Portfolio reports show the current active book. Closed and archived borrowers, including their history, are available in All Borrowers.
SBA valuation computation record
Kilnbrace Specialty Products · Senior Term Loan · Q3 2026
View the retained issued version · Historical baseline
This report displays the saved calculation, inputs and review history. Opening it does not recalculate values or change a review.
Stored result
| Measure | Stored value |
|---|---|
| Position | Kilnbrace Specialty Products · Senior Term Loan |
| Computed closing cost | $6,000,000.00 |
| Sba value ceiling | $6,000,000.00 |
| Warrant intrinsic | Not known |
| Reviewed SBA value | Not known |
| Collection in doubt | No |
| GAAP less filed SBA | $0.00 |
| Supported SBA value | $6,000,000.00 |
Findings
S16 Mark held at cost while covenant cushion deteriorated across the trailing window. Investigate support.
NSight divergence
covenant monitor
Calculation inputs
| Measure | Stored value |
|---|---|
| Date | 2026-09-30 |
| Cost begin | $6,000,000.00 |
| Foundation | Yes |
| Valuation policy | CM-SBA-1: lower of reviewed cost and original approved GAAP appraisal; no elected appreciation; original GAAP remains separate |
| Quarter end | 2026-09-30 |
| Security type | loan |
| Ledger complete | Yes |
| Source namespace | nsns-admin |
| Submitted status | Watch |
| Covenant evidence | Supplied certificate results on an LTM basis; retain tests, including breaches/tight results. original-sources.sha256.json; 07-Kilnbrace-Q3 |
| Status source ref | SYNTHETIC-SUPPLEMENT.pdf p.4 |
| Financial evidence | borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2 |
| Licensee leveraged | Yes |
| Filed closing cost | $6,000,000.00 |
| Going concern doubt | No |
| Filed SBA value | $6,000,000.00 |
| Filed GAAP value | $6,000,000.00 |
| Insolvent or bankrupt | No |
| Covenant cushion trend | deteriorating |
| Interest days past due | 0 |
| Principal days past due | 0 |
| Recovery event recorded | No |
| Last board valuation date | 2026-09-30 |
| Reported unrealized depreciation | $0.00 |
Source references
Open a field to read its source and supporting quotation. Full extracts remain in the downloadable record.
Date
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Name
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Vehicle
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Company Id
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Cost begin
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Foundation
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Source reference
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Valuation policy
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Instrument Id
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Security type
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Ledger complete
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Submitted status
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Covenant evidence
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Status source ref
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Financial evidence
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Licensee leveraged
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Filed closing cost
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Going concern doubt
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Filed SBA value
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Filed GAAP value
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Insolvent or bankrupt
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Covenant cushion trend
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Interest days past due
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Principal days past due
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Recovery event recorded
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Last board valuation date
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Reported unrealized depreciation
SYNTHETIC-SUPPLEMENT.pdf pp.2-4; sources/opening-register.xlsx#Inputs!A9:P9; borrower-packages/07-Kilnbrace-Q3/04-Fund-Holdings-and-Approved-Marks.xlsx#Holdings and Marks!A2:O2
Review history
S16 · Explain
Explained: Kilnbrace term loan held at full cost under CM-SBA-1 while covenant cushion deteriorated. Original GAAP/cost $6,000,000 and received cash $153,750 per supplement pp.3-4. Watch status and covenant issues remain unchanged; flag retained.
fund.controller@nsns-fund.example · 2026-10-09
Calculation provenance
- Prepared by
- portfolio.analyst@nsns-fund.example
- Saved at (UTC)
- 2026-10-09T17:00:07.341Z
- Engine version
- sbic-sba-review-4.0.0
- Record ID
- issued_WyJkZW1vLWJhc2VsaW5lLWNiYzA4MWNiLWZkMDAtNDUxZC04NDUxLWU1ZDFlNTkwZjg3NiIsInNiYSIsImNtdXptdjVtMTAwMzQ0eDdrejFreXNxc2IiXQ
- Input SHA-256
- 4ec4f5676bde521cb938ffdfa6901e5f47a1a2db8088370af61b8cf2293b9bd7