An entity has a cap table, and now you want to record capital calls and distributions against it.
In Rhodes: Entities → the entity → Financials → Make this an investment vehicle (or ⋮ → Edit Entity → Investment vehicle (SPV))
This is the single-asset case a family office hits constantly: a property LLC, an SPV for one deal. The entity is the investment, so you don't want a separate investment record duplicating it — you want the entity itself to carry the money.
Is this you?
A quick test: if you're tracking compliance obligations on it, it belongs here.
Only entities carry compliance — annual reports, franchise tax, statements of information are all filed by a legal entity. So if a deal needs those tracked, it has to exist as an entity in your organization. The temptation is then to create an investment record alongside it for the capital calls and distributions, and now the same thing exists twice, with two owner lists that will disagree sooner or later.
Flagging the entity avoids that. One record does both jobs: it keeps its compliance obligations, its documents and its registrations, and it gains the deal's money.
Use an investment record instead when the thing genuinely isn't yours — an external fund you subscribe to has no compliance obligations of yours to track, because you don't own the entity filing them.
On the Financials tab, click Make this an investment vehicle, read the three cautions, and click Yes, it's a single deal. The same checkbox, Investment vehicle (SPV), is on the entity's Edit page. You can also just ask: "treat Bramble Hollow Holdings as an investment vehicle."
What changes
The Financials tab becomes a different surface. Before, it was a cap table. After, it's the deal view: an Owners & commitments table, roll-up totals, and a capital-call / distribution ledger.
Your owners don't go anywhere — the Owners & commitments table is the same list, now editable in place and carrying more columns: Capital %, Profit %, Committed, Called and Uncalled. Called and Uncalled come from recorded capital calls. Add a holder with + Add holder, which uses the same search-and-pick as the cap table. It replaces the generic cap-table editor rather than sitting beside it, so there's one owner list, not two. An owner with recorded capital calls or distributions can't be removed from it: Rhodes says how many transactions they have, and those have to be removed first.
Transactions are then recorded against the entity, with the cap-table holders as the parties. Click + Record capital call / distribution, then choose Per holder to enter each holder's amount, or Split by ownership % to give a total and split it. Admins and owners can remove a ledger row with Delete on that row.
The tab also shows Received and Held (undistributed): what the entity has received as distributions from the positions it holds in Rhodes, and how much of that it hasn't yet paid out to its owners. Received from lists each payment with a link to it. When something is held, Distribute held amount… opens the same form as a distribution split by ownership %, with the held amount filled in. Any K-1s the entity issued are listed under K-1 records, by tax year.
Before you turn it on
- The cap table becomes the deal's owner and commitment ledger. That's the point, but it does change what that list means.
- Use it only for an entity that is one deal. Not a trust, and not a holding company that owns several things — those own multiple deals, and one ledger can't represent them.
- It records commitments and calls, not accounting. No general ledger, no NAV, no waterfalls.
Neither the button nor the checkbox appears on person or jointly titled records, which can't be a deal.
Turning it back off is safe. The cap table and the transaction history stay on the entity as its capitalization. The entity simply stops showing the roll-ups and the ledger, and the ordinary cap-table editor returns.
If an investment record already exists
Different situation, different fix. When you already track the deal as an investment and it's linked to a managed entity you own directly, don't flag the entity — instead open the investment's Allocations tab and tick Tie ownership to the entity cap table.
That makes the entity's cap table the single owner list for both records, so ownership can't drift between them. Participants, committed capital and each member's called capital all come from the cap table, and contributions attribute to the member who made them.
Leave the tie off for an external fund you invest into, or a holding-company structure where members split each deal at different percentages — those want the standalone investor list and internal allocations.
In short: no investment record and you don't want one → flag the entity. Already have one and the entity is the same thing → tie them.