CreditInvestor

Loans · High yield · Distressed

Credit research with the model attached.

Single-name analysis for people who invest in debt. Every credit comes with its capital stack, the recovery math, and an Excel model you can download, change and argue with.

See the coverage Download a model
1
credits covered
18
models to download
100%
live formulas, nothing pasted in

Coverage

Each name has a page with the full capital structure, our view by tranche and a model.

All credits
IssuerStatusDebt ($mm)LeverageInterest coverNext maturityOur viewUpdated
Cooper StandardAuto SuppliersStressed1,1606.0x1.9xSep 2027The maturity wall is gone. The cash burn is not.Nov 11, 2026

Research

How to think about leverage, recoveries and price, written to be used.

All research

Primer

How to read a capital stack

Four questions that turn a list of loans and bonds into a view on who gets paid, in what order, and from what.

Nov 9, 2026 · 3 min read

Method

Finding the fulcrum

In a company that cannot pay everyone, one class of debt sits exactly where the value runs out. It behaves like equity, and it is where most of the money is made and lost.

Nov 3, 2026 · 3 min read

Models

Nothing here asks you to take our word for it.

Every number on a credit page comes out of a workbook you can open. Inputs are blue, formulas are black, and nothing is pasted in as a value. Disagree with our EBITDA or our multiple? Type yours in.

Browse the models

Videos

Walk-throughs of the credits and the models, screen and spreadsheet included.

All videos