What did the Sears rent actually protect?

What the agent made

Ran it for real with Claude Code 2.1.300 and OMP 18.11.0 on 2026-10-15. The first session started with no saved memory; each later session was a new one that kept only the files in the folder. Your result will differ.

Open what Claude Code made, full screen

Then a brand-new session used what it saved on new input: see the proof.

The same prompts in OMP made their own versions, every session recorded and checked: session 1 · Open the anchor's later record.

Make your own

1. Get the files

   Download the practice folder (ZIP)

   Unzip it: you get a folder called cli-practice with 3 practice files. Seritage's real 2015 year-end financial supplement and the filed Sears master lease, with exact source links. The annual supplement was first available March 2016; the outcome documents appear only in the reveal session. It also has a for-later folder with the new files for the fresh sessions.

   SOURCES.csvmaster-lease.txtportfolio.txt

2. Open your agent in that folder

   Open a terminal in cli-practice and type claude or omp --approval-mode always-ask. First time? Set up in about five minutes, with steps for Mac, Windows, and Linux.

3. Paste this prompt

   Work only inside this practice folder. Read portfolio.txt, master-lease.txt and SOURCES.csv. Do not change them; no files outside this folder, network, installs, APIs or further replies. Use only Python 3 standard library. Do not use em dashes or en dashes. This is a frozen 2015 year-end financial snapshot, using the 2015 supplement first publicly available March 2016. Never imply its figures were public by December 31, 2015. Write every dollar and area amount in all outputs as a full number with thousands separators (for example $202,938,000 or 42,468,000 square feet), never in k or thousands units; millions and billions may be abbreviated (for example $1.2M or $4.0B).
   
   Underwrite what the disclosed records actually allow, NOT a single imaginary strip center. Calculate the Sears share of at-share total signed annual base rent, separate in-place Sears, in-place third-party and signed-not-open third-party annual rent, and show what contracted base rent remains under a hypothetical complete Sears-rent loss while independently labeling the signed-not-open portion as not yet cash. Reconcile the sum, the leased square footage headline and the partial-year reported NOI WITHOUT treating any of these as a trailing full-year collections ledger. Quote the executed master lease's sections on landlord recapture, rent reduction after recapture, tax impositions and CAM before/after multi-tenant occupancy. Stress bounded scenarios: base status, removing anchor base rent, delayed opening of signed-not-open space, and both. Those are mechanical exposures, not predicted tenant behavior or probabilities. Do not double-count old Sears rent and replacement rent on recaptured space. Contract language is not evidence of a parcel's exact rent reduction, reimbursement dollars, property NOI, LIBOR fixing, debt coverage, capital expenditures or parcel tax bill. Label these UNKNOWN and state which documents would close each gap. No invented tax reset, CAM cap, replacement tenant, lease rent or scenario probability. The figures describe at-share rent including JV interests, whereas the public master lease covers wholly-owned properties; note this scope difference.
   Preserve the economic meaning of a signed lease: delaying its opening does NOT cancel its signed annual contractual rent. At the reported 2015 baseline, signed-not-open stays included in signed rent but excluded from in-place rent. Under the hypothetical opening factor, the signed total stays the same while the modeled in-place amount rises if that space opens, or stays at the reported in-place amount if delayed. Only removing the Sears anchor changes the signed total in this exercise. Make the reported 2015 status the default, not a hypothetical all-open upper case, and never call a hypothetical opening the actual baseline. Do not claim that even in-place annualized rent equals actual receipts. The checker must reject a delay scenario that subtracts signed-but-not-open rent from contractual signed rent.
   
   Write only underwrite.py, deal.json, check.py, deal.html. underwrite.py parses the supplied source excerpts and source ledger, writes deal.json with input IDs, base rent-status bridge, arithmetic stress scenarios, missing inputs and separate qualitative lease treatment. check.py independently re-parses originals without importing or invoking underwrite.py, recomputes all decision-critical rent figures and cross-checks them with deal.json AND tagged values displayed in deal.html; reject any missing source link, signed-not-open mislabeled as collected, fictitious parcel NOI, DSCR or price ceiling, or a cash figure presented as an annualized signed rent. Its --self-test mutates at least three different in-memory outputs one at a time and demonstrates rejection without editing input files.
   
   Make deal.html an offline self-contained editorial deal room, not a generic dashboard. Lead with a sourced rent-status bridge and an inline SVG sorted zero-baseline bar chart of the three comparable at-share annual base rent groups (units, labels, source IDs; never mix dollars and area on a scale). Preserve all key figures and citations in semantic HTML when JavaScript is off. Provide a touch/keyboard accessible two-factor scenario switch (anchor rent present/absent, signed-not-open opened/not open), visibly recalculating the stated annual contracted versus currently in-place base rent and explicitly marking it a mechanical stress, not an actual NOI or cash-flow forecast. Keep the immutable sourced base case and exhibit original contract clauses in accessible evidence details. At 360 pixels wide and wider, including tablet widths from 600 to 1000 pixels, the page fits the screen and nothing scrolls sideways, not even inside a table, chart, timeline or code box; charts and timelines scale to the width; no word, field name or amount ever breaks mid-word or runs past the edge, so never print long code identifiers or URLs as page text; narrow tables become stacked cards. No external assets, fonts, CDNs, or runtime fetches; honor reduced motion. Keep a prominently labeled list of missing parcel and lender inputs; do not offer investment or legal advice. The bar values and all key HTML figures must agree with check.py.
   
   Run python3 underwrite.py, python3 check.py and python3 check.py --self-test; report exit codes.

   The prompt asks the agent to stay in this folder; it cannot enforce that. Read each file change and command before you approve it.

4. Check it yourself

   Open cli-practice/deal.html in your web browser (double-click it), then:

   Human check: The supplement gives $154,255,000 + $35,747,000 + $12,936,000 = $202,938,000 of at-share annual SIGNED base rent. Sears is $154,255,000 / $202,938,000 = 76.01 percent, not a diversified occupancy indicator. In-place base rent is $190,002,000, signed-not-open $12,936,000, non-Sears signed $48,683,000, non-Sears in-place $35,747,000. The $89,493,000 NOI is only July 7 through December 31, 2015, not full-year coverage; debt spread is LIBOR + 465 basis points without a fixing. Master lease 1.7 lowers old rent after actual recapture and 4.1/4.5/10.2 allocate charges, not a fabricated dollar recovery. Recompute and run checker plus self-test.

   When we checked the recording above: Re-recorded with the 360-and-tablet layout prompt after the earlier OMP reveal scrolled sideways at 768-960px once its reveal button was used. Clean-folder rebuild: checks and self-tests exit 0, no inputs changed; $202,938,000 signed with Sears $154,255,000 (76.01%), in place $190,002,000; reveal $61,341,000 of $210,838,000 (29.09%); sweep at 360-1280 after every control, 400-1300 resize, and 400-1300 after each control fit.

Then prove it: fresh sessions

Each run below is a brand-new session, recorded for real in Claude Code. It remembers nothing from the run before except the files saved in the folder, so the short prompt is the whole instruction.

Work only inside this practice folder. Read all original inputs and outputs, then outcomes.txt and the newly added OUTCOME_SOURCES.csv. Leave every source and earlier output unchanged. No network, outside files, installs, APIs, or further replies. Python 3 standard library only. No em dashes or en dashes. This is a fresh session: the 2018 records were unknown at the 2015 financial snapshot. Write every dollar and area amount in all outputs as a full number with thousands separators (for example $210,838,000 or 36,299,000 square feet), never in k or thousands units; millions and billions may be abbreviated (for example $1.2M or $4.0B).
Write only reveal.json, reveal.html and reveal-check.py. Make an offline, self-contained, editorial before/after evidence page with baseline 2015 rent buckets and an October 2018 notice plus 2018 year-end portfolio report cited separately by SR3 and SR4. Model which relative measures can be compared across years, but distinguish change in portfolio composition, recapture, store closings, lease openings and bankruptcy: no sole-cause claim. Show signed rent versus in-place rent in both years, dated numerator/denominator and the change in Sears concentration. Make a source-linked timeline and a disclosure or switch that reveals the later documents with a visible text/number change on touch and keyboard; complete baseline and outcome must exist in ordinary HTML with JavaScript off. A static bar chart for comparable annual signed rents may accompany the timeline, zero baseline and units; no pie/donut. At 360 pixels wide and wider, including tablet widths from 600 to 1000 pixels and after every control is used, the page fits the screen and nothing scrolls sideways, not even inside a table, chart, timeline or code box; charts and timelines scale to the width; no word, field name or amount ever breaks mid-word or runs past the edge, so never print long code identifiers or URLs as page text; narrow tables become stacked cards. No runtime network; reduced-motion friendly.
reveal.json stores independently sourced dated rent components and unknowns. reveal-check.py independently parses original and revealed source excerpts, recomputes rent shares and statuses for both years, checks JSON and tagged HTML figures and source links, rejects a later fact presented as a known 2015 input, and its --self-test catches three distinct in-memory corruptions without touching sources. Run python3 reveal-check.py and python3 reveal-check.py --self-test; report exit codes.

Do it for real

For a current retail acquisition, provide executed leases and amendments, opening confirmations, property-level actual rent collections, reimbursements and bills, construction obligations and a written lender quote. Redact confidential tenant and account data before sharing. Have legal and financial professionals check obligations before making an offer. This named public transaction is a historical teaching case, not investment or legal advice.

Why an agent, not a chat window

An agent reads a real public portfolio report and the executed Sears master lease, computes an evidence-linked concentration and rent-status bridge, and writes an independent checker. In a separate session it opens the later bankruptcy notice and year-end report without rewriting the original judgment.