Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.
Kilnbrace Specialty Products
Industrials — Specialty Chemicals
Portfolio: Active
Selected-quarter financials received. Status, position terms and analyst notes reflect current records.
LTM financial analysis — unadjusted
EBITDA $11.9M · Leverage 3.96x · Interest coverage 2.58x. 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Senior Term Loan | $6.0M | SOFR + 600 | 1% | 2028-09-15 | — | $6.0M | $6.0M | $6.1M | $6.1M | $6.0M |
| Equity Co-Invest | $1.5M | — | — | — | — | $1.5M | $1.4M | $0.9M | $0.0M | $0.0M |
Income Statement Spread ($M)
| Line Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Δ QoQ |
|---|---|---|---|---|---|---|
| Revenue | 21.4 | 20.8 | 20.1 | 19.6 | 18.8 | ↓ 4.0% |
| COGS | (14.2) | (14.0) | (13.8) | (13.7) | (13.2) | ↓ 4.0% |
| Gross Profit | 7.2 | 6.8 | 6.3 | 5.9 | 5.7 | ↓ 4.0% |
| Gross Margin % | 33.6% | 32.7% | 31.3% | 30.1% | 30.1% | → 0.0% |
| SG&A | (3.4) | (3.4) | (3.3) | (3.1) | (3.0) | ↓ 4.0% |
| EBITDA | 3.8 | 3.4 | 3.0 | 2.8 | 2.7 | ↓ 4.0% |
| EBITDA Margin % | 17.8% | 16.3% | 14.9% | 14.3% | 14.3% | → 0.0% |
| D&A | (0.9) | (0.9) | (0.9) | (0.9) | (0.9) | → 0.0% |
| Interest Expense | (1.3) | (1.2) | (1.1) | (1.1) | (1.1) | → 0.0% |
| Tax | (0.3) | (0.2) | (0.2) | (0.1) | (0.1) | → 0.0% |
| Net Income | 1.3 | 1.1 | 0.8 | 0.7 | 0.6 | ↓ 16.3% |
Balance Sheet ($M)
| Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Δ QoQ |
|---|---|---|---|---|---|---|
| Total Assets | 69.9 | 68.2 | 66.2 | 65.3 | 65.3 | → 0.0% |
| Total Debt | 51.7 | 49.9 | 47.8 | 47.1 | 47.1 | → 0.0% |
| Cash | 2.1 | 1.8 | 1.4 | 1.1 | 1.1 | → 0.0% |
| Equity | 11.4 | 11.2 | 11.0 | 10.8 | 10.8 | → 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.
| Metric | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| LTM leverage (unadjusted) | — | — | — | 3.62x | 3.96x |
| LTM interest coverage (unadjusted) | — | — | — | 2.71x | 2.58x |
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, Q2 2026. Earlier financials may be supporting history within an initial upload.
Covenant Compliance
Total Leverage
TightSupplied actual · Not independently verified
- Actual
- 3.96x
- Reported
- 3.96x
- Governing threshold
- ≤ 4x
- Reconciliation
- Not independently verified
- Review
- Not reviewed
Retained supplied comparison; not independently verified
Open retained workings and review historyInterest Coverage
TightSupplied actual · Not independently verified
- Actual
- 2.58x
- Reported
- 2.58x
- Governing threshold
- ≥ 2.5x
- Reconciliation
- Not independently verified
- Review
- Not reviewed
Retained supplied comparison; not independently verified
Open retained workings and review history