NSight

Read-onlySigned in as demo@nsight.app

As of 10 Oct 2026 · demonstration dates

Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.

Quarterly Brief

Portfolio review — Q2 2026

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Reporting quarter

Financials received: 7/7 companies. Marks received: 10/11 positions. Current status and commitments are not historical snapshots.

Portfolio Health Assessment

The NSight Demo portfolio comprises 7 companies with aggregate commitments of $110.0M. Fair value known for this quarter: $101.3M (coverage incomplete). Period change unavailable without complete marks for both quarters.

3 performing, 3 on watch, 1 impaired. 5 active covenant breaches in Q2 2026.

🚨 Attention Required

🔴

Havenmark Logistics Group — impaired.

3 covenants breached, credit mark 60% of par, PIK active, revolver 80% drawn

Recommend: IC review for restructuring

🟡

BluePeak Healthcare Solutions — on watch list.

1 covenant within 10% of limit, credit mark 100% of par

Recommend: Enhanced monitoring

🟡

Grainmoor Food Distribution — on watch list.

2 covenants breached, credit mark 85% of par, EBITDA down 3 consecutive quarters

Recommend: Enhanced monitoring

🟡

Kilnbrace Specialty Products — on watch list.

2 covenants within 10% of limit, credit mark 102% of par, EBITDA down 3 consecutive quarters

Recommend: Enhanced monitoring

Covenant calculation and review coverage

BluePeak Healthcare Solutions

Total Leverage

Pass

Supplied actual · Not independently verified

Actual: 4.43x
Reported: Not supplied
Governing threshold: ≤ 5x
Reconciliation: Not independently verified
Review: Not reviewed

BluePeak Healthcare Solutions

Interest Coverage

Pass

Supplied actual · Not independently verified

Actual: 1.56x
Reported: Not supplied
Governing threshold: ≥ 1.4x
Reconciliation: Not independently verified
Review: Not reviewed

BluePeak Healthcare Solutions

Minimum LTM EBITDA ($M)

Tight

Supplied actual · Not independently verified

Actual: $21.9M
Reported: Not supplied
Governing threshold: ≥ $21M
Reconciliation: Not independently verified
Review: Not reviewed

Brakeholt Engineered Products Co.

Total leverage

Pass

Contractual calculation — retained evidence · Calculation verified

Calculated value (before agreement rounding): 4x
Reported: 4.00x
Governing threshold: ≤ 4.50x
Reconciliation: Matched
Review: Not reviewed
Difference (calculated − reported): 0x

Formula: Eligible gross debt / LTM contractual EBITDA

Window: 2025-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · Effective: 2026-Q2

Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1

Tested value: 4x · Exact threshold comparison

Open retained workings and review history

Brakeholt Engineered Products Co.

Senior leverage

Pass

Contractual 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-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · 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 history

Brakeholt Engineered Products Co.

Minimum LTM EBITDA

Pass

Contractual calculation — retained evidence · Calculation verified

Calculated value (before agreement rounding): $11.5M
Reported: $11.5M
Governing threshold: ≥ $9.50M
Reconciliation: Matched
Review: Not reviewed
Difference (calculated − reported): $0M

Formula: LTM contractual EBITDA

Window: 2025-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · Effective: 2026-Q2

Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1

Tested value: $11.5M · Exact threshold comparison

Open retained workings and review history

Brakeholt Engineered Products Co.

Interest coverage

Pass

Contractual calculation — retained evidence · Calculation verified

Calculated value (before agreement rounding): 2.5x
Reported: 2.50x
Governing threshold: ≥ 2.25x
Reconciliation: Matched
Review: Not reviewed
Difference (calculated − reported): 0x

Formula: LTM contractual EBITDA / LTM contractual interest

Window: 2025-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · Effective: 2026-Q2

Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1

Tested value: 2.5x · Exact threshold comparison

Open retained workings and review history

Brakeholt Engineered Products Co.

Fixed charge coverage

Pass

Contractual calculation — retained evidence · Calculation verified

Calculated value (before agreement rounding): 1.9x
Reported: 1.90x
Governing threshold: ≥ 1.50x
Reconciliation: Matched
Review: Not reviewed
Difference (calculated − reported): 0x

Formula: LTM contractual EBITDA less unfinanced capex, cash taxes and distributions / cash interest plus scheduled principal

Window: 2025-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · Effective: 2026-Q2

Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1

Tested value: 1.9x · Exact threshold comparison

Open retained workings and review history

Grainmoor Food Distribution

Total Leverage

Breach

Supplied actual · Not independently verified

Actual: 3.55x
Reported: Not supplied
Governing threshold: ≤ 3.5x
Reconciliation: Not independently verified
Review: Not reviewed

Grainmoor Food Distribution

Interest Coverage

Tight

Supplied actual · Not independently verified

Actual: 2.59x
Reported: Not supplied
Governing threshold: ≥ 2.5x
Reconciliation: Not independently verified
Review: Not reviewed

Grainmoor Food Distribution

Minimum LTM EBITDA ($M)

Breach

Supplied actual · Not independently verified

Actual: $18.7M
Reported: Not supplied
Governing threshold: ≥ $22M
Reconciliation: Not independently verified
Review: Not reviewed

Havenmark Logistics Group

Total Leverage

Breach

Supplied actual · Not independently verified

Actual: 4.68x
Reported: Not supplied
Governing threshold: ≤ 4.5x
Reconciliation: Not independently verified
Review: Not reviewed

Havenmark Logistics Group

Interest Coverage

Breach

Supplied actual · Not independently verified

Actual: 1.66x
Reported: Not supplied
Governing threshold: ≥ 1.84x
Reconciliation: Not independently verified
Review: Not reviewed

Havenmark Logistics Group

Minimum LTM EBITDA ($M)

Breach

Supplied actual · Not independently verified

Actual: $20.8M
Reported: Not supplied
Governing threshold: ≥ $26M
Reconciliation: Not independently verified
Review: Not reviewed

Kilnbrace Specialty Products

Total Leverage

Tight

Supplied actual · Not independently verified

Actual: 3.62x
Reported: Not supplied
Governing threshold: ≤ 4x
Reconciliation: Not independently verified
Review: Not reviewed

Kilnbrace Specialty Products

Interest Coverage

Tight

Supplied actual · Not independently verified

Actual: 2.71x
Reported: Not supplied
Governing threshold: ≥ 2.5x
Reconciliation: Not independently verified
Review: Not reviewed

Meridian Industrial Services

Total Leverage

Pass

Supplied actual · Not independently verified

Actual: 3.29x
Reported: Not supplied
Governing threshold: ≤ 4x
Reconciliation: Not independently verified
Review: Not reviewed

Meridian Industrial Services

Interest Coverage

Pass

Supplied actual · Not independently verified

Actual: 3.02x
Reported: Not supplied
Governing threshold: ≥ 2.4x
Reconciliation: Not independently verified
Review: Not reviewed

Meridian Industrial Services

Minimum LTM EBITDA ($M)

Pass

Supplied actual · Not independently verified

Actual: $33.5M
Reported: Not supplied
Governing threshold: ≥ $28M
Reconciliation: Not independently verified
Review: Not reviewed

Summit Software Holdings

Total Leverage

Pass

Supplied actual · Not independently verified

Actual: 3.86x
Reported: Not supplied
Governing threshold: ≤ 5.5x
Reconciliation: Not independently verified
Review: Not reviewed

Summit Software Holdings

Interest Coverage

Pass

Supplied actual · Not independently verified

Actual: 2.24x
Reported: Not supplied
Governing threshold: ≥ 1.76x
Reconciliation: Not independently verified
Review: Not reviewed

Summit Software Holdings

Minimum LTM Revenue ($M)

Pass

Supplied actual · Not independently verified

Actual: $58.9M
Reported: Not supplied
Governing threshold: ≥ $48M
Reconciliation: Not independently verified
Review: Not reviewed

Breach Detail

Company	Covenant / actual basis	Actual	Threshold	Severity
Grainmoor Food Distribution	Total Leverage Supplied actual	3.55x	≤ 3.50x	1% through
Grainmoor Food Distribution	Minimum LTM EBITDA ($M) Supplied actual	$18.7M	≥ $22.0M	15% through
Havenmark Logistics Group	Total Leverage Supplied actual	4.68x	≤ 4.50x	4% through
Havenmark Logistics Group	Interest Coverage Supplied actual	1.66x	≥ 1.84x	10% through
Havenmark Logistics Group	Minimum LTM EBITDA ($M) Supplied actual	$20.8M	≥ $26.0M	20% through

Portfolio Metrics

Company	Quarter revenue	Rev Δ	LTM EBITDA (unadjusted)	LTM margin	LTM leverage	Known fair value / coverage	% of Par
BluePeak Healthcare Solutions	$31.8M	+9.3%	$21.9M	18.3%	4.43x	$22.0M · 1/1	100%
Brakeholt Engineered Products Co.	$20.0M	+0.0%	$10.0M	12.5%	4.60x	$11.4M · 1/1	95%
Grainmoor Food Distribution	$44.2M	-4.9%	$18.7M	9.8%	3.55x	$10.2M · 1/1	85%
Havenmark Logistics Group	$31.4M	-7.1%	$20.8M	15.0%	4.68x	$8.4M · 1/2	—
Kilnbrace Specialty Products	$19.6M	-2.5%	$13.0M	15.9%	3.62x	$6.1M · 2/2	81%
Meridian Industrial Services	$46.5M	+7.6%	$33.5M	19.0%	3.29x	$21.1M · 2/2	103%
Summit Software Holdings	$16.8M	+10.5%	$20.8M	35.3%	3.86x	$22.1M · 2/2	116%

Portfolio Observations

Quarterly EBITDA trends and entered covenant results

1. Concentration risk: 4 of 7 companies (57%) are on the watch list: BluePeak Healthcare Solutions, Grainmoor Food Distribution, Havenmark Logistics Group, Kilnbrace Specialty Products.

2. Sustained EBITDA decline: Grainmoor Food Distribution has declined for 3 consecutive quarters, from $5.8M to $3.8M. Havenmark Logistics Group has declined for 3 consecutive quarters, from $7.5M to $2.9M. Kilnbrace Specialty Products has declined for 3 consecutive quarters, from $3.8M to $2.8M.

3. Covenants approaching their limits: Grainmoor Food Distribution Interest Coverage at 2.59x against a minimum of 2.50x (3.6% cushion, Q2 2026). BluePeak Healthcare Solutions Minimum LTM EBITDA ($M) at $21.9M against a minimum of $21.0M (4.2% cushion, Q2 2026). Kilnbrace Specialty Products Interest Coverage at 2.71x against a minimum of 2.50x (8.4% cushion, Q2 2026). Kilnbrace Specialty Products Total Leverage at 3.62x against a maximum of 4.00x (9.5% cushion, Q2 2026). Brakeholt Engineered Products Co. Total leverage at 4.00x against a maximum of 4.50x (11.1% cushion, Q2 2026). Brakeholt Engineered Products Co. Interest coverage at 2.50x against a minimum of 2.25x (11.1% cushion, Q2 2026). BluePeak Healthcare Solutions Total Leverage at 4.43x against a maximum of 5.00x (11.4% cushion, Q2 2026). BluePeak Healthcare Solutions Interest Coverage at 1.56x against a minimum of 1.40x (11.4% cushion, Q2 2026). Brakeholt Engineered Products Co. Senior leverage at 3.00x against a maximum of 3.50x (14.3% cushion, Q2 2026).

Generated by NSight — NSigma Intelligence · Based on Q2 2026 borrower financials