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
EBITDA $15.9M · Leverage 6.11x · Interest coverage 1.47x. Sources: Q4 2025, Q1 2026, Q2 2026, Q3 2026. These analytics are separate from supplied covenant actuals.
Active breaches
Covenant breach — credit review required
Positions
| Instrument | Commitment | Rate | Floor | Maturity | PIK | FV Q3 2025 | FV Q4 2025 | FV Q1 2026 | FV Q2 2026 | FV Q3 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Senior Term Loan | $14.0M | SOFR + 650 | 1.25% | 2027-09-20 | 1.5% | $13.8M | $12.5M | $10.8M | $8.4M | $7.5M |
| Revolver | $3.0M | SOFR + 650 | 1.25% | 2027-09-20 | — | — | — | — | — | $2.2M |
Income Statement Spread ($M)
| Line Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Δ QoQ |
|---|---|---|---|---|---|---|
| Revenue | 38.5 | 35.2 | 33.8 | 31.4 | 29.2 | ↓ 7.0% |
| COGS | (28.9) | (27.4) | (26.7) | (25.8) | (24.0) | ↓ 7.0% |
| Gross Profit | 9.6 | 7.8 | 7.1 | 5.6 | 5.2 | ↓ 7.0% |
| Gross Margin % | 24.9% | 22.2% | 21.0% | 17.8% | 17.8% | → 0.0% |
| SG&A | (2.1) | (2.2) | (2.3) | (2.7) | (2.5) | ↓ 7.0% |
| EBITDA | 7.5 | 5.6 | 4.8 | 2.9 | 2.7 | ↓ 7.0% |
| EBITDA Margin % | 19.6% | 15.9% | 14.2% | 9.1% | 9.1% | → 0.0% |
| D&A | (2.2) | (2.1) | (2.1) | (2.0) | (2.0) | → 0.0% |
| Interest Expense | (3.9) | (3.3) | (3.2) | (2.2) | (2.2) | → 0.0% |
| Tax | (0.2) | (0.5) | (0.4) | (0.8) | (0.8) | → 0.0% |
| Net Income | 1.7 | 0.7 | -0.1 | -0.5 | -0.7 | ↓ 38.5% |
Balance Sheet ($M)
| Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Δ QoQ |
|---|---|---|---|---|---|---|
| Total Assets | 114.5 | 114.3 | 115.2 | 115.1 | 115.1 | → 0.0% |
| Total Debt | 86.4 | 90.0 | 93.8 | 97.3 | 97.3 | → 0.0% |
| Cash | 1.8 | 1.2 | 0.8 | 0.5 | 0.5 | → 0.0% |
| Equity | 16.2 | 13.8 | 11.9 | 9.4 | 9.4 | → 0.0% |
LTM Credit Metrics — unadjusted
Four consecutive quarters of EBITDA and interest; debt is the ending balance. Incomplete history is unavailable. These are analytical ratios, not covenant certificate results.
| Metric | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| LTM leverage (unadjusted) | — | — | — | 4.68x | 6.11x |
| LTM interest coverage (unadjusted) | — | — | — | 1.66x | 1.47x |
Submission evidence
- Q3 2026 — Review submission & source documents01-Financial-Statements-Q3-2026.xlsx · Submitted 2026-10-08 by portfolio.analyst@nsns-fund.example
Periods without a separate retained submission: Q3 2025, Q4 2025, Q1 2026, Q2 2026. Earlier financials may be supporting history within an initial upload.
Covenant Compliance
Total Leverage
BreachSupplied actual · Not independently verified
- Actual
- 6.11x
- Reported
- 6.11x
- Governing threshold
- ≤ 4.5x
- Reconciliation
- Not independently verified
- Review
- Not reviewed
Retained supplied comparison; not independently verified
Open retained workings and review historyInterest Coverage
BreachSupplied actual · Not independently verified
- Actual
- 1.47x
- Reported
- 1.47x
- Governing threshold
- ≥ 1.84x
- Reconciliation
- Not independently verified
- Review
- Not reviewed
Retained supplied comparison; not independently verified
Open retained workings and review historyMinimum LTM EBITDA ($M)
BreachSupplied actual · Not independently verified
- Actual
- $15.9198M
- Reported
- $15.9198M
- Governing threshold
- ≥ $26M
- Reconciliation
- Not independently verified
- Review
- Not reviewed
Retained supplied comparison; not independently verified
Open retained workings and review history