Normalize holdings. Detect mark discrepancies. Track payment stress. Surface the gaps most likely to matter — before they are fully reflected in NAV or price.
Every quarter, 45 BDCs file their schedules of investments with the SEC. We ingest all of them, normalize by borrower, and run cross-portfolio matching to surface the discrepancies.
When one BDC writes down a borrower and others haven't adjusted, the lagging marks overstate NAV. We flag every gap above 5 points.
Junior tranche marked above senior on the same borrower. Structurally impossible — the senior holder's mark must adjust down.
Borrowers paying interest in more debt instead of cash. 544 PIK positions tracked with quarter-over-quarter diffing to catch new designations.
Material filings between reporting periods — dividend changes, impairments, restructurings. Classified by priority and cross-referenced against the stale mark universe.
Earnings call language cross-referenced against portfolio marks. Management often signals deterioration verbally before the mark moves.
Stale mark holders trading at a premium to NAV — the equity market hasn't priced in the coming markdown. That's the tradeable signal.
Real signals from current SEC filings. Updated weekly.
| # | Borrower | Gap | Holders |
|---|---|---|---|
| 1 | U.S. TelePacific Corp. | 97.8% | MAIN, MSIF, CGBD |
| 2 | Cart.com, Inc. | 95.7% | TRIN, TPVG |
| 3 | Marketplace Events Acquisition | 89.2% | PNNT, PFLT |
| 4 | Material Holdings, LLC | 75.1% | CGBD, BXSL |
| 5 | JTI Electrical & Mechanical | 63.2% | MSIF, MAIN |
Data: SEC EDGAR 10-Q/10-K schedules of investments, all 45 public BDCs. Updated weekly. Not investment advice.
Schedules of investments from all 45 BDC 10-Qs and 10-Ks. Borrower names, tranches, rates, par values, fair values — normalized and matched.
Fuzzy borrower matching across filings. Same borrower, different BDC, different mark. The spread is the signal.
PIK status, non-accrual flags, 8-K filings, transcript language, and P/NAV data layer on top to rank signals by conviction.
Ranked table of the highest-conviction divergence signals, with borrower-level detail and holder-by-holder marks. Delivered every Monday.
Single-borrower view: every BDC that holds the name, the mark each assigns, PIK status, non-accrual flags, and QoQ trajectory.
Exportable CSV/HTML feed of all active divergence signals, filterable by gap severity, holder count, and PIK presence.
Real-time monitoring of BDC 8-K filings on EDGAR. Material event alerts delivered between quarters — dividend changes, impairments, restructurings.
20 minutes. Real signals from real filings. No slides.