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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

EBITDA $20.8M · Leverage 4.68x · Interest coverage 1.66x. Sources: Q3 2025, Q4 2025, Q1 2026, Q2 2026. These analytics are separate from supplied covenant actuals.

Analyst status: Impaired📍 Jacksonville, FL📅 2022-09-20🏢 Direct / No SponsorWatch list
3 covenants breached, credit mark 60% of par, PIK active, revolver 80% drawn

Active breaches

Covenant breach — credit review required

COVENANT BREACH: Interest Coverage 1.66x vs ≥ 1.84x
COVENANT BREACH: Minimum LTM EBITDA ($M) $20.8M vs ≥ $26M
COVENANT BREACH: Total Leverage 4.68x vs ≤ 4.5x
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 2025FV Q4 2025FV Q1 2026FV Q2 2026
Senior Term Loan$14.0MSOFR + 6501.25%2027-09-201.5%$13.8M$12.5M$10.8M$8.4M
Revolver$3.0MSOFR + 6501.25%2027-09-20—————

Income Statement Spread ($M)

Line ItemQ3 2025Q4 2025Q1 2026Q2 2026Δ QoQ
Revenue38.535.233.831.4↓ 7.1%
COGS(28.9)(27.4)(26.7)(25.8)↓ 3.4%
Gross Profit9.67.87.15.6↓ 21.1%
Gross Margin %24.9%22.2%21.0%17.8%↓ 15.1%
SG&A(2.1)(2.2)(2.3)(2.7)↑ 19.7%
EBITDA7.55.64.82.9↓ 40.5%
EBITDA Margin %19.6%15.9%14.2%9.1%↓ 36.0%
D&A(2.2)(2.1)(2.1)(2.0)↓ 4.8%
Interest Expense(3.9)(3.3)(3.2)(2.2)↓ 31.1%
Tax(0.2)(0.5)(0.4)(0.8)↓ 100.0%
Net Income1.70.7-0.1-0.5↓ 853.9%

Balance Sheet ($M)

ItemQ3 2025Q4 2025Q1 2026Q2 2026Δ QoQ
Total Assets114.5114.3115.2115.1→ 0.1%
Total Debt86.490.093.897.3↑ 3.8%
Cash1.81.20.80.5↓ 37.5%
Equity16.213.811.99.4↓ 21.0%

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 2025Q4 2025Q1 2026Q2 2026
LTM leverage (unadjusted)———4.68x
LTM interest coverage (unadjusted)———1.66x

Submission evidence

Periods without a separate retained submission: Q3 2025, Q4 2025, Q1 2026, Q2 2026. Earlier financials may be supporting history within an initial upload.

Covenant Compliance

Interest Coverage

Breach

Supplied actual · Not independently verified

Actual
1.66x
Reported
Not supplied
Governing threshold
≥ 1.84x
Reconciliation
Not independently verified
Review
Not reviewed

Minimum LTM EBITDA ($M)

Breach

Supplied actual · Not independently verified

Actual
$20.8M
Reported
Not supplied
Governing threshold
≥ $26M
Reconciliation
Not independently verified
Review
Not reviewed

Total Leverage

Breach

Supplied actual · Not independently verified

Actual
4.68x
Reported
Not supplied
Governing threshold
≤ 4.5x
Reconciliation
Not independently verified
Review
Not reviewed

Fair Value History

Q3 2025
$13.8M
1/2 positions marked
Q4 2025
$12.5M
1/2 positions marked
Q1 2026
$10.8M
1/2 positions marked
Q2 2026
$8.4M
1/2 positions marked