Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.
Carrying value and ledger reconciliation
ScopeNSNS SBIC Fund
QuarterQ3 2026
7/10 positions have current carrying computations. Missing terms are excluded. GAAP carrying excludes accrued-interest receivables; reported fair value remains separately governed.
BluePeak Healthcare Solutions · Unitranche
supportedSBA cost end
$22,000,000.00
GAAP carrying value
$22,000,000.00
Reported fair value
$22,100,000.00
Reviewed opening balances and dated rates
USD · quarterly US 30/360 · Cash-pay bullet. Original origination 2024-01-10; maturity 2029-01-10.
Opening 2026-06-30 immediately after payment. Historical PIK is included in principal. Calculations use sourced observations through the selected quarter; future resets and inception history are not reconstructed.
Reviewed by fund.controller@nsns-fund.example; prepared by portfolio.analyst@nsns-fund.example. CM-SBA-1; 2026-Q3-investment.xlsx; SYNTHETIC-SUPPLEMENT: Independently reviewed Q3 investment schedule: 10 holdings; cost $107,253,250, SBA $95,600,000, GAAP $100,400,000 agree to the workbook and SYNTHETIC-SUPPLEMENT.; opening/rate evidence from independently posted import cmuzwwi3u00434x7kygz9h686, source row cmuzwwi3z00464x7kyrn31y2h, document cmuzwwi3l00424x7kg0xo1twu
| Opening balance | USD |
|---|---|
| principal | $22,000,000.00 |
| carrying | $22,000,000.00 |
| cost | $22,000,000.00 |
| cash interest receivable | $0.00 |
| cumulative pik | $0.00 |
| unamortized oid | $0.00 |
| unamortized fees | $0.00 |
Opening source: sources/opening-register.xlsx#Inputs!A4:P4
Spread 625 bp · floor 1% · mandatory PIK 0% · OID $0.00 · fees $0.00.
| Due period | Accrual boundaries | Observed | Benchmark | Source |
|---|---|---|---|---|
| 1 | 2026-06-30 → 2026-09-30 | 2026-06-30 | 4.25% | sources/rate-observations.xlsx#Inputs!A3:H3 |
Field source pages and quotations
oid: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · oid: 0
fees: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · fees: 0
mode: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · mode: opening-balance/v1
opening: sources/SYNTHETIC-SUPPLEMENT.pdf · page 2 · opening: sources/opening-register.xlsx#Inputs!A4:P4
currency: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · currency: USD
day count: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · day_count: 30/360
floor pct: borrower-packages/03-BluePeak-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · floor_pct = 1
spread bp: borrower-packages/03-BluePeak-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · spread_bp = 625
instrument: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · instrument: cash_pay_bullet
pik rate pct: borrower-packages/03-BluePeak-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · pik_rate_pct = 0
maturity date: borrower-packages/03-BluePeak-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · maturity_date = 2029-01-10
origination date: borrower-packages/03-BluePeak-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · origination_date = 2024-01-10
rate observations: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · rate_observations: sources/rate-observations.xlsx#Inputs!A3:H3
Opening carrying: $22,000,000.00
Effective interest: $577,500.00
Cash received: $577,500.00
PIK capitalized: $0.00
OID accretion: $0.00
Fee accretion: $0.00
Accrued-interest receivable: $0.00
Dated coupon rates; zero OID/fees
SBA-to-GAAP reconciliation · difference $0.00
| Attribution | Amount | Source |
|---|---|---|
| Unexplained | $0.00 | Fully attributed |
Contractual schedule and actual carrying ledger
Reviewed opening balances immediately after payment; dated USD US 30/360 coupons through the selected quarter only. Historical PIK is already in opening principal. No inception reconstruction, future rate assumption, default interest or penalty. Zero OID/fees; independently confirmed non-receipt governs delinquency.
| Due date | Opening principal | Cash coupon | PIK | Principal due | Closing principal | Contractual carrying |
|---|---|---|---|---|---|---|
| 2026-09-30 | $22,000,000.00 | $577,500.00 | $0.00 | $0.00 | $22,000,000.00 | $22,000,000.00 |
| Due date | Opening carrying | Effective interest | Cash received | OID | Fees | Closing carrying | Receivable |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | $22,000,000.00 | $577,500.00 | $577,500.00 | $0.00 | $0.00 | $22,000,000.00 | $0.00 |
Expected receipts and reviewer confirmation
Schedule 4 interest days: 0 · principal days: 0. An absent cash entry alone does not establish delinquency.
All due receipts match sourced ledger events.
Brakeholt Engineered Products Co. · Unitranche
supportedSBA cost end
$12,000,000.00
GAAP carrying value
$12,000,000.00
Reported fair value
$10,800,000.00
Reviewed opening balances and dated rates
USD · quarterly US 30/360 · Cash-pay bullet. Original origination 2026-04-01; maturity 2031-04-01.
Opening 2026-06-30 immediately after payment. Historical PIK is included in principal. Calculations use sourced observations through the selected quarter; future resets and inception history are not reconstructed.
Reviewed by fund.controller@nsns-fund.example; prepared by portfolio.analyst@nsns-fund.example. CM-SBA-1; 2026-Q3-investment.xlsx; SYNTHETIC-SUPPLEMENT: Independently reviewed Q3 investment schedule: 10 holdings; cost $107,253,250, SBA $95,600,000, GAAP $100,400,000 agree to the workbook and SYNTHETIC-SUPPLEMENT.; opening/rate evidence from independently posted import cmuzwwi3u00434x7kygz9h686, source row cmuzwwi3z004d4x7kcja2fc20, document cmuzwwi3l00424x7kg0xo1twu
| Opening balance | USD |
|---|---|
| principal | $12,000,000.00 |
| carrying | $12,000,000.00 |
| cost | $12,000,000.00 |
| cash interest receivable | $0.00 |
| cumulative pik | $0.00 |
| unamortized oid | $0.00 |
| unamortized fees | $0.00 |
Opening source: sources/opening-register.xlsx#Inputs!A11:P11
Spread 600 bp · floor 1% · mandatory PIK 0% · OID $0.00 · fees $0.00.
| Due period | Accrual boundaries | Observed | Benchmark | Source |
|---|---|---|---|---|
| 1 | 2026-06-30 → 2026-09-30 | 2026-06-30 | 4.25% | sources/rate-observations.xlsx#Inputs!A8:H8 |
Field source pages and quotations
oid: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · oid: 0
fees: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · fees: 0
mode: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · mode: opening-balance/v1
opening: sources/SYNTHETIC-SUPPLEMENT.pdf · page 2 · opening: sources/opening-register.xlsx#Inputs!A11:P11
currency: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · currency: USD
day count: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · day_count: 30/360
floor pct: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · floor_pct: 1
spread bp: borrower-packages/08-New-Q3/05-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · spread_bp = 600
instrument: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · instrument: cash_pay_bullet
pik rate pct: borrower-packages/08-New-Q3/05-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · pik_rate_pct = 0
maturity date: borrower-packages/08-New-Q3/05-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · maturity_date = 2031-04-01
origination date: borrower-packages/08-New-Q3/05-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · origination_date = 2026-04-01
rate observations: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · rate_observations: sources/rate-observations.xlsx#Inputs!A8:H8
Opening carrying: $12,000,000.00
Effective interest: $307,500.00
Cash received: $307,500.00
PIK capitalized: $0.00
OID accretion: $0.00
Fee accretion: $0.00
Accrued-interest receivable: $0.00
Dated coupon rates; zero OID/fees
SBA-to-GAAP reconciliation · difference $0.00
| Attribution | Amount | Source |
|---|---|---|
| Unexplained | $0.00 | Fully attributed |
Contractual schedule and actual carrying ledger
Reviewed opening balances immediately after payment; dated USD US 30/360 coupons through the selected quarter only. Historical PIK is already in opening principal. No inception reconstruction, future rate assumption, default interest or penalty. Zero OID/fees; independently confirmed non-receipt governs delinquency.
| Due date | Opening principal | Cash coupon | PIK | Principal due | Closing principal | Contractual carrying |
|---|---|---|---|---|---|---|
| 2026-09-30 | $12,000,000.00 | $307,500.00 | $0.00 | $0.00 | $12,000,000.00 | $12,000,000.00 |
| Due date | Opening carrying | Effective interest | Cash received | OID | Fees | Closing carrying | Receivable |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | $12,000,000.00 | $307,500.00 | $307,500.00 | $0.00 | $0.00 | $12,000,000.00 | $0.00 |
Expected receipts and reviewer confirmation
Schedule 4 interest days: 0 · principal days: 0. An absent cash entry alone does not establish delinquency.
All due receipts match sourced ledger events.
Grainmoor Food Distribution · Senior Term Loan
supportedSBA cost end
$12,000,000.00
GAAP carrying value
$12,000,000.00
Reported fair value
$9,800,000.00
Reviewed opening balances and dated rates
USD · quarterly US 30/360 · Cash-pay bullet. Original origination 2023-03-12; maturity 2028-03-12.
Opening 2026-06-30 immediately after payment. Historical PIK is included in principal. Calculations use sourced observations through the selected quarter; future resets and inception history are not reconstructed.
Reviewed by fund.controller@nsns-fund.example; prepared by portfolio.analyst@nsns-fund.example. CM-SBA-1; 2026-Q3-investment.xlsx; SYNTHETIC-SUPPLEMENT: Independently reviewed Q3 investment schedule: 10 holdings; cost $107,253,250, SBA $95,600,000, GAAP $100,400,000 agree to the workbook and SYNTHETIC-SUPPLEMENT.; opening/rate evidence from independently posted import cmuzwwi3u00434x7kygz9h686, source row cmuzwwi3z004a4x7kzssmmgiy, document cmuzwwi3l00424x7kg0xo1twu
| Opening balance | USD |
|---|---|
| principal | $12,000,000.00 |
| carrying | $12,000,000.00 |
| cost | $12,000,000.00 |
| cash interest receivable | $0.00 |
| cumulative pik | $0.00 |
| unamortized oid | $0.00 |
| unamortized fees | $0.00 |
Opening source: sources/opening-register.xlsx#Inputs!A8:P8
Spread 600 bp · floor 1% · mandatory PIK 0% · OID $0.00 · fees $0.00.
| Due period | Accrual boundaries | Observed | Benchmark | Source |
|---|---|---|---|---|
| 1 | 2026-06-30 → 2026-09-30 | 2026-06-30 | 4.25% | sources/rate-observations.xlsx#Inputs!A6:H6 |
Field source pages and quotations
oid: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · oid: 0
fees: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · fees: 0
mode: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · mode: opening-balance/v1
opening: sources/SYNTHETIC-SUPPLEMENT.pdf · page 2 · opening: sources/opening-register.xlsx#Inputs!A8:P8
currency: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · currency: USD
day count: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · day_count: 30/360
floor pct: borrower-packages/06-Grainmoor-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · floor_pct = 1
spread bp: borrower-packages/06-Grainmoor-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · spread_bp = 600
instrument: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · instrument: cash_pay_bullet
pik rate pct: borrower-packages/06-Grainmoor-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · pik_rate_pct = 0
maturity date: borrower-packages/06-Grainmoor-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · maturity_date = 2028-03-12
origination date: borrower-packages/06-Grainmoor-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · origination_date = 2023-03-12
rate observations: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · rate_observations: sources/rate-observations.xlsx#Inputs!A6:H6
Opening carrying: $12,000,000.00
Effective interest: $307,500.00
Cash received: $307,500.00
PIK capitalized: $0.00
OID accretion: $0.00
Fee accretion: $0.00
Accrued-interest receivable: $0.00
Dated coupon rates; zero OID/fees
SBA-to-GAAP reconciliation · difference $0.00
| Attribution | Amount | Source |
|---|---|---|
| Unexplained | $0.00 | Fully attributed |
Contractual schedule and actual carrying ledger
Reviewed opening balances immediately after payment; dated USD US 30/360 coupons through the selected quarter only. Historical PIK is already in opening principal. No inception reconstruction, future rate assumption, default interest or penalty. Zero OID/fees; independently confirmed non-receipt governs delinquency.
| Due date | Opening principal | Cash coupon | PIK | Principal due | Closing principal | Contractual carrying |
|---|---|---|---|---|---|---|
| 2026-09-30 | $12,000,000.00 | $307,500.00 | $0.00 | $0.00 | $12,000,000.00 | $12,000,000.00 |
| Due date | Opening carrying | Effective interest | Cash received | OID | Fees | Closing carrying | Receivable |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | $12,000,000.00 | $307,500.00 | $307,500.00 | $0.00 | $0.00 | $12,000,000.00 | $0.00 |
Expected receipts and reviewer confirmation
Schedule 4 interest days: 0 · principal days: 0. An absent cash entry alone does not establish delinquency.
All due receipts match sourced ledger events.
Havenmark Logistics Group · Senior Term Loan
supportedSBA cost end
$14,253,250.00
GAAP carrying value
$14,253,250.00
Reported fair value
$7,500,000.00
Reviewed opening balances and dated rates
USD · quarterly US 30/360 · Cash coupon with mandatory PIK. Original origination 2022-09-20; maturity 2027-09-20.
Opening 2026-06-30 immediately after payment. Historical PIK is included in principal. Calculations use sourced observations through the selected quarter; future resets and inception history are not reconstructed.
Reviewed by fund.controller@nsns-fund.example; prepared by portfolio.analyst@nsns-fund.example. CM-SBA-1; 2026-Q3-investment.xlsx; SYNTHETIC-SUPPLEMENT: Independently reviewed Q3 investment schedule: 10 holdings; cost $107,253,250, SBA $95,600,000, GAAP $100,400,000 agree to the workbook and SYNTHETIC-SUPPLEMENT.; opening/rate evidence from independently posted import cmuzwwi3u00434x7kygz9h686, source row cmuzwwi3z00474x7khgcaqcx1, document cmuzwwi3l00424x7kg0xo1twu
| Opening balance | USD |
|---|---|
| principal | $14,200,000.00 |
| carrying | $14,200,000.00 |
| cost | $14,200,000.00 |
| cash interest receivable | $0.00 |
| cumulative pik | $200,000.00 |
| unamortized oid | $0.00 |
| unamortized fees | $0.00 |
Opening source: sources/opening-register.xlsx#Inputs!A5:P5
Spread 650 bp · floor 1.25% · mandatory PIK 1.5% · OID $0.00 · fees $0.00.
| Due period | Accrual boundaries | Observed | Benchmark | Source |
|---|---|---|---|---|
| 1 | 2026-06-30 → 2026-09-30 | 2026-06-30 | 4.25% | sources/rate-observations.xlsx#Inputs!A4:H4 |
Field source pages and quotations
oid: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · oid: 0
fees: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · fees: 0
mode: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · mode: opening-balance/v1
opening: sources/SYNTHETIC-SUPPLEMENT.pdf · page 2 · opening: sources/opening-register.xlsx#Inputs!A5:P5
currency: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · currency: USD
day count: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · day_count: 30/360
floor pct: borrower-packages/04-Havenmark-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · floor_pct = 1.25
spread bp: borrower-packages/04-Havenmark-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · spread_bp = 650
instrument: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · instrument: pik_bullet
pik rate pct: borrower-packages/04-Havenmark-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · pik_rate_pct = 1.5
maturity date: borrower-packages/04-Havenmark-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · maturity_date = 2027-09-20
origination date: borrower-packages/04-Havenmark-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · origination_date = 2022-09-20
rate observations: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · rate_observations: sources/rate-observations.xlsx#Inputs!A4:H4
Opening carrying: $14,200,000.00
Effective interest: $434,875.00
Cash received: $381,625.00
PIK capitalized: $53,250.00
OID accretion: $0.00
Fee accretion: $0.00
Accrued-interest receivable: $0.00
Dated coupon rates; zero OID/fees
SBA-to-GAAP reconciliation · difference $0.00
| Attribution | Amount | Source |
|---|---|---|
| GAAP post-cutover PIK capitalized | $53,250.00 | sources/opening-register.xlsx#Inputs!A5:P5; sources/rate-observations.xlsx#Inputs!A4:H4 |
| SBA post-cutover PIK capitalized | -$53,250.00 | sources/servicing-ledger.xlsx#Inputs!A2:F2; SYNTHETIC-SUPPLEMENT.pdf p.3 |
| Unexplained | $0.00 | Fully attributed |
Contractual schedule and actual carrying ledger
Reviewed opening balances immediately after payment; dated USD US 30/360 coupons through the selected quarter only. Historical PIK is already in opening principal. No inception reconstruction, future rate assumption, default interest or penalty. Zero OID/fees; independently confirmed non-receipt governs delinquency.
| Due date | Opening principal | Cash coupon | PIK | Principal due | Closing principal | Contractual carrying |
|---|---|---|---|---|---|---|
| 2026-09-30 | $14,200,000.00 | $381,625.00 | $53,250.00 | $0.00 | $14,253,250.00 | $14,253,250.00 |
| Due date | Opening carrying | Effective interest | Cash received | OID | Fees | Closing carrying | Receivable |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | $14,200,000.00 | $434,875.00 | $381,625.00 | $0.00 | $0.00 | $14,253,250.00 | $0.00 |
Expected receipts and reviewer confirmation
Schedule 4 interest days: 0 · principal days: 0. An absent cash entry alone does not establish delinquency.
All due receipts match sourced ledger events.
Kilnbrace Specialty Products · Equity Co-Invest
not applicableSBA cost end
$1,500,000.00
GAAP carrying value
Missing
Reported fair value
$0.00
Loan carrying calculations do not apply.
Kilnbrace Specialty Products · Senior Term Loan
supportedSBA cost end
$6,000,000.00
GAAP carrying value
$6,000,000.00
Reported fair value
$6,000,000.00
Reviewed opening balances and dated rates
USD · quarterly US 30/360 · Cash-pay bullet. Original origination 2023-09-15; maturity 2028-09-15.
Opening 2026-06-30 immediately after payment. Historical PIK is included in principal. Calculations use sourced observations through the selected quarter; future resets and inception history are not reconstructed.
Reviewed by fund.controller@nsns-fund.example; prepared by portfolio.analyst@nsns-fund.example. CM-SBA-1; 2026-Q3-investment.xlsx; SYNTHETIC-SUPPLEMENT: Independently reviewed Q3 investment schedule: 10 holdings; cost $107,253,250, SBA $95,600,000, GAAP $100,400,000 agree to the workbook and SYNTHETIC-SUPPLEMENT.; opening/rate evidence from independently posted import cmuzwwi3u00434x7kygz9h686, source row cmuzwwi3z004b4x7kkgbcjdal, document cmuzwwi3l00424x7kg0xo1twu
| Opening balance | USD |
|---|---|
| principal | $6,000,000.00 |
| carrying | $6,000,000.00 |
| cost | $6,000,000.00 |
| cash interest receivable | $0.00 |
| cumulative pik | $0.00 |
| unamortized oid | $0.00 |
| unamortized fees | $0.00 |
Opening source: sources/opening-register.xlsx#Inputs!A9:P9
Spread 600 bp · floor 1% · mandatory PIK 0% · OID $0.00 · fees $0.00.
| Due period | Accrual boundaries | Observed | Benchmark | Source |
|---|---|---|---|---|
| 1 | 2026-06-30 → 2026-09-30 | 2026-06-30 | 4.25% | sources/rate-observations.xlsx#Inputs!A7:H7 |
Field source pages and quotations
oid: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · oid: 0
fees: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · fees: 0
mode: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · mode: opening-balance/v1
opening: sources/SYNTHETIC-SUPPLEMENT.pdf · page 2 · opening: sources/opening-register.xlsx#Inputs!A9:P9
currency: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · currency: USD
day count: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · day_count: 30/360
floor pct: borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · floor_pct = 1
spread bp: borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · spread_bp = 600
instrument: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · instrument: cash_pay_bullet
pik rate pct: borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · pik_rate_pct = 0
maturity date: borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · maturity_date = 2028-09-15
origination date: borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · origination_date = 2023-09-15
rate observations: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · rate_observations: sources/rate-observations.xlsx#Inputs!A7:H7
Opening carrying: $6,000,000.00
Effective interest: $153,750.00
Cash received: $153,750.00
PIK capitalized: $0.00
OID accretion: $0.00
Fee accretion: $0.00
Accrued-interest receivable: $0.00
Dated coupon rates; zero OID/fees
SBA-to-GAAP reconciliation · difference $0.00
| Attribution | Amount | Source |
|---|---|---|
| Unexplained | $0.00 | Fully attributed |
Contractual schedule and actual carrying ledger
Reviewed opening balances immediately after payment; dated USD US 30/360 coupons through the selected quarter only. Historical PIK is already in opening principal. No inception reconstruction, future rate assumption, default interest or penalty. Zero OID/fees; independently confirmed non-receipt governs delinquency.
| Due date | Opening principal | Cash coupon | PIK | Principal due | Closing principal | Contractual carrying |
|---|---|---|---|---|---|---|
| 2026-09-30 | $6,000,000.00 | $153,750.00 | $0.00 | $0.00 | $6,000,000.00 | $6,000,000.00 |
| Due date | Opening carrying | Effective interest | Cash received | OID | Fees | Closing carrying | Receivable |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | $6,000,000.00 | $153,750.00 | $153,750.00 | $0.00 | $0.00 | $6,000,000.00 | $0.00 |
Expected receipts and reviewer confirmation
Schedule 4 interest days: 0 · principal days: 0. An absent cash entry alone does not establish delinquency.
All due receipts match sourced ledger events.
Meridian Industrial Services · Equity Co-Invest
not applicableSBA cost end
$2,500,000.00
GAAP carrying value
Missing
Reported fair value
$3,100,000.00
Loan carrying calculations do not apply.
Meridian Industrial Services · Senior Term Loan
supportedSBA cost end
$18,000,000.00
GAAP carrying value
$18,000,000.00
Reported fair value
$18,400,000.00
Reviewed opening balances and dated rates
USD · quarterly US 30/360 · Cash-pay bullet. Original origination 2023-06-15; maturity 2028-06-15.
Opening 2026-06-30 immediately after payment. Historical PIK is included in principal. Calculations use sourced observations through the selected quarter; future resets and inception history are not reconstructed.
Reviewed by fund.controller@nsns-fund.example; prepared by portfolio.analyst@nsns-fund.example. CM-SBA-1; 2026-Q3-investment.xlsx; SYNTHETIC-SUPPLEMENT: Independently reviewed Q3 investment schedule: 10 holdings; cost $107,253,250, SBA $95,600,000, GAAP $100,400,000 agree to the workbook and SYNTHETIC-SUPPLEMENT.; opening/rate evidence from independently posted import cmuzwwi3u00434x7kygz9h686, source row cmuzwwi3z00444x7k1h7kwmn5, document cmuzwwi3l00424x7kg0xo1twu
| Opening balance | USD |
|---|---|
| principal | $18,000,000.00 |
| carrying | $18,000,000.00 |
| cost | $18,000,000.00 |
| cash interest receivable | $0.00 |
| cumulative pik | $0.00 |
| unamortized oid | $0.00 |
| unamortized fees | $0.00 |
Opening source: sources/opening-register.xlsx#Inputs!A2:P2
Spread 575 bp · floor 1% · mandatory PIK 0% · OID $0.00 · fees $0.00.
| Due period | Accrual boundaries | Observed | Benchmark | Source |
|---|---|---|---|---|
| 1 | 2026-06-30 → 2026-09-30 | 2026-06-30 | 4.25% | sources/rate-observations.xlsx#Inputs!A2:H2 |
Field source pages and quotations
oid: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · oid: 0
fees: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · fees: 0
mode: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · mode: opening-balance/v1
opening: sources/SYNTHETIC-SUPPLEMENT.pdf · page 2 · opening: sources/opening-register.xlsx#Inputs!A2:P2
currency: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · currency: USD
day count: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · day_count: 30/360
floor pct: borrower-packages/02-Meridian-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · floor_pct = 1
spread bp: borrower-packages/02-Meridian-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · spread_bp = 575
instrument: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · instrument: cash_pay_bullet
pik rate pct: borrower-packages/02-Meridian-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · pik_rate_pct = 0
maturity date: borrower-packages/02-Meridian-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · maturity_date = 2028-06-15
origination date: borrower-packages/02-Meridian-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · origination_date = 2023-06-15
rate observations: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · rate_observations: sources/rate-observations.xlsx#Inputs!A2:H2
Opening carrying: $18,000,000.00
Effective interest: $450,000.00
Cash received: $450,000.00
PIK capitalized: $0.00
OID accretion: $0.00
Fee accretion: $0.00
Accrued-interest receivable: $0.00
Dated coupon rates; zero OID/fees
SBA-to-GAAP reconciliation · difference $0.00
| Attribution | Amount | Source |
|---|---|---|
| Unexplained | $0.00 | Fully attributed |
Contractual schedule and actual carrying ledger
Reviewed opening balances immediately after payment; dated USD US 30/360 coupons through the selected quarter only. Historical PIK is already in opening principal. No inception reconstruction, future rate assumption, default interest or penalty. Zero OID/fees; independently confirmed non-receipt governs delinquency.
| Due date | Opening principal | Cash coupon | PIK | Principal due | Closing principal | Contractual carrying |
|---|---|---|---|---|---|---|
| 2026-09-30 | $18,000,000.00 | $450,000.00 | $0.00 | $0.00 | $18,000,000.00 | $18,000,000.00 |
| Due date | Opening carrying | Effective interest | Cash received | OID | Fees | Closing carrying | Receivable |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | $18,000,000.00 | $450,000.00 | $450,000.00 | $0.00 | $0.00 | $18,000,000.00 | $0.00 |
Expected receipts and reviewer confirmation
Schedule 4 interest days: 0 · principal days: 0. An absent cash entry alone does not establish delinquency.
All due receipts match sourced ledger events.
Summit Software Holdings · Equity Co-Invest
not applicableSBA cost end
$3,000,000.00
GAAP carrying value
Missing
Reported fair value
$4,900,000.00
Loan carrying calculations do not apply.
Summit Software Holdings · Unitranche
supportedSBA cost end
$16,000,000.00
GAAP carrying value
$16,000,000.00
Reported fair value
$17,800,000.00
Reviewed opening balances and dated rates
USD · quarterly US 30/360 · Cash-pay bullet. Original origination 2024-08-05; maturity 2029-08-05.
Opening 2026-06-30 immediately after payment. Historical PIK is included in principal. Calculations use sourced observations through the selected quarter; future resets and inception history are not reconstructed.
Reviewed by fund.controller@nsns-fund.example; prepared by portfolio.analyst@nsns-fund.example. CM-SBA-1; 2026-Q3-investment.xlsx; SYNTHETIC-SUPPLEMENT: Independently reviewed Q3 investment schedule: 10 holdings; cost $107,253,250, SBA $95,600,000, GAAP $100,400,000 agree to the workbook and SYNTHETIC-SUPPLEMENT.; opening/rate evidence from independently posted import cmuzwwi3u00434x7kygz9h686, source row cmuzwwi3z00484x7kepwlfpnd, document cmuzwwi3l00424x7kg0xo1twu
| Opening balance | USD |
|---|---|
| principal | $16,000,000.00 |
| carrying | $16,000,000.00 |
| cost | $16,000,000.00 |
| cash interest receivable | $0.00 |
| cumulative pik | $0.00 |
| unamortized oid | $0.00 |
| unamortized fees | $0.00 |
Opening source: sources/opening-register.xlsx#Inputs!A6:P6
Spread 550 bp · floor 0.75% · mandatory PIK 0% · OID $0.00 · fees $0.00.
| Due period | Accrual boundaries | Observed | Benchmark | Source |
|---|---|---|---|---|
| 1 | 2026-06-30 → 2026-09-30 | 2026-06-30 | 4.25% | sources/rate-observations.xlsx#Inputs!A5:H5 |
Field source pages and quotations
oid: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · oid: 0
fees: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · fees: 0
mode: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · mode: opening-balance/v1
opening: sources/SYNTHETIC-SUPPLEMENT.pdf · page 2 · opening: sources/opening-register.xlsx#Inputs!A6:P6
currency: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · currency: USD
day count: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · day_count: 30/360
floor pct: borrower-packages/05-Summit-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · floor_pct = 0.75
spread bp: borrower-packages/05-Summit-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · spread_bp = 550
instrument: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · instrument: cash_pay_bullet
pik rate pct: borrower-packages/05-Summit-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · pik_rate_pct = 0
maturity date: borrower-packages/05-Summit-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · maturity_date = 2029-08-05
origination date: borrower-packages/05-Summit-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 · page 1 · origination_date = 2024-08-05
rate observations: sources/SYNTHETIC-SUPPLEMENT.pdf · page 3 · rate_observations: sources/rate-observations.xlsx#Inputs!A5:H5
Opening carrying: $16,000,000.00
Effective interest: $390,000.00
Cash received: $390,000.00
PIK capitalized: $0.00
OID accretion: $0.00
Fee accretion: $0.00
Accrued-interest receivable: $0.00
Dated coupon rates; zero OID/fees
SBA-to-GAAP reconciliation · difference $0.00
| Attribution | Amount | Source |
|---|---|---|
| Unexplained | $0.00 | Fully attributed |
Contractual schedule and actual carrying ledger
Reviewed opening balances immediately after payment; dated USD US 30/360 coupons through the selected quarter only. Historical PIK is already in opening principal. No inception reconstruction, future rate assumption, default interest or penalty. Zero OID/fees; independently confirmed non-receipt governs delinquency.
| Due date | Opening principal | Cash coupon | PIK | Principal due | Closing principal | Contractual carrying |
|---|---|---|---|---|---|---|
| 2026-09-30 | $16,000,000.00 | $390,000.00 | $0.00 | $0.00 | $16,000,000.00 | $16,000,000.00 |
| Due date | Opening carrying | Effective interest | Cash received | OID | Fees | Closing carrying | Receivable |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | $16,000,000.00 | $390,000.00 | $390,000.00 | $0.00 | $0.00 | $16,000,000.00 | $0.00 |
Expected receipts and reviewer confirmation
Schedule 4 interest days: 0 · principal days: 0. An absent cash entry alone does not establish delinquency.
All due receipts match sourced ledger events.