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Tidewater Office Partners · TWOP

DEMO DATAUNDERWRITING ASSUMPTIONPASS

Credit metrics — FY2025A

DEMO DATA inputs · CALCULATED metrics

Metric	Value	Formula	Raw inputs used
Total debt	$1.8B	Σ tranche principal (face value)	debt=1750.0
Net debt	$1.7B	Total debt − cash	debt=1750.0 · cash=70.0
Gross leverage (Debt / EBITDA)	8.95x	Total debt ÷ EBITDA	debt=1750.0 · ebitda=195.5
Secured leverage	7.67x	Secured debt ÷ EBITDA	secured=1500.0 · ebitda=195.5
Net leverage	8.59x	Net debt ÷ EBITDA	netDebt=1680.0 · ebitda=195.5
Interest coverage (EBIT / interest)	1.05x	EBIT ÷ interest expense	ebit=113.9 · interest=108.6
EBITDA / interest	1.80x	EBITDA ÷ interest expense	ebitda=195.5 · interest=108.6
FCF / debt	2.6%	Free cash flow ÷ total debt	fcf=45.5 · debt=1750.0
Debt service coverage	1.41x	(EBITDA − capex − taxes) ÷ (interest + mandatory amortization)	ebitda=195.5 · capex=40.8 · taxes=1.32 · interest=108.6 · amort=0.00
Cash conversion	79.1%	(EBITDA − capex) ÷ EBITDA	ebitda=195.5 · capex=40.8
Liquidity ratio	0.20x	(Cash + undrawn revolver) ÷ (debt due next period + amortization + interest)	liquidity=70.0 · stObl=358.6
Current ratio	0.38x	Current assets ÷ (current liabilities ex-debt + debt due next period)	currentAssets=130.0 · curLiab=345.0
Short-term debt / liquidity	3.57x	Debt due next period ÷ (cash + undrawn revolver)	std=250.0 · liquidity=70.0

Credit scorecard — deterministic, auditable

Score 32.4 / 100 · High

Factor	Measure	Value	Best	Worst	Points	Max	Proj. base	Proj. downside	Proj. severe
Leverage	Net debt / LTM EBITDA	8.59	2	7	0.0	15	0.0	0.0	0.0
Coverage	LTM EBITDA / interest expense	1.80	5	1	3.0	15	2.9	2.0	0.7
Liquidity	Cash + undrawn revolver vs next-period obligations	0.20	2	0.5	0.0	10	0.0	0.0	0.0
Free cash flow	LTM FCF / total debt	0.03	0.12	-0.02	3.3	10	3.3	2.5	1.3
Maturity risk	Share of debt maturing within 3 periods	1.00	0	0.5	0.0	10	0.0	0.0	0.0
Margin stability	Std-dev of annual EBITDA margin	0.02	0.01	0.05	8.3	10	8.3	8.3	8.3
Revenue stability	Std-dev of annual revenue growth	0.00	0.03	0.15	8.0	8	8.0	8.0	8.0
Asset coverage	Asset base / total debt	1.17	2	0.6	4.9	12	4.9	4.9	4.9
Industry risk	Sector factor (config.ts)	0.50	1	0	5.0	10	5.0	5.0	5.0
Total					32.4	100	32.3	30.7	28.1

Why did the score change?

FY2024A (same capital structure) → FY2025A: 33.7 → 32.4

• Net leverage broadly stable at 8.6x
▼ Interest coverage fell from 2.0x to 1.8x (-0.8 pts, negative)
• Liquidity ratio broadly stable at 0.2x
▼ FCF / debt fell from 3.3% to 2.6% (-0.5 pts, negative)
• Near-term maturity share unchanged at 100%
• Margin volatility unchanged at 1.7 pts
• Revenue volatility unchanged at 0.1 pts
• Asset coverage unchanged at 1.17x
• Industry risk factor unchanged at 0.50

Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.

Covenant analysis

Base Case Downside Severe Downside

Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.

Base Case: no breachDownside: 4 failed tests; first breach FY2027ESevere Downside: 10 failed tests; first breach FY2026E

Maximum net leverage UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption

	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
Current metric	11.99x	14.16x	14.35x	14.51x	14.67x
Covenant	≤ 9.50x	≤ 9.50x	≤ 9.50x	≤ 9.50x	≤ 9.50x
Headroom	−2.49x (-26%)	−4.66x (-49%)	−4.85x (-51%)	−5.01x (-53%)	−5.17x (-54%)
Status	BREACH	BREACH	BREACH	BREACH	BREACH

Minimum interest coverage UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption

	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
Current metric	1.18x	1.04x	1.05x	1.05x	1.05x
Covenant	≥ 1.50x	≥ 1.50x	≥ 1.50x	≥ 1.50x	≥ 1.50x
Headroom	−0.32x (-21%)	−0.46x (-31%)	−0.45x (-30%)	−0.45x (-30%)	−0.45x (-30%)
Status	BREACH	BREACH	BREACH	BREACH	BREACH

Projected credit metrics by scenario

ANALYST PROJECTION

Scenario	Metric	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
Base Case	Net debt / EBITDA	8.5x	8.5x	8.3x	8.2x	8.1x
	EBITDA / cash interest	1.8x	1.8x	1.9x	1.9x	1.9x
	DSCR	1.4x	1.4x	1.5x	1.5x	1.5x
	Liquidity ($M)	$0M	$0M	$0M	$47M	$91M
Downside	Net debt / EBITDA	9.5x	9.8x	9.7x	9.7x	9.6x
	EBITDA / cash interest	1.5x	1.5x	1.6x	1.6x	1.6x
	DSCR	1.2x	1.2x	1.2x	1.2x	1.2x
	Liquidity ($M)	$0M	$0M	$0M	$25M	$50M
Severe Downside	Net debt / EBITDA	12.0x	14.2x	14.3x	14.5x	14.7x
	EBITDA / cash interest	1.2x	1.0x	1.0x	1.0x	1.0x
	DSCR	1.0x	0.8x	0.8x	0.9x	0.9x
	Liquidity ($M)	$0M	$0M	$0M	$0M	$0M

Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.

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