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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.

Grainmoor Food Distribution

Consumer — Specialty Food Distribution

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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: Watch📍 Charlotte, NC📅 2023-03-12🏢 Cobbleford Food PartnersWatch list
3 covenants not tested, credit mark 100% of par

Analyst notes

Specialty food distributor serving independent restaurants, caterers, and institutional kitchens across the Carolinas. 1,200+ accounts.
EBITDA trending below covenant threshold since Q4 2025
Revenue declining — lost 2 large institutional accounts
Gross margin compression: 20.1% → 18.3% over 4 quarters

Positions

InstrumentCommitmentRateFloorMaturityPIKFV Q3 2025
Senior Term Loan$12.0MSOFR + 6001%2028-03-12—$12.0M

Income Statement Spread ($M)

Line ItemQ3 2025Δ QoQ
Revenue52.3—
COGS(41.8)—
Gross Profit10.5—
Gross Margin %20.1%—
SG&A(4.7)—
EBITDA5.8—
EBITDA Margin %11.1%—
D&A(1.1)—
Interest Expense(2.0)—
Tax(0.7)—
Net Income2.0—

Balance Sheet ($M)

ItemQ3 2025Δ QoQ
Total Assets100.7—
Total Debt78.8—
Cash2.8—
Equity13.1—

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
≥ 2.5x
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
≥ $22M
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
≤ 3.5x
Reconciliation
Unable to verify
Review
Not reviewed · Needs review

No supplied actual for this quarter.

Fair Value History

Q3 2025
$12.0M
100% of par