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Mastermind

Your CDS case.
All the reasoning in view.

Upload your documents, examine the contract terms, trace the evidence, and explore what could change the conclusion.

You set the case up first; an account and a plan are needed only when you run it.

Rite Aid Corporation · Bankruptcy · 15 Oct 2023

8.000% Senior Secured Notes due 2026

Likely eligible
Current assessment

8.000% Senior Secured Notes due 2026 pass all 7 checks, each tied to its clause in the indenture.

Record complete: every fact the checks need was found.

Checks · 7 of 7 pass

  • Reference entity
  • Specified currency
  • Maximum maturity
  • Not subordinated
  • Not bearer
  • Not contingent
  • Transferable

Real public case · Rite Aid Corporation’s SEC filingsOpen the full case →

How it works

Three steps from your documents to knowing where your CDS stands — ahead of an event, or as it unfolds.

Open the example →
  1. Step 1

    Upload your case documents

    Add the entity, the event and the instruments, then drop in everything you hold on the name.

    • Indentures, offering circulars, facility agreements
    • Issuer notices, forbearance letters, DC statements, trade confirmations
    • Up to 6 instruments and 24 documents per case (12 at a time when adding to a case)
  2. Step 2

    Mastermind tests the contract

    Each standard deliverability characteristic is checked against your documents (for loans, Assignable Loan and Consent Required Loan are flagged for review, not yet tested), and when the rules can’t settle it, a skeptic pass argues against the conclusion before you see it.

    • Currency, maturity, seniority, transferability and more
    • Related published cases shown for comparison, where one exists
    • When the rules can’t settle it, a skeptic pass argues against the conclusion; each claim is verified against its source
  3. Step 3

    Read the answer, with the proof

    One assessment per instrument, opened in the same five tabs every time, so a colleague can check it without re-reading the documents.

    • Analysis — the assessment, known facts and how the tests reached it
    • Contract — each term: what it asks, what your documents say, the result
    • Evidence — conclusion → reasoning → evidence → original source
    • Open questions — what is missing, contested, or could change the conclusion
    • Summary — every instrument at a glance, related cases, memo and JSON export

Your documents stay yours.

The documents behind a CDS position are confidential. Mastermind is built so that what you upload is private by default, visible only to the people you choose, never published unless you publish it yourself, and never used to train anything.

Read more here →
  • Private by default

    Only you, and the people you choose, can open your cases.

  • Encrypted in transit and at rest

    Your files and cases are encrypted on the network and in storage.

  • Never public unless you publish it

    Never listed publicly or shown to other customers, unless you publish a case yourself.

  • Never used for training

    Your documents train nothing: not our models, and not our AI model provider's.

  • Parsed on our own servers

    For long documents, such as an indenture, only the sections that state the terms it checks are sent to our AI model provider, which does not train on them. Short documents (under about 60,000 characters) are sent whole.

  • Deleted when you say

    Delete your account and your cases go with it. A case you made public stays public until you ask us to remove it.

Plans

Private analysis needs Mastermind Pro or Desk. News, follows and alerts, and the example are free.

Public

News, follows and alerts, and the Mastermind example.

$0

Free account

  • CDS news
  • Follows and alerts
  • Mastermind example case
  • No private analysis
View an example

Mastermind Pro

One analyst

Private case analysis for one analyst.

$499 / month

or $4,990 / yearSave 17%

  • 25 new private cases / month
  • 50 re-runs / month
  • Contract tests, cited evidence, related cases, a counterargument where the conclusion is a judgement call
  • Case book with revisions
  • Memo (PDF), JSON, restricted link

Mastermind Desk

A shared case book for up to 5 users.

$1,500 / month

or $15,000 / yearSave 17%

  • 100 new cases / month, shared
  • Unlimited re-runs
  • Up to 5 users, one shared case book
  • Everything in Pro

Institutional

More volume, users and procurement terms.

Custom

Annual contract

  • Volume and seats by contract
  • Security review and procurement terms
  • API, SSO or private deployment discussed

Compare plans here →

Next step

Try it on your own case

Create a free account, set up your case and choose a plan when you run it.

CDS Credit Event & Deliverability Analysis: Mastermind · CDSBench