For supply chain risk managers at defense primes, industrial base analysts, and the data teams at supplier-risk platforms · BDC marks as of 2026-06-30, Q3 from 48 filers through 2026-11-06
Your private suppliers will not send financial statements. Their lenders publish a mark every quarter.
E.O. 14415 (July 20, 2026) asks defense contractors to vet supplier financial risk at every tier. For a private supplier that borrows from a private credit fund (a BDC), the lender files what the loan is worth in a public 10-Q every quarter, with no cooperation from the supplier. We matched those loans to the supplier's UEI, federal obligations and FSRS subcontracts. Paste your supplier list below and see which ones are in it, free.
Check your supplier list, free
Supplier names, UEIs or EINs, up to 100. You get each match's current lender mark, stress signals, federal obligations and subaward count, and a CSV to attach to your risk register. Nothing is stored and no account is needed. Covers only suppliers that borrow from BDCs: a slice of the sub-tier, not all of it.
Take it to your team: the champion kit
Everything you need to bring this to your director, your SCRM council or contracting, written so you can forward it as is.
Bringing us in? Request a proposal: a 30-minute call within 2 business days, then a written proposal with the dollar math for your organization. Signed W-9 the same day on request. Tensorust LLC · UEI HEKQANCBH3F9 · D-U-N-S 150024952.
Want your prime's whole FSRS sub-tier screened, with filing links? Email mattbusel@tensorust.com with your company name; we pull the sub-tier from USAspending ourselves and send it the same day, free.
What is in it
Private credit funds file what every loan they hold is worth, every quarter, under holdco names (“Aerospace and Defense Peraton Corp”, “Smartronix Buyer”) that nobody joins to the contracts. We do. 202 BDC-financed operating companies (distinct UEIs) hold $14.02B of federal obligations since FY2025. 47.7% of that is one company, Peraton, whose broadly syndicated loan dealers and pricing services already quote every week. Leave out every name with listed equity or a rated syndicated loan and 150 private, unpriced contractors remain, with $4.42B of federal obligations ($3.21B DoD, FY2024-26). For them, a lender's quarterly mark is the only market price there is. 18 of them are marked down now, on $36.3M of federal obligations.
All names: 28 contractors marked down on $6.83B, almost all of it Peraton. Without Peraton: 27 contractors, $143M. This is a watchlist, not an early warning. In the 2022-2026 backtest, 5 of 41 names ever marked below 95 later hit distress, and 6 of 11 distress events had no earlier warning mark.
Check a contractor
SKYDIO, INC · UEI LTBJCLHYL5S9 · match T1 exact, confidence A
SKYDIO, INC (CA) holds $8.2M of federal obligations since FY2025 ($1.7M DoD FY2024-26), top agency Department of the Interior. BDC lenders hold $21.5M of its first-lien loan as "SKYDIO INC": 1 manager, 100.7% to 100.7% of par at 2026-06-30; 2 funds filed Sep 30 marks, lowest 101.0%. No stress signal.
Form 5500 (EIN 465344747, SKYDIO, INC.): 731 participants in 2024, 743 in 2025 (+1.6%).
Footprint: 0 FCC licenses, 0 turbine aircraft, 0 federal rule flags, SAM parent reported as SKYDIO, INC. Every lender line, recipient UEI and the quarterly mark history: MCP tool contractor_credit with full=true.
Marked down now: private, unpriced
Private, unpriced federal contractors whose first-lien loan a BDC marks below 90% of par, cut 5+ points in a quarter, whose lenders sit 10+ points apart, or whose debt lines average below 90% of par. Q3 marks update as each 10-Q posts on EDGAR. Each mark shows its own quarter end; a Jun 30 mark is a Jun 30 mark.
| Operating company | Federal since FY25 | Top agency | Lowest first-lien mark | All debt lines (quarter) | Q3 move | Signals |
|---|---|---|---|---|---|---|
| THOMAS SCIENTIFIC, LLC THOMAS SCIENTIFIC LLC | $19.3M | Department of Defense | 76.7% | 76.7% 2026-09-30 | -11.6 pts | marked_below_90, marked_below_80, cut_5pt_q2, cut_5pt_q3, all_debt_lines_below_90, all_debt_lines_below_80 |
| TEASDALE FOODS, INC. TEASDALE FOODS INC | $8.6M | Department of Agriculture | 33.4% | 69.5% 2026-09-30 | -18 pts | marked_below_90, marked_below_80, lenders_10pt_apart, cut_5pt_q3, all_debt_lines_below_90, all_debt_lines_below_80 |
| ALLENTOWN, LLC ALLENTOWN LLC | $4.4M | Department of Health and Human Services | 90.0% | 90.0% 2026-09-30 | -5.5 pts | cut_5pt_q2, cut_5pt_q3, headcount_down_20pct |
| PHARMALOGIC HOLDINGS CORP. PHARMALOGIC HOLDINGS CORP | $3.8M | Department of Veterans Affairs | 98.6% | 81.2% 2026-06-30 | not filed | all_debt_lines_below_90 |
| PLURALSIGHT, LLC PLURALSIGHT LLC | $2.6M | Department of Defense | 80.8% | 66.7% 2026-09-30 | not filed | marked_below_90, headcount_down_20pct, all_debt_lines_below_90, all_debt_lines_below_80 |
| HIREVUE INC HIREVUE INC | $1.9M | Department of Defense | 89.8% | 89.8% 2026-06-30 | not filed | marked_below_90, all_debt_lines_below_90 |
| ATI RESTORATION, LLC ATI RESTORATION LLC | $1.0M | General Services Administration | 84.9% | 84.9% 2026-09-30 | -3.1 pts | marked_below_90, all_debt_lines_below_90 |
| K2 TOWERS II LLC K2 TOWERS II LLC | $0.2M | Department of Justice | 88.5% | 94.1% 2026-09-30 | not filed | marked_below_90 |
| NAVIGA INC. NAVIGA INC | $0.2M | Department of Commerce | 59.3% | 44.1% 2026-09-30 | not filed | marked_below_90, marked_below_80, headcount_down_20pct, all_debt_lines_below_90, all_debt_lines_below_80 |
| MEDALLIA, INC. MEDALLIA INC | $0.2M | Department of Commerce | 97.6% | 99.6% 2026-09-30 | +56.3 pts | cut_5pt_q2 |
| ISLAND PUMP AND TANK, LLC ISLAND PUMP AND TANK LLC | $0.1M | General Services Administration | 82.6% | 81.9% 2026-09-30 | +0.6 pts | marked_below_90, all_debt_lines_below_90 |
| ANCILE SOLUTIONS INC ANCILE SOLUTIONS INC | $0.1M | Department of Education | 102.3% | 111.9% 2026-06-30 | +1.4 pts | lenders_10pt_apart |
| REVALIZE INC REVALIZE INC | $0.1M | Department of Health and Human Services | 85.7% | 90.3% 2026-09-30 | 0 pts | marked_below_90 |
| AMERICAN ACADEMY HOLDINGS, LLC AMERICAN ACADEMY HOLDINGS | $0.1M | Department of Veterans Affairs | 98.9% | 99.0% 2026-06-30 | not filed | cut_5pt_q2 |
| CENTERLINE COMMUNICATIONS LLC CENTERLINE COMMUNICATIONS LLC | $0.0M | Department of the Interior | 67.4% | 78.7% 2026-09-30 | not filed | marked_below_90, marked_below_80, headcount_down_20pct, all_debt_lines_below_90, all_debt_lines_below_80 |
| DIVERZIFY + LLC DIVERZIFY INTERMEDIATE LLC | $0.0M | Smithsonian Institution | 100.0% | 82.6% 2026-09-30 | 0 pts | all_debt_lines_below_90 |
| BLACKHAWK INDUSTRIAL DISTRIBUTION INC BLACKHAWK INDUSTRIAL DISTRIBUTION INC | $0.0M | Department of the Treasury | 90.0% | 96.2% 2026-06-30 | not filed | marked_below_90 |
| GULFSIDE SUPPLY INC GULFSIDE SUPPLY INC | $0.0M | Department of the Interior | 84.3% | 84.7% 2026-06-30 | -0.4 pts | marked_below_90, cut_5pt_q2, all_debt_lines_below_90 |
Also marked down, but already priced by the market (listed equity or a rated syndicated loan, covered by loan-price vendors, rating agencies and the press): PERATON INC. ($6.69B, all debt 75.7% at 2026-09-30); BMC SOFTWARE, INC. ($82.0M, all debt 90.3% at 2026-06-30); CORNERSTONE ONDEMAND, INC. ($23.4M, all debt 59.2% at 2026-09-30); EAB GLOBAL, INC. ($10.9M, all debt 89.1% at 2026-09-30); SYMPLR SOFTWARE LLC ($1.6M, all debt 86.2% at 2026-09-30); PRECISELY SOFTWARE INCORPORATED ($0.2M, all debt 74.0% at 2026-09-30); PETVET CARE CENTERS, LLC ($0.1M, all debt 85.6% at 2026-09-30); PERFORCE SOFTWARE INC ($0.1M, all debt 53.4% at 2026-09-30); FORTRA LLC ($0.0M, all debt 60.0% at 2026-06-30); CSC HOLDINGS LLC ($0.0M).
By agency
| Agency | BDC-financed contractors | Their obligations | At marked-down contractors | Largest |
|---|---|---|---|---|
| Department of Defense | 114 | $5.10B | $1.65B (11) | PERATON INC.; THOMAS SCIENTIFIC, LLC |
| General Services Administration | 19 | $2.61B | $2.02B (3) | PERATON INC.; ATI RESTORATION, LLC |
| Department of Veterans Affairs | 49 | $1.23B | $7.4M (5) | PHARMALOGIC HOLDINGS CORP.; ALLENTOWN, LLC |
| Department of Health and Human Services | 44 | $834M | $453M (6) | PERATON INC.; ALLENTOWN, LLC |
| National Aeronautics and Space Administration | 13 | $790M | $786M (2) | PERATON INC.; PERFORCE SOFTWARE INC |
| Department of State | 13 | $582M | $305M (1) | PERATON INC. |
| Department of Homeland Security | 40 | $565M | $321M (6) | PERATON INC.; THOMAS SCIENTIFIC, LLC |
| Department of the Interior | 36 | $266M | $0.1M (4) | PETVET CARE CENTERS, LLC; CENTERLINE COMMUNICATIONS LLC |
| Department of Justice | 47 | $132M | $1.4M (6) | THOMAS SCIENTIFIC, LLC; K2 TOWERS II LLC |
| Department of Agriculture | 24 | $87.9M | $8.8M (2) | TEASDALE FOODS, INC.; ALLENTOWN, LLC |
How the join works
BDC borrower names are holdco names. Debt-type and GICS industry prefixes are stripped, then the name is matched to USAspending recipients by exact legal key (T1), by core name with holdco words removed (T2), to a recipient's SAM parent name (T3), or through a Form 5500 sponsor (legal, DBA or prior name) whose own name and state match a recipient (T4). Each match expands to the full SAM parent-UEI family. Confidence A: exact key in one family, or a 5500 sponsor in the same state. B: distinctive name in one family. C (kept, never counted): generic or ambiguous.
A careful exact legal-name match alone finds 176 contractors with $12.61B. The holdco and Form 5500 steps add $1.41B (11.2%) on top: companies such as World Wide Technology and Frontgrade, which borrow through a holdco and hold contracts under the operating name. SAM parent names are not trusted on their own: one parent UEI labelled “ManTech International” also parents StandardAero and TCW Asset Management. A loan far too large for the matched company's Form 5500 headcount is rejected, and so is a match to a foreign entity with no US address.
USAspending.gov: all agencies FY2025, FY2026 and FY2027 to date (net obligations); DoD FY2024-FY2026. DOL Form 5500 / 5500-SF plan years 2024 and 2025: active participants (else beginning-of-year) in the sponsor's largest plan. FCC licenses, property, turbine aircraft, federal rules and lobbying from the Tensorust Ontology.
From one analyst to the whole program
Start alone for free. Each step up is something you can show your boss first.
| Step | Who it is for | What you get | Price |
|---|---|---|---|
| Free | You, today | Lookups, the 100-supplier list check, an alert email per supplier on days a lender files a new mark, MCP and REST previews | $0 |
| Compliance Audit | One risk analyst, on a card or ACH | Your suppliers screened once against the lender marks and the banned-vendor, sanctions, exclusion and foreign-ownership lists, an evidence file per hit | $25,000 (card, ACH or proposal) |
| Pilot | Your director, or a purchase card | 90-day watchlist on up to 50 named suppliers, plus a case file on each | $14,500 fixed, under the $15K micro-purchase threshold |
| Team license | A prime's supply chain org, a DCMA or program office | Your whole FSRS sub-tier matched against the marks, alerts, API keys for the team | $50,000 / year |
| Platform license | Supplier-risk platforms and enterprise programs | All 3,214 BDC borrowers' marks, the federal and FSRS join, quarterly history back to 2022, twice-daily refresh in filing season, API, bulk and redistribution | $120,000-250,000 / year |
Compliance Audit and Watch, $25,000 to $250,000
Find every vendor, award, owner or buyer that puts your federal money or your license at risk, before the agency does.
The Compliance Audit is on a card or ACH at the link above. The other paid steps are invoiced (ACH or card) on delivery: mattbusel@tensorust.com. Agents and code: MCP https://shop.tensorust.com/api/mcp (contractor_credit, contractor_credit_watch, agency_credit_exposure; free previews, full records with an API Enterprise key), REST /api/contractor-credit?q=, ?watch=1, ?agency= and POST /api/contractor-credit/list. Lender marks alone: the Private Credit Marks Desk.
Public filings, joined. Matches carry a confidence grade; grade C (generic or ambiguous names) is never shown or counted. Not investment advice. Tensorust LLC is not affiliated with any fund or company named here.
Funds: free 30-day trial you can extend and keep (point-in-time history, data dictionary, backtest), due-diligence questionnaire and MNPI memo.
Rankings: Contractors ranked by this quarter's mark change. Your own vendor or portfolio list measured in 5 business days: 5-day sprint.
Watch this, free
Get an email the day a lender files a new mark for a contractor, or its federal record or signals change. One email a day, only on days the record changes. Confirm by email first; stop with one click.