Check your covenants before your lender does.

For CFOs and controllers: Headroom recomputes each covenant from your credit agreement's own definitions and checks your draft compliance certificate before anyone signs.

Free. Under NDA. Nothing to install. A reply within a day.

Headroom showing a Total Net Leverage Ratio of 3.71x against a 4.00x limit, 7.2% headroom, and the step-down to 3.75x on December 31, 2026.

Your lender's EBITDA is not your EBITDA.

Every credit agreement defines Consolidated EBITDA, debt and each ratio in its own words, with caps and carve-outs buried in the definitions. The certificate your officer signs has to follow them exactly. One add-back over its cap can turn a pass into a default.

…provided that the aggregate amount added back pursuant to this clause (d) shall not exceed 20% of Consolidated EBITDA for such Test Period (calculated before giving effect to such add-backs)…

Section 1.01, “Consolidated EBITDA,” clause (d)
Draft certificate 3.31x adds back all $16.0M of cost savings and restructuring
Per the agreement 3.71x add-backs capped at $9.2M; limit 4.00x

From Headroom's sample review of a fictional borrower.

Who's behind this. Headroom is built by Tyler Morton, a computer science student at the University of Utah. It's early, with no paying customers yet, which is why the first review is free. You'll be talking to the person who wrote the code.

Validation

Tested on agreements it had never seen.

95.7%

of financial-covenant ratio thresholds read correctly on 100 public-company credit agreements from SEC filings.

0 of 30

disagreements with a commercial loan database came from Headroom misreading the agreement.

6 of 140

thresholds left blank because the clause wasn't found. It left them for a person instead of guessing.

Method: 100 agreements not used during development, scored against LSEG DealScan, with every disagreement checked against the agreement text. 134 of 140 thresholds correct (95% confidence interval 91 to 98%; 9 ambiguous items excluded). The 90% pass bar was written down before the run. An earlier run on 100 other agreements scored 76.5% and missed it; this is the re-test after fixing how Headroom finds covenant sections. Public-company agreements only. Private credit documents may differ.

Every number shows its work.

Click a figure, read the clause

Every limit and definition links to the sentence it came from. Code checks that each quote appears in your agreement and flags any that don't.

The clause drawer for Section 7.11(a) with the quoted sentence highlighted and a note that the quote was found word for word in the agreement.

Know what to fix before you sign

A short list of what's off, what's tight, and what changes next quarter.

Before you sign: Total Net Leverage Ratio tightens to 3.75x on December 31, 2026; Fixed Charge Coverage Ratio wasn't tested this quarter.

Every facility on one page

Limits, actuals, headroom and the next step-down for each lender.

Covenant register listing leverage and coverage ratios across two borrowers with their limits, actuals and headroom.

Handles step-downs, springing tests, acquisition step-ups, capped add-backs and netted-cash caps. Tested on public agreements so far.

Move the add-backs. Watch the ratio.

The sample review's numbers, live. The draft certificate counts every dollar claimed. The agreement stops counting at 20% of EBITDA before add-backs.

Net debt held at $205.0M. Limit: 4.00x. Fictional sample data.

Draft certificate says 3.31x
The agreement says 3.71x
Tight 7.2% headroom to 4.00x

$6.8M of the claimed add-backs can't be counted.

Built for a document you sign.

AI reads. Code calculates.
AI reads the agreement and drafts the formulas; you confirm each one. Every ratio, headroom and cushion is calculated by plain, tested code, not the model.
Where your documents go
Processed only through Anthropic's commercial API, which doesn't train on API data by default. Hosted on Fly.io. Reviews run under your NDA.
Sign-off
Preparer and approver roles (the approver can't be the preparer), review notes, and a hash-chained activity log that shows if any past entry was edited.
Access
Accounts by invitation only. Passwords and session tokens are hashed, and accounts lock after repeated failed sign-ins.
What it isn't
Not an audit and not legal advice. Management remains responsible for the certificate. No SOC 2 report yet.

Questions finance teams ask first.

Do we have to send our real agreement?

No. You can start with a covenant map of any public credit agreement from SEC filings, yours or a peer's, with no documents and no NDA. For a full review, use a certificate you've already filed, and redact names if you like.

Who sees our documents?

Only me. Documents are processed through Anthropic's commercial API, which doesn't train on API data by default, and deleted when the review is done or whenever you ask.

What if Headroom misreads a definition?

You confirm each definition before anything is calculated, and every number links to the clause it came from, so it can be checked in seconds. I also read every result myself before it goes to you.

What does it cost after the free review?

Pricing will be per facility. It isn't set yet, and the first teams to try Headroom will help set it.

Does this replace our counsel or auditor?

No. It's a check before you sign. It isn't legal advice or an audit, and management remains responsible for the certificate.

Get a free covenant review.

Pick what fits. A covenant map needs nothing but a public agreement. A full review checks a certificate you've already filed, under NDA. Either way you get a reply within a day.

What would you like?

No documents yet. They come after the NDA, through your usual secure channel. Prefer email? headroomcredit@gmail.com

First review free. After that, priced per facility.

First page of a sample covenant compliance review: Do not sign as drafted.