Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.
Brakeholt Engineered Products Co. — Q3 2026
Retained submission evidence
Original retained submission. View current published evidence
Fixed charge coverage
Not testedUnavailable
Threshold ≥ 1.50x · Not independently verified
Interest coverage
Tight2.3x
Threshold ≥ 2.25x · Calculation verified
Minimum LTM EBITDA
Breach$9.2M
Threshold ≥ $9.50M · Calculation verified
Senior leverage
Pass3x
Threshold ≤ 3.50x · Calculation verified
Total leverage
Breach4.5x
Threshold ≤ 4.00x · Calculation verified
Reports & source files
Download the calculation report or the documents behind it.
Original documents
- Download reviewed-financials.csv
reviewed-financials.csv
Financial input
- Download reviewed-covenant-inputs.csv
reviewed-covenant-inputs.csv
Supporting input
- Download 01-Financial-Statements.pdf
01-Financial-Statements.pdf
Supporting input
- Download 02-Component-Schedule.xlsx
02-Component-Schedule.xlsx
Excel workbook
- Download 03-First-Amendment.pdf
03-First-Amendment.pdf
Supporting input
- Download 04-Compliance-Certificate.pdf
04-Compliance-Certificate.pdf
Supporting input
- Download 05-Fund-Holdings-and-Approved-Marks.xlsx
05-Fund-Holdings-and-Approved-Marks.xlsx
Excel workbook
- Download 03-Credit-Agreement.pdf
03-Credit-Agreement.pdf
Supporting input
- Download reviewed-covenant-inputs.csv
reviewed-covenant-inputs.csv
Supporting input · Prior submission
Mappings, normalized inputs & technical evidence
- reviewed-financials.csv · financial
159 bytes · SHA-256 948c3bf60c369684eed275f7c3ce439a63f553db50b60718aa702059a8997055
- reviewed-covenant-inputs.csv · supporting
41077 bytes · SHA-256 cbb070905ac6d37b24a9eaa586f48aefeab11cc337ac9a06aab04ef9650f15c0
- 01-Financial-Statements.pdf · pdf
4695 bytes · SHA-256 18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3
- 02-Component-Schedule.xlsx · workbook
6812 bytes · SHA-256 73d43eb5f2c8a11a1812d1d52696b520ce5bc080881a3ab0c68cc6b90210580b
- 03-First-Amendment.pdf · pdf
5107 bytes · SHA-256 76ca699e0f97dd9f39419f422a17558fd4f7c24867a02ff04847207fc3100a46
- 04-Compliance-Certificate.pdf · pdf
2812 bytes · SHA-256 23a2ac44e3bb77eea60201b052c6730c6c30b8c796e6d7da19cc0bcd35094910
- 05-Fund-Holdings-and-Approved-Marks.xlsx · workbook
6532 bytes · SHA-256 5173df1f0aa7317351258a4dc4ff221dd2a4ebaf0b8e3897dee79e27be3f5567
- 03-Credit-Agreement.pdf · pdf
4966 bytes · SHA-256 44cd4a5428d7e8c0a84fd07bfa04b01e9a59cb0160ca8718c3d6097fce0e6899
- document-review.json · mapping
181825 bytes · SHA-256 c9f6b3abbbfb605aebe88a55886b21b71f753e985afa736fb63f6ff981b159e9
- reviewed-covenant-inputs.csv · supporting
36546 bytes · SHA-256 4bafa90676e505893df25c2601173f58a1a6e6089044657022186af0775a49ea
Submission details
- Source label
- 01-Financial-Statements.pdf
- Declared certificate period
- Q3 2026
- Submitted by
- portfolio.analyst@nsns-fund.example
- Submitted at (UTC)
These inputs, terms and results were captured when submitted. Later financial edits and threshold amendments do not change this record.
Captured covenant results and review history
Fixed charge coverage
Not testedContractual calculation — retained evidence · Not independently verified
- Calculated value (before agreement rounding)
- Unavailable
- Reported
- 1.60x
- Governing threshold
- ≥ 1.50x
- Reconciliation
- Unable to verify
- Review
- Acknowledged
- Difference (calculated − reported)
- Unavailable
2026-Q3 requires explicit support for scheduled_principal category scheduled_principal, including zero or a reviewed exclusion.
Formula: LTM contractual EBITDA less unfinanced capex, cash taxes and distributions / cash interest plus scheduled principal
Window: 2025-Q4, 2026-Q1, 2026-Q2, 2026-Q3 · Effective: 2026-Q2
Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1
Tested value: Unavailable · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $9.2M
Exact amount
46 / 5- Adjustments above cap
- $0.8M
Exact amount
4 / 5- Cash taxes
- $0.5M
Exact amount
1 / 2- FCCR numerator
- $7.2M
Exact amount
36 / 5- FCCR denominator
- $4.75M
Exact amount
19 / 4- Cash interest
- $4M
Exact amount
4 / 1- Distributions
- $0.5M
Exact amount
1 / 2- Allowed capped additions
- $1.2M
Exact amount
6 / 5- Unfinanced capital expenditures
- $1M
Exact amount
1 / 1- Unadjusted EBITDA bridge
- $8M
Exact amount
8 / 1- Scheduled principal
- $0.75M
Exact amount
3 / 4- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.2M
Exact amount
6 / 5
Source line items and adjustments · 59 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q4 2025 · 15 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
| unfinanced capex fixed-charge-unfinanced_capex-unfinanced_capex | $0.25M | included FCCR unfinanced_capex | Source & review02-Component-Schedule.xlsx: Component schedule!B8; Unfinanced capital expenditure: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash taxes fixed-charge-cash_taxes-cash_taxes | $0.125M | included FCCR cash_taxes | Source & review02-Component-Schedule.xlsx: Component schedule!B9; Cash taxes paid: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| distributions fixed-charge-distributions-distributions | $0.125M | included FCCR distributions | Source & review02-Component-Schedule.xlsx: Component schedule!B10; Cash distributions: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash interest fixed-charge-cash_interest-cash_interest | $1M | included FCCR cash_interest | Source & review02-Component-Schedule.xlsx: Component schedule!B7; Cash interest paid: 1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| scheduled principal fixed-charge-scheduled_principal-scheduled_principal | $0.25M | included FCCR scheduled_principal | Source & review02-Component-Schedule.xlsx: Component schedule!B11; Scheduled principal payments: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
Q1 2026 · 15 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
| unfinanced capex fixed-charge-unfinanced_capex-unfinanced_capex | $0.25M | included FCCR unfinanced_capex | Source & review02-Component-Schedule.xlsx: Component schedule!C8; Unfinanced capital expenditure: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash taxes fixed-charge-cash_taxes-cash_taxes | $0.125M | included FCCR cash_taxes | Source & review02-Component-Schedule.xlsx: Component schedule!C9; Cash taxes paid: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| distributions fixed-charge-distributions-distributions | $0.125M | included FCCR distributions | Source & review02-Component-Schedule.xlsx: Component schedule!C10; Cash distributions: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash interest fixed-charge-cash_interest-cash_interest | $1M | included FCCR cash_interest | Source & review02-Component-Schedule.xlsx: Component schedule!C7; Cash interest paid: 1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| scheduled principal fixed-charge-scheduled_principal-scheduled_principal | $0.25M | included FCCR scheduled_principal | Source & review02-Component-Schedule.xlsx: Component schedule!C11; Scheduled principal payments: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
Q2 2026 · 15 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 6.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
| unfinanced capex fixed-charge-unfinanced_capex-unfinanced_capex | $0.25M | included FCCR unfinanced_capex | Source & review02-Component-Schedule.xlsx: Component schedule!D8; Unfinanced capital expenditure: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash taxes fixed-charge-cash_taxes-cash_taxes | $0.125M | included FCCR cash_taxes | Source & review02-Component-Schedule.xlsx: Component schedule!D9; Cash taxes paid: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| distributions fixed-charge-distributions-distributions | $0.125M | included FCCR distributions | Source & review02-Component-Schedule.xlsx: Component schedule!D10; Cash distributions: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash interest fixed-charge-cash_interest-cash_interest | $1M | included FCCR cash_interest | Source & review02-Component-Schedule.xlsx: Component schedule!D7; Cash interest paid: 1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| scheduled principal fixed-charge-scheduled_principal-scheduled_principal | $0.25M | included FCCR scheduled_principal | Source & review02-Component-Schedule.xlsx: Component schedule!D11; Scheduled principal payments: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
Q3 2026 · 14 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $1.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 1.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $0.6M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $0.6M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $5.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
| unfinanced capex fixed-charge-unfinanced_capex-unfinanced_capex | $0.25M | included FCCR unfinanced_capex | Source & review02-Component-Schedule.xlsx: Component schedule!E8; Unfinanced capital expenditure: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash taxes fixed-charge-cash_taxes-cash_taxes | $0.125M | included FCCR cash_taxes | Source & review02-Component-Schedule.xlsx: Component schedule!E9; Cash taxes paid: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| distributions fixed-charge-distributions-distributions | $0.125M | included FCCR distributions | Source & review02-Component-Schedule.xlsx: Component schedule!E10; Cash distributions: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash interest fixed-charge-cash_interest-cash_interest | $1M | included FCCR cash_interest | Source & review02-Component-Schedule.xlsx: Component schedule!E7; Cash interest paid: 1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Fixed charge coverage
#1 · acknowledged · portfolio.analyst@nsns-fund.example
2026-10-07T14:32:00.555Z
Reviewed first amendment: Q3 leverage limit is 4.00x. Source figures compute 4.50x versus certificate 4.20x; preserve discrepancy. Q3 scheduled principal is absent, so FCCR remains Not tested; no zero or invented amount supplied.
Interest coverage
TightContractual calculation — retained evidence · Calculation verified
- Calculated value (before agreement rounding)
- 2.3x
- Reported
- 2.30x
- Governing threshold
- ≥ 2.25x
- Reconciliation
- Matched
- Review
- Not reviewed
- Difference (calculated − reported)
- 0x
Formula: LTM contractual EBITDA / LTM contractual interest
Window: 2025-Q4, 2026-Q1, 2026-Q2, 2026-Q3 · Effective: 2026-Q2
Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1
Tested value: 2.3x · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $9.2M
Exact amount
46 / 5- Contractual interest
- $4M
Exact amount
4 / 1- Adjustments above cap
- $0.8M
Exact amount
4 / 5- Allowed capped additions
- $1.2M
Exact amount
6 / 5- Unadjusted EBITDA bridge
- $8M
Exact amount
8 / 1- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.2M
Exact amount
6 / 5
Source line items and adjustments · 40 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q4 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q1 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q2 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 6.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q3 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $1.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 1.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $0.6M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $0.6M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $5.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Interest coverage
No review recorded.
Minimum LTM EBITDA
BreachContractual calculation — retained evidence · Calculation verified
- Calculated value (before agreement rounding)
- $9.2M
- Reported
- $9.2M
- Governing threshold
- ≥ $9.50M
- Reconciliation
- Matched
- Review
- Not reviewed
- Difference (calculated − reported)
- $0M
Formula: LTM contractual EBITDA
Window: 2025-Q4, 2026-Q1, 2026-Q2, 2026-Q3 · Effective: 2026-Q2
Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1
Tested value: $9.2M · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $9.2M
Exact amount
46 / 5- Adjustments above cap
- $0.8M
Exact amount
4 / 5- Allowed capped additions
- $1.2M
Exact amount
6 / 5- Unadjusted EBITDA bridge
- $8M
Exact amount
8 / 1- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.2M
Exact amount
6 / 5
Source line items and adjustments · 40 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q4 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q1 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q2 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 6.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q3 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $1.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 1.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $0.6M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $0.6M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $5.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Minimum LTM EBITDA
No review recorded.
Senior leverage
PassContractual calculation — retained evidence · Calculation verified
- Calculated value (before agreement rounding)
- 3x
- Reported
- 3.00x
- Governing threshold
- ≤ 3.50x
- Reconciliation
- Matched
- Review
- Not reviewed
- Difference (calculated − reported)
- 0x
Formula: Eligible senior debt / LTM contractual EBITDA
Window: 2025-Q4, 2026-Q1, 2026-Q2, 2026-Q3 · Effective: 2026-Q2
Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1
Tested value: 3x · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $9.2M
Exact amount
46 / 5- Adjustments above cap
- $0.8M
Exact amount
4 / 5- Eligible gross debt
- $27.6M
Exact amount
138 / 5- Allowed capped additions
- $1.2M
Exact amount
6 / 5- Unadjusted EBITDA bridge
- $8M
Exact amount
8 / 1- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.2M
Exact amount
6 / 5
Source line items and adjustments · 41 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q4 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q1 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q2 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 6.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q3 2026 · 11 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $1.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 1.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $0.6M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $0.6M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $5.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| senior debt debt-senior_debt | $27.6M | eligible ending debt | Source & review01-Financial-Statements.pdf: PDF page 2; Senior debt (included in funded debt) 35.5 35 34.5 27.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Senior leverage
No review recorded.
Total leverage
BreachContractual calculation — retained evidence · Calculation verified
- Calculated value (before agreement rounding)
- 4.5x
- Reported
- 4.20x
- Governing threshold
- ≤ 4.00x
- Reconciliation
- Mismatch
- Review
- Acknowledged
- Difference (calculated − reported)
- 0.3x
Formula: Eligible gross debt / LTM contractual EBITDA
Window: 2025-Q4, 2026-Q1, 2026-Q2, 2026-Q3 · Effective: 2026-Q3
Agreement: 03-First-Amendment.pdf: PDF page 2; 03-First-Amendment.pdf: PDF page 1
Tested value: 4.5x · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $9.2M
Exact amount
46 / 5- Adjustments above cap
- $0.8M
Exact amount
4 / 5- Eligible gross debt
- $41.4M
Exact amount
207 / 5- Allowed capped additions
- $1.2M
Exact amount
6 / 5- Unadjusted EBITDA bridge
- $8M
Exact amount
8 / 1- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.2M
Exact amount
6 / 5
Source line items and adjustments · 41 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q4 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q1 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q2 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & review01-Financial-Statements.pdf: PDF page 1; Revenue 20 20 20 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Cost of goods sold, excluding D&A 12 12 12 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & review01-Financial-Statements.pdf: PDF page 1; Selling, general and administrative, excluding D&A 6 6 6.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q3 2026 · 11 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $1.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 0.3 0.3 -0.1 1.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $0.6M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.2 0.2 0.1 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.3 0.3 0.2 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $0.6M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.1 1.1 1.2 0.6 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $5.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| funded debt debt-funded_debt | $41.4M | eligible ending debt | Source & review01-Financial-Statements.pdf: PDF page 2; Total funded debt 47 46.5 46 41.4 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (18a7ee60e2b09c7f14cd4f13dcd330c1b328e02ba5fb7b6485e4ec2fb31411d3); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Total leverage
#1 · acknowledged · portfolio.analyst@nsns-fund.example
2026-10-07T14:32:00.571Z
Reviewed first amendment: Q3 leverage limit is 4.00x. Source figures compute 4.50x versus certificate 4.20x; preserve discrepancy. Q3 scheduled principal is absent, so FCCR remains Not tested; no zero or invented amount supplied.
Financial inputs ($M)
| Input | Q3 2026 · $M |
|---|---|
| Revenue | 20 |
| COGS | 12 |
| SG&A | 5.5 |
| D&A | 0.4 |
| Interest expense | 0.6 |
| Tax | 0.2 |
| Total assets | 95 |
| Total debt | 41.4 |
| Cash | 7 |
| Equity | 43 |
Record details
- Submission ID
- cmuy7hurj001x4x7kefycl648
- Borrower ID
- document-78994e0c-94d1-4fb3-87a7-9c65c6b54f0c
- Original source SHA-256
- 948c3bf60c369684eed275f7c3ce439a63f553db50b60718aa702059a8997055
- Evidence schema version
- 2
- Calculation version
- covenant-calculation/v1.2