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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.

Valuation Pack

ScopeNSNS SBIC FundShow whole portfolio

QuarterQ3 2026

Show all borrowers in scope

NSNS SBIC Fund · Q3 2026 · entire fund values

Known cost: $107,253,250.00; 0 missing
Reported SBA: $95,600,000.00; 0 missing
Reported GAAP: $100,400,000.00; 0 missing
Computed SBA depreciation: $11,653,250.00; 0 missing

10 positionsMarks 10/10Structured financial statements 10/10Structured covenant calculations verified 0/10

10 positions have covenant definitions or results. Missing inputs are excluded from totals; reported zeros are included.

Reconciliation · Reconciled

No unresolved reconciliation checks.

Evidence coverage by holding (10)

Holding	Financial evidence	Covenant evidence	Accounting
BluePeak Healthcare Solutions · Unitranche	supported	supported	supported · Quarterly 30/360 sourced terms; calculation and reconciliation remain separate checks.
Brakeholt Engineered Products Co. · Unitranche	supported	supported	supported · Quarterly 30/360 sourced terms; calculation and reconciliation remain separate checks.
Grainmoor Food Distribution · Senior Term Loan	supported	supported	supported · Quarterly 30/360 sourced terms; calculation and reconciliation remain separate checks.
Havenmark Logistics Group · Senior Term Loan	supported	supported	supported · Quarterly 30/360 sourced terms; calculation and reconciliation remain separate checks.
Kilnbrace Specialty Products · Equity Co Invest	supported	not applicable	not applicable · Loan carrying calculations do not apply.
Kilnbrace Specialty Products · Senior Term Loan	supported	supported	supported · Quarterly 30/360 sourced terms; calculation and reconciliation remain separate checks.
Meridian Industrial Services · Equity Co Invest	supported	not applicable	not applicable · Loan carrying calculations do not apply.
Meridian Industrial Services · Senior Term Loan	supported	supported	supported · Quarterly 30/360 sourced terms; calculation and reconciliation remain separate checks.
Summit Software Holdings · Equity Co Invest	supported	not applicable	not applicable · Loan carrying calculations do not apply.
Summit Software Holdings · Unitranche	supported	supported	supported · Quarterly 30/360 sourced terms; calculation and reconciliation remain separate checks.

Audit details · 0 unresolved checks, sources and calculation version

Dependency hash: adb7feb1469152ae6777c427459a2cd50c96e05cb2abd270a39d86aeb176bc98

11 source references recorded, each tied to its document and cell.

Position valuations

Synthetic demo

NSNS SBIC Fund · 2 positions · USD. Reviewed SBA values are shown separately from filed values.

Expand a position for findings, prior values and sources.

Position

SBA cost

Filed SBA

Reviewed SBA

Reported GAAP

Review findings

Meridian Industrial Services · Equity Co-Invest

Equity Co-Invest

$2,500,000.00

$3,100,000.00

No calculation flags

Review details

Accounting values

GAAP carrying value: Not known
Interest receivable: Not known
Reported depreciation: $0.00
Computed SBA depreciation: $0.00
Reported GAAP − filed SBA: $600,000.00

Open carrying ledger and reconciliation

Quarter movements

Basis	Prior quarter	Change
Cost	$2,500,000.00	$0.00
SBA	$2,500,000.00	$0.00
GAAP	$2,900,000.00	$200,000.00
Depreciation	$0.00	$0.00

GAAP to SBA bridge

CM-SBA-1: lower of reviewed cost and original approved GAAP appraisal; no elected appreciation; original GAAP remains separate

GAAP → SBA

GAAP: $3,100,000.00
Less appreciation above cost: $600,000.00
Other difference to filed SBA: $0.00
Filed SBA: $2,500,000.00

GAAP − appreciation above cost + other difference = filed SBA.

Cost → SBA

Cost: $2,500,000.00
Less SBA depreciation: $0.00
Cost less depreciation: $2,500,000.00
Filed SBA: $2,500,000.00

Cost-to-SBA tie: Ties.

Reported − computed depreciation: $0.00.

This position contributes $0.00 of SBA depreciation to the fund total used in capital impairment.

Valuation method

CM-SBA-1: lower of reviewed cost and original approved GAAP appraisal; no elected appreciation; original GAAP remains separate

Source references

Missing source references

SBA computation record

Meridian Industrial Services · Senior Term Loan

Senior Term Loan

$18,000,000.00

$18,400,000.00

No calculation flags

Review details

Accounting values

GAAP carrying value: $18,000,000.00
Interest receivable: $0.00
Reported depreciation: $0.00
Computed SBA depreciation: $0.00
Reported GAAP − filed SBA: $400,000.00

Open carrying ledger and reconciliation

Quarter movements

Basis	Prior quarter	Change
Cost	$18,000,000.00	$0.00
SBA	$18,000,000.00	$0.00
GAAP	$18,200,000.00	$200,000.00
Depreciation	$0.00	$0.00

GAAP to SBA bridge

CM-SBA-1: lower of reviewed cost and original approved GAAP appraisal; no elected appreciation; original GAAP remains separate

GAAP → SBA

GAAP: $18,400,000.00
Less appreciation above cost: $400,000.00
Other difference to filed SBA: $0.00
Filed SBA: $18,000,000.00

GAAP − appreciation above cost + other difference = filed SBA.

Cost → SBA

Cost: $18,000,000.00
Less SBA depreciation: $0.00
Cost less depreciation: $18,000,000.00
Filed SBA: $18,000,000.00

Cost-to-SBA tie: Ties.

Reported − computed depreciation: $0.00.

This position contributes $0.00 of SBA depreciation to the fund total used in capital impairment.

Valuation method

CM-SBA-1: lower of reviewed cost and original approved GAAP appraisal; no elected appreciation; original GAAP remains separate

Source references

Missing source references

SBA computation record

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