Case Studies

Ten credit files, 87 documents, 46 prompts you can copy straight into an agent. Open a tab, pick a credit, see exactly what is in its file — then ask.

Why this page exists. Open Monitor and you see ten credit names and no indication of what is inside any of them. That makes it hard to ask a good question. This page shows you the file first — every document the agent can reach, and what is in each one — so your questions can be specific.

How the agent reads a file

Every document listed below is a PDF held in the AalRisk™ SharePoint library. Alongside each one sits a text extract of the relevant terms and figures — the covenant levels, the rent roll totals, the EBITDA, the dates. The agent reads the extract, not the PDF. That is deliberate: it keeps token usage down and responses fast, and it means an agent reading a 19-document file is not re-parsing several hundred pages of boilerplate to answer one question about occupancy.

Both the PDF and its extract live in the same SharePoint library. The agent fetches them live from SharePoint at the moment you ask — nothing is cached, pre-computed, or held inside the application. Change a document in SharePoint and the next answer reflects it.

Each case gives you the document inventory, the finding the platform reached, prompts tagged by agent, and — where published — the Annual Credit Review generated from those documents alone. The prompts are a starting point, not a menu — each one is simply a question asked in the context of that agent’s role, and you can ask your own the same way.

In development — not yet live
AalRisk Scribe™ — deliverables on demand

The four Annual Credit Reviews on this page were generated from the same verified data layer the agents read — every ratio computed from a single source of truth, none transcribed. Each one surfaced something the file itself does not state: a covenant breakpoint, a projected certificate, a hedge gap.

They were produced by the platform's data layer, not by an agent you can ask. Scribe — the agent that will take "give me the annual review for Summit" and return that document — is in development. Today the reviews are published here as examples of the output; you cannot yet generate one from Monitor.

Planned deliverables: Annual Review · Quarterly Review (watchlist credits) · Amendment & Waiver Request · Extension / Maturity Memo · Investment Committee Memo · Risk Rating & Policy Exception Memo (bank) · Construction Draw Memo (bank) · Workout Options Memo (private).

The tabs matter. The agent roster differs between books: Sentinel exists only in private credit, Examiner and CRE only in bank credit. Select the mode shown on the tab before running its prompts.

Private Credit — 5 credits · 31 documents
Agents in private mode: core · credit · sentinel · leverage · sector · intel · peers · guard
Sentinel is private-only — it reads structural risk (drop-downs, priming, intercreditor). Real portfolio structures.
Portfolio-level — not tied to one credit
CoreGive me the morning digest for the private book.
SectorEvaluate the private portfolio for sector and sponsor concentration.
PeersRank the private book by how close each credit is to a covenant breach.
Technology — vertical SaaS

Brightpath Software Inc.

CRITICAL

We hold the $30M first-out tranche of an $80M unitranche. The sponsor moved the core IP into an unrestricted subsidiary and raised $25M of super-priority debt against it — without breaching a single covenant.

Two leverage numbers, both correct

The borrower certifies 7.42x. The economic figure is 9.44x. Both are true: the $25M priming facility sits at an unrestricted subsidiary outside the credit group, so the covenant cannot see it by construction. This is the J.Crew mechanism — value leaves through permitted baskets, so no leverage trigger ever fires.

The file — 10 documents
Monitoring / Private_Credit/Brightpath_Software
Compliance
10_Compliance_Certificate.pdfthe 7.42x certification — accurate, and misleading
Financials
09_Quarterly_Financials_and_ARR.pdfARR $42M; growth 8% vs 35% underwritten; churn 11% vs 5%
Loan Documents
01_Unitranche_Credit_Agreement.pdfthe covenant perimeter — and the basket that permitted the drop-down
02_Agreement_Among_Lenders.pdffirst-out / last-out waterfall, 8.50x trigger
03_Security_Agreement_and_Guarantee.pdfwhat our lien attaches to
04_PIK_Toggle_Terms_and_Election_Notice.pdfcash interest stops above 8.00x
Priming Event
05_Form_8K_Super_Priority_Revolver.pdfthe $25M facility, filed March 2026
06_Unrestricted_Subsidiary_Designation.pdfthe step that moved the IP outside the covenant
07_IP_Assignment_and_License_Back.pdfthe transfer itself
08_Super_Priority_Intercreditor_Agreement.pdfwho gets paid first now
Try these — select Private mode
SentinelRead Brightpath's file. What is our net leverage?
LeverageWhat is Brightpath's PIK toggle headroom, and when does management expect to cross it?
CreditWalk me through the Brightpath priming event step by step. Was any of it a breach?
SectorIs Brightpath's churn company-specific execution or a vertical SaaS repricing?
Annual Credit Review
Generated from these documents — every figure derived, none typed
Transportation — freight & logistics

Apex Logistics Partners LP

CRITICAL

We hold $20M second lien behind Goldman Sachs BDC's $80M first lien. EBITDA has fallen three quarters running. The Q3 2025 compliance certificate is 45 days overdue.

The certificate is late because it is bad

EBITDA went $22.1M to $20.3M to $18.5M — $1.80M a quarter. The covenant breaks at $17.71M. The cushion was $0.79M, less than half a quarter of decline. Project the trend and Q3 2025 lands at $16.7M — leverage 7.43x, covenant broken. Q3 2025 is the certificate that has not arrived. A borrower with a passing certificate delivers it.

The file — 6 documents
Monitoring / Private_Credit/Apex_Logistics
Compliance
04_Notice_of_Overdue_Compliance_Certificate.pdf45 days overdue, 10-day cure lapsed = reporting Event of Default
Financials
05_Financials_Q2_2025.pdfthe last data we have — EBITDA $18.5M, leverage 6.70x
06_Moodys_Rating_Action.pdfCaa1 / CCC+, one notch above default range
Loan Documents
01_Second_Lien_Credit_Agreement.pdf7.00x leverage covenant, 1.25x interest coverage, 2 equity cures
02_Intercreditor_Agreement.pdf180-day standstill — we cannot enforce
03_Second_Lien_Security_Agreement.pdfour lien, behind $80M first lien
Try these — select Private mode
CreditApex's Q3 certificate is 45 days overdue. What do you make of it?
LeverageProject Apex's EBITDA trend forward one quarter. Where does leverage land?
IntelCarlyle has been silent 8 weeks and there is a Houlihan rumor. Assess Apex.
GuardIf Apex files tomorrow, what is our enforcement position?
Annual Credit Review
Generated from these documents — every figure derived, none typed
Industrials — specialty manufacturing

Meridian Industrial Holdings LLC

CRITICAL

$45M first lien. Adjusted EBITDA of $26.2M includes $3.8M of add-backs. The covenant steps from 6.50x to 6.00x at Q4 2026.

A default already on the calendar

Certified leverage is 6.07x against a 6.50x covenant — 6.6% headroom, compliant today. But the covenant steps to 6.00x at Q4 2026, and 6.07x already exceeds it. Absent a $0.3M EBITDA improvement, the step-down is an automatic Event of Default with no change in performance. On reported EBITDA — before add-backs — leverage is 7.10x.

The file — 5 documents
Monitoring / Private_Credit/Meridian_Industrial
Compliance
02_Compliance_Certificate.pdf6.07x certified — already through the step-down
Financials
03_EBITDA_AddBack_Bridge.pdf
04_Financials_Summary.pdfreported EBITDA $22.4M + $3.8M add-backs = $26.2M adjusted
Loan Documents
01_First_Lien_Credit_Agreement.pdf6.50x now, steps to 6.00x at Q4 2026
05_First_Lien_Security_Agreement.pdf
Try these — select Private mode
LeverageWhen does Meridian breach, and what has to happen for it not to?
CreditMeridian's EBITDA includes $3.8M of add-backs. How much do you trust that number?
GuardWhat are our rights the day Meridian's covenant steps down?
SectorThe CFO left and revenue is down 7% two quarters running. Cyclical or structural?
No Annual Review published for this credit yet. The credits marked with a download show the output format.
Healthcare — physician practice management

Zenith Healthcare Group LLC

WARNING

$30M of a $100M first lien, plus a $50M delayed-draw facility with $30M undrawn. Medicare is 41% of revenue.

Already through the step-down

Leverage is 5.81x against a 6.00x covenant — 3.1% headroom, inside the 5% CRITICAL threshold. The covenant steps to 5.50x at Q4 2027 and 5.81x already exceeds that level by 0.31x. The registry recorded this as a future risk. It is not a future risk.

The file — 5 documents
Monitoring / Private_Credit/Zenith_Healthcare
Compliance
03_Compliance_Certificate.pdf5.81x certified — the step-down is already breached
Financials
04_Financials_and_Regulatory_Note.pdfEBITDA $17.2M; Medicare 41% of revenue
Loan Documents
01_First_Lien_Credit_Agreement_with_DDTL.pdf6.00x stepping to 5.50x at Q4 2027; $50M delayed-draw
02_DDTL_Commitment_and_Ticking_Fee.pdf$30M undrawn, 1.00% ticking fee, ~9 months left
05_First_Lien_Security_Agreement.pdfcollateral is reimbursement-dependent receivables
Try these — select Private mode
LeverageZenith's covenant steps down at Q4 2027. Is that a problem?
SectorMedicare is 41% of Zenith's revenue. Size that exposure.
CreditThere is $30M undrawn on Zenith's DDTL. Should we be comfortable?
SentinelWhat does our collateral actually consist of at Zenith?
No Annual Review published for this credit yet. The credits marked with a download show the output format.
Infrastructure — contracted renewables

Clearwater Infrastructure Fund II LP

PASS

$50M first lien on contracted generation assets. Brookfield sponsor, investment grade, monthly reporting provided without being asked.

What a healthy file looks like

Leverage 4.21x against a 5.00x covenant — 15.8% headroom. DSCR 1.62x against 1.30x. Contracted revenue, an investment-grade sponsor, an independent engineer's report on file. This is the private-book benchmark, and it is here so you can watch the platform say so.

The file — 5 documents
Monitoring / Private_Credit/Clearwater_Infrastructure
Compliance
02_Compliance_Certificate.pdf4.21x — 15.8% headroom
Financials
03_Contracted_Revenue_Summary.pdf
04_Financials_and_IE_Report.pdfEBITDA $38M; independent engineer's report
Loan Documents
01_First_Lien_Credit_Agreement_Project.pdf
05_Security_and_Account_Control.pdf
Try these — select Private mode
LeverageWhat is Clearwater's headroom on both covenants?
CreditIs there anything in Clearwater's file that concerns you?
SectorClearwater is 28.6% of the private book. Is that a concentration problem?
PeersCompare Clearwater to Zenith. Why is one a benchmark and the other a warning?
No Annual Review published for this credit yet. The credits marked with a download show the output format.