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 — Q3 2026

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Reporting quarter

Financials received: 7/7 companies. Marks received: 11/11 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: $102.6M (93% of par). Period change unavailable without complete marks for both quarters.

3 performing, 3 on watch, 1 impaired. 8 active covenant breaches in Q3 2026.

🚨 Attention Required

🔴

Havenmark Logistics Group — impaired.

3 covenants breached, credit mark 57% 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.

3 covenants breached, credit mark 82% of par, EBITDA down 3 consecutive quarters

Recommend: Enhanced monitoring

🟡

Kilnbrace Specialty Products — on watch list.

2 covenants within 10% of limit, credit mark 100% 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: 4.31x
Reported: 4.31x
Governing threshold: ≤ 5x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

BluePeak Healthcare Solutions

Interest Coverage

Pass

Supplied actual · Not independently verified

Actual: 1.61x
Reported: 1.61x
Governing threshold: ≥ 1.4x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

BluePeak Healthcare Solutions

Minimum LTM EBITDA ($M)

Tight

Supplied actual · Not independently verified

Actual: $22.4976M
Reported: $22.4976M
Governing threshold: ≥ $21M
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Brakeholt Engineered Products Co.

Fixed charge coverage

Not tested

Contractual 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 history

Brakeholt Engineered Products Co.

Interest coverage

Tight

Contractual 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 history

Brakeholt Engineered Products Co.

Minimum LTM EBITDA

Breach

Contractual 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 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-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 history

Brakeholt Engineered Products Co.

Total leverage

Breach

Contractual 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

Grainmoor Food Distribution

Total Leverage

Breach

Supplied actual · Not independently verified

Actual: 4.00x
Reported: 4x
Governing threshold: ≤ 3.5x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Grainmoor Food Distribution

Interest Coverage

Breach

Supplied actual · Not independently verified

Actual: 2.41x
Reported: 2.41x
Governing threshold: ≥ 2.5x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Grainmoor Food Distribution

Minimum LTM EBITDA ($M)

Breach

Supplied actual · Not independently verified

Actual: $16.586M
Reported: $16.586M
Governing threshold: ≥ $22M
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Havenmark Logistics Group

Total Leverage

Breach

Supplied actual · Not independently verified

Actual: 6.11x
Reported: 6.11x
Governing threshold: ≤ 4.5x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Havenmark Logistics Group

Interest Coverage

Breach

Supplied actual · Not independently verified

Actual: 1.47x
Reported: 1.47x
Governing threshold: ≥ 1.84x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Havenmark Logistics Group

Minimum LTM EBITDA ($M)

Breach

Supplied actual · Not independently verified

Actual: $15.9198M
Reported: $15.9198M
Governing threshold: ≥ $26M
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Kilnbrace Specialty Products

Total Leverage

Tight

Supplied actual · Not independently verified

Actual: 3.96x
Reported: 3.96x
Governing threshold: ≤ 4x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Kilnbrace Specialty Products

Interest Coverage

Tight

Supplied actual · Not independently verified

Actual: 2.58x
Reported: 2.58x
Governing threshold: ≥ 2.5x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Meridian Industrial Services

Total Leverage

Pass

Supplied actual · Not independently verified

Actual: 3.11x
Reported: 3.11x
Governing threshold: ≤ 4x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Meridian Industrial Services

Interest Coverage

Pass

Supplied actual · Not independently verified

Actual: 3.11x
Reported: 3.11x
Governing threshold: ≥ 2.4x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Meridian Industrial Services

Minimum LTM EBITDA ($M)

Pass

Supplied actual · Not independently verified

Actual: $35.385M
Reported: $35.385M
Governing threshold: ≥ $28M
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Summit Software Holdings

Total Leverage

Pass

Supplied actual · Not independently verified

Actual: 3.43x
Reported: 3.43x
Governing threshold: ≤ 5.5x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Summit Software Holdings

Interest Coverage

Pass

Supplied actual · Not independently verified

Actual: 2.46x
Reported: 2.46x
Governing threshold: ≥ 1.76x
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Summit Software Holdings

Minimum LTM Revenue ($M)

Pass

Supplied actual · Not independently verified

Actual: $64.244M
Reported: $64.244M
Governing threshold: ≥ $48M
Reconciliation: Not independently verified
Review: Not reviewed

Retained supplied comparison; not independently verified

Open retained workings and review history

Breach Detail

Company	Covenant / actual basis	Actual	Threshold	Severity
Brakeholt Engineered Products Co.	Minimum LTM EBITDA Contractual calculation — retained evidence	$9.2M	≥ 9.50x	3% through
Brakeholt Engineered Products Co.	Total leverage Contractual calculation — retained evidence	4.50x	≤ 4.00x	13% through
Grainmoor Food Distribution	Total Leverage Supplied actual	4.00x	≤ 3.50x	14% through
Grainmoor Food Distribution	Interest Coverage Supplied actual	2.41x	≥ 2.50x	4% through
Grainmoor Food Distribution	Minimum LTM EBITDA ($M) Supplied actual	$16.6M	≥ $22.0M	25% through
Havenmark Logistics Group	Total Leverage Supplied actual	6.11x	≤ 4.50x	36% through
Havenmark Logistics Group	Interest Coverage Supplied actual	1.47x	≥ 1.84x	20% through
Havenmark Logistics Group	Minimum LTM EBITDA ($M) Supplied actual	$15.9M	≥ $26.0M	39% through

Portfolio Metrics

Company	Quarter revenue	Rev Δ	LTM EBITDA (unadjusted)	LTM margin	LTM leverage	Known fair value / coverage	% of Par
BluePeak Healthcare Solutions	$32.4M	+2.0%	$22.5M	18.2%	4.31x	$22.1M · 1/1	100%
Brakeholt Engineered Products Co.	$20.0M	+0.0%	$8.0M	10.0%	5.17x	$10.8M · 1/1	90%
Grainmoor Food Distribution	$42.9M	-3.0%	$16.6M	9.1%	4.00x	$9.8M · 1/1	82%
Havenmark Logistics Group	$29.2M	-7.0%	$15.9M	12.3%	6.11x	$9.7M · 2/2	57%
Kilnbrace Specialty Products	$18.8M	-4.0%	$11.9M	15.0%	3.96x	$6.0M · 2/2	80%
Meridian Industrial Services	$47.9M	+3.0%	$35.4M	19.4%	3.11x	$21.5M · 2/2	105%
Summit Software Holdings	$18.1M	+8.0%	$23.4M	36.4%	3.43x	$22.7M · 2/2	119%

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 $4.7M to $3.7M. Havenmark Logistics Group has declined for 3 consecutive quarters, from $5.6M to $2.7M. Kilnbrace Specialty Products has declined for 3 consecutive quarters, from $3.4M to $2.7M.

3. Covenants approaching their limits: Kilnbrace Specialty Products Total Leverage at 3.96x against a maximum of 4.00x (1.0% cushion, Q3 2026). Brakeholt Engineered Products Co. Interest coverage at 2.30x against a minimum of 2.25x (2.2% cushion, Q3 2026). Kilnbrace Specialty Products Interest Coverage at 2.58x against a minimum of 2.50x (3.2% cushion, Q3 2026). BluePeak Healthcare Solutions Minimum LTM EBITDA ($M) at $22.5M against a minimum of $21.0M (7.1% cushion, Q3 2026). BluePeak Healthcare Solutions Total Leverage at 4.31x against a maximum of 5.00x (13.8% cushion, Q3 2026). Brakeholt Engineered Products Co. Senior leverage at 3.00x against a maximum of 3.50x (14.3% cushion, Q3 2026).

Generated by NSight — NSigma Intelligence · Based on Q3 2026 borrower financials