Know how long until a covenant breach matters.
Capital Refinery parses the credit agreement, binds the covenants to the live operator data, and runs continuous breach probability and time-to-consequence on every position. The diagnostic the credit monitoring tools were never built to be.
Five gaps direct lenders are operating around.
Bain estimates private credit AUM at $1.7 trillion and growing. The infrastructure for governing those positions is still spreadsheets and PDF compliance certificates — and, per the EY 2024 Private Capital Tech Survey, the dominant blocker is the absence of a unified data architecture, not model capability.
Bain & Company 2025 Global Private Equity Report; EY 2024 Private Capital Tech Survey
Three engines built specifically for direct lending.
Credit agreement parser
Three-pass deterministic + LLM + human review.
Facilities, tranches, lenders, covenants, definitions, and consent rights are parsed into a structured capital structure record. Every clause is mapped to a workflow surface and traceable back to the agreement page.
Covenant engine + PIK + waterfall
The covenants are alive, not a tab in a spreadsheet.
Each covenant is bound to the operator data that tests it. Breach probability runs continuously. PIK accrual, payment waterfall, and lender consent are first-class workflows — not memo footnotes.
Time-to-consequence ranking
Sort the book by how much time is left.
Every position gets a live time-to-consequence score. The team sees, at portfolio level, which positions are operating closest to a structural break — and how long they have to act before the window closes.
Bring us a credit agreement.
We'll parse it into a structured capital structure record and run breach probability against the live operator data. Real document. Real position. 60–90 minutes.