Modern asset analysis treats exit as a function of liquidity, pricing, and timing. This framing assumes that ownership positions are reversible through market exchange. For standardized financial instruments, that assumption holds. But for many real-world assets, it does not. In these contexts, exit is not simply a transaction - it is a structural transition between governance regimes. The Missing Layer: Exit Optionality The Exit Optionality Index (EOI) evaluates the structur

A Structural Framework for Capital Durability Modern finance is extraordinarily precise about pricing. It is far less precise about durability. We can model volatility, discount cash flows, measure correlation, optimize liquidity, and structure allocation with mathematical sophistication. Yet when confronted with a more fundamental question: why some capital structures endure across generations while others fragment within decades, our analytical vocabulary thins rapidly. Why