Candid Value believes the DND term loan due 2031 offers the highest risk-adjusted return within Dye & Durham’s capital structure when analyzing all feasible scenarios through a game theory lens.

Candid Value believes the JELD notes due 2027 are uniquely positioned to capture the upside potential of the highly cyclical windows and doors market while capping downside risk.

Candid Value estimates 100% asset coverage for BRC Group Holdings’ “baby bonds” based on our sum-of-the-parts analysis.

Candid Value believes the QVC Inc. “baby bonds” due 2067 and 2068 provide the largest price appreciation upside with limited downside risk owing to their current air-tight covenants language.

Candid Value estimates that corporate debt at Sunnova Energy Corporation would recover approximately 29.5%, while the convertible notes at Sunnova Energy International Inc. would recover 0% if Sunnova’s customer contracts are discounted at a more realistic rate of 13.5% to 15%, as opposed to the 6% rate utilized by the company.