01 · Source
Click a number. The page opens.
Every figure opens the page, cell or clause it was read from, with the figure marked.
For credit, portfolio and compliance teams at lenders
Every figure, with its page, its definition and the person who approved it.
Coset reads the package each borrower sends, tests your covenants every quarter on your own dated definitions, and fills your own template. What it can’t check goes to a person, with the reason.
Why now
More covenants are breaking. They are still checked by hand.
- 15%
- of U.S. private middle-market borrowers rated by Morningstar DBRS need covenant waivers or capital support, up from 10% a year earlier. Morningstar DBRS, Sept 2026
- 88%
- of borrowers downgraded to default in the past twelve months had already deferred interest. The warning was in their reporting. Morningstar DBRS, Sept 2026
- 6.3%
- Fitch’s U.S. private credit default rate, trailing twelve months, the highest on record. Fitch Ratings, Q3 2026
What borrowers report is “often driven by the specific covenants and reporting requirements negotiated in each deal.”
At the desk
From our conversations with credit, portfolio and compliance analysts at banks and private credit funds.
- 20 to 40 min
- to check one borrower’s covenants against the agreement
- 300 pages
- of credit agreement, searched by hand for each new borrower
- 20 to 30 min
- per request for the source of a number, even when the source is attached
- 4 days, often 6
- to get one borrower spread back from an offshore team
The record
Every figure has a page, a definition and a person.
02 · Dated definitions
Your agreement’s words, with their dates.
An amendment that steps a limit down is a new version from its date. Each quarter is tested on the version in force.
One engine
Three jobs lenders do by hand.
Each one reads a document, links every value to its page, and waits for a person before anything is used. The same discipline from the first package to the deal memo.
Quarterly update
The package becomes your monitoring columns.
Filed to the right borrower and quarter. Each value is approved, then the covenant tests run on your definitions.
Explore quarterly updateQ3 2026 financials.xlsx
4Revenue (LTM)186,400
5EBITDA (LTM)23,600
8Cash7,420
9Cash and equiv.8,570
12Total debt69,700
14Leverage, as printed2.80x
Halvorsen FreightQuarterly update · Q3 2026
Your columnValueWhereState
Revenue (LTM)$186,400,000Income Statement!C5Read
EBITDA (LTM)$23,600,000Income Statement!C13Read
Cash$7,420,000 or $8,570,000B9 or B11Unsure
Total debt$69,700,000Debt!B8Read
Total leverage2.82x ≤ 3.50xas §1.1 defines itHolds
3 read cleanly · 1 unsure · waiting for a person
Spread
Brannock Tool & DieSpread · your template, 15 lines
Their labelYour lineQ3 2026State
Net salesRevenue$14,820,000Placed
Cost of goods soldCost of sales$10,240,000Placed
Tooling amortizationnew label$160,000A person decides
EBITDAEBITDA, reported$3,030,000Placed
Your formulasinput cells only—Kept
13 of 15 lines placed · 2 need a person
Your template, not ours.
Statements go into your own Excel template, input cells only, so your formulas stay. What did not check is listed, not filled in.
Explore spreadFrom our conversations
“There’s no way to catch that other than checking your work.”
Deal intake
A memo becomes one row in your CRM.
Every term linked to its page in the memo. Where a term is unclear, a person decides.
Explore deal intakeIC memo.pdfRead · 3 pages
Term sheet.pdfRead · 2 pages
Ardent Cold StorageDeal intake · IC memo, 3 pages
Your columnValueWhereState
BorrowerArdent Cold Storage, LLCp. 1Confirmed
SponsorLarchmont Partners Fund IIp. 1Confirmed
Total commitment$42,500,000 or $45,000,000p. 1 or p. 3A person decides
Funded at close$31,000,000p. 1Read
Final maturityDec 15, 2031p. 1Read
One row for your CRM · every term linked to its page
Amendment 1.pdfCompared
CRM export.csvReady for import
Could not check
When it cannot check something, it says so, and why.
A locked workbook, a scan with no text, a definition nobody has set. Coset does not guess: the result is Could not check, with the reason, and the file waits for a person.
What makes it checkable
Built to be checked, not trusted.
- 01
Package vs agreement
Each covenant is worked out the way your agreement defines it, beside the borrower’s own figure.
- 02
A named person approves
Nothing reaches a covenant test until someone approves it, and the record keeps who and when.
- 03
Files out only
You import the file. Coset never writes into your CRM or credit system.
Built for lenders
For teams that watch borrowers after close.
Watchlist · Q3 2026
Tamberlane Logistics4.61xBreaking
Ravel Packaging1.29xWithin 10%
Corriveau Foods3.10xHolds
Ostrander Electrical—Could not check
Private credit and direct lending
Monthly financials into your portco sheet, and covenants written deal by deal.
Commercial portfolio
Annual reviewdue Dec 1Open
Spread, FY202515 linesPlaced
DSCR1.32xHolds
Commercial banks
Spreads, annual reviews and covenant tests.
Monthly reporting
Compliance certificateOct 2026Read
Fixed charge coverage1.18xBreaking
DefinitionAmendment 3In force
Asset-based and specialty
Frequent reporting and definitions that differ by facility.
Investment committee
Ardent Cold StorageIC memoRead
Commitment$42.5M or $45.0MA person decides
ExportCRM rowReady
Underwriting and origination
Memos into your CRM; statements into your template.
Founder’s experience
Built by a finance engineer, for credit teams.
Adonay WoldegiorgisFounder