How we work

NAJA Capital works from a documented methodology rather than from a set of engagements designed one at a time. The instruments below are standardized. They are the same instruments applied across situations, adjusted for facts but not rebuilt for each client. This is a deliberate choice: a method that is written down can be reviewed, corrected, taught and handed to someone else, and a method that exists only in an adviser’s judgment cannot.

NAJA Capital is in its formation stage. No investment vehicle has been formed and no third-party capital has been raised to date. What follows describes the firm’s methodology, not a record of transactions.

1. Financial assessment and underwriting protocol

A fixed sequence for evaluating a business or a project: quality of historical financial information, normalization of earnings, cash conversion, capital structure and debt capacity, sensitivity to the two or three variables that actually move the outcome, and an explicit statement of the assumptions on which any projection depends. The protocol produces the same categories of output regardless of who runs it.

2. Due diligence and project selection matrix

A scored matrix applied before a project advances. It covers sponsor track record and alignment, site and market fundamentals, entitlement and construction risk, capital structure and sources and uses, regulatory and tax qualification, community terms, and exit or hold assumptions. Projects that do not clear the matrix do not advance, and the reason is recorded.

3. Thirteen-week cash flow and driver-based budget models

A rolling thirteen-week cash flow forecast, and an annual operating budget built from operating drivers rather than from prior-year figures adjusted by a percentage. Both are maintained on standardized templates with a fixed variance review cycle.

Simplified versions of both are published free in the resource library.

4. Qualified Opportunity Fund and QOZB compliance calendar

A standing calendar of the compliance obligations that apply to a Qualified Opportunity Fund and to a qualified opportunity zone business, tied to specific dates rather than to general practice. It covers:

• the 90 percent asset test, measured semiannually at the fund level;
• the requirement that at least 70 percent of a qualified opportunity zone business’s tangible property be qualified opportunity zone business property;
• the requirement that a qualified opportunity zone business derive at least 50 percent of its gross income from the active conduct of business within the zone;
• the annual filing of IRS Form 8996, by which a fund self-certifies and reports on the asset test.

No Qualified Opportunity Fund has been formed by NAJA Capital to date. This calendar is a compliance instrument prepared in advance of that activity.

5. Standardized investor reporting templates

A fixed reporting package: a defined set of statements, a defined valuation basis stated in each report, a defined reporting calendar, and a written record of the assumptions behind any forward-looking figure. Reports are built so that a reader can compare one period to another without having to reconcile a change in format.

6. Impact measurement based on RIMS II multipliers

Economic impact is estimated using the Regional Input-Output Modeling System (RIMS II) multipliers published by the U.S. Bureau of Economic Analysis, applied at the regional level appropriate to the project, with a baseline recorded before the investment and the methodology disclosed alongside any figure. Using a published federal methodology rather than an internal one means an estimate can be checked by someone who did not produce it.

What this methodology does not do

A documented method governs process, not outcome. It does not promise a result, an investment return, a tax treatment, access to credit, or any regulatory or governmental outcome. It is the discipline through which decisions are made and recorded, and it exists so that those decisions can be examined afterward.

Where the firm stands

NAJA Capital LLC was organized in the State of Delaware in 2024 and is in its formation stage. No investment vehicle has been formed and no third-party capital has been raised to date. The free financial education program described elsewhere on this site is operating today. More about the firm and its founder →