Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.
Brakeholt Engineered Products Co.
Industrials — From reviewed document
Portfolio: Active
Selected-quarter financials received. Status, position terms and analyst notes reflect current records.
LTM financial analysis — unadjusted
EBITDA $8.0M · Leverage 5.17x · Interest coverage 2.00x. Sources: Q4 2025, Q1 2026, Q2 2026, Q3 2026. These analytics are separate from supplied covenant actuals.
Active breaches
Covenant breach — credit review required
Positions
| Instrument | Commitment | Rate | Floor | Maturity | PIK | FV Q3 2025 | FV Q4 2025 | FV Q1 2026 | FV Q2 2026 | FV Q3 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Unitranche | $12.0M | SOFR + 600 bps | — | 2031-04-01 | — | — | — | — | $11.4M | $10.8M |
Income Statement Spread ($M)
| Line Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Δ QoQ |
|---|---|---|---|---|---|---|
| Revenue | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | → 0.0% |
| COGS | (12.0) | (12.0) | (12.0) | (12.0) | (12.0) | → 0.0% |
| Gross Profit | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 | → 0.0% |
| Gross Margin % | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | → 0.0% |
| SG&A | (3.5) | (6.0) | (6.0) | (6.5) | (5.5) | ↓ 15.4% |
| EBITDA | 4.5 | 2.0 | 2.0 | 1.5 | 2.5 | ↑ 66.7% |
| EBITDA Margin % | 22.5% | 10.0% | 10.0% | 7.5% | 12.5% | ↑ 66.7% |
| D&A | (0.5) | (0.4) | (0.4) | (0.3) | (0.4) | ↑ 33.3% |
| Interest Expense | (1.2) | (1.1) | (1.1) | (1.2) | (0.6) | ↓ 50.0% |
| Tax | (0.3) | (0.2) | (0.2) | (0.1) | (0.2) | ↑ 100.0% |
| Net Income | 2.5 | 0.3 | 0.3 | -0.1 | 1.3 | ↑ 1400.0% |
Balance Sheet ($M)
| Item | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Δ QoQ |
|---|---|---|---|---|---|---|
| Total Assets | 100.0 | 99.0 | 98.0 | 96.0 | 95.0 | ↓ 1.0% |
| Total Debt | 48.0 | 47.0 | 46.5 | 46.0 | 41.4 | ↓ 10.0% |
| Cash | 8.0 | 8.0 | 8.0 | 7.0 | 7.0 | → 0.0% |
| Equity | 44.0 | 44.0 | 43.5 | 42.0 | 43.0 | ↑ 2.4% |
LTM Credit Metrics — unadjusted
Four consecutive quarters of EBITDA and interest; debt is the ending balance. Incomplete history is unavailable. These are analytical ratios, not covenant certificate results.
| Metric | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| LTM leverage (unadjusted) | — | — | — | 4.60x | 5.17x |
| LTM interest coverage (unadjusted) | — | — | — | 2.17x | 2.00x |
Submission evidence
- Q3 2026 — Review submission & source documents01-Financial-Statements.pdf · Submitted 2026-10-07 by portfolio.analyst@nsns-fund.example
- Q2 2026 — Review submission & source documents01-Financial-Statements.pdf · Submitted 2026-08-26 by portfolio.analyst@nsns-fund.example
Periods without a separate retained submission: Q3 2025, Q4 2025, Q1 2026. Earlier financials may be supporting history within an initial upload.
Covenant Compliance
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
Open retained workings and review historyInterest 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
Open retained workings and review historyMinimum 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
Open retained workings and review historySenior 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
Open retained workings and review historyTotal 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
Open retained workings and review history