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
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: Q2 2025.
Analyst notes
Positions
| Instrument | Commitment | Rate | Floor | Maturity | PIK | FV Q3 2025 | FV Q4 2025 | FV Q1 2026 |
|---|---|---|---|---|---|---|---|---|
| Senior Term Loan | $14.0M | SOFR + 650 | 1.25% | 2027-09-20 | 1.5% | $13.8M | $12.5M | $10.8M |
| Revolver | $3.0M | SOFR + 650 | 1.25% | 2027-09-20 | — | — | — | — |
Income Statement Spread ($M)
| Line Item | Q3 2025 | Q4 2025 | Q1 2026 | Δ QoQ |
|---|---|---|---|---|
| Revenue | 38.5 | 35.2 | 33.8 | ↓ 4.0% |
| COGS | (28.9) | (27.4) | (26.7) | ↓ 2.6% |
| Gross Profit | 9.6 | 7.8 | 7.1 | ↓ 9.0% |
| Gross Margin % | 24.9% | 22.2% | 21.0% | ↓ 5.2% |
| SG&A | (2.1) | (2.2) | (2.3) | ↑ 3.6% |
| EBITDA | 7.5 | 5.6 | 4.8 | ↓ 14.0% |
| EBITDA Margin % | 19.6% | 15.9% | 14.2% | ↓ 10.4% |
| D&A | (2.2) | (2.1) | (2.1) | → 0.0% |
| Interest Expense | (3.9) | (3.3) | (3.2) | ↓ 4.9% |
| Tax | (0.2) | (0.5) | (0.4) | ↑ 20.0% |
| Net Income | 1.7 | 0.7 | -0.1 | ↓ 108.2% |
Balance Sheet ($M)
| Item | Q3 2025 | Q4 2025 | Q1 2026 | Δ QoQ |
|---|---|---|---|---|
| Total Assets | 114.5 | 114.3 | 115.2 | → 0.8% |
| Total Debt | 86.4 | 90.0 | 93.8 | ↑ 4.1% |
| Cash | 1.8 | 1.2 | 0.8 | ↓ 33.3% |
| Equity | 16.2 | 13.8 | 11.9 | ↓ 13.8% |
LTM Credit Metrics — unadjusted
Four consecutive quarters of EBITDA and interest; debt is the ending balance. Incomplete history is unavailable. These are analytical ratios, not covenant certificate results.
| Metric | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|
| LTM leverage (unadjusted) | — | — | — |
| LTM interest coverage (unadjusted) | — | — | — |
Submission evidence
- Q3 2026 — Review submission & source documents01-Financial-Statements-Q3-2026.xlsx · Submitted 2026-10-08 by portfolio.analyst@nsns-fund.example
Periods without a separate retained submission: Q3 2025, Q4 2025, Q1 2026. Earlier financials may be supporting history within an initial upload.
Covenant Compliance
Interest Coverage
Not testedNot verified · Not independently verified
- Actual
- Unavailable
- Reported
- Not supplied
- Governing threshold
- ≥ 1.84x
- Reconciliation
- Unable to verify
- Review
- Not reviewed · Needs review
No supplied actual for this quarter.
Minimum LTM EBITDA ($M)
Not testedNot verified · Not independently verified
- Actual
- Unavailable
- Reported
- Not supplied
- Governing threshold
- ≥ $26M
- 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
- ≤ 4.5x
- Reconciliation
- Unable to verify
- Review
- Not reviewed · Needs review
No supplied actual for this quarter.