Strengthen tenant credit analysis

Trestle's credit engine pulls automatically from SEC EDGAR (for public tenants), WRDS Compustat overlays, and agency rating databases. When a tenant is public, you usually don't need to do anything — the analysis is complete out of the box.

But when a tenant is private or regional, or you want to layer your own evidence, there are three places to strengthen the analysis.

1. Upload tenant financials

For private tenants (Chick-fil-A franchisees, regional operators, etc.) or to add more recent data than SEC filings reflect:

• Go to the Credit page of the deal
• Scroll to Tenant Financials
• Drop a PDF containing the tenant's P&L, balance sheet, or annual report
• Trestle's AI extracts revenue, EBITDA, margins, coverage ratios in ~30 seconds
• These feed into the composite credit score

What to upload:

• Audited or unaudited P&L statements
• Annual reports for private companies
• For multi-tenant deals: upload each tenant's financials separately

What NOT to upload:

• Marketing brochures (no financial data)
• Individual unit-level financials unless the tenant is a single-unit operator

2. Write a credit narrative

The credit narrative is a qualitative summary the broker writes to explain the credit story — context Trestle's numbers alone can't convey. It appears in the deal package prominently.

Single-tenant deals:

• Go to Credit page → scroll to Credit Narrative
• Click Edit narrative
• Write 1-3 paragraphs on: tenant's position in its industry, growth trajectory, any known risks, why this location specifically is strong
• Save — it's immediately in the deal package

Multi-tenant deals:

• Each tenant gets its own narrative tab
• Write a per-tenant narrative focused on that tenant's credit
• Optional: write an overall "Rent Roll" narrative covering concentration, WALT, and diversification story

Good narrative examples:

• "Dollar General is the largest dollar store chain in the U.S. with ~20K locations and BBB-rated debt. This store has been open since 2019 and the trade area has grown 3% annually..."
• "APAC is a privately-held outpatient surgery operator with 40+ locations across Texas. Based on their 2024 audited P&L, revenue is $85M with 18% EBITDA margins..."

3. Handle non-rated tenants

If a tenant has no agency rating (S&P / Moody's / Fitch), Trestle applies a fallback credit model using financial metrics from EDGAR or your uploaded P&L:

• Altman Z-Score
• Debt/EBITDA
• Interest coverage
• Revenue growth

You can see the implied rating in the Tenant Credit Deep Dive card. If the implied rating seems off, check whether financials are actually loaded (upload if not) and whether the tenant's EDGAR filings are recent enough.

When Trestle's rating seems wrong

• Check data recency: SEC filings are usually ~90 days old. For fast-moving credits, supplement with a fresh P&L upload.
• Check agency rating source: Trestle's rating database is refreshed weekly. If a tenant just had a downgrade, it may not be reflected yet — you can manually override in the narrative.
• Private companies with thin data: add more financial evidence (P&L, balance sheet) — the analysis gets stronger with more inputs.