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
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 | $12.0M | SOFR + 600 | 1% | 2028-03-12 | — | $12.0M | $11.5M | $11.0M |
Income Statement Spread ($M)
| Line Item | Q3 2025 | Q4 2025 | Q1 2026 | Δ QoQ |
|---|---|---|---|---|
| Revenue | 52.3 | 48.1 | 46.5 | ↓ 3.3% |
| COGS | (41.8) | (38.9) | (37.7) | ↓ 3.1% |
| Gross Profit | 10.5 | 9.2 | 8.8 | ↓ 4.3% |
| Gross Margin % | 20.1% | 19.1% | 18.9% | ↓ 1.1% |
| SG&A | (4.7) | (4.5) | (4.4) | ↓ 2.2% |
| EBITDA | 5.8 | 4.7 | 4.4 | ↓ 6.4% |
| EBITDA Margin % | 11.1% | 9.8% | 9.5% | ↓ 3.2% |
| D&A | (1.1) | (1.1) | (1.0) | ↓ 9.1% |
| Interest Expense | (2.0) | (1.8) | (1.8) | ↓ 1.6% |
| Tax | (0.7) | (0.4) | (0.3) | ↓ 25.0% |
| Net Income | 2.0 | 1.4 | 1.3 | ↓ 5.0% |
Balance Sheet ($M)
| Item | Q3 2025 | Q4 2025 | Q1 2026 | Δ QoQ |
|---|---|---|---|---|
| Total Assets | 100.7 | 92.6 | 91.7 | → 1.0% |
| Total Debt | 78.8 | 70.7 | 70.4 | → 0.4% |
| Cash | 2.8 | 2.1 | 1.8 | ↓ 14.3% |
| Equity | 13.1 | 12.5 | 12.1 | ↓ 3.2% |
LTM Credit Metrics — unadjusted
Four consecutive quarters of EBITDA and interest; debt is the ending balance. Incomplete history is unavailable. These are analytical ratios, not covenant certificate results.
| Metric | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|
| LTM leverage (unadjusted) | — | — | — |
| LTM interest coverage (unadjusted) | — | — | — |
Submission evidence
- Q3 2026 — Review submission & source documents01-Financial-Statements-Q3-2026.xlsx · Submitted 2026-10-06 by portfolio.analyst@nsns-fund.example
Periods without a separate retained submission: Q3 2025, Q4 2025, Q1 2026. Earlier financials may be supporting history within an initial upload.
Covenant Compliance
Interest Coverage
Not testedNot verified · Not independently verified
- Actual
- Unavailable
- Reported
- Not supplied
- Governing threshold
- ≥ 2.5x
- Reconciliation
- Unable to verify
- Review
- Not reviewed · Needs review
No supplied actual for this quarter.
Minimum LTM EBITDA ($M)
Not testedNot verified · Not independently verified
- Actual
- Unavailable
- Reported
- Not supplied
- Governing threshold
- ≥ $22M
- 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
- ≤ 3.5x
- Reconciliation
- Unable to verify
- Review
- Not reviewed · Needs review
No supplied actual for this quarter.