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Fractional CFO by Your Cohort Powered by Decision OS

Sablewood Furniture On track

Furniture maker and retailer · Senior loan · $14.6M deployed · Last report Oct 7

Covenants

All 4 passingTightest: net leverage, 15.6% roomAs of Sep 30 · monthly, certified quarterly

Net leverage

Passing
Required
Actual
≤ 4.50x
3.80x
Room left15.6%
  • Earnings can fall $1.1M before a breach.
  • No breach expected in the base plan.

Debt service coverage

Passing
Required
Actual
≥ 1.20x
1.55x
Room left29.2%
  • Earnings can fall $1.6M before a breach.
  • No breach expected in the base plan.

Equipment spending

Passing
Required
Actual
≤ $1.8M / yr
$1.2M
Room left33.3%
  • $0.6M left this year.
  • A new CNC router is the main planned spend.

Minimum cash

Passing
Required
Actual
≥ $1.5M
$3.9M
Room left160%
  • Lowest point ahead: $3.9M on Nov 27.
  • Every forecast week clears the minimum.

Compliance certificates

  • Q3 compliance certificate
    Due Nov 14 (45 days after quarter end)
    In draft
  • Q2 compliance certificate
    Filed Aug 13
    Accepted
  • Q1 compliance certificate
    Filed May 12
    Accepted

What could change this

  • A weak January retail season would flatten earnings growth.
  • Buying the CNC router uses half of the remaining equipment room.
  • Tariff changes on imported hardware could cost about $0.3M a year.

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