed strategy carries a time-cost. In judicial real estate that cost is not theoretical — it is calendarized, indexed and discountable.
Each procedural delay extends the holding period. Each holding period compounds carry. Each carry erodes IRR. None of this is hidden — it is simply ignored by buyers who anchor on price rather than process.
Our underwriting prices the process directly: probabilistic timelines for each stage, sensitivity to procedural events, second-order modelling for appeals and contested ownership.
When time is correctly priced, the apparent discount of distressed assets often disappears. What remains is the genuine asymmetry — the cases where the legal structure protects timing rather than threatens it.
Discipline begins by refusing to romanticize discount. The price is the price after the calendar.