Quarterly review
Q3 2026 · Jul 1 to Sep 30, 2026 · review meeting Thu, Dec 10
Dollar-weighted return on all cash flows, open positions at fair value. Quarterly.
13.6%
−0.5 pts vs Q2
(Cash returned + fair value) ÷ capital deployed.
1.18x
+0.01x vs Q2
Companies with at least one covenant outside its limit at quarter end.
2
+1 vs Q2 · Halcyon, Corvid
Q3 compliance certificates received from portfolio companies.
6 of 10
Due Nov 14
Company by company
Status at the end of Q2 and Q3, closest covenant and the Q3 compliance certificate
| Company | Q2 | Q3 | Change | Closest covenant | Q3 certificate |
|---|---|---|---|---|---|
| Corvid Logistics | Watch | At risk | ↓ Worse | DSCR · breached | Not received |
| Halcyon Home Health | Watch | At risk | ↓ Worse | DSCR · breached | Received · breach disclosed |
| Pioneer Ag Supply | On track | Watch | ↓ Worse | DSCR · 7.5% room | In draft |
| Northgate Restaurants | Watch | Watch | → Same | DSCR · 3.3% room | Received |
| Tidewater Marine Services | Watch | Watch | → Same | Min cash · 12.0% room | In draft |
| Brightwater Packaging | Watch | Watch | → Same | Net leverage · 8.6% room | In draft |
| Keystone Dental Labs | On track | On track | → Same | Net leverage · 13.3% room | Received |
| Sablewood Furniture | On track | On track | → Same | Net leverage · 15.6% room | Received |
| Ironclad Fabrication | On track | On track | → Same | Net leverage · 22.2% room | Received |
| Lumen Specialty Pharmacy | On track | On track | → Same | Net leverage · 31.1% room | Received |
Topics for the review
Prepared by Your Cohort
- Halcyon forbearance through Jan 31: the committee decides on Nov 12; the review records the outcome.
- Corvid: payroll gap and a No New Money flag. Options are a sale process, a lender-led restructuring or an override for a bridge.
- Pioneer moved from On track to Watch: debt service coverage fell to 1.29x against 1.20x.
- Brightwater: the pricing reset is three weeks late, and two of four EBITDA adjustments stop after this year.
- Exposure mix is steady: credit 52%, hybrid 25%, equity 23%.
New marks a measure Your Cohort adds to Thorne’s reporting · fictional companies and figures · thresholds are placeholders · select or hover any dotted label for its definition