Portfolio Monitoring
Overview
Real-time covenant and operating snapshot for the current reporting period.
Borrower
Meridian SaaS Co.
BreachB2B SaaS — Workflow Automation · Series C
Facility
Venture Debt Term Loan
Size
$15.0M
Originated
2024-06-01
Reporting
M24 · Current
Active covenant breach. Net Burn Multiple and Minimum Liquidity thresholds first breached in month 19.
Current ARR
$23.1M
+175.2% since origination
Cash Runway
0.4 mo
Below 9-mo covenant
Net Burn Multiple
27.86x
Above 2.5x cap
NRR
100.2%
Below 100% floor
ARR
MRR
Cash Runway (months)
Covenant ≥ 9Net Burn Multiple
Covenant ≤ 2.5xGross Churn (%)
ARR Growth (YoY %)
Covenant ≥ 35%Reporting Timeline
24 months · flagged event in M191
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
⚠ Breach
20
21
22
23
24
PassWarningBreach
Synthetic data, portfolio demonstration only.