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Valuation Pack
Q3 2026 whole-portfolio approved marks and covenant context
ScopeWhole portfolioShow NSNS SBIC Fund
QuarterQ2 2026Q3 2026
Credit performance and covenant context
Known marks only: 8/8 credit positions and 3/3 equity positions. Missing marks are unavailable; movements require complete comparable credit marks.
Marks and Support
Q3 2026| Company▲ | Credit FV | QoQ Δ | Method | Implied Multiple | Covenant | Flag |
|---|---|---|---|---|---|---|
| BluePeak Healthcare Solutions Healthcare | $22.1M | +$0.1M 0.5% | Market comparable | 0.98x LTM EBITDA, unadjusted | Tight | — |
| Brakeholt Engineered Products Co. Industrials | $10.8M | -$0.6M -5.3% | Market comparable | 1.35x LTM EBITDA, unadjusted | Breach | — |
| Grainmoor Food Distribution Consumer | $9.8M | -$0.4M -3.9% | Income / DCF | 0.59x LTM EBITDA, unadjusted | Breach | — |
| Havenmark Logistics Group Transportation | $9.7M | — | Income / DCF | 0.61x LTM EBITDA, unadjusted | Breach | — |
| Kilnbrace Specialty Products Industrials | $6.0M | -$0.1M -1.6% | Cost | 0.50x LTM EBITDA, unadjusted | Tight | — |
| Meridian Industrial Services Industrials | $18.4M | +$0.2M 1.1% | Market comparable | 0.52x LTM EBITDA, unadjusted | Pass | — |
| Summit Software Holdings Technology | $17.8M | +$0.3M 1.7% | Recent transaction | 0.76x LTM EBITDA, unadjusted | Pass | — |
Reconciliation to Portfolio Fair Value
Portfolio fair value combines debt and equity marks. The credit comparison above covers debt positions; equity details are available in the equity ledger.
Credit FV is the mark on debt positions. Equity co-invests are carried in the equity ledger on cost basis and MOIC, not on covenant headroom. Implied multiples use four consecutive quarters of unadjusted EBITDA. They are unavailable with incomplete history or marks, and not meaningful when EBITDA is at or below zero.