BDC-Tracker
Loan-level fair-value marks parsed from business-development-company 10-Q and 10-K Schedules of Investments on SEC EDGAR. Track where BDCs disagree on a borrower's credit, which loans are deteriorating quarter over quarter, and where payment-in-kind interest is spreading.
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Explore the data
Top Dispersion
Loans held by two or more BDCs, ranked by how far apart their marks are — the widest valuation disagreements.
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Top Markdowns
Loans with the largest quarter-over-quarter decline in average mark across the BDCs that hold them.
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Newly Stressed
Loans whose average mark sat at or above 95 last quarter and just crossed below it — the freshly-impaired alert.
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Top PIK Industries
Industries ranked by the share of their loans currently paying interest in kind rather than cash.
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Newly PIKing
Loans where a BDC began reporting PIK interest this quarter — a fresh credit-deterioration signal.
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Top Selldowns
Loans where a BDC cut its principal holding the most, quarter over quarter.
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PIK Monitor
The full payment-in-kind dashboard — trajectory over time, industry and BDC concentration, and PIK duration.
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Non-Accrual Monitor
Portfolio-wide non-accrual dashboard — trajectory, industry / BDC concentration, currently-NA loans, and how long they have been on non-accrual.
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Leverage
Compare BDC balance-sheet leverage side by side — debt-to-equity and 1940 Act asset coverage ratio over the last 8 quarters for any combination of BDCs.
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BDC Scorecard
Every BDC side by side — portfolio mark, non-accrual and PIK exposure, concentration, and quarter-over-quarter fair-value change.
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Mark Distribution
A histogram of every position's latest mark — the shape of credit quality across the tracked universe.
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Sector Heatmap
Average mark by sector across recent quarters — spot which industries are rolling over.
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Maturity Wall
Loans grouped by the year they mature — refinancing risk, with stressed credit flagged in the near-term bars.
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Unrealized Loss
Positions whose fair value has fallen furthest below the BDC's cost basis.
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Watchlist
Track specific borrowers and get flagged when their average mark falls below a threshold you set.
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PIK Activity
| BDC | Current status | PIKing since | Quarters in current streak | Cash rate | PIK rate | Latest period reported |
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PIK status reflects whether the BDC's Schedule of Investments flags the position as paying PIK interest in that period. Cash / PIK rate columns show the coupon split where the BDC tags it in iXBRL (US-GAAP InvestmentInterestRatePaidInKind / PaidInCash); a dash means that BDC did not disclose the split.
Peer Posture
Mark vs Cohort Median (pts)
Data parsed from BDC's 10-Q / 10-K Schedule of Investments via SEC EDGAR. Marks shown as fair value as % of par.
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Industry Mix (latest period)
| Industry | Loans | Fair Value | % of Portfolio |
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Top Markdowns (QoQ)
| Borrower | Prior | Current | Drop |
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Top Markups (QoQ)
| Borrower | Prior | Current | Gain |
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Portfolio (latest period, sorted by FV)
| Borrower | Instrument | Industry | Par | Fair Value | Mark | PIK | NA |
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Top Dispersion
Loans held by 2+ BDCs ranked by mark disagreement (max minus min) in their most recent reported period
| Borrower | Instrument | Industry | BDCs | Min | Max | Range (pts) | Aggregate FV | Period |
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PIK Trajectory (loans reporting PIK over time)
PIK by Industry
| Industry | PIK Loans | Total | PIK % | PIK FV |
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Duration of current PIK
| Quarters PIKing | Loans |
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BDC PIK Concentration
| BDC | PIK Loans | Total Loans | PIK % | PIK FV | % of Portfolio FV |
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Currently PIKing Loans (top 50 by FV)
| Borrower | Instrument | Industry | BDCs | Avg Mark | Aggregate FV |
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PIK Income Share (where the cash / PIK coupon split is disclosed)
| BDC | PIK loans w/ split | Coverage | Blended cash coupon | Blended PIK coupon | PIK share of coupon |
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Among each BDC's PIK-flagged positions that disclose the cash vs PIK coupon split in iXBRL (US-GAAP InvestmentInterestRatePaidInKind / PaidInCash), the par-weighted share of the contractual coupon paid in kind. Coverage is the fraction of that BDC's PIK positions disclosing the split — it varies widely, so read low-coverage rows with caution.
Non-Accrual Trajectory (loans on non-accrual over time)
Non-Accrual by Industry
| Industry | NA Loans | Total | NA % | NA FV |
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Duration of current non-accrual
| Quarters on NA | Loans |
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BDC Non-Accrual Concentration
| BDC | NA Loans | Total Loans | NA % | NA FV | % of Portfolio FV |
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Currently Non-Accrual Loans (top 50 by FV)
| Borrower | Instrument | Industry | BDCs | Avg Mark | Aggregate FV |
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Compare BDCs
Latest values
| BDC | Liabilities | Equity | D / E | Asset Coverage | Latest Period |
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Source: SEC XBRL companyfacts (us-gaap:Liabilities, us-gaap:StockholdersEquity, us-gaap:Assets). Asset Coverage = Assets / Liabilities — 1940 Act requires BDCs to maintain ≥ 150% (or 200% if not opted in to lower leverage).
Range = max(mark) - min(mark) across BDCs reporting in the loan's latest multi-BDC period. Filtered to aggregate fair value ≥ $50M. Click any row for full mark history.
| BDC | Positions | Portfolio FV | Wtd-avg mark | Non-accrual % | PIK % | Top-10 conc. | QoQ FV chg | Period |
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Non-accrual trend — non-accrual positions as % of portfolio fair value
NAV proxy — aggregate portfolio fair value, indexed to 100 at each BDC's earliest tracked quarter
Each BDC at its most recent reported period. Weighted-average mark is fair-value-weighted across positions; non-accrual %, PIK %, and top-10 concentration are shares of portfolio fair value. Click a row to drill into that BDC.
| Mark band | Positions | % of positions | Aggregate FV |
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Mark migration — where positions moved since the prior quarter
Rows are last quarter's mark band, columns are this quarter's. Green = moved up, red = moved down, grey diagonal = unchanged.
Each position is one loan as held by one BDC, bucketed by its most recent reported mark (fair value as a percent of par). Bands below 90 flag stressed credit.
Each cell is the fair-value-weighted average mark of that sector's loans in that calendar quarter. Greener is closer to par; redder is more deeply discounted. Sectors shown are the largest by tracked position count.
| Maturity year | Loans | Aggregate FV | FV marked below 95 | % stressed |
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Debt instruments only — equity positions (which have no maturity) are excluded. Each loan's aggregate fair value across the BDCs that still report it in their most recent filing, placed in the year it matures; red is fair value marked below 95. Maturities far outside the current window are grouped into the Before / After buckets — a loan in the Before bucket is debt still carried past its stated maturity.
| Borrower | Instrument | Industry | BDC | Cost basis | Fair value | Unrealized $ | Unrealized % | Period |
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Positions where the most recent fair value sits below the BDC's cost basis, ranked by the largest dollar shortfall. Click a row for the full mark history.
| Borrower | Instrument | BDCs | Avg mark | Status | Latest period |
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Your watchlist is stored in this browser. A position is flagged when its latest average mark across BDCs falls below your threshold.