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As of 10 Oct 2026 · demonstration dates

Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.

Havenmark Logistics Group

Transportation — Last-Mile Delivery

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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: Q4 2024, Q1 2025, Q2 2025.

Analyst status: Impaired📍 Jacksonville, FL📅 2022-09-20🏢 Direct / No SponsorWatch list
3 covenants not tested, credit mark 99% of par, PIK active, revolver 80% drawn

Analyst notes

Regional last-mile delivery and warehousing services provider serving e-commerce fulfillment centers along the Eastern Seaboard.
PIK activated Q3 2025 — cash interest coverage deteriorating
Revenue declining 18.5% YoY — major customer contract loss
Fair value markdown: 60% of par
Revolver 80% drawn ($2.4M of $3.0M)

Positions

InstrumentCommitmentRateFloorMaturityPIKFV Q3 2025
Senior Term Loan$14.0MSOFR + 6501.25%2027-09-201.5%$13.8M
Revolver$3.0MSOFR + 6501.25%2027-09-20——

Income Statement Spread ($M)

Line ItemQ3 2025Δ QoQ
Revenue38.5—
COGS(28.9)—
Gross Profit9.6—
Gross Margin %24.9%—
SG&A(2.1)—
EBITDA7.5—
EBITDA Margin %19.6%—
D&A(2.2)—
Interest Expense(3.9)—
Tax(0.2)—
Net Income1.7—

Balance Sheet ($M)

ItemQ3 2025Δ QoQ
Total Assets114.5—
Total Debt86.4—
Cash1.8—
Equity16.2—

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.

MetricQ3 2025
LTM leverage (unadjusted)—
LTM interest coverage (unadjusted)—

Submission evidence

Periods without a separate retained submission: Q3 2025. Earlier financials may be supporting history within an initial upload.

Covenant Compliance

Interest Coverage

Not tested

Not verified · Not independently verified

Actual
Unavailable
Reported
Not supplied
Governing threshold
≥ 1.84x
Reconciliation
Unable to verify
Review
Not reviewed · Needs review

No supplied actual for this quarter.

Minimum LTM EBITDA ($M)

Not tested

Not verified · Not independently verified

Actual
Unavailable
Reported
Not supplied
Governing threshold
≥ $26M
Reconciliation
Unable to verify
Review
Not reviewed · Needs review

No supplied actual for this quarter.

Total Leverage

Not tested

Not verified · Not independently verified

Actual
Unavailable
Reported
Not supplied
Governing threshold
≤ 4.5x
Reconciliation
Unable to verify
Review
Not reviewed · Needs review

No supplied actual for this quarter.

Fair Value History

Q3 2025
$13.8M
1/2 positions marked