Private Credit Intelligence

Every business development company files a schedule of investments in its 10-Q and 10-K and, since the SEC's 2020 BDC rule, tags each position in Inline XBRL: one typed member on the InvestmentIdentifierAxis, with fair value, cost, principal, interest rate, spread, PIK rate, floor, maturity, acquisition date, shares and unfunded commitment as separate facts. A 10-Q carries the quarter end and the prior fiscal year end, so each filing is two dated snapshots. The population is the SEC's own list of 814- registrants (a CSV per year since 2012), not a name search. Today: 184 BDCs with a tagged schedule, 885,425 positions across 31 quarter ends, Dec 31, 2020 to Jun 30, 2026.

Each BDC writes the borrower its own way (“Icefall Parent, Inc.”, “Icefall Topco, Inc.”, “Icefall Parent, Inc. and Icefall Bidco LLC (dba Iceberg)”). Co-borrower strings are split; legal suffixes and deal words (Parent, Topco, Holdco, Bidco, Buyer, Intermediate, Aggregator, Purchaser, Borrower) are dropped; what is left is the codename stem. A group is grade A when the stem has two or more words or two filers wrote the same first entity, B when it is one distinctive word, C when it is short: a grade C group is never merged across filers, so “Sun” at one BDC is not “Sun” at another. A dba in parentheses becomes an alias.

One borrower group in one instrument class, kind (term loan, revolver, delayed draw, notes, subordinated) by lien (first, second, unsecured or subordinated), as the filers describe it. Every BDC holding a piece is a lender on the facility; the pieces are summed per quarter into the facility's own tape. The sum is a lower bound on the tranche: banks, insurers, private funds and CLOs hold pieces no schedule shows. Tranches with different maturities sit under one facility, and the maturity shown is the latest among the pieces.

Three ways, each printed. Stated: a deal announcement or filing names the sponsor (carried from the private equity and independent sponsor graphs with the release as evidence). Carried: the sponsor's own portfolio page lists a company whose stem equals the borrower's (an inference from a name; confidence 0.7 for a multi-word stem). Inferred: the borrower's codename stem finds its Form D acquisition vehicle, and two or more of that vehicle's related persons resolve to people one firm employed within a year of the filing (signer consensus, graded A or B). 1,774 borrowers carry an attribution today; the rest are unattributed rather than guessed.

Consecutive quarter ends of one BDC are compared at the grain of borrower group by kind by lien: a new piece, an exit, principal up or down by 5% and $250k, the mark moving 5 points on cost, the maturity moving 90 days, the spread moving 50bp, PIK appearing or rising. Events are the changes worth a headline: a borrower first appearing on any schedule, a BDC joining a facility others hold, a lender leaving, a facility leaving every schedule, a markdown across lenders, a maturity approaching inside 12, 18 or 24 months, a sponsor and lender pair forming or repeating. The first quarter on the tape is a baseline, never a birth.

A piece is not the loan and a sum of pieces is not the commitment. A fair value below cost is a mark, not impairment. A maturity that moved is an observed term change, not an amendment, until the credit agreement amendment is on the graph. Non-accrual status is a footnote in the filing, not a tagged fact, and is not on this tape yet; default, workout and restructuring are not inferred from any mark. A borrower with no attribution has no sponsor here, not “no sponsor”. A BDC that tags no maturity contributes nothing to the maturity wall.

Non-accrual and restructuring language read from each BDC's 10-K text; maturities from the HTML schedule for filers that tag none; public-company credit agreements and their amendments from 8-K exhibits; UCC liens starting with the states that publish them; NAV and subscription facilities from fund and lender disclosures; and every signal family measured on a labelled sample before it is sold. See the Data Factory for how signals are validated across DFX.