Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.
Meridian Industrial Services
Industrials — Environmental Services
Portfolio: Active
Selected-quarter financials received. Status, position terms and analyst notes reflect current records.
LTM financial analysis — unadjusted
Unavailable — four consecutive financial quarters are required. Missing: Q1 2025, Q2 2025.
Analyst notes
Positions
| Instrument | Commitment | Rate | Floor | Maturity | PIK | FV Q3 2025 | FV Q4 2025 |
|---|---|---|---|---|---|---|---|
| Senior Term Loan | $18.0M | SOFR + 575 | 1% | 2028-06-15 | — | $17.8M | $18.0M |
| Equity Co-Invest | $2.5M | — | — | — | — | — | — |
Income Statement Spread ($M)
| Line Item | Q3 2025 | Q4 2025 | Δ QoQ |
|---|---|---|---|
| Revenue | 42.1 | 44.8 | ↑ 6.4% |
| COGS | (27.4) | (28.9) | ↑ 5.5% |
| Gross Profit | 14.7 | 15.9 | ↑ 8.2% |
| Gross Margin % | 34.9% | 35.5% | ↑ 1.6% |
| SG&A | (6.8) | (7.6) | ↑ 11.8% |
| EBITDA | 7.9 | 8.3 | ↑ 5.1% |
| EBITDA Margin % | 18.8% | 18.5% | ↓ 1.3% |
| D&A | (2.4) | (2.5) | ↑ 4.2% |
| Interest Expense | (2.7) | (2.7) | → 0.2% |
| Tax | (0.6) | (0.9) | ↑ 50.0% |
| Net Income | 2.2 | 2.2 | → 0.3% |
Balance Sheet ($M)
| Item | Q3 2025 | Q4 2025 | Δ QoQ |
|---|---|---|---|
| Total Assets | 142.7 | 144.0 | → 0.9% |
| Total Debt | 103.0 | 102.2 | → 0.8% |
| Cash | 4.2 | 5.1 | ↑ 21.4% |
| Equity | 28.5 | 30.1 | ↑ 5.6% |
LTM Credit Metrics — unadjusted
Four consecutive quarters of EBITDA and interest; debt is the ending balance. Incomplete history is unavailable. These are analytical ratios, not covenant certificate results.
| Metric | Q3 2025 | Q4 2025 |
|---|---|---|
| LTM leverage (unadjusted) | — | — |
| LTM interest coverage (unadjusted) | — | — |
Submission evidence
- Q3 2026 — Review submission & source documents01-Financial-Statements-Q3-2026.xlsx · Submitted 2026-10-02 by portfolio.analyst@nsns-fund.example
Periods without a separate retained submission: Q3 2025, Q4 2025. Earlier financials may be supporting history within an initial upload.
Covenant Compliance
Interest Coverage
Not testedNot verified · Not independently verified
- Actual
- Unavailable
- Reported
- Not supplied
- Governing threshold
- ≥ 2.4x
- Reconciliation
- Unable to verify
- Review
- Not reviewed · Needs review
No supplied actual for this quarter.
Minimum LTM EBITDA ($M)
Not testedNot verified · Not independently verified
- Actual
- Unavailable
- Reported
- Not supplied
- Governing threshold
- ≥ $28M
- Reconciliation
- Unable to verify
- Review
- Not reviewed · Needs review
No supplied actual for this quarter.
Total Leverage
Not testedNot verified · Not independently verified
- Actual
- Unavailable
- Reported
- Not supplied
- Governing threshold
- ≤ 4x
- Reconciliation
- Unable to verify
- Review
- Not reviewed · Needs review
No supplied actual for this quarter.