Covenant screener
178 covenants across 94 credit facilities.
| Company | Covenant | Limit now | Next step | Ratio | Headroom vs today's limit | Tested | Margin | Size | Maturity | Agent | Industry |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JBG SMITH PropertiesNot measured | Ratio of Total Outstanding Indebtedness to Capitalization ValueDebt to capitalization | 0.60x | n/a | Not measured | Not measured | quarterly | 130–175 bps | $690m | Aug 2030 | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
| JBG SMITH PropertiesNot measured | Ratio of Combined EBITDA to Fixed ChargesFixed charge coverage | 1.50x | n/a | Not measured | Not measured | quarterly | 130–175 bps | $690m | Aug 2030 | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
| JBG SMITH PropertiesNot measured | Ratio of Unencumbered Combined EBITDA to Unsecured Interest ExpenseInterest coverage | 1.75x | n/a | Not measured | Not measured | quarterly | 130–175 bps | $690m | Aug 2030 | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
| JBG SMITH PropertiesNot measured | Ratio of Unsecured Indebtedness to Capitalization Value of Unencumbered AssetsDebt to capitalization | 0.55x | n/a | Not measured | Not measured | quarterly | 130–175 bps | $690m | Aug 2030 | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
| JBG SMITH PropertiesNot measured | Ratio of Secured Indebtedness to Capitalization ValueDebt to capitalization | 0.50x | n/a | Not measured | Not measured | quarterly | 130–175 bps | $690m | Aug 2030 | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
| JBG SMITH PropertiesNot measured | Ratio of Total Outstanding Secured Recourse Indebtedness to Capitalization ValueDebt to capitalization | 0.10x | n/a | Not measured | Not measured | quarterly | 130–175 bps | $690m | Aug 2030 | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
| Core Scientific, Inc./txNot measured | Minimum LiquidityMinimum liquidity | $150m | n/a | Not measured | Not measured | quarterly | n/a | $100m | n/a | JPMorgan Chase Bank, N.A. | Finance Services |
| IREN LtdNot measured | Parent Minimum LiquidityMinimum liquidity | $200m | n/a | Not measured | Not measured | other | n/a | $3.65bn | n/a | CSC DELAWARE TRUST COMPANY | Finance Services |
| IREN LtdNot measured | Debt Service Coverage RatioFixed charge coverage | 1.05x | n/a | Not measured | Not measured | quarterly | n/a | $3.65bn | n/a | CSC DELAWARE TRUST COMPANY | Finance Services |
| UNIVERSAL ELECTRONICS INCNot measured | Consolidated Fixed Charge Coverage RatioFixed charge coverage | 1.50x | n/a | Not measured | Not measured | quarterly | n/a | $60m | Sep 2027 | U.S. Bank National Association | Household Audio & Video Equipment |
| UNIVERSAL ELECTRONICS INCNot measured | Consolidated Cash Flow Leverage RatioTotal leverage | 2.25x | n/a | Not measured | Not measured | quarterly | n/a | $60m | Sep 2027 | U.S. Bank National Association | Household Audio & Video Equipment |
| Perma-Pipe International Holdings, Inc.Not measured | Fixed Charge Coverage RatioFixed charge coverage | 1.25x | n/a | Not measured | Not measured | quarterly | 250–300 bps | $89m | Aug 2031 | JPMorgan Chase Bank, N.A. | Industrial & Commercial Fans & Blowers & Air Purifing Equip |
| WINNEBAGO INDUSTRIES INCNot measured | Fixed Charge Coverage RatioFixed charge coverage | 1.00x | n/a | Not measured | Not measured | springing | 125–175 bps | $350m | Aug 2031 | JPMorgan Chase Bank, N.A. | Motor Homes |
| Starling Oncology, Inc.Not measured | Maximum Loan Turn DaysOther | 35.00 | n/a | Not measured | Not measured | quarterly | n/a | $25m | Aug 2029 | Not stated | Services-Offices & Clinics of Doctors of Medicine |
| Blue Owl Technology Finance Corp.Not measured | Overcollateralization Ratio TestOther | 1.80 | n/a | Not measured | Not measured | other | 225 bps | $250m | Aug 2036 | Natixis, New York Branch | n/a |
| Blue Owl Technology Finance Corp.Not measured | Interest Coverage Ratio TestOther | 1.20 | n/a | Not measured | Not measured | other | 225 bps | $250m | Aug 2036 | Natixis, New York Branch | n/a |
| LIFETIME BRANDS, INCNot measured | Fixed Charge Coverage RatioFixed charge coverage | 1.10x | n/a | Not measured | Not measured | springing | 675–725 bps | $60m | Aug 2031 | PLC Agent LLC | Cutlery, Handtools & General Hardware |
| LIFETIME BRANDS, INCNot measured | Minimum Adjusted EBITDAOther | 30,000,000 | n/a | Not measured | Not measured | monthly | 675–725 bps | $60m | Aug 2031 | PLC Agent LLC | Cutlery, Handtools & General Hardware |
| TXNM ENERGY INCNot measured | Maximum Consolidated Indebtedness to Consolidated CapitalizationDebt to capitalization | 0.65x | n/a | Not measured | Not measured | quarterly | n/a | $200m | Aug 2029 | Not stated | Electric Services |
| FLEXSTEEL INDUSTRIES INCNot measured | Asset Coverage RatioOther | 2.00 | n/a | Not measured | Not measured | quarterly | n/a | $30m | Aug 2029 | WELLS FARGO BANK, NATIONAL ASSOCIATION | Household Furniture |
| FLEXSTEEL INDUSTRIES INCNot measured | Minimum EBITDAOther | 15,000,000 | n/a | Not measured | Not measured | quarterly | n/a | $30m | Aug 2029 | WELLS FARGO BANK, NATIONAL ASSOCIATION | Household Furniture |
| KORN FERRYNot measured | Consolidated Secured Net Leverage RatioSenior secured leverage | 3.75x | n/a | Not measured | Not measured | quarterly | 113–200 bps | $1.45bn | Aug 2031 | Wells Fargo Bank, National Association | Services-Employment Agencies |
| Apollo Debt Solutions BDCNot measured | Minimum Shareholders’ EquityNet worth | $9.2bn | n/a | Not measured | Not measured | quarterly | n/a | $3.99bn | Aug 2031 | JPMorgan Chase Bank, N.A. | n/a |
| Apollo Debt Solutions BDCNot measured | Asset Coverage RatioOther | 1.50 | n/a | Not measured | Not measured | other | n/a | $3.99bn | Aug 2031 | JPMorgan Chase Bank, N.A. | n/a |
| AdvanSix Inc.Not measured | Consolidated Interest Coverage RatioInterest coverage | 3.00x | n/a | Not measured | Not measured | quarterly | 150–250 bps | $425m | Aug 2031 | CITIZENS BANK, N.A. | Plastic Materials, Synth Resins & Nonvulcan Elastomers |
| AdvanSix Inc.Not measured | Consolidated Leverage RatioNet leverage | 3.75x | n/a | Not measured | Not measured | quarterly | 150–250 bps | $425m | Aug 2031 | CITIZENS BANK, N.A. | Plastic Materials, Synth Resins & Nonvulcan Elastomers |
| CIM GROUP, INC.Not measured | Consolidated Net Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | n/a | $150m | Aug 2029 | Not stated | Real Estate Investment Trusts |
| CIM GROUP, INC.Not measured | Minimum Fee Earning Equity Owned and OperatedOther | 10,616,900,000 | n/a | Not measured | Not measured | quarterly | n/a | $150m | Aug 2029 | Not stated | Real Estate Investment Trusts |
| CIM GROUP, INC.Not measured | Consolidated Net Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | n/a | $250m | Mar 2028 | City National Bank | Real Estate Investment Trusts |
| CIM GROUP, INC.Not measured | Minimum Fee Earning Equity Owned and OperatedOther | 10,616,900,000 | n/a | Not measured | Not measured | quarterly | n/a | $250m | Mar 2028 | City National Bank | Real Estate Investment Trusts |
| Intapp, Inc.Not measured | Total Net Leverage RatioNet leverage | 3.75x | n/a | Not measured | Not measured | quarterly | 150–225 bps | $150m | Jul 2031 | UBS AG, Stamford Branch | Services-Prepackaged Software |
| Seritage Growth PropertiesNot measured | Minimum Cash and EquivalentsMinimum liquidity | $5m | n/a | Not measured | Not measured | quarterly | n/a | $25m | n/a | Not stated | Real Estate |
| Seritage Growth PropertiesNot measured | Debt Service Coverage RatioFixed charge coverage | 1.15x | n/a | Not measured | Not measured | quarterly | n/a | $15m | Jul 2028 | Not stated | Real Estate |
| Seritage Growth PropertiesNot measured | Minimum LiquidityMinimum liquidity | $5m | n/a | Not measured | Not measured | quarterly | n/a | $15m | Jul 2028 | Not stated | Real Estate |
| Seritage Growth PropertiesNot measured | Minimum Liquidity CovenantMinimum liquidity | $5m | n/a | Not measured | Not measured | quarterly | n/a | $25m | n/a | Not stated | Real Estate |
| ELUTIA INC.Not measured | Minimum CashMinimum liquidity | $2m | n/a | Not measured | Not measured | other | n/a | n/a | n/a | AVENUE VENTURE OPPORTUNITIES FUND II, L.P. | Biological Products, (No Diagnostic Substances) |
| VINEBROOK HOMES TRUST, INC.Not measured | Debt to Capital RatioDebt to capitalization | 0.65x | n/a | Not measured | Not measured | quarterly | n/a | $20m | May 2028 | NEXPOINT REAL ESTATE FINANCE OPERATING PARTNERSHIP, L.P. | Real Estate Investment Trusts |
| VINEBROOK HOMES TRUST, INC.Not measured | Net Asset ValueNet worth | $300m | n/a | Not measured | Not measured | quarterly | n/a | $20m | May 2028 | NEXPOINT REAL ESTATE FINANCE OPERATING PARTNERSHIP, L.P. | Real Estate Investment Trusts |
| VINEBROOK HOMES TRUST, INC.Not measured | Net Operating IncomeOther | 100,000,000 | n/a | Not measured | Not measured | quarterly | n/a | $20m | May 2028 | NEXPOINT REAL ESTATE FINANCE OPERATING PARTNERSHIP, L.P. | Real Estate Investment Trusts |
| TARGET CORPNot measured | Limitation on Secured DebtOther | 0.20 | n/a | Not measured | Not measured | quarterly | 46–90 bps | $4bn | Aug 2031 | Bank of America, N.A. | Retail-Variety Stores |
| TARGET CORPNot measured | Leverage Ratio (Total Finance Liabilities to Total Capitalization)Debt to capitalization | 0.75x | n/a | Not measured | Not measured | quarterly | 46–90 bps | $4bn | Aug 2031 | Bank of America, N.A. | Retail-Variety Stores |
| HarbourVest Private Equity Secondaries Fund L.P.Not measured | Borrower Net Asset Value MaintenanceOther | n/a | n/a | Not measured | Not measured | other | n/a | $75m | Jun 2028 | JPMORGAN CHASE BANK, N.A. | Investment Advice |
| ILLUMINA, INC.Not measured | Total Net Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | 81–130 bps | $1bn | Aug 2031 | Bank of America, N.A. | Laboratory Analytical Instruments |
| LENSAR, Inc.Not measured | Debt Service Coverage RatioFixed charge coverage | 1.25x | n/a | Not measured | Not measured | quarterly | n/a | n/a | n/a | Not stated | Surgical & Medical Instruments & Apparatus |
| LENSAR, Inc.Not measured | Minimum Adjusted EBITDAOther | 800,000 | n/a | Not measured | Not measured | annual | n/a | n/a | n/a | Not stated | Surgical & Medical Instruments & Apparatus |
| 4D Molecular Therapeutics, Inc.Not measured | Minimum CashMinimum liquidity | n/a | n/a | Not measured | Not measured | springing | n/a | $200m | n/a | HERCULES CAPITAL, INC. | Biological Products, (No Diagnostic Substances) |
| 4D Molecular Therapeutics, Inc.Not measured | Performance CovenantOther | n/a | n/a | Not measured | Not measured | springing | n/a | $200m | n/a | HERCULES CAPITAL, INC. | Biological Products, (No Diagnostic Substances) |
| Bit Digital, IncNot measured | DSCROther | 1.50 | n/a | Not measured | Not measured | quarterly | 245 bps | n/a | n/a | Royal Bank of Canada | Finance Services |
| Bit Digital, IncNot measured | Funded Debt to EBITDATotal leverage | 4.50x | Dec 2027 → 4.25x | Not measured | Not measured | quarterly | 245 bps | n/a | n/a | Royal Bank of Canada | Finance Services |
| Vireo Growth Inc.Not measured | Consolidated Fixed Charge Coverage RatioFixed charge coverage | 1.10x | n/a | Not measured | Not measured | springing | 175–200 bps | $85m | Aug 2031 | Bank of Montreal | Pharmaceutical Preparations |
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