Modernization tax dominates. ~31% of all work (65 items) is Platform Enablers — Vue 2→3 migration, Horizon decommission, security patches, and infrastructure. This is the cost of running two legacy stacks.
Transact is where the work is. 35 items — the largest value stream concentration. Mostly Veriform and onboarding work. Aligns with the "non-negotiable gate" offsite signal.
Invest is a complete blank. Zero items across both platforms. The newly defined stream — LP visibility into deal pipeline, co-investment surfacing, deployment transparency — has no active work. This is expected: it's a new strategic concept, not yet operationalized.
Manage is nascent, not empty. Reclassifying Delio portfolio monitoring work (investments table, metrics, valuation timeline, ESG) from Report into Manage reveals 5 items — all Delio. Still zero Verivend investment. The gap relative to offsite ambition remains the largest of any stream.
Report is Delio-only. 12 items, all Delio — driven by LP-facing reporting, statements, dashboards, and analytics. Still zero Verivend investment in the "show the work" positioning.
Realize is virtually empty. 1 total item. "The biggest pain point in the entire market" has almost no active work.
AI work exists only in Delio. 7 items, 0 from Verivend. The AI-first declaration has no active Verivend development backing it.
Work splits ~50% value streams, ~50% enablers. More effort goes to horizontal infrastructure than to the lifecycle stages that deliver direct customer value. Prospect is healthy (22 items across both platforms).