Informational steady-states and conditional entropy production in continuously monitored systems

We put forth a unifying formalism for the description of the thermodynamics of continuously monitored systems, where measurements are only performed on the environment connected to a system. We show, in particular, that the conditional and unconditional entropy production, which quantify the degree of irreversibility of the open system's dynamics, are related to each other by the Holevo quantity. This, in turn, can be further split into an information gain rate and loss rate, which provide conditions for the existence of informational steady-states (ISSs), i.e. stationary states of a conditional dynamics that are maintained owing to the unbroken acquisition of information. We illustrate the applicability of our framework through several examples.