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Tidewater Office Partners · TWOP
DEMO DATAUNDERWRITING ASSUMPTIONPASSDEMO DATA — fictional company with illustrative numbers.
Class-B downtown office portfolio (28 buildings, 82% leased) with a concentrated 2027 CMBS maturity.
Recommendation
PASS
4 core test(s) failed
Credit score
32 / 100
High
Base IRR
24.9%
vs hurdle 12.0%
Downside IRR
-10.5%
default case
Severe recovery
0%
IRR -84.0%
Net leverage
8.6x
FY2025A
EBITDA / interest
1.80x
FY2025A
Overview
| Sector / industry | Real Estate / Office REIT |
| Headquarters | Chicago, IL |
| Revenue (FY2025A) | $340M |
| EBITDA (FY2025A) | $195M |
| Total debt (face value) | $1.8B |
| Cash | $70M |
| Net debt | $1.7B |
| Asset / collateral base | $2.0B |
| Enterprise value (assumed multiple) | $1.9B |
Investment thesis UNDERWRITING ASSUMPTION
Appraised value covers the mortgage and most of the second-priority loan today, but the November 2026 unsecured maturity and March 2027 CMBS maturity compress the timeline. Returns are asymmetric: strong in base/downside, near-total loss in severe where office values fall >35%.
| Instrument | Second-Priority Term Loan |
| Face value / purchase price / cash investment | $100M / 72.0 / $72.4M UNDERWRITING ASSUMPTION |
| Current yield · yield to maturity | 11.9% · 26.8% |
Key protections
- Discounted second-priority entry at 72
- Asset sales to cure maturities
- Lender-led extension with fees
Key risks
- Office cap-rate expansion
- Refinancing market closed for B-class
- Cash trap diverts cash from the term loan
Key catalysts
- Nov-2026 unsecured maturity
- Mar-2027 CMBS maturity / extension negotiation
- Disposition program
Data-quality notes
- All figures are fictional and illustrative.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Tidewater Office Partners — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Tidewater Office Partners — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |