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Tidewater Office Partners · TWOP

DEMO DATAUNDERWRITING ASSUMPTIONPASS

Debt schedule & capital structure — FY2025A (2026-03-31)

DEMO DATA

Facility	Rank	Sec.	Face value	Rate type	Coupon / spread	Floor	PIK	All-in (base, 1st period)	Annual interest	Maturity	Amort.	Cum. leverage	Mark / price
Mortgage / CMBS	1	Secured	$1.1B	Fixed	5.85%	—	—	5.85%	$67.3M	2027-03-01	bullet	5.9x	94.0
Second-Priority Term LoanTARGET	2	Secured	$350.0M	Floating	S+435bp	—	—	8.60%	$30.1M	2028-06-30	bullet	7.7x	72.0UNDERWRITING ASSUMPTION
Unsecured Notes 4.5%	3	Unsecured	$250.0M	Fixed	4.50%	—	—	4.50%	$11.3M	2026-11-15	bullet	9.0x	88.0
Total debt (face value)			$1.8B						$108.6M			9.0x
Less: cash			($70.0M)
Net debt			$1.7B									8.6x
Equity (residual: EV − net debt, EV at assumed multiple)			$220.0M	Goes to zero in any scenario where recovery value < claims.

Loan-to-value through target tranche

73%

cumulative debt $1.5B ÷ base asset value $2.0B

Collateral / lien

n/a

All-asset lien / pari passu by rank

Call protection

n/a

Not modelled as a cash flow

Face value = legal claim; purchase price / mark is what an investor pays; coupon is the contractual cash / PIK return; yield and recovery are derived on the Returns and Recovery tabs. Illustrative appraised / collateral value (DEMO)

Maturity wall & refinancing requirement

Base Case Downside Severe Downside

CRITICAL — 80% of debt ($1400M) due within 2 period(s); liquidity covers 5% (window: 2 periods; materiality 15% of debt; default window 3)

INVESTMENT RISK FLAG — $1150M maturity in FY2027E; only $45M projected liquidity; $1105M refinancing requirement

INVESTMENT RISK FLAG — $350M maturity in FY2028E; only $46M projected liquidity; $304M refinancing requirement

Period	Debt due	% of debt	Projected liquidity	Refi requirement	Liq. ÷ maturity	Risk
FY2026E	$250M	14%	$113M	$137M	0.5x	Medium
FY2027E	$1.1B	66%	$45M	$1.1B	0.0x	High
FY2028E	$350M	20%	$46M	$304M	0.1x	High

Projected liquidity = cash + undrawn revolver entering the period + that period’s positive FCF, in the selected scenario. * Beyond the 5-period horizon; liquidity shown at the end of period 5. Maturity periods map actual maturity dates to the model’s period-end month (December).

Refinancing risk engine — Base Case

ANALYST PROJECTION

For every maturing tranche: balance at maturity → can projected cash repay it? → if not, does leverage (net debt ÷ EBITDA ≤ scenario limit) and pro-forma interest coverage (≥ scenario minimum, at the assumed refinancing rate) permit refinancing? A failure with insufficient cash is a payment default and feeds the recovery waterfall.

Tranche	Matures	Balance at maturity	Cash on hand	Net lev. (test ≤)	Pro-forma coverage (test ≥)	Refi rate	Interest burden after	Result	Resolution
Unsecured Notes 4.5%	FY2026E	$250.0M	$70M	8.8x (8.5x)	1.63x (1.20x)	8.0%	—	REFINANCING FAILURE	Partially repaid; payment default
Mortgage / CMBS	FY2027E	$1.1B	$0M	8.7x (8.5x)	1.48x (1.20x)	8.0%	—	REFINANCING FAILURE	Partially repaid; payment default
Second-Priority Term Loan	FY2028E	$350.0M	$0M	8.6x (8.5x)	1.87x (1.20x)	8.0%	—	REFINANCING FAILURE	Partially repaid; payment default

Projected debt balances by tranche — Base Case

Tranche	Current	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
Mortgage / CMBS	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B
Second-Priority Term Loan	$350.0M	$350.0M	$350.0M	$304.3M	$304.3M	$304.3M
Unsecured Notes 4.5%	$250.0M	$137.4M	$137.4M	$137.4M	$137.4M	$137.4M
Total debt	$1.8B	$1.6B	$1.6B	$1.5B	$1.5B	$1.5B
Cash	$70.0M	$0.0M	$0.0M	$0.0M	$46.6M	$91.2M
Cash interest	$108.6M	$108.6M	$102.7M	$99.2M	$95.5M	$95.5M
PIK interest (non-cash)		—	—	—	—	—
Funding gap		—	—	—	—	—

R = remainder refinanced at the scenario refinancing rate. Maturities are repaid from cash above the minimum-cash reserve first; the market-access test governs only the remainder.

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