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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

EBITDA $16.6M · Leverage 4.00x · Interest coverage 2.41x. Sources: Q4 2025, Q1 2026, Q2 2026, Q3 2026. These analytics are separate from supplied covenant actuals.

Analyst status: Watch📍 Charlotte, NC📅 2023-03-12🏢 Cobbleford Food PartnersWatch list
3 covenants breached, credit mark 82% of par, EBITDA down 3 consecutive quarters

Active breaches

Covenant breach — credit review required

COVENANT BREACH: Total Leverage 4.00x vs ≤ 3.5x
COVENANT BREACH: Interest Coverage 2.41x vs ≥ 2.5x
COVENANT BREACH: Minimum LTM EBITDA ($M) $16.586M vs ≥ $22M
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 2025FV Q4 2025FV Q1 2026FV Q2 2026FV Q3 2026
Senior Term Loan$12.0MSOFR + 6001%2028-03-12—$12.0M$11.5M$11.0M$10.2M$9.8M

Income Statement Spread ($M)

Line ItemQ3 2025Q4 2025Q1 2026Q2 2026Q3 2026Δ QoQ
Revenue52.348.146.544.242.9↓ 3.0%
COGS(41.8)(38.9)(37.7)(36.1)(35.0)↓ 3.0%
Gross Profit10.59.28.88.17.9↓ 3.0%
Gross Margin %20.1%19.1%18.9%18.3%18.3%→ 0.0%
SG&A(4.7)(4.5)(4.4)(4.3)(4.2)↓ 3.0%
EBITDA5.84.74.43.83.7↓ 3.0%
EBITDA Margin %11.1%9.8%9.5%8.6%8.6%→ 0.0%
D&A(1.1)(1.1)(1.0)(1.0)(1.0)→ 0.0%
Interest Expense(2.0)(1.8)(1.8)(1.6)(1.6)→ 0.0%
Tax(0.7)(0.4)(0.3)(0.2)(0.2)→ 0.0%
Net Income2.01.41.31.00.8↓ 12.0%

Balance Sheet ($M)

ItemQ3 2025Q4 2025Q1 2026Q2 2026Q3 2026Δ QoQ
Total Assets100.792.691.786.886.8→ 0.0%
Total Debt78.870.770.466.366.3→ 0.0%
Cash2.82.11.81.41.4→ 0.0%
Equity13.112.512.110.810.8→ 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.

MetricQ3 2025Q4 2025Q1 2026Q2 2026Q3 2026
LTM leverage (unadjusted)———3.55x4.00x
LTM interest coverage (unadjusted)———2.59x2.41x

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

Total Leverage

Breach

Supplied actual · Not independently verified

Actual
4.00x
Reported
4x
Governing threshold
≤ 3.5x
Reconciliation
Not independently verified
Review
Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Interest Coverage

Breach

Supplied actual · Not independently verified

Actual
2.41x
Reported
2.41x
Governing threshold
≥ 2.5x
Reconciliation
Not independently verified
Review
Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Minimum LTM EBITDA ($M)

Breach

Supplied actual · Not independently verified

Actual
$16.586M
Reported
$16.586M
Governing threshold
≥ $22M
Reconciliation
Not independently verified
Review
Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Fair Value History

Q3 2025
$12.0M
100% of par
Q4 2025
$11.5M
96% of par
Q1 2026
$11.0M
92% of par
Q2 2026
$10.2M
85% of par
Q3 2026
$9.8M
82% of par