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Tidewater Office Partners · TWOP
DEMO DATAUNDERWRITING ASSUMPTIONPASSItems
16
Complete
5
In progress
3
Not started
6
Issues identified
2
Unresolved HIGH priority
6
Demo checklist with deterministic illustrative statuses. DEMO DATA
Financial
| Item | Status | Priority | Notes / findings | Open question | Source | Date |
|---|---|---|---|---|---|---|
| Historical financials tied to filings | In Progress | High | Demo checklist entry (illustrative). | Do model inputs reconcile to audited statements? | DEMO | 2026-03-31 |
| Quality of earnings / EBITDA add-backs | In Progress | High | Demo checklist entry (illustrative). | How much of adjusted EBITDA is add-backs? | DEMO | 2026-03-31 |
| Free cash flow conversion | Complete | High | Demo checklist entry (illustrative). | What is cash conversion after capex and working capital? | DEMO | 2026-03-31 |
| Working capital and capex needs | Complete | Medium | Demo checklist entry (illustrative). | Are capex and working capital run-rates sustainable? | DEMO | 2026-03-31 |
Business
| Item | Status | Priority | Notes / findings | Open question | Source | Date |
|---|---|---|---|---|---|---|
| Revenue and customer concentration | Complete | Medium | Demo checklist entry (illustrative). | Top-10 customer share and contract terms? | DEMO | 2026-03-31 |
| Supplier concentration | Issue Identified | Low | Illustrative finding — to be resolved before sizing. | Any single-source dependencies? | DEMO | 2026-03-31 |
| Competitive position and management | Not Started | Medium | Demo checklist entry (illustrative). | Share trend and management track record? | DEMO | 2026-03-31 |
Debt
| Item | Status | Priority | Notes / findings | Open question | Source | Date |
|---|---|---|---|---|---|---|
| Debt documentation review | Not Started | High | Demo checklist entry (illustrative). | Priming / drop-down protections and baskets? | DEMO | 2026-03-31 |
| Covenant package and definitions | Not Started | High | Demo checklist entry (illustrative). | Covenant EBITDA definition and headroom? | DEMO | 2026-03-31 |
| Maturity profile and refinancing plan | In Progress | High | Demo checklist entry (illustrative). | Is the refinancing plan credible at current leverage? | DEMO | 2026-03-31 |
| Collateral and lien perfection | Complete | Medium | Demo checklist entry (illustrative). | What assets secure the instrument? | DEMO | 2026-03-31 |
Legal
| Item | Status | Priority | Notes / findings | Open question | Source | Date |
|---|---|---|---|---|---|---|
| Litigation and contingent liabilities | Complete | Medium | Demo checklist entry (illustrative). | Any material claims ahead of creditors? | DEMO | 2026-03-31 |
| Guarantees and structural subordination | Issue Identified | Medium | Illustrative finding — to be resolved before sizing. | Which entities guarantee; any non-guarantor leakage? | DEMO | 2026-03-31 |
Asset / Real Estate
| Item | Status | Priority | Notes / findings | Open question | Source | Date |
|---|---|---|---|---|---|---|
| Asset valuation / appraisal support | Not Started | High | Demo checklist entry (illustrative). | Independent value vs assumed asset base? | DEMO | 2026-03-31 |
Commercial
| Item | Status | Priority | Notes / findings | Open question | Source | Date |
|---|---|---|---|---|---|---|
| Industry conditions and pricing | Not Started | Medium | Demo checklist entry (illustrative). | Where are we in the industry cycle? | DEMO | 2026-03-31 |
| Macro and rate sensitivity | Not Started | Low | Demo checklist entry (illustrative). | How does the credit behave at +300 bps? | DEMO | 2026-03-31 |