Notes from inside the credit workflow
What we are learning building diligence, memo and monitoring automation for private credit teams. Written by the people doing the work.
Credit researchWhy a credit memo still takes three weeks
The memo is not slow because analysts are slow. It is slow because the evidence behind every number lives in twelve different places.
InsightsHow direct lending reshaped the middle market capital stack
Direct lenders have replaced the syndicated loan market as…
InsightsAutomated spreading: what it gets right, and where a human still has to look
Extraction is solved. Interpretation is not. A field guide to…
Credit researchThe investment committee memo checklist that actually catches errors
Most IC memo templates check for completeness, not…
InsightsThe 48-hour term sheet
In a crowded market the first credible offer usually wins.…
EngineeringWhat it actually takes to extract structured data from a credit data room
Data rooms are not clean. Extracting reliable, structured…
Credit researchDesigning covenants with conviction
Covenant setting is still largely an act of memory. It does…
ProductWhat agentic workflows actually change for a credit analyst's day
Agentic tools promise to automate diligence work, but the…
ProductPortfolio monitoring that warns you early
Most monitoring confirms what already happened. Useful…
Credit researchBuilding an audit trail examiners will not question
Regulatory examiners increasingly want to see not just a…
CompanyThe new private credit operating model
The firms pulling ahead are not the ones buying the most…
InsightsNAV lending fundamentals every credit team should understand
Net asset value lending has grown quickly as a liquidity tool…
Credit researchWhy borrowing base monitoring is where ABL lenders actually lose money
Asset-based lending is supposed to be safer because it is…
ProductWhat BDC quarterly reporting looks like when the data is not rebuilt from scratch
Business development company reporting cycles are dominated…
Credit researchThe amendment and waiver tracking problem nobody wants to own
Amendments and waivers accumulate quietly over a loan's life,…
InsightsA sponsor coverage playbook built for repeat deal flow
Winning a sponsor relationship is not about a single deal, it…
Credit researchWhat a PIK toggle actually tells you about a credit
Payment-in-kind toggle features are often framed as…
EngineeringHow we evaluate AI accuracy for financial documents
Accuracy in a credit workflow cannot mean 'usually right.'…
ProductLP reporting at scale: from quarterly fire drill to standing capability
Investor reporting scales poorly when every fund and every LP…
InsightsBenchmarking private credit portfolios when there is no public price
Public markets have a price to anchor to every day. Private…
EngineeringSecurity and data residency for fund-sensitive documents
Credit agreements, cap tables, and borrower financials are…
EngineeringClause extraction in loan agreements: harder than it looks
Pulling a covenant out of a credit agreement sounds simple…
CompanyBuilding for credit analysts, not for demos
A lot of financial software is designed to look good in a…
InsightsMiddle market lending: what the next cycle looks like
Direct lending has grown through a period of rising rates and…
ProductNormalizing portfolio company reporting across dozens of formats
Every portfolio company reports differently, on different…
Credit researchUnitranche structuring: what still gets negotiated after five years of standardization
Unitranche has become the default structure for mid-market…
EngineeringRetrieval and citations: the difference between an answer and a fact
A financial AI system that cannot show its source is not…
CompanyWhy we built AZ2
We started AZ2 because the smartest people in private credit…