{
  "meta": {
    "version": "2.1.0",
    "author": "Test",
    "timestamp": "2023-01-01T00:00:00"
  },
  "config": {
    "mode": "VC_SPONSOR",
    "calc_engine": "ITERATIVE",
    "regulatory_standard": "SNC_2025"
  },
  "valuation_context": {
    "wacc_method": "CAPM_STANDARD",
    "terminal_method": "DUAL_WEIGHTED",
    "growth_rate_perpetuity": 0.02,
    "exit_multiple": 10.0,
    "risk_free_rate": 0.04,
    "market_return": 0.10,
    "beta": 1.2,
    "pre_tax_cost_of_debt": 0.07,
    "tax_rate": 0.21
  },
  "capital_structure": {
    "securities": [
      {
        "name": "Revolver",
        "security_type": "REVOLVER",
        "priority": 1,
        "balance": 10.0,
        "interest_rate": 0.07,
        "sofr_spread": 0.03
      },
      {
        "name": "Term Loan B",
        "security_type": "TERM_LOAN",
        "priority": 2,
        "balance": 100.0,
        "interest_rate": 0.08,
        "sofr_spread": 0.04
      },
      {
        "name": "Sponsor Equity",
        "security_type": "COMMON",
        "priority": 5,
        "balance": 0.0,
        "interest_rate": 0.0,
        "shares": 100.0,
        "investment": 50.0
      }
    ]
  },
  "credit_challenge": {
    "stress_test_active": false,
    "scenario": "BASE",
    "pd_method": "LOGISTIC_HYBRID"
  },
  "financials": {
    "current_year_revenue": 100.0,
    "historical_revenue": [80.0, 90.0, 100.0],
    "projected_revenue_growth": [0.10, 0.08, 0.06, 0.05, 0.04],
    "historical_ebitda_margin": [0.20, 0.20, 0.20],
    "projected_ebitda_margin": [0.22, 0.23, 0.24, 0.25, 0.25],
    "capex_percent_revenue": 0.03,
    "nwc_percent_revenue": 0.10,
    "depreciation_percent_revenue": 0.03
  },
  "collateral": {
    "cash_equivalents": 5.0,
    "accounts_receivable": 10.0,
    "inventory": 20.0,
    "ppe": 50.0,
    "intangibles": 20.0
  }
}