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Summit Software Holdings
Technology — Vertical SaaS — Construction
Portfolio: Active
Selected-quarter financials received. Status, position terms and analyst notes reflect current records.
LTM financial analysis — unadjusted
EBITDA $23.4M · Leverage 3.43x · Interest coverage 2.46x. Sources: Q4 2025, Q1 2026, Q2 2026, Q3 2026. These analytics are separate from supplied covenant actuals.
Analyst notes
Positions
| Instrument | Commitment | Rate | Floor | Maturity | PIK | FV Q3 2025 | FV Q4 2025 | FV Q1 2026 | FV Q2 2026 | FV Q3 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Unitranche | $16.0M | SOFR + 550 | 0.75% | 2029-08-05 | — | $16.0M | $16.5M | $17.0M | $17.5M | $17.8M |
| Equity Co-Invest | $3.0M | — | — | — | — | — | — | — | $4.6M | $4.9M |
Income Statement Spread ($M)
| Line Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Δ QoQ |
|---|---|---|---|---|---|---|
| Revenue | 12.8 | 14.1 | 15.2 | 16.8 | 18.1 | ↑ 8.0% |
| COGS | (3.8) | (4.2) | (4.4) | (4.9) | (5.3) | ↑ 8.0% |
| Gross Profit | 9.0 | 9.9 | 10.8 | 11.9 | 12.9 | ↑ 8.0% |
| Gross Margin % | 70.3% | 70.2% | 71.1% | 70.8% | 70.8% | → 0.0% |
| SG&A | (4.8) | (5.1) | (5.3) | (5.6) | (6.0) | ↑ 8.0% |
| EBITDA | 4.2 | 4.8 | 5.5 | 6.3 | 6.8 | ↑ 8.0% |
| EBITDA Margin % | 32.8% | 34.0% | 36.2% | 37.5% | 37.5% | → 0.0% |
| D&A | (1.2) | (1.3) | (1.3) | (1.4) | (1.4) | → 0.0% |
| Interest Expense | (2.2) | (2.3) | (2.4) | (2.4) | (2.4) | → 0.0% |
| Tax | (0.1) | (0.2) | (0.3) | (0.4) | (0.4) | → 0.0% |
| Net Income | 0.7 | 1.0 | 1.5 | 2.1 | 2.6 | ↑ 24.4% |
Balance Sheet ($M)
| Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Δ QoQ |
|---|---|---|---|---|---|---|
| Total Assets | 94.8 | 98.8 | 103.7 | 107.1 | 107.1 | → 0.0% |
| Total Debt | 73.8 | 76.0 | 79.6 | 80.3 | 80.3 | → 0.0% |
| Cash | 5.2 | 6.1 | 7.4 | 9.0 | 9.0 | → 0.0% |
| Equity | 14.2 | 16.5 | 19.1 | 22.3 | 22.3 | → 0.0% |
LTM Credit Metrics — unadjusted
Four consecutive quarters of EBITDA and interest; debt is the ending balance. Incomplete history is unavailable. These are analytical ratios, not covenant certificate results.
| Metric | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| LTM leverage (unadjusted) | — | — | — | 3.86x | 3.43x |
| LTM interest coverage (unadjusted) | — | — | — | 2.24x | 2.46x |
Submission evidence
- Q3 2026 — Review submission & source documents01-Financial-Statements-Q3-2026.xlsx · Submitted 2026-10-02 by portfolio.analyst@nsns-fund.example
Periods without a separate retained submission: Q3 2025, Q4 2025, Q1 2026, Q2 2026. Earlier financials may be supporting history within an initial upload.
Covenant Compliance
Total Leverage
PassSupplied actual · Not independently verified
- Actual
- 3.43x
- Reported
- 3.43x
- Governing threshold
- ≤ 5.5x
- Reconciliation
- Not independently verified
- Review
- Not reviewed
Retained supplied comparison; not independently verified
Open retained workings and review historyInterest Coverage
PassSupplied actual · Not independently verified
- Actual
- 2.46x
- Reported
- 2.46x
- Governing threshold
- ≥ 1.76x
- Reconciliation
- Not independently verified
- Review
- Not reviewed
Retained supplied comparison; not independently verified
Open retained workings and review historyMinimum LTM Revenue ($M)
PassSupplied actual · Not independently verified
- Actual
- $64.244M
- Reported
- $64.244M
- Governing threshold
- ≥ $48M
- Reconciliation
- Not independently verified
- Review
- Not reviewed
Retained supplied comparison; not independently verified
Open retained workings and review history