The operating space for EBT reactors is calculated using a newly developed systems code that incorporates recent advances in EBT physics. The calculation includes a self-consistent treatment of coupled ring-core stability and power balance requirements. The essential elements of the systems code are reviewed including magnetics, stability, ring power, power balance, confinement time, and cost calculations. Finally, a typical reactor systems analysis is summarized for a family of EBT reactors that fall within the allowed operating space.