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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

QuarterQ2 2026

Show all borrowers in scope

NSNS SBIC Fund · Q2 2026 · entire fund values

Known cost: $107,200,000.00; 0 missing
Reported SBA: $97,500,000.00; 0 missing
Reported GAAP: $101,300,000.00; 0 missing
Computed SBA depreciation: $9,700,000.00; 0 missing

10 positionsMarks 10/10Structured financial statements 10/10Structured covenant calculations verified 1/10

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

Reconciliation · Incomplete

2 areas are open for this quarter.

Regulatory trial balance · 15 fields need attention

These fund-level items have no posted value or supported account mapping for this quarter.

View the 15 affected fields

Regulatory item	Needed
Licensee Type	Value and account mapping
Regulatory Capital	Value and account mapping
Treasury Stock	Value and account mapping
Leverageable Capital	Value and account mapping
Outstanding Leverage	Value and account mapping
Undistributed Net Realized Earnings	Value and account mapping
Includible Non Cash Gains	Value and account mapping
Equity Capital Investments At Cost Pct	Value and account mapping
Unrealized Appreciation Class1	Value and account mapping
Unrealized Appreciation Class2	Value and account mapping
Unrealized Appreciation Other	Value and account mapping
Unrealized Depreciation	Value and account mapping
Estimated Future Tax On Gains	Value and account mapping
Borrowings Against Pledged Appreciated Securities	Value and account mapping
Filed Capital Impairment Pct	Value and account mapping

ACCOUNTING TERMS MISSING · 7 items

Loan lacks sourced supported accounting terms.

Review affected items and evidence

BluePeak Healthcare Solutions · Unitranche · Source Evidence
Loan lacks sourced supported accounting terms.
2026-06-30
Source evidence
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null
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Brakeholt Engineered Products Co. · Unitranche · Source Evidence
Loan lacks sourced supported accounting terms.
2026-06-30
Source evidence
```
null
```
Grainmoor Food Distribution · Senior Term Loan · Source Evidence
Loan lacks sourced supported accounting terms.
2026-06-30
Source evidence
```
null
```
Havenmark Logistics Group · Senior Term Loan · Source Evidence
Loan lacks sourced supported accounting terms.
2026-06-30
Source evidence
```
null
```
Kilnbrace Specialty Products · Senior Term Loan · Source Evidence
Loan lacks sourced supported accounting terms.
2026-06-30
Source evidence
```
null
```
Meridian Industrial Services · Senior Term Loan · Source Evidence
Loan lacks sourced supported accounting terms.
2026-06-30
Source evidence
```
null
```
Summit Software Holdings · Unitranche · Source Evidence
Loan lacks sourced supported accounting terms.
2026-06-30
Source evidence
```
null
```

Evidence coverage by holding (10)

Holding	Financial evidence	Covenant evidence	Accounting
BluePeak Healthcare Solutions · Unitranche	supported	supported	missing · Missing sourced loan terms.
Brakeholt Engineered Products Co. · Unitranche	supported	supported	missing · Missing sourced loan terms.
Grainmoor Food Distribution · Senior Term Loan	supported	supported	missing · Missing sourced loan terms.
Havenmark Logistics Group · Senior Term Loan	supported	supported	missing · Missing sourced loan terms.
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	missing · Missing sourced loan terms.
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	missing · Missing sourced loan terms.
Summit Software Holdings · Equity Co Invest	supported	not applicable	not applicable · Loan carrying calculations do not apply.
Summit Software Holdings · Unitranche	supported	supported	missing · Missing sourced loan terms.

Audit details · 37 unresolved checks, sources and calculation version

Dependency hash: 04ffc7c81f69f4ae5c0cd8102d951bd23ce88a6c80a7ee019020f5baf07aca8b

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

Summit Software Holdings · Equity Co-Invest

Equity Co-Invest

$3,000,000.00

Missing

$4,600,000.00

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: $1,600,000.00

Open carrying ledger and reconciliation

Quarter movements

Basis	Prior quarter	Change
Cost	Missing	Missing
SBA	Missing	Missing
GAAP	Missing	Missing
Depreciation	Missing	Missing

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: $4,600,000.00
Less appreciation above cost: $1,600,000.00
Other difference to filed SBA: $0.00
Filed SBA: $3,000,000.00

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

Cost → SBA

Cost: $3,000,000.00
Less SBA depreciation: $0.00
Cost less depreciation: $3,000,000.00
Filed SBA: $3,000,000.00

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

Summit Software Holdings · Unitranche

Unitranche

$16,000,000.00

Missing

$17,500,000.00

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: $1,500,000.00

Open carrying ledger and reconciliation

Quarter movements

Basis	Prior quarter	Change
Cost	Missing	Missing
SBA	Missing	Missing
GAAP	Missing	Missing
Depreciation	Missing	Missing

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: $17,500,000.00
Less appreciation above cost: $1,500,000.00
Other difference to filed SBA: $0.00
Filed SBA: $16,000,000.00

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

Cost → SBA

Cost: $16,000,000.00
Less SBA depreciation: $0.00
Cost less depreciation: $16,000,000.00
Filed SBA: $16,000,000.00

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

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