Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.
Covenant Monitor
Covenant results for Q3 2026 — calculated compliance, borrower reports and review state shown separately
ScopeWhole portfolioShow NSNS SBIC Fund
QuarterQ2 2026Q3 2026
Selected quarter — 22 covenants
| Company | Covenant | Actual | Threshold | Cushion | Status | Reported | Reconciliation | Review | Evidence |
|---|---|---|---|---|---|---|---|---|---|
| BluePeak Healthcare Solutions | Total Leverage | 4.31x | ≤ 5x | 13.8% | Pass | 4.31x | Not independently verified | Not reviewed | View basis and notes for BluePeak Healthcare Solutions Total LeverageSupplied actual · Retained supplied comparison; not independently verified |
| BluePeak Healthcare Solutions | Interest Coverage | 1.61x | ≥ 1.4x | 15.0% | Pass | 1.61x | Not independently verified | Not reviewed | View basis and notes for BluePeak Healthcare Solutions Interest CoverageSupplied actual · Retained supplied comparison; not independently verified |
| BluePeak Healthcare Solutions | Minimum LTM EBITDA ($M) | $22.4976M | ≥ $21M | 7.1% | Tight | $22.4976M | Not independently verified | Not reviewed | View basis and notes for BluePeak Healthcare Solutions Minimum LTM EBITDA ($M)Supplied actual · Retained supplied comparison; not independently verified |
| Brakeholt Engineered Products Co. | Fixed charge coverage | Unavailable | ≥ 1.50x | — | Not tested | 1.60x | Unable to verify | Acknowledged | View basis and notes for Brakeholt Engineered Products Co. Fixed charge coverageContractual calculation — retained evidence · 2026-Q3 requires explicit support for scheduled_principal category scheduled_principal, including zero or a reviewed exclusion. |
| Brakeholt Engineered Products Co. | Interest coverage | 2.30x | ≥ 2.25x | 2.2% | Tight | 2.30x | Matched | Not reviewed | View basis and notes for Brakeholt Engineered Products Co. Interest coverageContractual calculation — retained evidence |
| Brakeholt Engineered Products Co. | Minimum LTM EBITDA | $9.2M | ≥ $9.50M | -3.2% | Breach | $9.2M | Matched | Not reviewed | View basis and notes for Brakeholt Engineered Products Co. Minimum LTM EBITDAContractual calculation — retained evidence |
| Brakeholt Engineered Products Co. | Senior leverage | 3.00x | ≤ 3.50x | 14.3% | Pass | 3.00x | Matched | Not reviewed | View basis and notes for Brakeholt Engineered Products Co. Senior leverageContractual calculation — retained evidence |
| Brakeholt Engineered Products Co. | Total leverage | 4.50x | ≤ 4.00x | -12.5% | Breach | 4.20x | Mismatch | Acknowledged | View basis and notes for Brakeholt Engineered Products Co. Total leverageContractual calculation — retained evidence |
| Grainmoor Food Distribution | Total Leverage | 4.00x | ≤ 3.5x | -14.3% | Breach | 4x | Not independently verified | Not reviewed | View basis and notes for Grainmoor Food Distribution Total LeverageSupplied actual · Retained supplied comparison; not independently verified |
| Grainmoor Food Distribution | Interest Coverage | 2.41x | ≥ 2.5x | -3.6% | Breach | 2.41x | Not independently verified | Not reviewed | View basis and notes for Grainmoor Food Distribution Interest CoverageSupplied actual · Retained supplied comparison; not independently verified |
| Grainmoor Food Distribution | Minimum LTM EBITDA ($M) | $16.586M | ≥ $22M | -24.6% | Breach | $16.586M | Not independently verified | Not reviewed | View basis and notes for Grainmoor Food Distribution Minimum LTM EBITDA ($M)Supplied actual · Retained supplied comparison; not independently verified |
| Havenmark Logistics Group | Total Leverage | 6.11x | ≤ 4.5x | -35.8% | Breach | 6.11x | Not independently verified | Not reviewed | View basis and notes for Havenmark Logistics Group Total LeverageSupplied actual · Retained supplied comparison; not independently verified |
| Havenmark Logistics Group | Interest Coverage | 1.47x | ≥ 1.84x | -20.1% | Breach | 1.47x | Not independently verified | Not reviewed | View basis and notes for Havenmark Logistics Group Interest CoverageSupplied actual · Retained supplied comparison; not independently verified |
| Havenmark Logistics Group | Minimum LTM EBITDA ($M) | $15.9198M | ≥ $26M | -38.8% | Breach | $15.9198M | Not independently verified | Not reviewed | View basis and notes for Havenmark Logistics Group Minimum LTM EBITDA ($M)Supplied actual · Retained supplied comparison; not independently verified |
| Kilnbrace Specialty Products | Total Leverage | 3.96x | ≤ 4x | 1.0% | Tight | 3.96x | Not independently verified | Not reviewed | View basis and notes for Kilnbrace Specialty Products Total LeverageSupplied actual · Retained supplied comparison; not independently verified |
| Kilnbrace Specialty Products | Interest Coverage | 2.58x | ≥ 2.5x | 3.2% | Tight | 2.58x | Not independently verified | Not reviewed | View basis and notes for Kilnbrace Specialty Products Interest CoverageSupplied actual · Retained supplied comparison; not independently verified |
| Meridian Industrial Services | Total Leverage | 3.11x | ≤ 4x | 22.3% | Pass | 3.11x | Not independently verified | Not reviewed | View basis and notes for Meridian Industrial Services Total LeverageSupplied actual · Retained supplied comparison; not independently verified |
| Meridian Industrial Services | Interest Coverage | 3.11x | ≥ 2.4x | 29.6% | Pass | 3.11x | Not independently verified | Not reviewed | View basis and notes for Meridian Industrial Services Interest CoverageSupplied actual · Retained supplied comparison; not independently verified |
| Meridian Industrial Services | Minimum LTM EBITDA ($M) | $35.385M | ≥ $28M | 26.4% | Pass | $35.385M | Not independently verified | Not reviewed | View basis and notes for Meridian Industrial Services Minimum LTM EBITDA ($M)Supplied actual · Retained supplied comparison; not independently verified |
| Summit Software Holdings | Total Leverage | 3.43x | ≤ 5.5x | 37.6% | Pass | 3.43x | Not independently verified | Not reviewed | View basis and notes for Summit Software Holdings Total LeverageSupplied actual · Retained supplied comparison; not independently verified |
| Summit Software Holdings | Interest Coverage | 2.46x | ≥ 1.76x | 39.8% | Pass | 2.46x | Not independently verified | Not reviewed | View basis and notes for Summit Software Holdings Interest CoverageSupplied actual · Retained supplied comparison; not independently verified |
| Summit Software Holdings | Minimum LTM Revenue ($M) | $64.244M | ≥ $48M | 33.8% | Pass | $64.244M | Not independently verified | Not reviewed | View basis and notes for Summit Software Holdings Minimum LTM Revenue ($M)Supplied actual · Retained supplied comparison; not independently verified |