Your Cohort, home
ThornePortfolio monitoring
Fractional CFO by Your Cohort Powered by Decision OS

Northgate Restaurants Watch

Casual dining restaurant group · Minority equity · $14.0M deployed · Last report Oct 14

Covenants

All 4 passingTightest: DSCR, 3.3% roomAs of Sep 30 · senior lender covenants Thorne monitors, certified quarterly

Debt service coverage

Passing
Required
Actual
≥ 1.20x
1.24x
Room left3.3%
  • Earnings can fall $0.15M before a breach.
  • The two closures lift the ratio to about 1.31x.

Net leverage

Passing
Required
Actual
≤ 6.50x
5.10x
Room left21.5%
  • Earnings can fall $0.9M before a breach.
  • No breach expected in the base plan.

Equipment spending

Passing
Required
Actual
≤ $2.0M / yr
$1.5M
Room left25%
  • $0.5M left this year.
  • Remodel of the Austin site is on hold.

Minimum cash

Passing
Required
Actual
≥ $1.0M
$1.7M
Room left70%
  • Lowest point ahead: $0.9M on Dec 25.
  • The plan dips under the minimum for one week.

Compliance certificates

  • Q3 compliance certificate
    Due Nov 14 (45 days after quarter end)
    In draft
  • Q2 compliance certificate
    Filed Aug 14
    Accepted
  • Q1 compliance certificate
    Filed May 13
    Accepted

What could change this

  • If the two closures are delayed past January, DSCR slips under 1.20x.
  • Holiday catering above plan would keep the cash dip above the $1.0M minimum.
  • A 2% rise in labor costs removes about half of the DSCR room.

New marks a measure Your Cohort adds to Thorne’s reporting · fictional companies and figures · thresholds are placeholders · select or hover any dotted label for its definition