For valuation teams at BDCs and private credit funds, the valuation firms and auditors who test their marks, and the banks that lend against them · SEC BDC filings as of 2026-06-30
See what every other lender marks the loans you hold.
Your auditor, your board's valuation report and an SEC exam can all ask why a mark sits far from peers. Other BDCs file their marks on the same loans every quarter, under different holdco names, so checking means hours of 10-Q reading. We matched them. Type your fund's name and see every shared position against the lowest and highest peer, free, from public filings only.
Your fund vs peers, free
Check your book, free
Paste up to 100 borrower names from your book or a client's. You get each loan's lowest and highest manager mark, the gap and the Sep 30 marks filed so far, with a CSV for your support file. Nothing is stored.
Take it to your valuation committee: the champion kit
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Same loan, different price
Business development companies file what every loan they hold is worth. When two lenders hold the same first-lien loan, they should value it about the same. For 2,189 borrowers held by two or more managers, most do. For 71 they are 10 or more points apart: one lender has written the loan down and another still carries it near par.
Check a borrower
Q3 so far: who cut, and who has not reported yet
48 BDCs have filed their September 30 schedules (latest 2026-11-06). We pull each 10-Q from EDGAR the day it posts, weeks before the SEC's monthly data set. 134 fund positions were cut by 5 or more points from June 30. When other holders of the same loan have not reported yet, they are the likely next markdowns.
| Borrower | Fund that cut | Jun 30 | Sep 30 | Not reported yet, still higher |
|---|---|---|---|---|
| Wash And Wax Holdings LLC | ONEX DIRECT LENDING BDC FUND | 95.1% | 16.8% | none |
| Paradigmatic Holdco | ARES CAPITAL CORP | 100.0% | 39.2% | none |
| Crafty Apes LLC | CAPITAL SOUTHWEST CORP | 63.2% | 18.2% | INVESTCORP CREDIT MANAGEMENT BDC, INC. 92.5% |
| Atx Networks Corp | GOLDMAN SACHS BDC, INC. | 77.5% | 50.0% | none |
| US Infra Svcs Buyer LLC | MORGAN STANLEY DIRECT LENDING FUND | 42.0% | 15.4% | CARLYLE CREDIT SOLUTIONS, INC. 31.0% |
| New Aci Intermediate I LLC | APOLLO DEBT SOLUTIONS BDC | 100.0% | 77.6% | ANTARES STRATEGIC CREDIT FUND 100.0% |
| Diversified Consumer Services Any Hour LLC | MORGAN STANLEY DIRECT LENDING FUND | 87.7% | 66.6% | LGAM PRIVATE CREDIT LLC 87.7%; NORTH HAVEN PRIVATE INCOME FUND A LLC 87.7% |
| Cornerstone Building Brands INC | ONEX DIRECT LENDING BDC FUND | 61.5% | 41.8% | CARLYLE CREDIT SOLUTIONS, INC. 55.5% |
| Csc Holdings LLC | APOLLO DEBT SOLUTIONS BDC | 70.4% | 51.2% | none |
| Motion Finco LLC | BLACKROCK PRIVATE CREDIT FUND | 85.5% | 67.3% | none |
| Teasdale Foods INC | MORGAN STANLEY DIRECT LENDING FUND | 51.3% | 33.4% | NORTH HAVEN PRIVATE INCOME FUND LLC 51.3% |
| Restaurant Group LLC | MIDCAP FINANCIAL INVESTMENT CORP | 70.1% | 52.7% | PHILLIP STREET BDC LLC 84.5% |
| Cornerstone Building Brands INC | CARLYLE SECURED LENDING, INC. | 55.2% | 38.3% | CARLYLE CREDIT SOLUTIONS, INC. 55.5% |
| Project Castle INC | CARLYLE SECURED LENDING, INC. | 23.1% | 6.8% | CARLYLE CREDIT SOLUTIONS, INC. 23.1%; BCP INVESTMENT CORP 24.9% |
| Bpg Holdings IV Corp | BARINGS PRIVATE CREDIT CORP | 78.0% | 62.4% | none |
Out of sample: managers that sat 10 to 20 points above the lowest peer on June 30 cut their mark 5+ points by September 30 about 7 times as often as managers in agreement (16.7% against 2.4%, managers that have filed so far).
Where lenders disagree most
| Borrower | Lowest mark | Highest mark | Gap | Loans held |
|---|---|---|---|---|
| Assembly Intermediate LLC | 19.8% Goldman | 100.0% Morgan Stanley | 80.2 pts | $53.8M |
| Norvax LLC | 16.5% Blue Owl | 85.5% Midcap | 69.0 pts | $4.4M |
| US Telepacific Corp | 40.4% Capital Southwest | 95.4% Main Street | 55.0 pts | $3.9M |
| Research Now Group LLC | 41.0% Blackrock | 94.5% Prospect | 53.5 pts | $4.4M |
| Florida Food Products LLC | 50.0% Ares | 98.6% Bc Partners | 48.6 pts | $7.1M |
| Summit Behavioral Healthcare LLC | 55.5% Antares | 100.3% Onex | 44.8 pts | $5.0M |
| Mph Acquisition Holdings LLC | 59.8% Ares | 100.0% Ab Private | 40.3 pts | $11.2M |
| Realtruck Group INC | 62.4% Golub | 102.5% Onex | 40.1 pts | $11.1M |
| Pvhc Holding Corp | 16.4% Monroe | 53.2% Bc Partners | 36.8 pts | $9.5M |
| Ra Outdoors LLC | 49.5% Barings | 83.3% Main Street | 33.8 pts | $66.3M |
| Isagenix International LLC | 14.5% Main Street | 45.5% Cion | 31.0 pts | $20.5M |
| Crafty Apes LLC | 63.2% Capital Southwest | 92.5% Investcorp | 29.3 pts | $6.6M |
| Consultants LLC | 70.4% Crescent | 98.5% Stepstone | 28.1 pts | $3.2M |
| Tmk Hawk Parent Corp | 64.6% New Mountain | 91.8% Cion | 27.2 pts | $36.9M |
| Mb Purchaser LLC | 72.7% Tpg | 99.9% Monroe | 27.1 pts | $49.1M |
| Student Resource Center LLC | 5.0% Capital Southwest | 32.1% Main Street | 27.1 pts | $20.9M |
| Teasdale Foods INC | 51.3% Morgan Stanley | 75.0% Ares | 23.7 pts | $97.7M |
| Bpg Holdings IV Corp | 54.6% Morgan Stanley | 78.0% Barings | 23.4 pts | $98.0M |
| Landscaping LLC | 77.0% First Eagle | 100.0% Monroe | 23.0 pts | $17.5M |
| Digital INC | 80.3% Morgan Stanley | 103.0% Trinity | 22.7 pts | $7.0M |
| Webpt INC | 68.1% Golub | 88.5% Monroe | 20.4 pts | $70.5M |
| Rural Sourcing Holdings INC | 70.5% Pennantpark | 90.3% Stepstone | 19.8 pts | $11.9M |
| Wellful INC | 80.6% Prospect | 100.0% Onex | 19.4 pts | $22.9M |
| Msm Acquisitions INC | 55.3% Nuveen | 74.6% Bc Partners | 19.3 pts | $12.2M |
| Banner Buyer LLC | 43.1% Midcap | 62.0% Tpg | 18.9 pts | $13.8M |
Mark = fair value / par for first-lien term loans, fully funded and bought near par, from the 2026-06-30 schedules of investments. Manager marks are par-weighted across that manager's funds. Pairs where one manager disagrees with itself by 10+ points are dropped as filing errors.
Does the low mark lead?
We checked the quarter before. Lenders that sat 10 to 20 points above the lowest other manager on March 31 cut their own mark by 5 or more points by June 30 in 20.4% of cases, against 2.8% when lenders agreed. Cuts of 10 or more points: 14.3% against 1.1%. The low marks kept falling too. Most gaps stay open for more than a quarter, so this is a signal, not a sure thing.
The dataset
Private Credit Marks Desk
$120,000 a year
- Every fund x borrower first-lien line: par, cost, fair value, mark, spread, PIK, maturity, manager and the 10-Q link (14,920 lines, 3,214 borrowers, 2,189 held by 2+ managers)
- Borrower table with the lowest and highest manager mark and the gap
- Per-fund exposure: positions marked 10+ points above the lowest other manager, the markdown if they converge, and its share of net assets, with tickers
- Q3 2026 marks as each BDC files (48 so far), the Q3 cuts and the holders that have not reported yet, plus the Q1 to Q2 and Q2 to Q3 tests. Re-download for the latest.
Per fund family, per year, with a quarterly analyst call. Multi-fund and hedge fund desks: $250,000 a year. Card, ACH or invoice.
For agents and code
$60,000 and up
- MCP server https://shop.tensorust.com/api/mcp with tools lender_marks, credit_disagreements and credit_q3_cuts (free previews)
- Full records with an API Enterprise key
- REST: /api/credit/marks?q=<borrower> and ?list=gaps
From one analyst to the whole firm
| Step | Who it is for | What you get | Price |
|---|---|---|---|
| Free | You, today | Your fund vs peers, the 100-borrower book check, alerts per borrower, MCP and REST previews | $0 |
| Marks Desk, fund desk | A fund family's CFO or valuation head | Every shared first-lien position with each lender's mark and the gap to the low mark, nonaccrual, PIK and maturity flags, the quarter-close file within days of the last 10-Q, an analyst call each quarter | $120,000 / year (card, ACH or proposal) |
| Marks Desk, multi-fund | Multi-fund managers and hedge funds | The same, for the whole firm, unlimited users | $250,000 / year |
| Finance license | A fund, desk or lender | API, history back to 2022, alerts on the whole book, the federal-exposure view from Contractor Credit | $30,000 / year |
| Platform license | Valuation firms, audit practices, data platforms | All 3,214 borrowers, every line and quarter, twice-daily refresh in filing season, redistribution | $120,000-250,000 / year |
Private Credit Marks Desk, $120,000 to $250,000
See where your marks sit against every other lender on the same loan before your auditor or your investors do.
The Marks Desk is on a card or ACH at the link above, or by proposal and Stripe invoice. The finance and platform licenses are invoiced (ACH or card) on delivery: mattbusel@tensorust.com.
Funds: free 30-day trial you can extend and keep, Q3 sample, backtest, due-diligence questionnaire and MNPI memo.
Source: SEC Business Development Company data sets. Public filings, reorganized. Not investment advice. Tensorust LLC is not affiliated with any fund named here.
Watch this, free
Watch a loan borrower: get an email the day a lender files a new mark for it. One email a day, only on days the record changes. Confirm by email first; stop with one click.