Every figure here was found in the filing it cites.

We read credit agreements, amendments and note purchase agreements that US companies file with the SEC as exhibits, from 2023 onward and as new filings arrive.

A language model proposes each covenant, limit, step-down, tranche and pricing grid along with the passage it came from. We then check that passage against the filing text ourselves. A value that cannot be found in the quoted text is dropped, not guessed.

On a blind test set of agreements labelled by hand, the published covenant values were correct 100% of the time, and we found about 85% of the covenants a careful reader would.

Headroom compares each covenant’s limit with the ratio the company reports in its 10-Q or 10-K, or, where it does not report one, an estimate from its XBRL financials. Estimated headroom is marked as such.

Each covenant keeps the name the agreement gives it. The grouping into kinds such as net leverage is ours, and is only used for sorting.