From a new credit to ongoing coverage

Research an issuer, compare peers, build the model, and maintain the thesis. Passu brings the context, tools, and skills together in one compounding research environment.

Passu credit research workspace with portfolio marks, credit events and maturities
Passu credit research workspace with portfolio marks, credit events and maturities

The work behind your credit view

Earnings reviewed before you open the filing

Passu reads the release, filing, and call together, pulls the metrics you track, and drafts the credit implications in your team’s format. Every conclusion links to its source.

READ TOGETHER

Earnings release

Results & cash generation

Quarterly filing

Leverage & liquidity

Earnings call

Guidance & outlook

CREDIT UPDATE

Q3 · Illustrative

Deleveraging continues

Stronger earnings and cash flow are bringing leverage down.

Net leverage

3.8x

−0.4x QoQ

EBITDA

$96m

+12% YoY

Free cash flow

$28m

+$9m YoY

What matters for credit

Cash generation supports continued debt reduction.

No debt maturities in the next 24 months.

Quarterly filing · p. 41

“Net leverage decreased to 3.8x at quarter-end.”

3 sources connected · Every conclusion traceable

Earnings reviewed before you open the filing

Passu reads the release, filing, and call together, pulls the metrics you track, and drafts the credit implications in your team’s format. Every conclusion links to its source.

Earnings release

Quarterly filing

Earnings call

CREDIT UPDATE

Q3 · Illustrative

Deleveraging continues

Stronger earnings and cash flow are bringing leverage down.

Net leverage

3.8x

−0.4x QoQ

EBITDA

$96m

+12% YoY

Free cash flow

$28m

+$9m YoY

What matters for credit

Cash generation supports continued debt reduction.

No debt maturities in the next 24 months.

Quarterly filing · p. 41

“Net leverage decreased to 3.8x at quarter-end.”

3 sources connected · Every conclusion traceable

Your model updated, your judgment intact

New quarter, same workbook. Passu refreshes sourced inputs, preserves your formulas, and shows exactly what changed. Ask for a downside case without rebuilding the model.

New filing

Changed inputs

Your coverage model

Metric

Q1

Q2

Q3

Leverage

4.2x

4.0x

3.8x

EBITDA

$86m

$91m

$96m

FCF

$19m

$23m

$28m

Source linked · formulas retained

Your model updated, your judgment intact

New quarter, same workbook. Passu refreshes sourced inputs, preserves your formulas, and shows exactly what changed. Ask for a downside case without rebuilding the model.

New filing

Changed inputs

Your coverage model

Metric

Q1

Q2

Q3

Leverage

4.2x

4.0x

3.8x

EBITDA

$86m

$91m

$96m

FCF

$19m

$23m

$28m

Source linked · formulas retained

Ask your firm’s entire research record

Bring notes, investment memos, and prior debates together with public disclosures and virtual data room documents. Compare new evidence with the original thesis, not just the last quarter.

Initiation note

Call notes

Private documents

Issuer record

Search firm research

Investment thesis

Earnings history

Models & assumptions

Public and private research, connected

Ask your firm’s entire research record

Bring notes, investment memos, and prior debates together with public disclosures and virtual data room documents. Compare new evidence with the original thesis, not just the last quarter.

Initiation note

Call notes

Private documents

Issuer record

Search firm research

Investment thesis

Earnings history

Models & assumptions

Public and private research, connected

Know when the facts change your thesis

Tell Passu which thesis drivers, covenants, and refinancing risks to watch. Get a focused alert: what changed, the implication for your view, and the evidence.

New disclosure

Covenant terms revised

Investment thesis

Leverage

Covenants

Changed

Cash flow

Review the change and its source

Know when the facts change your thesis

Tell Passu which thesis drivers, covenants, and refinancing risks to watch. Get a focused alert: what changed, the implication for your view, and the evidence.

New disclosure

Covenant terms revised

Investment thesis

Leverage

Covenants

Changed

Cash flow

Review the change and its source

See the other side of the capital structure

Compare holders and marks over time

Compare holdings and historical marks across publicly traded, non-traded public, and private BDCs, with interval funds coming soon. Find cross-held positions, diverging marks, and emerging pressure across your coverage.

Private-credit holdings and historical marks, compared by fund in Passu

Built for your firm

Your standards, context, and investment process, carried through every piece of research.

Your firm’s context

Passu learns your firm’s approach and each analyst’s style, carrying your research standards and institutional knowledge into the next assignment.

Your process, repeatable

Turn earnings reviews, covenant checks, and investment memos into recurring workflows. Put the research to work on the platform or through your existing agents.

Your choice of model

Use the optimal model for a given task, with built-in evals. Uncapped token usage is included, so the work always gets completed.