Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.
Borrower credit record includes all its securities. The fund valuation view reports only declared fund holdings.
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 $13.0M · Leverage 3.62x · Interest coverage 2.71x. Sources: Q3 2025, Q4 2025, Q1 2026, Q2 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 |
|---|---|---|---|---|---|---|---|---|---|
| Senior Term Loan | $6.0M | SOFR + 600 | 1% | 2028-09-15 | — | $6.0M | $6.0M | $6.1M | $6.1M |
| Equity Co-Invest | $1.5M | — | — | — | — | $1.5M | $1.4M | $0.9M | $0.0M |
Income Statement Spread ($M)
| Line Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Δ QoQ |
|---|---|---|---|---|---|
| Revenue | 21.4 | 20.8 | 20.1 | 19.6 | ↓ 2.5% |
| COGS | (14.2) | (14.0) | (13.8) | (13.7) | → 0.7% |
| Gross Profit | 7.2 | 6.8 | 6.3 | 5.9 | ↓ 6.3% |
| Gross Margin % | 33.6% | 32.7% | 31.3% | 30.1% | ↓ 4.0% |
| SG&A | (3.4) | (3.4) | (3.3) | (3.1) | ↓ 6.1% |
| EBITDA | 3.8 | 3.4 | 3.0 | 2.8 | ↓ 6.7% |
| EBITDA Margin % | 17.8% | 16.3% | 14.9% | 14.3% | ↓ 4.3% |
| D&A | (0.9) | (0.9) | (0.9) | (0.9) | → 0.0% |
| Interest Expense | (1.3) | (1.2) | (1.1) | (1.1) | ↓ 3.0% |
| Tax | (0.3) | (0.2) | (0.2) | (0.1) | ↓ 50.0% |
| Net Income | 1.3 | 1.1 | 0.8 | 0.7 | ↓ 8.8% |
Balance Sheet ($M)
| Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Δ QoQ |
|---|---|---|---|---|---|
| Total Assets | 69.9 | 68.2 | 66.2 | 65.3 | ↓ 1.3% |
| Total Debt | 51.7 | 49.9 | 47.8 | 47.1 | ↓ 1.4% |
| Cash | 2.1 | 1.8 | 1.4 | 1.1 | ↓ 21.4% |
| Equity | 11.4 | 11.2 | 11.0 | 10.8 | ↓ 1.8% |
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 |
|---|---|---|---|---|
| LTM leverage (unadjusted) | — | — | — | 3.62x |
| LTM interest coverage (unadjusted) | — | — | — | 2.71x |
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
Interest Coverage
TightSupplied actual · Not independently verified
- Actual
- 2.71x
- Reported
- Not supplied
- Governing threshold
- ≥ 2.5x
- Reconciliation
- Not independently verified
- Review
- Not reviewed
Total Leverage
TightSupplied actual · Not independently verified
- Actual
- 3.62x
- Reported
- Not supplied
- Governing threshold
- ≤ 4x
- Reconciliation
- Not independently verified
- Review
- Not reviewed