September 21, 2026

Weekly Signal Report

Cross-holder mark surveillance across 45 public BDCs, non-traded vehicles, and mutual-fund N-PORT filings.

This report starts with a simple question: which BDC NAVs are least supported by the rest of the filed universe. We compare loan and equity marks across public BDCs, non-traded vehicles, and mutual funds to identify where one holder is already telling a different story. The point is not to declare the lowest mark “correct”; it is to measure where reported NAV depends on marks that look stale relative to other real filers. This week, the most important signals are concentrated in a handful of names where premium valuations, internal inconsistencies, and cross-holder markdowns are colliding.

In a sector-wide selloff, that distinction matters more than who merely looks cheap on reported book.

Active divergences

borrower marks in dispute

New this week

vs prior run

High-confidence signals

3+ confirmation layers

Waterfall inversions

structural anomalies

This week — decisions

Module 1

Best Long Setup

The name where the discount appears real rather than manufactured by stale marks. Reported NAV close to filed consensus, ILV holds up, stock still discounted because the market is de-risking the whole sector at once.

OFS

P/NAV 0.43× · P/ILV 0.44× · ILV gap -2.4%

Reported NAV $8.41, ILV $8.21. Marks substantially agree across holders. In the current sector-wide de-risking, this is a discount to a book value that still looks broadly credible.

Also considered

BCIC — P/ILV 0.50×

CION — P/ILV 0.53×

Module 2

Best Short / Hedge

The name where valuation depends on marks that other holders have already taken down. Strict filter: the ILV premium must be confirmed by an independent stress signal — transcript language, waterfall inversion, or material 8-K.

MAIN

P/NAV 1.66× · P/ILV 1.73× · 32% of book adjusted in ILV

Price $56.19 vs. NAV $33.92 vs. ILV $32.54. Once cross-holder marks are applied, most of the reported book reprices lower. Independent confirmation: waterfall inversion.

Module 3

Best Underfollowed

The borrower-level signal most likely to matter before the market fully notices — a single holder still carrying a mark that no other filer supports.

us telepacific

72.7pt gap · stale MAIN @ P/NAV 1.66× · marked down by MSIF

Mark range 26.4%–99.2% across 2 holders. The stale holder trades at a premium to sector median, which means the market has not yet priced this borrower-level stress through the equity. This is one of the borrowers underwriting MAIN's premium.

MAIN holds 5 additional borrowers with the same pattern. See the short-side module above for the consolidated thesis.

Fair Value · No Action

OXSQ (0.98×) · BXSL (1.03×) · GAIN (1.05×) · ARCC (1.07×) · GLAD (0.91×) · TSLX (1.11×) · GSBD (0.88×)

Names where P/ILV sits in fair range and no triple-confirmed stress is present. Sometimes ‘no action’ is the most valuable signal.

The valuation lens

Stress-tested NAV across the universe

Inputs: 37 public BDCs, non-traded BDC vehicles, and cross-referenced mutual fund N-PORT holdings. Every input traces to an SEC filing.

Universe reconciliation: 45 covered → 37 in the ILV table. Excluded 8: 3 no valid positions for ILV (BCSF, GBDC, SCM) · 1 quarantined: non-tabular SOI format (latest parse: 2 rows, both unusable) (EQS) · 1 quarantined: multi-row value attribution (104/104 rows lack fair value) (FDUS) · 1 quarantined: fair-value extraction failure (2026-07-05 v3-trio attempt failed gates: row ratio 0.46, FV sum -23% vs stated — see soi_gate_PSEC_20260705.json) (PSEC) · 1 quarantined: narrative block format double-counts per-borrower block-total FVs (re-parse +40.5% vs stated total, soi_gate_RAND_20260706.json); incumbent v2 parse is also period-contaminated (53% eligible prior-quarter echoes) — excluded per Codex R3 no-grandfathering pass, 2026-07-06 (RAND) · 1 skip-list (SAR).

— Implied Liquidity Value

MAIN

Main Street Capital Corporation · feature case

ILV revalues each BDC’s portfolio at the lowest mark any holder in the filed universe has assigned to the same borrower at the same or more senior tranche.

The conventional question for a BDC sector trading below book is whether the discounts are overdone. ILV reframes it: are the premiums justified?

$33.92

Reported NAV

$56.19

Market Price

$32.54

Implied Liquidity Value

P/NAV 1.66× → P/ILV 1.73×

Universe ranked by P/ILV — premium at top

Ticker	NAV / share	ILV / share	P/NAV	P/ILV	Verdict
MAIN	$33.92	$32.54	1.66×	1.73×	ILV Premium
CSWC	$16.61	$16.16	1.41×	1.45×	ILV Premium
HTGC	$12.15	$12.13	1.43×	1.43×	ILV Premium
TRIN	$13.47	$13.35	1.31×	1.32×	ILV Premium
TSLX	$16.24	$16.17	1.10×	1.11×	Above Consensus
ARCC	$19.35	$18.07	1.00×	1.07×	Above Consensus
GAIN	$16.24	$15.06	0.98×	1.05×	Above Consensus
BXSL	$25.53	$24.03	0.97×	1.03×	Near Consensus
OXSQ	$1.29	$1.29	0.98×	0.98×	Near Consensus
GLAD	$21.50	$21.28	0.90×	0.91×	Near Consensus
GSBD	$12.06	$11.08	0.80×	0.88×	Near Consensus
OCSL	$15.70	$14.19	0.79×	0.87×	Near Consensus
KBDC	$16.00	$15.80	0.82×	0.83×	Discount to ILV
OBDC	$14.26	$13.55	0.78×	0.82×	Discount to ILV
BBDC	$10.94	$10.82	0.80×	0.81×	Discount to ILV
MSIF	$16.51	$15.76	0.75×	0.79×	Discount to ILV
HRZN	$6.23	$6.06	0.75×	0.77×	Discount to ILV
CGBD	$15.61	$14.76	0.73×	0.77×	Discount to ILV
PFLT	$10.26	$10.00	0.68×	0.70×	Discount to ILV
GECC	$7.95	$7.83	0.69×	0.70×	Discount to ILV

Verdicts — P/ILV ≥ 1.20: ILV Premium · ≥ 1.05: Above Consensus · ≤ 0.85: Discount to ILV · else: Near Consensus. Top 20 shown. See methodology drawer at foot of page.

Credit deterioration signals

Reinforcement layers

Three independent views on which signals have the most corroboration. Triple-confirmed names stack mark divergence with disclosure, PIK concentration flags balance-sheet stress, and the conviction scorer merges all layers into a single 0-10 ranking.

Confidence scoring stacks independent confirmation layers: divergence exists + stale holder at P/NAV premium + 8-K disclosure + PIK or non-accrual designation + earnings-call stress language. Names reaching 3+ layers are the highest-priority review queue.

Borrower	Type	Confidence	Gap	Highest mark holder
RA Outdoors, LLC	Multi-holder	●●●●●	50.5%	MAIN, MSIF★ cohort
Bluestem Brands, Inc.	Intra-filer	●●●●●	37.7%	MAIN, MSIF★ cohort
Logix Acquisition Company, LLC	Intra-filer	●●●●●	22.8%	MAIN, MSIF★ cohort
Event Holdco, LLC	Intra-filer	●●●●●	10.1%	MAIN, MSIF★ cohort
Centre Technologies Holdings, LLC	Intra-filer	●●●●●	7.5%	MAIN, MSIF★ cohort
Dynamic Communities, LLC	Intra-filer	●●●●●	7.5%	MAIN, MSIF★ cohort
MoneyThumb Acquisition, LLC	Intra-filer	●●●●●	7.3%	MAIN, MSIF★ cohort
Titan Meter Midco Corp.	Intra-filer	●●●●●	5.6%	MAIN, MSIF★ cohort

PIK concentration as a balance-sheet stress lens. Names overlapping with divergence signals should be prioritized — a stale mark plus PIK designation means the credit is both mispriced and deteriorating.

New PIK (QoQ)

2026-Q2r5 → 2026-Q3

New non-accrual

245

quarter-over-quarter

New distressed PIK

mark <80% + PIK

Ticker	Debt par	PIK par	Concentration	Distressed
ARCC ⚠	$1,958M	$2,865M	146.3%	76
HTGC ⚠	$4,382M	$1,790M	40.9%	2
SAR	$1,097M	$400M	36.5%	0
ICMB	$220M	$79M	36.0%	0
OFS ⚠	$284M	$77M	27.3%	5
TCPC ⚠	$10,298M	$2,661M	25.8%	1
NMFC ⚠	$1,834M	$468M	25.5%	7
BBDC ⚠	$2,075M	$384M	18.5%	15
BCSF	$244M	$32M	12.9%	0
GECC	$724M	$79M	11.0%	0
CCAP ⚠	$1,524M	$160M	10.5%	6
TRIN	$4,639M	$326M	7.0%	0

Multi-factor score, 0-10 per borrower: mark gap (0-2) + PIK (0-2) + non-accrual (0-2) + 8-K (0-2) + transcript (0-1) + premium holder (0-1). Scores ≥7 = immediate review, ≥5 = monitor closely.

#	Borrower	Score	Gap	Conviction	Layers
1	Bluestem Brands, Inc.	6.0	37.7%	██████░░░░	GAP + PIK + N/A + 8-K + PREM
2	U.S. TelePacific Corp.	4.5	72.7%	████░░░░░░	GAP + 8-K + PREM
3	JTI Electrical & Mechanical, LLC	4.5	63.2%	████░░░░░░	GAP + 8-K + PREM
4	RA Outdoors, LLC	4.5	50.5%	████░░░░░░	GAP + 8-K + PREM
5	Student Resource Center, LLC	4.0	28.6%	████░░░░░░	GAP + 8-K + PREM
6	SpendMend Holdings LLC	3.5	66.4%	███░░░░░░░	GAP + 8-K
7	Isagenix International, LLC (6)	3.5	63.9%	███░░░░░░░	GAP + 8-K
8	HDC/HW Intermediate Holdings	3.5	55.7%	███░░░░░░░	GAP + 8-K
9	MRI Software LLC	3.5	47.2%	███░░░░░░░	GAP + PIK + N/A + 8-K
10	Logix Acquisition Company, LLC	3.5	22.8%	███░░░░░░░	GAP + 8-K + PREM

Supporting evidence

New signals this week

Borrower	Type	Gap	Lowest mark	Highest mark
Coolsys, Inc.	Cross-filer	9.9%	PFLT	OBDC
SpecialtyCare, Inc.	Cross-filer	9.2%	BXSL	GSBD
Essential Services Holding Corporation	Cross-filer	8.6%	CCAP	CGBD
GS AcquisitionCo, Inc. (dba Insightsoftware)	Cross-filer	8.5%	GSBD	OBDC
Inventus Power, Inc.	Cross-filer	8.3%	OCSL★	PFLT
EMB Purchaser, Inc.	Intra-filer	8.2%	BXSL	BXSL
Acquia, Inc.	Multi-holder	8.2%	TCPC★, TCPC★	OCSL★
Iron-Main Investments, LLC	Intra-filer	8.1%	MAIN	MAIN, MSIF★
Victory Energy Operations, LLC	Intra-filer	8.0%	MSIF★	MAIN, MSIF★
Granicus, Inc.	Intra-filer	7.8%	BXSL	BXSL
Centre Technologies Holdings, LLC	Intra-filer	7.5%	MAIN	MAIN, MSIF★
Dynamic Communities, LLC	Intra-filer	7.5%	MAIN, MSIF★	MAIN, MSIF★
Richardson Sales Solutions	Cross-filer	7.5%	MSIF★	MAIN
Tapco Buyer LLC	Intra-filer	7.4%	KBDC★	KBDC★
MoneyThumb Acquisition, LLC	Intra-filer	7.3%	MSIF★	MAIN, MSIF★
Confluence Technologies	Multi-holder	7.0%	GECC•	BCIC
GS Acquisitionco, Inc.	Multi-holder	6.6%	NMFC	CGBD
Confluent Health, LLC	Multi-holder	6.3%	PFLT	PNNT
Burgess Point Purchaser Corporation	Cross-filer	6.2%	BBDC★	PFLT
MajorDrive Holdings IV, LLC	Cross-filer	6.1%	GECC•	OCSL★

Top divergences by mark gap

#	Borrower	Type	Gap	Low	High	Highest mark	Lowest mark	Action
1	Pluralsight, Inc.	Multi-holder	95.2%	4.8%	100.0%	OCSL★	GSBD	review now
2	RTIC Subsidiary Holdings, LLC	Cross-filer	93.8%	5.3%	99.1%	PFLT	BBDC★	review now
3	Megawatt Acquisitionco, Inc.	Cross-filer	88.0%	10.9%	99.0%	PFLT	BBDC★	review now
4	Thrasio, LLC	Multi-holder	79.4%	20.6%	100.0%	MRCC	OCSL★	review now
5	Streamland Media Midco LLC	Intra-filerINT	74.8%	25.2%	100.0%	TCPC★	TCPC★	review now
6	U.S. TelePacific Corp.	Multi-holderP/NAV↑	72.7%	26.4%	99.2%	MAIN	MSIF★	review now
7	SpendMend Holdings LLC	Multi-holder	66.4%	33.2%	99.6%	PFLT	GSBD	review now
8	Spotless Brands, LLC	Cross-filer	64.0%	36.0%	100.0%	CGBD	GSBD	review now
9	Isagenix International, LLC (6)	Multi-holder	63.9%	31.6%	95.6%	MSIF★	CCAP	review now
10	JTI Electrical & Mechanical, LLC	Intra-filerP/NAV↑INT	63.2%	36.8%	100.0%	MAIN, MSIF★	MSIF★	review now
11	Diligent Corporation	Multi-holder	62.2%	38.5%	100.7%	CGBD	GSBD	review now
12	HDC/HW Intermediate Holdings	Intra-filerINT	55.7%	42.4%	98.1%	MSIF★	MSIF★	review now
13	Piano Software, Inc.	Cross-filer	52.6%	78.7%	131.3%	RWAY	TSLX	review now
14	RA Outdoors, LLC	Multi-holderP/NAV↑	50.5%	49.5%	100.0%	MAIN, MSIF★	BBDC★	review now
15	USA DeBusk, LLC	Cross-filer	49.5%	50.5%	100.0%	TSLX	GSBD	monitor
16	MRI Software LLC	Multi-holder	47.2%	52.8%	100.0%	BXSL	GSBD	monitor
17	Smarsh, Inc.	Cross-filer	44.7%	55.3%	100.0%	CGBD	GSBD	monitor
18	Express Wash Acquisition Company, LLC (Revolve	Multi-holder	44.4%	55.1%	99.6%	PFLT	MRCC	monitor
19	A.T. Holdings II LTD	Cross-filer	44.1%	50.9%	95.0%	OCSL★	BBDC★	monitor
20	GradeEight Corp.	Cross-filer	43.3%	56.7%	100.0%	MSIF★	MAIN	monitor
21	Bluestem Brands, Inc.	Intra-filerP/NAV↑INT	37.7%	62.3%	100.0%	MAIN, MSIF★	MSIF★	tranche review
22	Buckeye Acquiror LLC (dba Superior Environment	Cross-filer	35.7%	65.1%	100.8%	WHF	GSBD	monitor
23	Zenith AcquisitionCo LLC	Cross-filer	33.3%	74.0%	107.4%	ARCC•	TCPC★	monitor
24	Student Resource Center, LLC	Intra-filerP/NAV↑INT	28.6%	71.4%	100.0%	MAIN, MSIF★	MSIF★	tranche review
25	ICIMS, Inc.	Multi-holder	27.2%	72.8%	100.0%	OCSL★	TCPC★	monitor

Structural anomalies — waterfall inversions

A senior tranche is marked below a more-junior claim (capped at par) on the same borrower. Recovery waterfalls make that internally inconsistent: if the junior valuation is right, the senior holder is late to write down.

Thrasio, LLC

Senior tranche OCSL First Lien / Senior Secured 20.6%

capital
structure

↓

Junior tranche MRCC Second Lien 100.0%

Inversion gap: 79.4pt · If the senior mark is informative, the junior requires a 79.4pt write-down; if the junior is correct, the senior mark is too low

SpendMend Holdings LLC

Senior tranche GSBD First Lien / Senior Secured 33.2%

capital
structure

↓

Junior tranche PFLT Common Equity / Warrant 99.3%

Inversion gap: 66.1pt · If the senior mark is informative, the junior requires a 66.1pt write-down; if the junior is correct, the senior mark is too low

Diligent Corporation

Senior tranche GSBD First Lien / Senior Secured 38.5%

capital
structure

↓

Junior tranche CGBD Mezz / Subordinated / Unsecured 100.0%

Inversion gap: 61.5pt · If the senior mark is informative, the junior requires a 61.5pt write-down; if the junior is correct, the senior mark is too low

Consensus deterioration — 3+ holders

Borrower	Holders	Type	Gap	All holders	Lowest mark
ICIMS, Inc.	6	Multi-holder	27.2%	TCPC, GSBD, NMFC, OCSL, MRCC, CGBD	TCPC
MRI Software LLC	5	Multi-holder	47.2%	GSBD, CCAP, BXSL, OCSL, NMFC	GSBD
PPV Intermediate Holdings, LLC	5	Multi-holder	5.9%	BXSL, CCAP, NMFC, OBDC, CGBD	BXSL
Pluralsight, Inc.	4	Multi-holder	95.2%	GSBD, TCPC, OCSL, OBDC	GSBD
Thrasio, LLC	4	Multi-holder	79.4%	OCSL, MRCC, TCPC, GSBD	OCSL
Express Wash Acquisition Company, LLC (Revolve	4	Multi-holder	44.4%	MRCC, TCPC, BBDC, PFLT	MRCC
PetVet Care Centers, LLC	4	Multi-holder	16.1%	ARCC, NMFC, OCSL, OBDC	ARCC
U.S. TelePacific Corp.	3	Multi-holder	72.7%	MSIF, MAIN, CGBD	MSIF
SpendMend Holdings LLC	3	Multi-holder	66.4%	GSBD, PFLT, PNNT	GSBD
Isagenix International, LLC (6)	3	Multi-holder	63.9%	CCAP, MAIN, MSIF	CCAP
Diligent Corporation	3	Multi-holder	62.2%	GSBD, NMFC, CGBD	GSBD
RA Outdoors, LLC	3	Multi-holder	50.5%	BBDC, MSIF, MAIN	BBDC
Acquia, Inc.	3	Multi-holder	8.2%	TCPC, GSBD, OCSL	TCPC, TCPC
Confluence Technologies	3	Multi-holder	7.0%	GECC, BXSL, BCIC	GECC
GS Acquisitionco, Inc.	3	Multi-holder	6.6%	NMFC, BXSL, CGBD	NMFC

Urgent 8-K filings

No urgent 8-K filings in the last 7 days.

Redemption contagion — non-traded pressure on public marks

Non-traded BDCs under redemption pressure may be forced to sell loans at discounts. Public BDCs holding the same borrowers at par haven’t adjusted.

Vehicle redemption status

Vehicle	Name	Redemption %	Shared borrowers	Stale at par	Public sibling
OTEC	Blue Owl Technology Income Cor	15.0%	2	0	OBDC
BCRED	Blackstone Private Credit Fund	7.9%	684	539	BXSL
OCIC	Blue Owl Credit Income Corp	6.0%	535	334	OBDC
HLEND	HPS Corporate Lending Fund	6.0%	160	94	—
ADS	Apollo Debt Solutions BDC	5.5%	293	228	MFIC
OBDC_II	Blue Owl Capital Corp II	5.0%	426	260	OBDC
ASIF	Ares Strategic Income Fund	4.8%	195	142	ARCC
PGIM_PC	PGIM Private Credit Fund	4.8%	9	6	—
GCRED	Golub Capital Private Credit F	4.5%	143	104	GBDC
NCPCF	Nuveen Churchill Private Credi	4.5%	20	13	NCDL
PCAP	Nuveen Churchill Private Capit	4.0%	83	59	NCDL
FID_PC	Fidelity Private Credit Fund	4.0%	2	0	—
GSPC	Goldman Sachs Private Credit C	3.5%	6	2	GSBD

Shared borrowers — public BDC mark vs non-traded redemption pressure

Borrower	NT Vehicle	Redm %	Public BDC	Pub Mark	Risk
jeppesen	BCRED	8%	OCSL	99.5%	6/6	STALE
oeconnection	BCRED	8%	CGBD	99.3%	6/6	STALE
consor intermediate ii	BCRED	8%	BXSL	99.1%	6/6	STALE
ep wealth advisors	BCRED	8%	ARCC	100.0%	6/6	STALE
higginbotham insurance agency	BCRED	8%	NMFC	99.5%	6/6	STALE
higginbotham insurance agency	BCRED	8%	BXSL	99.9%	6/6	STALE
bamboo us bidco	BCRED	8%	BXSL	103.4%	6/6	STALE
ppv intermediate	BCRED	8%	BXSL	99.2%	6/6	STALE
ppv intermediate	BCRED	8%	CGBD	100.0%	6/6	STALE
kona buyer	BCRED	8%	BXSL	99.1%	6/6	STALE
kona buyer	BCRED	8%	CGBD	99.1%	6/6	STALE
crumbl	BCRED	8%	BXSL	99.1%	6/6	STALE
disco parent	BCRED	8%	NMFC	99.8%	6/6	STALE
disco parent	BCRED	8%	OCSL	101.3%	6/6	STALE
galway borrower	BCRED	8%	BXSL	99.5%	6/6	STALE

Dividend coverage

Coverage ratio = trailing NII / annual dividend. Below 1.0× = dividend not covered by earnings.

Ticker	NII / sh	Div / sh	Coverage	Yield	P/NAV
OXSQ	$0.11	$0.42	0.26×	33.2%	0.99×	AT RISK
CSWC	$2.12	$3.04	0.70×	13.0%	1.41×	AT RISK
NMFC	$0.86	$1.14	0.75×	16.3%	0.64×	AT RISK
ICMB	$0.44	$0.52	0.85×	58.9%	0.26×	AT RISK
SLRC	$1.29	$1.44	0.90×	12.0%	0.67×	AT RISK
GECC	$0.91	$1.00	0.91×	18.4%	0.69×	AT RISK
FSK	$1.95	$2.04	0.96×	18.1%	0.62×	AT RISK
ARCC	$2.02	$1.92	1.05×	9.9%	1.00×
BCSF	$1.79	$1.68	1.07×	15.2%	0.67×
BBDC	$1.12	$1.04	1.08×	11.9%	0.80×
GSBD	$1.63	$1.41	1.16×	14.5%	0.80×
HTGC	$2.20	$1.88	1.17×	10.8%	1.41×
MAIN	$4.05	$3.18	1.27×	5.7%	1.66×
CGBD	$1.95	$1.50	1.30×	13.1%	0.73×
SAR	$3.91	$3.00	1.30×	17.0%	0.76×
TRIN	$2.72	$2.04	1.33×	11.6%	1.33×
BXSL	$4.20	$3.08	1.36×	12.4%	0.97×
SCM	$1.83	$1.33	1.38×	16.8%	0.62×
GAIN	$1.33	$0.96	1.39×	6.0%	0.98×
GLAD	$2.50	$1.80	1.39×	9.3%	0.90×

NAV per share change

Declining NAV + stale marks = markdown has not yet hit the stock price.

Ticker	Prior NAV	Current NAV	Change
HRZN	$6.98	$6.23	▼10.74%	DECLINING
BCIC	$15.60	$14.49	▼7.12%	DECLINING
PNNT	$7.00	$6.55	▼6.43%	DECLINING
ICMB	$3.65	$3.44	▼5.75%	DECLINING
PSEC	$6.05	$5.71	▼5.62%	DECLINING
SAR	$24.42	$23.23	▼4.87%	DECLINING
TSLX	$16.98	$16.24	▼4.36%	DECLINING
OCSL	$16.30	$15.70	▼3.68%	DECLINING
MFIC	$13.82	$13.37	▼3.26%	DECLINING
GAIN	$16.78	$16.24	▼3.22%	DECLINING
FSK	$18.83	$18.30	▼2.81%	DECLINING
BXSL	$26.26	$25.53	▼2.78%	DECLINING
CCAP	$18.27	$17.82	▼2.46%	DECLINING
TCPC	$6.72	$6.58	▼2.08%	DECLINING
RWAY	$12.13	$11.90	▼1.90%	DECLINING

Implied Liquidity Value (ILV)

ILV revalues each BDC’s portfolio at the lowest mark any holder in the filed universe has assigned to the same borrower at the same or more senior tranche, then applies a redemption haircut. It is a stress lens, not a fair-value claim. Most informative when the lowest mark is confirmed by multiple independent holders.

Verdict thresholds: P/ILV ≥ 1.20 = ILV Premium · ≥ 1.05 = Above Consensus · ≤ 0.85 = Discount to ILV · else = Near Consensus.

Signal types

Cross-filer — Different BDCs on each side of the divergence.
Intra-filer — Same BDC holds tranches at both the high and low mark.
Multi-holder — 3+ BDCs hold the borrower; stale cohort vs single markdown.
Waterfall — Senior tranche marked below a junior claim (capped at par) on the same borrower.
P/NAV↑ — Stale holder trading at P/NAV premium; market hasn’t priced markdown.
INT — Same-seniority internal inconsistency within one BDC.

Conviction scoring

Score 0-10 per borrower stacks six independent confirmation layers: mark gap (0-2) + PIK designation (0-2) + non-accrual (0-2) + 8-K disclosure (0-2) + earnings-call transcript stress (0-1) + premium holder exposure (0-1). Scores ≥7 warrant immediate review.

Transcript badges

Ticker badges indicate the BDC discussed credit stress on its most recent earnings press release. ★ = triple-confirmed (stress language plus stale marks plus premium valuation). • = single-layer stress mention. Hover any badge for the underlying quote.

Data sources

Schedule of Investments from 45 public BDCs via 10-Q/10-K EDGAR filings; 13 non-traded BDC vehicles; mutual fund cross-references via N-PORT filings; 8-K Item 2.02 / 7.01 press releases; market pricing via yfinance. Every input traces to an SEC filing.