Real Underwriting Cases
Public-company credit underwriting case studies using actual SEC filings and HYPOTHETICAL investment assumptions. Distinct from the fictional Demo Universe.
AMC Networks (AMC Global Media) · AMCX
HOLDCorporate credit — senior secured notes of a levered, declining linear-TV network
Owner of AMC, BBC America, IFC, SundanceTV and WE tv plus the AMC+ / Acorn / Shudder streaming services and AMC Studios. Linear affiliate and advertising revenue is in secular decline while streaming grows; the company refinanced most of its 2029 debt into 10.50% secured notes due 2032 in 2026.
| Hypothetical instrument | 10.50% Senior Secured Notes due 2032 · face $100M @ 95.0 |
| Base / Downside / Severe IRR | 12.6% / 6.5% / -10.8% |
| Probability-weighted IRR (expected cash flows) vs hurdle | 6.1% vs 12.0% |
| Valuation recovery: downside / severe | 61% / 34% |
| Net leverage · EBITDA / interest (LTM Jun-26) | 4.1x · 1.8x |
| Total debt · credit score | $1.7B · 59/100 |
Brandywine Realty Trust · BDN
HOLDReal estate credit — first-lien secured loan to an office REIT with a 2027–29 maturity wall
Self-administered REIT owning urban and suburban office, life-science and mixed-use properties, concentrated in Philadelphia and Austin. Occupancy 88%; $2.6B of debt, mostly unsecured notes; $1.9B due 2027–2029 after the 3025 JFK construction loan was retired in June 2026.
| Hypothetical instrument | Hypothetical Senior Secured Term Loan (S+525, 1% floor) · face $100M @ 98.0 |
| Base / Downside / Severe IRR | 9.6% / 8.7% / 9.9% |
| Probability-weighted IRR (expected cash flows) vs hurdle | 9.3% vs 10.0% |
| Valuation recovery: downside / severe | 100% / 100% |
| Net leverage · EBITDA / interest (LTM Jun-26) | 9.8x · 1.7x |
| Total debt · credit score | $2.6B · 46/100 |
Why these two cases
- AMC Networks (corporate credit): screened against Rackspace, Advantage Solutions, Xerox, Cable One and others on disclosure quality. AMC discloses every instrument, call schedule, covenant ratio and refinancing step; credit is genuinely contested — AOI fell 46% in H1-2026 while the company termed out its 2029 secured notes into 2032 and terminated its revolver. Real question: is a ~12% yield on a first-lien secured note adequate when collateral is a shrinking content library?
- Brandywine Realty Trust (real-estate credit): screened against Orion, Hudson Pacific, Franklin Street, Douglas Emmett. Brandywine reports NOI, a full debt schedule with per-tranche rates, a $2B unsecured stack, specific covenant tests and an $849M 2027 maturity. Real question: can a lender take a first lien on a pool of properties at ~30% LTV and be paid enough while the corporate credit (1.7x coverage, 9.8x net debt/EBITDA) refinances into higher rates?