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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.
Meridian Industrial Services
Valuation support — Q2 2026
Marks received: 1/1 credit positions; 1/1 equity positions. Totals include known marks only. LTM analysis requires four consecutive financial quarters.
$18.2M
Credit FV · Q2 2026
+$0.2M
vs Q1 2026
0.54x
Credit FV / LTM EBITDA
$33.5M
LTM EBITDA (unadjusted)
Pass
Binding Covenant
Mark against Credit
Credit fair value ($M)$18.2M latest
17.818.018.018.2
Interest Coverage cushion (%)
———25.8
Minimum LTM EBITDA ($M) cushion (%)
———19.6
Total Leverage cushion (%)
———17.8
Q3 2025Q4 2025Q1 2026Q2 2026
Method and Assumptions
| Quarter | Credit FV | Method | Note |
|---|---|---|---|
| Q3 2025 | $17.8M | Not documented | — |
| Q4 2025 | $18.0M | Not documented | — |
| Q1 2026 | $18.0M | Not documented | — |
| Q2 2026 | $18.2M | Market comparable | EV/EBITDA 6.5x vs peer set of 5; discount for scale |
Valuation Events
No amendments, waivers, PIK flips or sponsor injections recorded.