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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.

Havenmark Logistics Group

Valuation support — Q2 2026

ImpairedTransportationMark carried on: Senior Term Loan← Valuation pack

Marks received: 1/2 credit positions; 0/0 equity positions. Totals include known marks only. LTM analysis requires four consecutive financial quarters.

$8.4M
Credit FV · Q2 2026
—
No prior mark
—
Credit FV / LTM EBITDA
$20.8M
LTM EBITDA (unadjusted)
Breach
Binding Covenant

Mark against Credit

Credit fair value ($M)$8.4M latest
13.812.510.88.4
Interest Coverage cushion (%)
———-9.8
Minimum LTM EBITDA ($M) cushion (%)
———-20.0
Total Leverage cushion (%)
———-4.0
Q3 2025Q4 2025Q1 2026Q2 2026

Method and Assumptions

QuarterCredit FVMethodNote
Q3 2025$13.8MNot documented—
Q4 2025$12.5MNot documented—
Q1 2026$10.8MNot documented—
Q2 2026$8.4MIncome / DCFRestructuring scenario weighting 60/40; discount rate 16%

Valuation Events

QuarterEventNoteRecorded by
Q4 2025PIK flipCash interest converted to PIK per Amendment 2; leverage now compoundsportfolio.analyst@nsns-fund.example
Q2 2026Restructuring openedAdvisors engaged; standstill through Q3portfolio.analyst@nsns-fund.example