Portfolio monitoring
Tracked positions vs the thesis set at entry. Real cases are HYPOTHETICAL positions entered on their 10-K filing date and monitored with the actual 10-Q data; demo positions use illustrative prior-quarter snapshots.
Cost
$311.3M
Market value
$308.1M
Wtd. current yield
9.5%
Wtd. IRR to date
8.0%
Wtd. net leverage
6.0x
Wtd. coverage
2.34x
Covenant breaches
1
positions (base case)
Distressed exposure
37%
of cost, ≥3 flags
Real underwriting cases — hypothetical positions, thesis vs actual
PUBLIC DATA CASE| Investment | Cost | Value | Yield | IRR to date | MOIC | Net lev. | EBITDA/int. | Liquidity | Covenants | Next maturity | Recovery est. | Risk | Thesis | Alerts ▼ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AMCX 10.50% Senior Secured Notes due 2032 HYPOTHETICAL INVESTMENT TERMS | $95.0M | $95.0M | 11.1% | 11.4% | 1.04x | 4.1x | 1.84x | $464M | PASS | 2029 | 61% | Elevated | THESIS DETERIORATION | 4 |
| BDN Hypothetical Senior Secured Term Loan (S+525 HYPOTHETICAL INVESTMENT TERMS | $98.0M | $98.0M | 9.3% | 9.6% | 1.03x | 9.8x | 1.72x | $612M | BREACH | 2027 | 100% | Elevated | WATCH | 2 |
AMC Networks (AMC Global Media): thesis at entry (2026-02-11) vs actual performance
H1-2026 (10-Q filed 2026-07-30)Senior secured notes remain money-good because AOI decline moderates, cash covers 2029 maturities and the first lien is covered by going-concern value.
Thesis statusTHESIS DETERIORATION
| Metric | Plan at entry | Actual (filings) | Gap | Status | Severity |
|---|---|---|---|---|---|
| Revenue growth (YoY, YTD) | -4.5% | -5.7% | -1.2 pts | WATCH | — |
| EBITDA growth (YoY, YTD) | -15.0% | -46.2% | -31.2 pts | BELOW THESIS | HIGH |
| Net leverage (LTM, model basis) | ≤ 3.6x | 4.1x | +0.5x | BELOW THESIS | LOW |
| EBITDA / interest (LTM) | ≥ 2.0x | 1.84x | -0.16x | BELOW THESIS | LOW |
| Liquidity ($M) | ≥ 500 | 464 | -7% | WATCH | — |
| Covenants (base-case projection) | No breach | No breach | OK | — | |
| Maturity wall (base case) | No refinancing shortfall | No shortfall | OK | — | |
| Severe-case recovery | ≥ 70.0% | 34.1% | BELOW THESIS | MEDIUM |
- HIGH EBITDA — EBITDA -46.2% vs plan -15.0%
- LOW LEVERAGE — Net leverage 4.1x vs max 3.6x
- LOW COVERAGE — Coverage 1.84x vs min 2.0x
- MEDIUM RECOVERY (forward-looking model flag) — Severe-case recovery 34.1%
Status is driven only by reported actual-vs-plan metrics. Plan values are analyst entry assumptions (FY2025A (10-K filed 2026-02-11), model basis); actuals are computed from the filings, not typed in.
Brandywine Realty Trust: thesis at entry (2026-02-23) vs actual performance
H1-2026 (10-Q filed 2026-07-28)A first-lien loan at ~30% pool LTV is money-good even if office values fall 30%; corporate coverage stabilises as asset sales delever.
Thesis statusWATCH
| Metric | Plan at entry | Actual (filings) | Gap | Status | Severity |
|---|---|---|---|---|---|
| Revenue growth (YoY, YTD) | 2.0% | 5.7% | 3.7 pts | OK | — |
| EBITDA growth (YoY, YTD) | 1.0% | 6.1% | 5.1 pts | OK | — |
| Net leverage (LTM, model basis) | ≤ 10.2x | 9.8x | -0.4x | OK | — |
| EBITDA / interest (LTM) | ≥ 1.8x | 1.72x | -0.08x | WATCH | — |
| Liquidity ($M) | ≥ 450 | 463 | 3% | OK | — |
| Covenants (base-case projection) | No breach | Breach in LTM Jun-27E | BELOW THESIS | MEDIUM | |
| Maturity wall (base case) | No refinancing shortfall | $800M maturity in LTM Jun-28E; only $725M projected liquidity; $75M refinancing requirement | BELOW THESIS | HIGH | |
| Severe-case recovery | ≥ 90.0% | 100.0% | OK | — |
- MEDIUM COVENANT (forward-looking model flag) — Projected covenant breach in LTM Jun-27E
- HIGH MATURITY (forward-looking model flag) — $800M maturity in LTM Jun-28E; only $725M projected liquidity; $75M refinancing requirement
Status is driven only by reported actual-vs-plan metrics. Plan values are analyst entry assumptions (FY2025A (10-K filed 2026-02-23), model basis); actuals are computed from the filings, not typed in.
Demo book (illustrative)
DEMO DATA| Investment | Cost | Value | Yield | IRR to date | MOIC | Net lev. | EBITDA/int. | Liquidity | Covenants | Next maturity | Recovery est. | Risk | Thesis | Alerts ▼ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EVPG First-Lien Term Loan | $14.3M | $13.9M | 9.2% | 4.9% | 1.02x | 6.2x | 1.83x | $160M | PASS | 2028 | 100% | Elevated | Impaired | 4 |
| RWBB Second-Lien Notes 10.50% | $16.8M | $15.6M | 13.5% | 3.0% | 1.02x | 6.7x | 1.75x | $350M | PASS | 2027 | 80% | High | Under review | 4 |
| ATLS First-Lien Term Loan | $29.4M | $28.9M | 8.2% | 6.5% | 1.07x | 4.4x | 2.86x | $340M | PASS | 2027 | 100% | Elevated | Under review | 3 |
| SMCH Senior Unsecured Notes 5.75% | $19.2M | $18.4M | 6.3% | -2.4% | 0.99x | 4.2x | 3.17x | $420M | PASS | 2027 | 66% | Moderate | Under review | 2 |
| HLCN Senior Notes 5.90% | $24.4M | $24.1M | 6.1% | 4.7% | 1.04x | 2.0x | 5.69x | $470M | PASS | 2029 | 100% | Low | On track | 0 |
| ORCH Subordinated Notes 8.25% | $14.3M | $14.1M | 8.8% | 4.5% | 1.01x | 4.3x | 3.12x | $150M | PASS | 2029 | 100% | Moderate | On track | 0 |
Alerts by severity
AMC Networks (AMC Global Media) — 10.50% Senior Secured Notes due 2032 HYPOTHETICAL INVESTMENT TERMS
H1-2026 (10-Q filed 2026-07-30): revenue -5.7% YoY, EBITDA -46.2% YoY. (2026-06-30)
- HIGH EBITDA EBITDA -46.2% vs plan -15.0%
- MEDIUM RECOVERY Severe-case recovery 34.1%
- LOW LEVERAGE Net leverage 4.1x vs max 3.6x
- LOW COVERAGE Coverage 1.84x vs min 2.0x
Brandywine Realty Trust — Hypothetical Senior Secured Term Loan (S+525, 1% floor) HYPOTHETICAL INVESTMENT TERMS
H1-2026 (10-Q filed 2026-07-28): revenue 5.7% YoY, EBITDA 6.1% YoY. (2026-06-30)
- HIGH MATURITY $800M maturity in LTM Jun-28E; only $725M projected liquidity; $75M refinancing requirement
- MEDIUM COVENANT Projected covenant breach in LTM Jun-27E
Halcyon Medical Devices — Senior Notes 5.90%
Q1 results in line; recall reserve unchanged. (2026-03-20)
No alerts
Summit Chemical — Senior Unsecured Notes 5.75%
No refi launched; chlor-alkali pricing softer. (2026-03-12)
- MEDIUM MATURITY Debt maturity in 2027
- MEDIUM RECOVERY Downside recovery est. down 8 pts to 66%
Atlas Logistics — First-Lien Term Loan
Freight volumes down; revolver draw increased. (2026-03-05)
- MEDIUM LEVERAGE Net leverage up 0.6x to 4.4x
- MEDIUM COVERAGE Interest coverage down 0.7x to 2.9x
- MEDIUM MATURITY Debt maturity in 2027
Evergreen Physician Group — First-Lien Term Loan
Payer rate cuts hit Q1 margin; covenant headroom thin. (2026-03-18)
- HIGH LEVERAGE Net leverage up 1.0x to 6.2x
- HIGH EBITDA EBITDA down 12% vs prior
- MEDIUM COVERAGE Interest coverage down 0.6x to 1.8x
- MEDIUM LIQUIDITY Liquidity down 27%
Redwood Broadband — Second-Lien Notes 10.50%
Sub losses accelerating; fiber sale process launched. (2026-03-25)
- MEDIUM LIQUIDITY Liquidity down 24%
- MEDIUM MATURITY Debt maturity in 2027
- MEDIUM COVENANT Covenant headroom 8%
- MEDIUM RECOVERY Downside recovery est. down 10 pts to 80%
Exposure by industry (cost)
| Real Estate | $98.0M | 31% |
| Media | $95.0M | 31% |
| Healthcare | $38.6M | 12% |
| Transportation | $29.4M | 9% |
| Materials | $19.2M | 6% |
| Telecom | $16.8M | 5% |
| Consumer | $14.3M | 5% |
Exposure by risk level (cost)
| Elevated | $236.7M | 76% |
| Moderate | $33.5M | 11% |
| Low | $24.4M | 8% |
| High | $16.8M | 5% |
Concentrations
| Next-maturity concentration | 2027: 52% · 2028: 5% · 2029: 43% |
| Covenant breaches (positions) | 1 of 8 |
| Distressed exposure (≥3 flags) | 37% |
| Cost-weighted recovery estimate (downside) | 85% |
| Cost with recovery estimate < 60% | 0% |