Loading…
Pick a company. Write your memo. Get graded.
A $240M loan to a 2019 buyout fund against its $1.7bn portfolio. Low loan-to-value, but half the money goes straight out to investors, marks haven't moved while public peers fell, and the lender sits behind every portfolio company's own debt.
Fund financeTeaching case~90 min
A family-owned regional bakery wants to swap its bank loan for a private credit facility. Steady growth and low leverage, but one grocery chain buys a quarter of its output and there's no private equity owner to call on. A good first case.
Direct lendingTeaching case~45 min
Brightline's Miami–Orlando railroad carries less than half the riders its 2024 bond forecast promised. Its parents are in Chapter 11 and the restructuring needs new first-lien money. Is a pari passu seat worth par?
InfrastructureMunicipal disclosure (EMMA)~720 min
Government-reimbursed services roll-up (~69% Medicare/Medicaid). 2L ask at SOFR+500 behind cov-lite S+200 1L — is ~300 bp enough when hard collateral is thin?
Direct lendingFrom SEC filings~90 min
A private equity firm is buying a heating and air-conditioning services company and needs a $150M first-lien loan. Clean numbers, a real sponsor, and a set of EBITDA add-backs to test. A good first buyout case.
Direct lendingTeaching case~45 min
A real GPU financing: a five-year loan to a CoreWeave SPV, backed by GPU servers and customer contracts that average about three years, with a guarantee from a loss-making, heavily indebted parent.
AI & techFrom SEC filings~720 min
A building-products distributor wants a $60M revolver sized on its receivables and inventory. Thin margins and lumber prices that swing, but the borrowing base adjusts as collateral moves. A good first asset-based case.
Asset-based & specialty financeTeaching case~45 min
A transitional loan on a logistics park that's 79% leased after a big tenant left. Interest isn't covered today; the sponsor's plan is to lease up at higher rents. Is the plan real, and can it refinance?
Real estate debtTeaching case~75 min
HPP and Blackstone's Hollywood studio-and-office portfolio has a $1.1bn CMBS loan in special servicing, extended to Nov 2027. The joint venture wants a full take-out. What does the property support today?
Real estate debtFrom SEC filings~720 min
$300M borrowing-base warehouse to a non-bank equipment lender. Rising delinquencies, excess spread near its trigger, one concentration already over its limit, and no backup servicer.
Asset-based & specialty financeTeaching case~75 min
$700M acquisition bridge repaid by a division sale under antitrust review and a bond issue that depends on the market. Step-ups, extension tests and an interest reserve; what if the take-out slips?
Bridge financingTeaching case~60 min
$150M first-lien term loan to refinance debt and fund a plant expansion. Resin exposure, customer concentration, 4.5x pro forma leverage.
Direct lendingTeaching case~60 min
A real non-prime consumer lender asks to refinance its 15% corporate loan. The lender sits behind about $2.5bn of securitization and warehouse debt and is paid from residual cash flows and servicing fees.
Asset-based & specialty financeFrom SEC filings~210 min
A single-A slice of a brand-new Blue Owl middle-market CLO, offered to a life insurer just before new NAIC capital factors take effect. Class C attaches at 26.7% of the capital structure. How much can the loans actually lose before the notes feel it, and is the spread worth the capital?
Structured creditFrom SEC filingsabout 3–4 hours
$100M loan sized on ARR to an AI claims platform that still burns cash. Slowing net retention, a top customer up for renewal, rising compute cost per claim and a cloud commitment that steps up.
AI & techTeaching case~75 min
Regions' C&I book is growing while direct lenders win the term debt. The CFO wants an answer: stay out, refer, co-invest or build. Write the executive summary and deck.
ConsultingClient casehalf day (3–4 hours)
$780M senior debt for a bridge replacement P3 paid by a state through availability payments. Construction risk, appropriation risk, deductions and lifecycle costs, sized to a 1.30x minimum DSCR.
InfrastructureTeaching case~75 min
A capital-call line to the PNC–TCW BDC that had only $15.0M of availability left at Jun 30, 2026. The fund wants a bigger, longer line. Can the investor base support it, and what happens when one investor stops funding?
Fund financeFrom SEC filings~90 min
The best operator in casual dining has fallen from $216.30 to $161.50 on a sector sell-off, a false social-media rumor and beef-led cost inflation. Initiate coverage: is the stock cheap, fair or expensive?
Investment banking & equity researchFrom SEC filingstake-home, 1–2 days (about 11.5–13.5 hours)
Record LTM credit at ~2.0x net — but 2020 Adj. EBITDA went negative. Risk is operating leverage, WC/liquidity, and the Dec-2028 convert maturity, not trailing leverage.
Direct lendingFrom SEC filings~90 min
The public-sector software leader is 37% below its high after the 2026 software sell-off, mid-way through a SaaS transition and a convert-funded buyback. SaaS compounder or AI casualty?
Investment banking & equity researchFrom SEC filingstake-home, 1–2 days (about 12–14 hours)
The largest HVAC distributor in the Americas has fallen from $459.00 to $279.90 after a 2Q26 miss and a gross-margin reset. Is it cheap now, or has the market re-based an over-earning business?
Investment banking & equity researchFrom SEC filingstake-home, 1–2 days (about 12–14 hours)
Mission-critical RCM software at ~2.5x net / 2.9x gross. Strong credit — but is a private lender paid vs SOFR+200 BSL for tech, M&A, and EV-only recovery?
Direct lendingFrom SEC filings~90 min