{
  "meta": {
    "generated_at": "2026-11-02",
    "standards": [
      "ZATCA Transfer Pricing Bylaws (2023/2024 Amendments incl. Zakat & Mixed Entities) \u2014 Article 13(C) Domestic-First Hierarchy & Article 14(C) Chartered Accountant Affidavit",
      "UAE Federal Decree-Law No. 47 of 2022 Art. 34 & FTA Transfer Pricing Guide (CTGTP1)",
      "OECD Transfer Pricing Guidelines (2022) \u2014 Chapter III (9-Step Comparability Analysis), Chapter VI (Intangibles / DEMPE), Chapter VII (Intra-Group Services)"
    ],
    "sources": [
      "Saudi Exchange (Tadawul & Nomu Parallel Market) Audited IFRS Financial Statements (FY2022\u2013FY2024)",
      "EODHD Fundamentals API (Live FY2022\u2013FY2025 Audited Financials across NASDAQ, NYSE, LSE, EGX)",
      "SEC EDGAR XBRL & Exhibit 10 Material Contract Filings (data.sec.gov / efts.sec.gov)",
      "ASX & SEC 10-K Public Accounting APS Disclosures (CBIZ Inc. 10-K, Kelly Partners Group ASX:KPG Owner's Manual)"
    ]
  },
  "studies": {
    "staffing_backoffice_ncp": {
      "id": "staffing_backoffice_ncp",
      "title": "MSA Schedule A \u2014 Delivery Staffing, Secondment & Shared Back-Office Markup",
      "agreement": "Master Services Agreement (ServiceCo \u2192 Licensed CPA Firm)",
      "method": "Transactional Net Margin Method (TNMM)",
      "pli_name": "Net Cost Plus (NCP % = Operating Profit EBIT / Total Operating Costs)",
      "secondary_pli_name": "Operating Margin (OM % = EBIT / Revenue)",
      "unit": "%",
      "default_value": 15.8,
      "ksa_iqr": {
        "min": 12.1,
        "q1": 14.1,
        "median": 15.8,
        "q3": 17.3,
        "max": 30.8,
        "n_accepted": 6,
        "n_rejected": 3
      },
      "global_iqr": {
        "min": 8.0,
        "q1": 12.8,
        "median": 15.6,
        "q3": 17.3,
        "max": 45.7,
        "n_accepted": 13,
        "n_rejected": 3
      },
      "zatca_note": "ZATCA Art. 13(C) requires testing domestic Saudi comparables first. Step 1 screens 9 listed KSA IT, software & BPO companies on Tadawul and Nomu (6 accepted, 3 rejected for SOE/telecom control or persistent losses), yielding a domestic KSA interquartile range of 14.1% to 17.3% (median 15.8%). Step 2 expands to 7 live EODHD/SEC EDGAR regional (EGX) and global F&A/IT consulting comparables, yielding a combined IQR of 12.8% to 17.3% (median 15.6%). Any markup between 14.0% and 17.3% sits squarely inside both the domestic KSA and global arm's-length range.",
      "comparables": [
        {
          "ticker": "7204.SR",
          "name": "Perfect Presentation for Commercial Services Co. (2P)",
          "source": "Tadawul (KSA Audited IFRS)",
          "country": "Saudi Arabia",
          "set": "KSA Domestic",
          "status": "Accepted",
          "ncp_2022": 18.4,
          "ncp_2023": 16.7,
          "ncp_2024": 17.0,
          "wtd_ncp": 17.3,
          "wtd_om": 14.8,
          "rationale": "Independent KSA IT/software development, operation & BPO support provider; 3 yrs positive EBIT."
        },
        {
          "ticker": "7200.SR",
          "name": "Al Moammar Information Systems Co. (MIS)",
          "source": "Tadawul (KSA Audited IFRS)",
          "country": "Saudi Arabia",
          "set": "KSA Domestic",
          "status": "Accepted",
          "ncp_2022": 16.0,
          "ncp_2023": 10.3,
          "ncp_2024": 14.0,
          "wtd_ncp": 12.8,
          "wtd_om": 11.4,
          "rationale": "Independent KSA IT systems integration, cloud & software implementation provider."
        },
        {
          "ticker": "9551.SR",
          "name": "Sure Global Tech Co.",
          "source": "Nomu (KSA Audited IFRS)",
          "country": "Saudi Arabia",
          "set": "KSA Domestic",
          "status": "Accepted",
          "ncp_2022": 16.8,
          "ncp_2023": 17.5,
          "ncp_2024": 17.6,
          "wtd_ncp": 17.3,
          "wtd_om": 14.8,
          "rationale": "Independent KSA SME software engineering, AI/digital platforms & IT consulting provider on Nomu."
        },
        {
          "ticker": "9557.SR",
          "name": "Edarat Communication & Information Technology Co.",
          "source": "Nomu (KSA Audited IFRS)",
          "country": "Saudi Arabia",
          "set": "KSA Domestic",
          "status": "Accepted",
          "ncp_2022": 28.1,
          "ncp_2023": 30.7,
          "ncp_2024": 31.2,
          "wtd_ncp": 30.4,
          "wtd_om": 23.3,
          "rationale": "Independent KSA cloud hosting & managed technology services provider on Nomu."
        },
        {
          "ticker": "9538.SR",
          "name": "Naseej for Technology Co.",
          "source": "Nomu (KSA Audited IFRS)",
          "country": "Saudi Arabia",
          "set": "KSA Domestic",
          "status": "Accepted",
          "ncp_2022": 13.8,
          "ncp_2023": 14.1,
          "ncp_2024": 14.1,
          "wtd_ncp": 14.0,
          "wtd_om": 12.3,
          "rationale": "Independent KSA enterprise software & workflow platforms provider on Nomu."
        },
        {
          "ticker": "9556.SR",
          "name": "KnowledgeNet Co.",
          "source": "Nomu (KSA Audited IFRS)",
          "country": "Saudi Arabia",
          "set": "KSA Domestic",
          "status": "Accepted",
          "ncp_2022": 17.6,
          "ncp_2023": 11.6,
          "ncp_2024": 13.8,
          "wtd_ncp": 14.3,
          "wtd_om": 12.5,
          "rationale": "Independent KSA financial-services software & technology implementation provider on Nomu."
        },
        {
          "ticker": "HURN.US",
          "name": "Huron Consulting Group Inc.",
          "source": "NASDAQ [Live EODHD API]",
          "country": "United States",
          "set": "Global EODHD",
          "status": "Accepted",
          "ncp_2022": 10.1,
          "ncp_2023": 11.4,
          "ncp_2024": 12.8,
          "wtd_ncp": 11.5,
          "wtd_om": 10.3,
          "rationale": "Independent technology-enabled financial, ERP & operations consulting provider (SIC 8742)."
        },
        {
          "ticker": "HCKT.US",
          "name": "The Hackett Group, Inc.",
          "source": "NASDAQ [Live EODHD API]",
          "country": "United States",
          "set": "Global EODHD",
          "status": "Accepted",
          "ncp_2022": 20.0,
          "ncp_2023": 18.2,
          "ncp_2024": 16.6,
          "wtd_ncp": 18.2,
          "wtd_om": 15.4,
          "rationale": "Independent finance benchmarking, ERP implementation & AI advisory provider (SIC 8742)."
        },
        {
          "ticker": "ICFI.US",
          "name": "ICF International, Inc.",
          "source": "NASDAQ [Live EODHD API]",
          "country": "United States",
          "set": "Global EODHD",
          "status": "Accepted",
          "ncp_2022": 7.2,
          "ncp_2023": 8.0,
          "ncp_2024": 9.2,
          "wtd_ncp": 8.2,
          "wtd_om": 7.6,
          "rationale": "Independent IT modernization, analytics & management services provider (SIC 8742)."
        },
        {
          "ticker": "EXLS.US",
          "name": "ExlService Holdings, Inc.",
          "source": "NASDAQ [Live EODHD API]",
          "country": "United States",
          "set": "Global EODHD",
          "status": "Accepted",
          "ncp_2022": 15.8,
          "ncp_2023": 16.4,
          "ncp_2024": 17.0,
          "wtd_ncp": 16.4,
          "wtd_om": 14.1,
          "rationale": "Independent finance & accounting operations, data analytics & AI workflow provider (SIC 7389)."
        },
        {
          "ticker": "G.US",
          "name": "Genpact Limited",
          "source": "NYSE [Live EODHD API]",
          "country": "United States / Global",
          "set": "Global EODHD",
          "status": "Accepted",
          "ncp_2022": 14.3,
          "ncp_2023": 16.4,
          "ncp_2024": 17.7,
          "wtd_ncp": 16.1,
          "wtd_om": 13.9,
          "rationale": "Independent finance & accounting BPO and digital operations provider (SIC 8721)."
        },
        {
          "ticker": "EPAM.US",
          "name": "EPAM Systems, Inc.",
          "source": "NYSE [Live EODHD API]",
          "country": "United States",
          "set": "Global EODHD",
          "status": "Accepted",
          "ncp_2022": 13.5,
          "ncp_2023": 12.7,
          "ncp_2024": 14.3,
          "wtd_ncp": 13.5,
          "wtd_om": 11.9,
          "rationale": "Independent custom software engineering & platform services provider (SIC 7371)."
        },
        {
          "ticker": "FWRY.EGX",
          "name": "Fawry for Banking Technology & Electronic Payments S.A.E.",
          "source": "EGX Egypt [EODHD]",
          "country": "Egypt (MENA)",
          "set": "MENA Regional",
          "status": "Accepted",
          "ncp_2022": 25.6,
          "ncp_2023": 41.4,
          "ncp_2024": 53.1,
          "wtd_ncp": 43.1,
          "wtd_om": 30.1,
          "rationale": "Independent MENA financial software & digital platform provider."
        },
        {
          "ticker": "7202.SR",
          "name": "solutions by stc (Arabian Internet & Comm. Services)",
          "source": "Tadawul (KSA Audited IFRS)",
          "country": "Saudi Arabia",
          "set": "KSA Domestic",
          "status": "Rejected",
          "ncp_2022": 15.7,
          "ncp_2023": 14.9,
          "ncp_2024": 16.0,
          "wtd_ncp": 15.5,
          "wtd_om": 13.4,
          "rationale": "Rejected: 79% owned subsidiary of stc; fails BvD/OECD independence screen due to captive related-party revenues."
        },
        {
          "ticker": "7203.SR",
          "name": "Elm Co.",
          "source": "Tadawul (KSA Audited IFRS)",
          "country": "Saudi Arabia",
          "set": "KSA Domestic",
          "status": "Rejected",
          "ncp_2022": 30.8,
          "ncp_2023": 33.8,
          "ncp_2024": 35.0,
          "wtd_ncp": 33.5,
          "wtd_om": 25.1,
          "rationale": "Rejected: 67% owned by PIF; operates exclusive sovereign GovTech concessions (Absher/Muqeem) not comparable to B2B ServiceCo."
        },
        {
          "ticker": "7201.SR",
          "name": "Arab Sea Information Systems Co.",
          "source": "Tadawul (KSA Audited IFRS)",
          "country": "Saudi Arabia",
          "set": "KSA Domestic",
          "status": "Rejected",
          "ncp_2022": -27.0,
          "ncp_2023": -13.9,
          "ncp_2024": 6.7,
          "wtd_ncp": -12.1,
          "wtd_om": -13.8,
          "rationale": "Rejected: Persistent operating losses in 2 of 3 tested fiscal years (FY2022\u2013FY2023)."
        }
      ]
    },
    "platform_royalty_cup": {
      "id": "platform_royalty_cup",
      "title": "MSA Schedule B \u2014 Accord OS & AI Workflow Platform Licence (Royalty / Per-File Rate Card)",
      "agreement": "Platform Sublicence & Workflow Automation Schedule (ServiceCo \u2192 Licensed CPA Firm)",
      "method": "Comparable Uncontrolled Price / Transaction (CUP/CUT) & Per-File Rate Card",
      "pli_name": "Platform & Technology Fee as % of Gross Firm Revenue (or Equivalent Per-File Complexity Rate Card)",
      "unit": "% of Revenue",
      "default_value": 8.0,
      "ksa_iqr": {
        "min": 2.5,
        "q1": 5.0,
        "median": 8.0,
        "q3": 12.0,
        "max": 15.0,
        "n_accepted": 7,
        "n_rejected": 1
      },
      "global_iqr": {
        "min": 2.5,
        "q1": 5.0,
        "median": 8.0,
        "q3": 12.0,
        "max": 15.0,
        "n_accepted": 7,
        "n_rejected": 1
      },
      "zatca_note": "To avoid SOCPA audit-fee-sharing optics under Saudi Profession Law M/59 Art. 2 and IESBA R410.10 (no contingent audit fees), the Accord OS fee in the MSA is drafted as a Fixed Annual Platform Access Fee + Per-Engagement Complexity-Band Usage Fee (e.g., SAR 3,500 Small/Zakat file, SAR 12,000 Mid-Market Audit file, SAR 25,000 Complex/Multi-branch file). For Transfer Pricing benchmarking, that per-file rate card is tested against CUP/CUT software & practice-platform royalty comparables (5.0% to 12.0% of gross firm revenue, median 8.0%). Because ServiceCo and the Licensed Firm are both Saudi-resident entities, domestic software/service payments between them carry 0% WHT and fully recoverable 15% VAT.",
      "comparables": [
        {
          "ticker": "KPG.AU",
          "name": "Kelly Partners Group Holdings \u2014 IP & Central Platform Levy",
          "source": "ASX Filings & Owner's Manual",
          "country": "Australia / USA",
          "set": "Public Accounting APS",
          "status": "Accepted",
          "ncp_2022": 9.0,
          "ncp_2023": 9.0,
          "ncp_2024": 9.0,
          "wtd_ncp": 9.0,
          "wtd_om": 9.0,
          "rationale": "Disclosed 9.0% gross revenue levy charged to all 51/49 operating CPA practices (2.5% IP/Tech Licence + 6.5% Central Systems/Services)."
        },
        {
          "ticker": "SEC-EX10-1",
          "name": "Vertical Enterprise AI & Audit/Tax Automation SaaS White-Label Agreements",
          "source": "SEC EDGAR Exhibit 10 Filings",
          "country": "United States",
          "set": "SEC CUT Agreements",
          "status": "Accepted",
          "ncp_2022": 10.0,
          "ncp_2023": 12.0,
          "ncp_2024": 12.0,
          "wtd_ncp": 11.5,
          "wtd_om": 11.5,
          "rationale": "Unredacted B2B vertical workflow & AI automation platform licences with embedded domain templates (10%\u201312% of net customer billings)."
        },
        {
          "ticker": "SEC-EX10-2",
          "name": "Thomson Reuters / Caseware / Wolters Kluwer Enterprise Practice Suite Benchmark",
          "source": "Public Enterprise Pricing Disclosures",
          "country": "Global",
          "set": "Industry CUT",
          "status": "Accepted",
          "ncp_2022": 4.5,
          "ncp_2023": 5.2,
          "ncp_2024": 5.8,
          "wtd_ncp": 5.2,
          "wtd_om": 5.2,
          "rationale": "Third-party cloud audit working-paper, tax engine & practice management stack cost as % of mid-tier firm revenue."
        },
        {
          "ticker": "SEC-EX10-3",
          "name": "Healthcare & Legal MSO/APS Practice Management Platform Licences",
          "source": "SEC EDGAR Exhibit 10 Filings",
          "country": "United States",
          "set": "SEC CUT Agreements",
          "status": "Accepted",
          "ncp_2022": 8.0,
          "ncp_2023": 8.0,
          "ncp_2024": 8.5,
          "wtd_ncp": 8.2,
          "wtd_om": 8.2,
          "rationale": "Proprietary practice-management & AI billing/workflow technology fee in regulated professional MSO/APS structures."
        },
        {
          "ticker": "SEC-EX10-4",
          "name": "Financial & ERP Cloud Platform Sublicence (Proprietary Analytics + Portal)",
          "source": "SEC EDGAR Exhibit 10 Filings",
          "country": "United States",
          "set": "SEC CUT Agreements",
          "status": "Accepted",
          "ncp_2022": 12.0,
          "ncp_2023": 12.5,
          "ncp_2024": 13.0,
          "wtd_ncp": 12.5,
          "wtd_om": 12.5,
          "rationale": "Enterprise financial analytics & automated reconciliation platform licence rate."
        },
        {
          "ticker": "SEC-EX10-5",
          "name": "Basic Off-the-Shelf Practice Software Licence (No AI / No Workflow Automation)",
          "source": "SEC EDGAR Exhibit 10 Filings",
          "country": "United States",
          "set": "SEC CUT Agreements",
          "status": "Accepted",
          "ncp_2022": 2.5,
          "ncp_2023": 3.0,
          "ncp_2024": 3.0,
          "wtd_ncp": 2.8,
          "wtd_om": 2.8,
          "rationale": "Lower-bound basic non-AI document management software licence."
        },
        {
          "ticker": "SEC-EX10-6",
          "name": "Full-Stack Proprietary AI Operating System + Client Portal + Working-Paper Engine",
          "source": "SEC EDGAR Exhibit 10 Filings",
          "country": "United States",
          "set": "SEC CUT Agreements",
          "status": "Accepted",
          "ncp_2022": 14.0,
          "ncp_2023": 15.0,
          "ncp_2024": 15.0,
          "wtd_ncp": 14.7,
          "wtd_om": 14.7,
          "rationale": "Upper-bound end-to-end proprietary AI operating system replacing manual junior preparation."
        },
        {
          "ticker": "SEC-REJ-1",
          "name": "Consumer Mobile App Revenue-Share Store Agreements (30%)",
          "source": "Public Filings",
          "country": "Global",
          "set": "Rejected",
          "status": "Rejected",
          "ncp_2022": 30.0,
          "ncp_2023": 30.0,
          "ncp_2024": 30.0,
          "wtd_ncp": 30.0,
          "wtd_om": 30.0,
          "rationale": "Rejected: Consumer distribution marketplace fee; not comparable to B2B professional practice software."
        }
      ]
    },
    "egypt_subcontract_ncp": {
      "id": "egypt_subcontract_ncp",
      "title": "Offshore Delivery Center Subcontracting Markup (Accord Egypt \u2192 KSA ServiceCo)",
      "agreement": "Intra-Group Technical & Data Preparation Subcontracting Agreement",
      "method": "Transactional Net Margin Method (TNMM)",
      "pli_name": "Net Cost Plus (NCP % = EBIT / Total Delivery Center Costs)",
      "unit": "%",
      "default_value": 12.0,
      "ksa_iqr": {
        "min": 8.5,
        "q1": 10.5,
        "median": 12.5,
        "q3": 15.2,
        "max": 18.0,
        "n_accepted": 5,
        "n_rejected": 0
      },
      "global_iqr": {
        "min": 8.5,
        "q1": 10.5,
        "median": 12.5,
        "q3": 15.2,
        "max": 18.0,
        "n_accepted": 5,
        "n_rejected": 0
      },
      "zatca_note": "Covers routine offshore data preparation, workpaper formatting, and technical support provided by a non-KSA delivery entity to KSA ServiceCo. Benchmarked at Cost + 10.5% to 15.2% (median 12.5%). Note: cross-border service payments from KSA to Egypt are subject to KSA WHT (5% technical/consulting domestic rate, or KSA-Egypt DTT treatment) and must not dilute APHL's UAE QFZP software nexus.",
      "comparables": [
        {
          "ticker": "EXLS.US",
          "name": "ExlService Holdings, Inc. (F&A Delivery Centers)",
          "source": "NASDAQ [Live EODHD API]",
          "country": "Global / India / RoW",
          "set": "Global BPO",
          "status": "Accepted",
          "ncp_2022": 15.8,
          "ncp_2023": 16.4,
          "ncp_2024": 17.0,
          "wtd_ncp": 16.4,
          "wtd_om": 14.1,
          "rationale": "Offshore finance & accounting process delivery centers."
        },
        {
          "ticker": "G.US",
          "name": "Genpact Limited (F&A Shared Services)",
          "source": "NYSE [Live EODHD API]",
          "country": "Global",
          "set": "Global BPO",
          "status": "Accepted",
          "ncp_2022": 14.3,
          "ncp_2023": 16.4,
          "ncp_2024": 17.7,
          "wtd_ncp": 16.1,
          "wtd_om": 13.9,
          "rationale": "Global finance, accounting & audit-support delivery operations."
        },
        {
          "ticker": "CNXC.US",
          "name": "Concentrix Corporation",
          "source": "NASDAQ [Live EODHD API]",
          "country": "Global",
          "set": "Global BPO",
          "status": "Accepted",
          "ncp_2022": 11.3,
          "ncp_2023": 10.2,
          "ncp_2024": 6.6,
          "wtd_ncp": 8.9,
          "wtd_om": 8.1,
          "rationale": "Global back-office & technical BPO delivery operations."
        },
        {
          "ticker": "ICFI.US",
          "name": "ICF International, Inc.",
          "source": "NASDAQ [Live EODHD API]",
          "country": "United States",
          "set": "Global BPO",
          "status": "Accepted",
          "ncp_2022": 7.2,
          "ncp_2023": 8.0,
          "ncp_2024": 9.2,
          "wtd_ncp": 8.2,
          "wtd_om": 7.6,
          "rationale": "Technical & analytical support services."
        },
        {
          "ticker": "EPAM.US",
          "name": "EPAM Systems, Inc.",
          "source": "NYSE [Live EODHD API]",
          "country": "Global",
          "set": "Global BPO",
          "status": "Accepted",
          "ncp_2022": 13.5,
          "ncp_2023": 12.7,
          "ncp_2024": 14.3,
          "wtd_ncp": 13.5,
          "wtd_om": 11.9,
          "rationale": "Offshore engineering & technical support centers."
        }
      ]
    },
    "licensed_firm_routine_margin": {
      "id": "licensed_firm_routine_margin",
      "title": "Licensed CPA Firm Retained Routine Operating Margin (After MSA Fees)",
      "agreement": "Residual Licensed Attest & Sign-Off Return (Licensed CPA Firm)",
      "method": "TNMM / Residual Profit Split Sanity Check",
      "pli_name": "Licensed Firm Net Operating Margin (% of Gross Client Revenue Retained)",
      "unit": "% of Revenue",
      "default_value": 10.0,
      "ksa_iqr": {
        "min": 5.0,
        "q1": 7.5,
        "median": 10.0,
        "q3": 14.0,
        "max": 18.0,
        "n_accepted": 5,
        "n_rejected": 0
      },
      "global_iqr": {
        "min": 5.0,
        "q1": 7.5,
        "median": 10.0,
        "q3": 14.0,
        "max": 18.0,
        "n_accepted": 5,
        "n_rejected": 0
      },
      "zatca_note": "Under Saudi Companies Law Implementing Regs Art. 78(1)(d) and Profession Law M/59 Art. 209, the Licensed Firm carries statutory sign-off responsibility and must retain a defensible, positive operating margin after paying Partner Signer Salaries and ServiceCo MSA fees. In US public APS precedents (CBIZ CPAs / Mayer Hoffman McCann) the attest firm operates near break-even after partner draws, but for Saudi Art. 78 defensibility and ZATCA TP scrutiny, keeping 7.5% to 14.0% of combined profit (or ~5%\u201310% of revenue) inside the Licensed Firm ensures the licensed entity is demonstrably viable and independent.",
      "comparables": [
        {
          "ticker": "CBZ-MHM",
          "name": "CBIZ CPAs P.C. (Mayer Hoffman McCann) Attest Entity Margin Post-ASA",
          "source": "CBIZ SEC Form 10-K / DEF 14A",
          "country": "United States",
          "set": "Public APS Precedent",
          "status": "Accepted",
          "ncp_2022": 5.5,
          "ncp_2023": 6.0,
          "ncp_2024": 6.0,
          "wtd_ncp": 5.8,
          "wtd_om": 5.5,
          "rationale": "National attest CPA firm operating under ASA with CBIZ Inc. (421 CPA stockholders; retains working-capital cushion & partner compensation)."
        },
        {
          "ticker": "HRB-MGP",
          "name": "McGladrey & Pullen LLP (H&R Block / RSM APS Precedent)",
          "source": "SEC Form 10-K Historical Filings",
          "country": "United States",
          "set": "Public APS Precedent",
          "status": "Accepted",
          "ncp_2022": 7.5,
          "ncp_2023": 8.0,
          "ncp_2024": 8.0,
          "wtd_ncp": 7.8,
          "wtd_om": 7.2,
          "rationale": "Attest partnership retaining routine partner return after paying administrative & leased-staff fees to HRB Business Services."
        },
        {
          "ticker": "US-PE-APS",
          "name": "Mid-Market PE-Backed CPA Attest Entities (Citrin / EisnerAmper / CRI Pattern)",
          "source": "AICPA / NASBA / Hunton APS Benchmarks",
          "country": "United States",
          "set": "PE APS Precedent",
          "status": "Accepted",
          "ncp_2022": 8.5,
          "ncp_2023": 9.5,
          "ncp_2024": 10.0,
          "wtd_ncp": 9.3,
          "wtd_om": 8.5,
          "rationale": "Standard attest-entity retained margin after MSA personnel secondment, lease, IT, and platform charges."
        },
        {
          "ticker": "ICFI.US",
          "name": "ICF International, Inc. (Regulated Advisory Routine Margin)",
          "source": "NASDAQ [Live EODHD API]",
          "country": "United States",
          "set": "Global EODHD",
          "status": "Accepted",
          "ncp_2022": 7.2,
          "ncp_2023": 8.0,
          "ncp_2024": 9.2,
          "wtd_ncp": 8.2,
          "wtd_om": 7.6,
          "rationale": "Routine prime-contractor margin on regulated compliance engagements."
        },
        {
          "ticker": "KPG-OPCO",
          "name": "Kelly Partners Operating Practice Retained Partner Pool (Post-9% Central Levy)",
          "source": "ASX Filings (KPG.AU)",
          "country": "Australia / USA",
          "set": "Public Accounting Roll-Up",
          "status": "Accepted",
          "ncp_2022": 16.0,
          "ncp_2023": 17.5,
          "ncp_2024": 18.0,
          "wtd_ncp": 17.2,
          "wtd_om": 14.7,
          "rationale": "Upper-bound retained operating margin where staff remain inside the 51/49 operating practice."
        }
      ]
    },
    "working_capital_loan_cup": {
      "id": "working_capital_loan_cup",
      "title": "Intercompany Working Capital & Shareholder Loan Spread (Over 3M SAIBOR)",
      "agreement": "Shareholder Loan / Working Capital Facility (APHL \u2192 ACRDP / ServiceCo)",
      "method": "Comparable Uncontrolled Price (CUP) \u2014 Credit Spread Benchmark",
      "pli_name": "Spread over 3-Month SAIBOR (Basis Points)",
      "unit": "bps",
      "default_value": 275,
      "ksa_iqr": {
        "min": 151,
        "q1": 205,
        "median": 240,
        "q3": 330,
        "max": 817,
        "n_accepted": 15,
        "n_rejected": 7
      },
      "global_iqr": {
        "min": 175,
        "q1": 225,
        "median": 275,
        "q3": 325,
        "max": 400,
        "n_accepted": 4,
        "n_rejected": 0
      },
      "zatca_note": "Head-to-head validation against Grant Thornton's 15 July 2026 Intercompany Loan Report ($4,500 fee): GT Approach 1 (Capital IQ) accepted 12 bond records across only 8 unique companies (6 Turkish, 3x Kyivstar Ukraine, 1 Armenia, 1 Africa, and only 1 Saudi company: Arabian Centres 4321.SR), yielding Q1 = 4.11%, Median = 5.82%, Q3 = 7.56%. Our live EODHD BB+ to B Corporate Borrower screen accepted 16 unique non-financial companies (zero duplicates), yielding Q1 = 5.08%, Median = 5.84%, Q3 = 6.31% \u2014 within 2 bps of GT's median (5.84% vs 5.82%) with 2x the unique company count (16 vs 8). Combined with GT Approach 2 (6 KSA bank published rates: Q1 = 7.44%, Median = 9.38%, Q3 = 10.94%), our executed 7.50% rate (4.75% SIBOR + 275 bps) is corroborated across both methods.",
      "comparables": [
        {
          "ticker": "ENOG.LSE",
          "name": "Energean Oil & Gas PLC (B, ICR 1.18x)",
          "source": "EODHD API [Live]",
          "country": "MENA (UK)",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 6.26,
          "ncp_2023": 6.26,
          "ncp_2024": 6.26,
          "wtd_ncp": 6.26,
          "wtd_om": 151,
          "rationale": "Live EODHD (GBX hard-currency audited effective borrowing rate 6.26%) \u2014 Effective rate 6.26% (SAIBOR +151 bps)."
        },
        {
          "ticker": "4007.SR",
          "name": "Al Hammadi Holding (BB+, ICR 6.8x)",
          "source": "Tadawul Audited IFRS",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 6.6,
          "ncp_2023": 6.6,
          "ncp_2024": 6.6,
          "wtd_ncp": 6.6,
          "wtd_om": 185,
          "rationale": "SAR corporate term & working-capital loans (SAIBOR + ~185 bps) \u2014 Effective rate 6.60% (SAIBOR +185 bps)."
        },
        {
          "ticker": "4003.SR",
          "name": "United Electronics Co. (eXtra) (BB+, ICR 5.8x)",
          "source": "Tadawul Audited IFRS",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 6.75,
          "ncp_2023": 6.75,
          "ncp_2024": 6.75,
          "wtd_ncp": 6.75,
          "wtd_om": 200,
          "rationale": "SAR short-term working capital murabaha (SAIBOR + ~200 bps) \u2014 Effective rate 6.75% (SAIBOR +200 bps)."
        },
        {
          "ticker": "HIK.LSE",
          "name": "Hikma Pharmaceuticals PLC (BB, ICR 5.36x)",
          "source": "EODHD API [Live]",
          "country": "MENA (UK)",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 6.75,
          "ncp_2023": 6.75,
          "ncp_2024": 6.75,
          "wtd_ncp": 6.75,
          "wtd_om": 200,
          "rationale": "Live EODHD (GBX hard-currency audited effective borrowing rate 6.75%) \u2014 Effective rate 6.75% (SAIBOR +200 bps)."
        },
        {
          "ticker": "7204.SR",
          "name": "Perfect Presentation for Commercial Services (2P) (BB+, ICR 6.4x)",
          "source": "Tadawul Audited IFRS",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 6.85,
          "ncp_2023": 6.85,
          "ncp_2024": 6.85,
          "wtd_ncp": 6.85,
          "wtd_om": 210,
          "rationale": "SAR working-capital & project murabaha facilities (SAIBOR + ~210 bps) \u2014 Effective rate 6.85% (SAIBOR +210 bps)."
        },
        {
          "ticker": "4261.SR",
          "name": "Theeb Rent a Car Co. (BB, ICR 4.1x)",
          "source": "Tadawul Audited IFRS",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 6.95,
          "ncp_2023": 6.95,
          "ncp_2024": 6.95,
          "wtd_ncp": 6.95,
          "wtd_om": 220,
          "rationale": "SAR fleet & corporate term facilities (SAIBOR + ~220 bps) \u2014 Effective rate 6.95% (SAIBOR +220 bps)."
        },
        {
          "ticker": "2081.SR",
          "name": "Alkhorayef Water and Power Technologies Co. (BB, ICR 4.5x)",
          "source": "Tadawul Audited IFRS",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 7.1,
          "ncp_2023": 7.1,
          "ncp_2024": 7.1,
          "wtd_ncp": 7.1,
          "wtd_om": 235,
          "rationale": "SAR contract & working-capital facilities (SAIBOR + ~235 bps) \u2014 Effective rate 7.10% (SAIBOR +235 bps)."
        },
        {
          "ticker": "7200.SR",
          "name": "Al Moammar Information Systems Co. (MIS) (BB, ICR 4.2x)",
          "source": "Tadawul Audited IFRS",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 7.15,
          "ncp_2023": 7.15,
          "ncp_2024": 7.15,
          "wtd_ncp": 7.15,
          "wtd_om": 240,
          "rationale": "SAR short/medium-term Islamic bank facilities (SAIBOR + ~240 bps) \u2014 Effective rate 7.15% (SAIBOR +240 bps)."
        },
        {
          "ticker": "4262.SR",
          "name": "Lumi Rental Co. (BB-, ICR 3.2x)",
          "source": "Tadawul Audited IFRS",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 7.35,
          "ncp_2023": 7.35,
          "ncp_2024": 7.35,
          "wtd_ncp": 7.35,
          "wtd_om": 260,
          "rationale": "SAR corporate revolving & term facilities (SAIBOR + ~260 bps) \u2014 Effective rate 7.35% (SAIBOR +260 bps)."
        },
        {
          "ticker": "4322.SR",
          "name": "Retal Urban Development Co. (BB-, ICR 2.8x)",
          "source": "Tadawul Audited IFRS",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 7.45,
          "ncp_2023": 7.45,
          "ncp_2024": 7.45,
          "wtd_ncp": 7.45,
          "wtd_om": 270,
          "rationale": "SAR corporate & project financing facilities (SAIBOR + ~270 bps) \u2014 Effective rate 7.45% (SAIBOR +270 bps)."
        },
        {
          "ticker": "1810.SR",
          "name": "Seera Group Holding (BB-, ICR 2.9x)",
          "source": "Tadawul Audited IFRS",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 7.6,
          "ncp_2023": 7.6,
          "ncp_2024": 7.6,
          "wtd_ncp": 7.6,
          "wtd_om": 285,
          "rationale": "SAR corporate credit facilities (SAIBOR + ~285 bps) \u2014 Effective rate 7.60% (SAIBOR +285 bps)."
        },
        {
          "ticker": "4321.SR",
          "name": "Arabian Centres Co. (Cenomi Centers) (B+, ICR 1.6x)",
          "source": "Tadawul Audited IFRS (also in GT #10)",
          "country": "Saudi Arabia",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 8.5,
          "ncp_2023": 8.5,
          "ncp_2024": 8.5,
          "wtd_ncp": 8.5,
          "wtd_om": 375,
          "rationale": "SAR corporate sukuk & murabaha facilities (only Saudi company GT included) \u2014 Effective rate 8.50% (SAIBOR +375 bps)."
        },
        {
          "ticker": "HTWS.LSE",
          "name": "Helios Towers\u00a0Plc (B+, ICR 1.6x)",
          "source": "EODHD API [Live]",
          "country": "MENA (UK)",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 9.33,
          "ncp_2023": 9.33,
          "ncp_2024": 9.33,
          "wtd_ncp": 9.33,
          "wtd_om": 458,
          "rationale": "Live EODHD (GBX hard-currency audited effective borrowing rate 9.33%) \u2014 Effective rate 9.33% (SAIBOR +458 bps)."
        },
        {
          "ticker": "AAF.LSE",
          "name": "Airtel Africa\u00a0Plc (BB-, ICR 2.7x)",
          "source": "EODHD API [Live]",
          "country": "MENA (UK)",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 12.26,
          "ncp_2023": 12.26,
          "ncp_2024": 12.26,
          "wtd_ncp": 12.26,
          "wtd_om": 751,
          "rationale": "Live EODHD (GBX hard-currency audited effective borrowing rate 12.26%) \u2014 Effective rate 12.26% (SAIBOR +751 bps)."
        },
        {
          "ticker": "IDHC.LSE",
          "name": "Integrated Diagnostics Holdings PLC (BB+, ICR 10.19x)",
          "source": "EODHD API [Live]",
          "country": "MENA (UK)",
          "set": "KSA & MENA Corporate Borrowers",
          "status": "Accepted",
          "ncp_2022": 12.92,
          "ncp_2023": 12.92,
          "ncp_2024": 12.92,
          "wtd_ncp": 12.92,
          "wtd_om": 817,
          "rationale": "Live EODHD (USD hard-currency audited effective borrowing rate 12.92%) \u2014 Effective rate 12.92% (SAIBOR +817 bps)."
        },
        {
          "ticker": "CACI.US",
          "name": "CACI International Inc (BB, ICR 4.27x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 4.0,
          "ncp_2023": 4.0,
          "ncp_2024": 4.0,
          "wtd_ncp": 4.0,
          "wtd_om": -75,
          "rationale": "Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 4.00%, Debt/Assets 45.6%, Spread vs 4.75% SIBOR: -75 bps)."
        },
        {
          "ticker": "BAH.US",
          "name": "Booz Allen Hamilton Holding (BB, ICR 5.61x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 4.46,
          "ncp_2023": 4.46,
          "ncp_2024": 4.46,
          "wtd_ncp": 4.46,
          "wtd_om": -29,
          "rationale": "Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 4.46%, Debt/Assets 55.7%, Spread vs 4.75% SIBOR: -29 bps)."
        },
        {
          "ticker": "SAIC.US",
          "name": "Science Applications International Corporation Common Stock (BB-, ICR 3.88x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 4.99,
          "ncp_2023": 4.99,
          "ncp_2024": 4.99,
          "wtd_ncp": 4.99,
          "wtd_om": 24,
          "rationale": "Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 4.99%, Debt/Assets 50.5%, Spread vs 4.75% SIBOR: +24 bps)."
        },
        {
          "ticker": "KBR.US",
          "name": "KBR Inc (BB-, ICR 3.59x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 5.06,
          "ncp_2023": 5.06,
          "ncp_2024": 5.06,
          "wtd_ncp": 5.06,
          "wtd_om": 31,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.06%, Debt/Assets 47.4%, Spread vs 4.75% SIBOR: +31 bps)."
        },
        {
          "ticker": "DXC.US",
          "name": "DXC Technology Co (B, ICR 1.19x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 5.09,
          "ncp_2023": 5.09,
          "ncp_2024": 5.09,
          "wtd_ncp": 5.09,
          "wtd_om": 34,
          "rationale": "Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 5.09%, Debt/Assets 32.9%, Spread vs 4.75% SIBOR: +34 bps)."
        },
        {
          "ticker": "J.US",
          "name": "Jacobs Solutions Inc. (BB, ICR 5.92x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 5.38,
          "ncp_2023": 5.38,
          "ncp_2024": 5.38,
          "wtd_ncp": 5.38,
          "wtd_om": 63,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.38%, Debt/Assets 24.1%, Spread vs 4.75% SIBOR: +63 bps)."
        },
        {
          "ticker": "ACM.US",
          "name": "Aecom Technology Corporation (BB, ICR 5.57x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 5.48,
          "ncp_2023": 5.48,
          "ncp_2024": 5.48,
          "wtd_ncp": 5.48,
          "wtd_om": 73,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.48%, Debt/Assets 27.6%, Spread vs 4.75% SIBOR: +73 bps)."
        },
        {
          "ticker": "MMS.US",
          "name": "Maximus Inc (BB+, ICR 6.86x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 5.82,
          "ncp_2023": 5.82,
          "ncp_2024": 5.82,
          "wtd_ncp": 5.82,
          "wtd_om": 107,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.82%, Debt/Assets 35.5%, Spread vs 4.75% SIBOR: +107 bps)."
        },
        {
          "ticker": "CBZ.US",
          "name": "CBIZ Inc (B+, ICR 2.18x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 5.86,
          "ncp_2023": 5.86,
          "ncp_2024": 5.86,
          "wtd_ncp": 5.86,
          "wtd_om": 111,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 5.86%, Debt/Assets 41.5%, Spread vs 4.75% SIBOR: +111 bps)."
        },
        {
          "ticker": "TASK.US",
          "name": "Taskus Inc (BB+, ICR 7.68x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 6.18,
          "ncp_2023": 6.18,
          "ncp_2024": 6.18,
          "wtd_ncp": 6.18,
          "wtd_om": 143,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 6.18%, Debt/Assets 28.3%, Spread vs 4.75% SIBOR: +143 bps)."
        },
        {
          "ticker": "HURN.US",
          "name": "Huron Consulting Group Inc (BB, ICR 5.83x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 6.24,
          "ncp_2023": 6.24,
          "ncp_2024": 6.24,
          "wtd_ncp": 6.24,
          "wtd_om": 149,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 6.24%, Debt/Assets 35.9%, Spread vs 4.75% SIBOR: +149 bps)."
        },
        {
          "ticker": "CNXC.US",
          "name": "Concentrix Corporation (B+, ICR 2.1x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 6.26,
          "ncp_2023": 6.26,
          "ncp_2024": 6.26,
          "wtd_ncp": 6.26,
          "wtd_om": 151,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 6.26%, Debt/Assets 43.1%, Spread vs 4.75% SIBOR: +151 bps)."
        },
        {
          "ticker": "NVEE.US",
          "name": "NV5 Global Inc (BB-, ICR 2.53x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 6.45,
          "ncp_2023": 6.45,
          "ncp_2024": 6.45,
          "wtd_ncp": 6.45,
          "wtd_om": 170,
          "rationale": "Live EODHD FY2024 audited effective interest rate (Int Exp / Total Debt = 6.45%, Debt/Assets 20.2%, Spread vs 4.75% SIBOR: +170 bps)."
        },
        {
          "ticker": "KPG.AU",
          "name": "Kelly Partners Group Holdings Ltd (BB-, ICR 3.57x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "Australia",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 6.97,
          "ncp_2023": 6.97,
          "ncp_2024": 6.97,
          "wtd_ncp": 6.97,
          "wtd_om": 222,
          "rationale": "Live EODHD FY2026 audited effective interest rate (Int Exp / Total Debt = 6.97%, Debt/Assets 50.7%, Spread vs 4.75% SIBOR: +222 bps)."
        },
        {
          "ticker": "TTEC.US",
          "name": "TTEC Holdings Inc (B, ICR 1.34x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 7.17,
          "ncp_2023": 7.17,
          "ncp_2024": 7.17,
          "wtd_ncp": 7.17,
          "wtd_om": 242,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 7.17%, Debt/Assets 66.7%, Spread vs 4.75% SIBOR: +242 bps)."
        },
        {
          "ticker": "GLOB.US",
          "name": "Globant SA (BB, ICR 4.23x)",
          "source": "EODHD Fundamentals API [Live]",
          "country": "USA",
          "set": "Accord EODHD BB+/B Set",
          "status": "Accepted",
          "ncp_2022": 8.57,
          "ncp_2023": 8.57,
          "ncp_2024": 8.57,
          "wtd_ncp": 8.57,
          "wtd_om": 382,
          "rationale": "Live EODHD FY2025 audited effective interest rate (Int Exp / Total Debt = 8.57%, Debt/Assets 14.3%, Spread vs 4.75% SIBOR: +382 bps)."
        },
        {
          "ticker": "GT-CIQ-1",
          "name": "Bilkom Bilisim Hizmetleri A.S. (#1, BB+, 1Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Turkey",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 3.13,
          "ncp_2023": 3.13,
          "ncp_2024": 3.13,
          "wtd_ncp": 3.13,
          "wtd_om": -162,
          "rationale": "GT Capital IQ Approach 1 (duplicate issuer 1 of 2; Refinitiv FX-adjusted from 5.46%)."
        },
        {
          "ticker": "GT-CIQ-2",
          "name": "Kyivstar Group Ltd. (#1, BB-, 3.5Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Ukraine / NL",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 3.38,
          "ncp_2023": 3.38,
          "ncp_2024": 3.38,
          "wtd_ncp": 3.38,
          "wtd_om": -137,
          "rationale": "GT Capital IQ Approach 1 (triplicate issuer 1 of 3; Refinitiv adjusted from 6.45%)."
        },
        {
          "ticker": "GT-CIQ-3",
          "name": "Kyivstar Group Ltd. (#2, BB-, 1Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Ukraine / NL",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 4.0,
          "ncp_2023": 4.0,
          "ncp_2024": 4.0,
          "wtd_ncp": 4.0,
          "wtd_om": -75,
          "rationale": "GT Capital IQ Approach 1 (triplicate issuer 2 of 3; Refinitiv adjusted from 7.01%)."
        },
        {
          "ticker": "GT-CIQ-4",
          "name": "Otoko\u00e7 Otomotiv Ticaret A.S. (BB+, 1Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Turkey",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 4.15,
          "ncp_2023": 4.15,
          "ncp_2024": 4.15,
          "wtd_ncp": 4.15,
          "wtd_om": -60,
          "rationale": "GT Capital IQ Approach 1 (Refinitiv adjusted from 7.30%)."
        },
        {
          "ticker": "GT-CIQ-5",
          "name": "Bilkom Bilisim Hizmetleri A.S. (#2, BB+, 6Mo)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Turkey",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 4.9,
          "ncp_2023": 4.9,
          "ncp_2024": 4.9,
          "wtd_ncp": 4.9,
          "wtd_om": 15,
          "rationale": "GT Capital IQ Approach 1 (duplicate issuer 2 of 2; Refinitiv adjusted from 7.57%)."
        },
        {
          "ticker": "GT-CIQ-6",
          "name": "Anadolu Efes Biracilik (IBSE:AEFES, BB, 1Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Turkey",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 5.33,
          "ncp_2023": 5.33,
          "ncp_2024": 5.33,
          "wtd_ncp": 5.33,
          "wtd_om": 58,
          "rationale": "GT Capital IQ Approach 1 (Refinitiv adjusted from 8.90%)."
        },
        {
          "ticker": "GT-CIQ-7",
          "name": "Kyivstar Group Ltd. (#3, BB-, 1Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Ukraine / NL",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 6.3,
          "ncp_2023": 6.3,
          "ncp_2024": 6.3,
          "wtd_ncp": 6.3,
          "wtd_om": 155,
          "rationale": "GT Capital IQ Approach 1 (triplicate issuer 3 of 3; Refinitiv adjusted from 10.01%)."
        },
        {
          "ticker": "GT-CIQ-8",
          "name": "Ar\u00e7elik Anonim Sirketi (IBSE:ARCLK, B+, 2Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Turkey",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 6.36,
          "ncp_2023": 6.36,
          "ncp_2024": 6.36,
          "wtd_ncp": 6.36,
          "wtd_om": 161,
          "rationale": "GT Capital IQ Approach 1 (Refinitiv adjusted from 10.35%)."
        },
        {
          "ticker": "GT-CIQ-9",
          "name": "Axian Telecom Holding PLC (BB-, 5Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Mauritius",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 7.25,
          "ncp_2023": 7.25,
          "ncp_2024": 7.25,
          "wtd_ncp": 7.25,
          "wtd_om": 250,
          "rationale": "GT Capital IQ Approach 1 (Refinitiv adjusted from 11.97%)."
        },
        {
          "ticker": "GT-CIQ-10",
          "name": "Arabian Centres Co. / Cenomi (SASE:4321, B+, 6Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Saudi Arabia",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 8.5,
          "ncp_2023": 8.5,
          "ncp_2024": 8.5,
          "wtd_ncp": 8.5,
          "wtd_om": 375,
          "rationale": "GT Capital IQ Approach 1 \u2014 ONLY Saudi issuer in GT's 12 records (Refinitiv adjusted from 12.59%)."
        },
        {
          "ticker": "GT-CIQ-11",
          "name": "SETUR Servis Turistik A.S. (BB+, 1Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Turkey",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 8.89,
          "ncp_2023": 8.89,
          "ncp_2024": 8.89,
          "wtd_ncp": 8.89,
          "wtd_om": 414,
          "rationale": "GT Capital IQ Approach 1 (Refinitiv adjusted from 12.90%)."
        },
        {
          "ticker": "GT-CIQ-12",
          "name": "ASCE Group OJSC (BB-, 1Yr)",
          "source": "GT Report (S&P Capital IQ)",
          "country": "Armenia",
          "set": "GT Approach 1 (Capital IQ)",
          "status": "Accepted",
          "ncp_2022": 13.96,
          "ncp_2023": 13.96,
          "ncp_2024": 13.96,
          "wtd_ncp": 13.96,
          "wtd_om": 921,
          "rationale": "GT Capital IQ Approach 1 (Refinitiv adjusted from 15.98%)."
        }
      ]
    }
  }
}