Filing in. Credit memo out.
Drop a filing. CalQuity spreads the financials, computes the ratios, flags the risks, and drafts the memo — every number cited to the page. Then it watches covenant headroom across the book.
Drop quarterly or annual reports
PDF · multi-period supported
A full credit memo — assembled, cited, ready to sign.
Underwriting issues the filing does not headline.
Triangulated across statements, footnotes, covenants, and prior periods — so the memo surfaces credit-relevant deterioration early.
- highDSCR headroom below 12%EBITDA cushion compressed after add-back normalization.
- highOCF trails EBITDA for 3 periodsCash conversion weakens despite reported margin expansion.
- medNet leverage up 0.7x YoYDebt growth outpaces run-rate EBITDA and cash balance.
- medAR days +18 vs borrower planWorking-capital drag explains most of the liquidity decline.
- lowCustomer concentration disclosure movedTop-customer dependency appears only in footnote changes.
Each flag links back to the ratio formula, covenant clause, source page, and period-over-period bridge.
Computed with formulas and interpretation.
Every number opens the PDF at the exact page.
Drop Q1 · Q2 · Q3 together. One memo, side-by-side columns.
Committee-ready memo, one click.
- Officer assessment
- Ratios w/ interpretations
- Red flags + evidence
- Letterhead, page numbers
Revenue, margin, segment mix — auto-built.
Source PDFs filed under the memo. Reopen anytime.
Stress-test it in plain English.
Shock raw-material prices, FX, or rates. Refine the question mid-thread. Every output stays anchored to the filing it came from.
Connected
Whatever you have, it connects.
Point CalQuity at the filings, the financials, the credit agreement, even your own prior memos. Any format goes in; cited, committee-ready output comes back.
Your data · any format
Filings & financials
Debt documents
Your book
Sample outputs
Then it watches the whole book.
A credit decision is the start, not the end. The same engine tracks covenant headroom to the clause and re-scores every name as the next statement posts — so a breach is a flag the morning it files, not a surprise at the quarterly review.
- Covenant headroom measured against the agreement
- Breach and early-warning alerts as filings land
- Watchlist names re-scored automatically
Portfolio surveillance · tightest covenant
Q3 FY263.1× · 0.9× of room
2.8× · tightening 2 qtrs
$41m · below floor
4.0× · ample
Atlas Logistics breached the liquidity floor. Flagged the morning the quarterly results filing posted. Credit agreement §6.2
Borrower material never leaves.
Credit files carry confidential borrower data and, on private deals, MNPI. CalQuity runs where that data already lives — single-tenant, in your VPC, and more — with entitlements enforced at retrieval and an audit trail on every figure and export.
- Deal teams see only their files — entitlements enforced at retrieval
- Every retrieval, draft, and export logged
- Nothing trains a shared model
Your data stays yours — it never leaves your perimeter
Use cases
Every job on the credit desk, in one place.
The concrete tasks credit teams run — from underwriting a new facility to watching the book once it is on.
Spread the financials
Three statements normalised from the filing — every line tied to its page.
Ratios, interpreted
Leverage, coverage, liquidity computed with the read, not just the number.
Forensic red flags
Revenue-recognition, working-capital, and coverage pressure surfaced early.
Debt-document review
Covenants, baskets, and carve-outs pulled from the credit agreement.
Credit memo drafting
A first draft in your house format, every figure linked to source.
Peer benchmarking
Compare the borrower against rated peers and the sector.
Covenant sizing
Set headroom at origination against the projection case.
Scenario stress-test
Shock rates, FX, or input costs in plain English — which covenant breaks first.
Rating & scorecard inputs
Populate the internal scorecard with cited, defensible figures.
Outcomes
Built to stand up in committee.
Faster to a defensible memo — and every figure traces to the page it came from.
less time to a first-pass credit memo
more names monitored per analyst
of figures cited to source
of your filings leave the perimeter
Run CalQuity on a live filing.
Bring a borrower you are reviewing. We will spread it, draft the memo, and cite every figure — nothing leaving your perimeter.
AskWhat is net leverage, and is it inside the covenant?
Net debt / EBITDA was 3.1×1 at FY24 — inside the 4.0× maintenance covenant, with 0.9× of headroom.
FY2024 Annual Report, p.63 · Net debt $1,240m / EBITDA $400m; covenant per Credit Agreement §6.2.