PATRICIUS | Private credit borrower updates turned into action

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Private credit repayment risk packs

Repayment risk turned into action, with evidence

Drop the latest borrower package and the approved IC memo. Patricius produces a 1 page Delta Page plus an Evidence Book.

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View example Delta Page

No integration. Works from spreadsheets, PDFs, and docs. NDA available.

Executive verdict

Status:

RED

Summary:

Gross Margin % changed from 31.20% to 28.60% (Δ -2.60pp, -8.33%).

EBITDA (or Operating Income) changed from $6.00M to $4.70M (Δ -$1.30M, -21.67%).

Contract trigger:

Min FCCR test

Actions:

Borrower: Send variance bridges for Gross Margin % and EBITDA, plus the inputs to test Min FCCR. (Due: 2026-03-11)

Lender: Review repayment risk impact from Gross Margin % and EBITDA deltas and confirm waiver/consent path. (Due: 2026-03-18)

Borrower: Explain Net Income and EBITDA variances and confirm remediation plan.

Lender: Assess covenant impact and determine waiver/consent needs.

Borrower: Explain Net Income and EBITDA variances and confirm remediation plan.

Lender: Assess covenant impact and determine waiver/consent needs.

Top risk drivers (deltas)

Delta Statement

Metric

Gross Margin changed from 31.20% to 28.60%

Gross Margin

EBITDA changed from $6.00M to $4.70M

EBITDA

Prior

31.20%

$6.00M

Current

28.60%

$4.70M

-2.60pp (-8.33%)

-$1.30M (-21.67%)

Contract trigger

Min FCCR test

Evidence

E1: Income statement p. 3

E2: EBITDA bridge p. 7

Delta Page (repayment risk)

Status, key drivers, top material deltas, and actions in one forwardable page.

Evidence Book (source links)

An evidence index plus exhibits showing the exact sources and calculations behind each delta.

Actions (borrower and lender)

Two clear actions with owners and due dates tied to the drivers above.

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