Dashboard › Demo Universe › Tidewater Office Partners

Tidewater Office Partners · TWOP

DEMO DATAUNDERWRITING ASSUMPTIONPASS

Recovery waterfall by scenario

ANALYST PROJECTION

Recovery value = MAX(going-concern value, liquidation value) + cash, less administrative costs, then distributed by seniority (strict absolute priority; equal ranks pari passu). Going concern = distressed EV/EBITDA multiple × EBITDA at the valuation event; liquidation = asset base × (1 − decline) × liquidation recovery. Valuation event = the payment-default period, or — if no default is modelled — a hypothetical default at the trough-EBITDA period (so protection is always measured). Specific liens are paid from their own collateral pool; any deficiency joins general creditors. Illustrative appraised / collateral value (DEMO)

Base Case — FY2026E (modelled payment default)

Going concern

$1.2B

Liquidation

$1.6B

Recovery value = MAX (+ cash $0M)

$1.6B · liquidation

Target tranche · LGD

100% recovery · 0% loss

Claim (by seniority)	Rank	Claim	Recovery	Recovery %	Loss	Loss %
Recovery value			$1.6B
Less: administrative / DIP costs			($65.6M)
Mortgage / CMBS	1	$1.2B	$1.2B	100.0%	$0.0M	0.0%
Second-Priority Term Loan	2	$357.5M	$357.5M	100.0%	$0.0M	0.0%
Unsecured Notes 4.5%	3	$139.0M	$50.1M	36.0%	$88.9M	64.0%
Total claims		$1.7B	$1.6B		$88.9M
Equity (residual)			$0.0M	Wiped out

Downside — FY2026E (modelled payment default)

Going concern

$1.1B

Liquidation

$1.4B

Recovery value = MAX (+ cash $0M)

$1.4B · liquidation

Target tranche · LGD

48% recovery · 52% loss

Claim (by seniority)	Rank	Claim	Recovery	Recovery %	Loss	Loss %
Recovery value			$1.4B
Less: administrative / DIP costs			($55.8M)
Mortgage / CMBS	1	$1.2B	$1.2B	100.0%	$0.0M	0.0%
Second-Priority Term Loan	2	$358.8M	$171.4M	47.8%	$187.4M	52.2%
Unsecured Notes 4.5%	3	$156.7M	$0.0M	0.0%	$156.7M	100.0%
Total claims		$1.7B	$1.3B		$344.1M
Equity (residual)			$0.0M	Wiped out

Severe Downside — FY2026E (modelled payment default)

Going concern

$913M

Liquidation

$1.1B

Recovery value = MAX (+ cash $0M)

$1.1B · liquidation

Target tranche · LGD

0% recovery · 100% loss

Claim (by seniority)	Rank	Claim	Recovery	Recovery %	Loss	Loss %
Recovery value			$1.1B
Less: administrative / DIP costs			($42.6M)
Mortgage / CMBS	1	$1.2B	$1.0B	87.7%	$143.5M	12.3%
Second-Priority Term Loan	2	$360.1M	$0.0M	0.0%	$360.1M	100.0%
Unsecured Notes 4.5%	3	$185.2M	$0.0M	0.0%	$185.2M	100.0%
Total claims		$1.7B	$1.0B		$688.8M
Equity (residual)			$0.0M	Wiped out

Recovery lab — change valuation assumptions and watch the waterfall re-allocate

Distressed EBITDA ($M)
Distressed multiple (x)
Asset base decline %
Liquidation recovery %
Admin costs %
Override value ($M)

Going-concern $780.0M vs liquidation $1.1B → recovery value = MAX = $1.1B (used: liquidation, $1.1B). Claims = current face value + 3 months accrued interest.

Claim (by seniority)	Rank	Claim	Recovery	Recovery %	Loss	Loss %
Recovery value			$1.1B
Less: administrative / DIP costs			($42.6M)
Mortgage / CMBS	1	$1.2B	$1.0B	87.7%	$143.5M	12.3%
Second-Priority Term Loan	2	$357.5M	$0.0M	0.0%	$357.5M	100.0%
Unsecured Notes 4.5%	3	$252.8M	$0.0M	0.0%	$252.8M	100.0%
Total claims		$1.8B	$1.0B		$753.8M
Equity (residual)			$0.0M	Wiped out