For data sourcing and alternative data teams at investment managers, and the compliance officers who clear new datasets · updated 2026-11-06
Everything you need to clear a new dataset, before you have to ask.
Two datasets built from public SEC and federal records: every BDC lender's quarterly loan marks, matched across lenders, and those borrowers joined to the federal contracts they hold. 202 federal contractors with $14.02B of federal obligations since FY2025; 150 of them are private and unpriced, with $4.42B, and for those a lender's quarterly mark is the only published price. The data dictionary, samples, a no-look-ahead backtest, a completed DDQ, an MNPI memo and an onboarding packet are all on this page. The trial is free and you keep the files.
Start the trial yourself
- Free for 30 days. Ask and we extend it.
- You keep the trial files after the trial, for internal research.
- We re-run the join on your own list of borrowers, BDCs or holdings during the trial.
- Q3 2026 marks refresh twice a day as each BDC files (through about Nov 21).
We reply with the trial files by email. Or write to mattbusel@tensorust.com with the fund name and who should receive them.
The kit for your PM, your data budget owner and compliance
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.
Compliance: due-diligence questionnaire and MNPI memo.
From trial to license
| Step | Who signs | What | Price |
|---|---|---|---|
| Trial | Data sourcing | 30 days, extendable, files kept | $0 |
| Marks Desk | CFO, valuation head or PM | Every shared first-lien position with each lender's mark, nonaccrual, PIK and maturity flags, the quarter-close file, an analyst call each quarter | $120,000 / year per fund family; $250,000 multi-fund |
| Fund license | Data budget owner, with compliance | API, history back to 2022, Contractor Credit's federal view, alerts | $30,000 / year |
| Platform license | Data platforms, multi-strategy firms | All borrowers, bulk and redistribution, twice-daily refresh in filing season | $120,000-250,000 / year |
Compliance
Due-diligence questionnaire
Answers to the questions fund data and compliance teams ask: sourcing, licensing, PII, MNPI, web scraping, history, point-in-time, coverage, delivery and security. It says “no” where the answer is no.
MNPI memo
Every input is public record. The memo covers what we never use, what we do if non-public information ever reaches us, and the fact that Tensorust does not trade.
What the backtest shows
| Signal at quarter t (Contractor Credit names) | Fell below 0.80 within 2 quarters | Without the signal |
|---|---|---|
| All-debt mark below 0.95 | 12.4% (29 of 233) | 0.6% (9 of 1,560) |
| Mark cut 5+ points in the quarter | 33.3% (11 of 33) | 1.5% (27 of 1,760) |
| Lender 10-20 pts above the lowest peer: cuts 5+ pts next quarter (Private Credit Marks) | 20.4% in sample; 16.7% out of sample | 2.8%; 2.4% |
Quarters Sep 2022 to Dec 2025, with outcomes through Jun 30 2026. Each signal is dated at the filing date of the last BDC in that quarter, so it carries no look-ahead. This is a watchlist signal with about one quarter of warning, not a default model. The counts are small, and the universe is matched from today's book, so survivorship bias applies. The federal fields are current snapshots and are not backtested. Full note: backtest.
Samples and documentation
| File | What |
|---|---|
| Contractor Credit sample (25 private contractors) | 10 marked-down names plus 15 random ones: marks, signals, federal obligations, subawards, Form 5500 headcount, lobbying, PACs, OFAC matches |
| Contractor Credit history sample | Quarterly all-debt marks for those 25, Sep 2022 to Sep 2026, each stamped with the first and last BDC filing date |
| Data dictionary | Every column, its source, and whether it is point-in-time |
| Backtest note | No-look-ahead test of the mark signals: what the signal is, what it is not, and the known biases |
| Private Credit Marks Q3 2026 sample | 40 borrowers held by 2+ managers, fund by fund: Jun 30 and Sep 30 marks, filing dates and 10-Q links |
| Q3 cuts sample | 25 largest Q3 cuts so far, with the holders that have not filed yet |
| Q3 sample README | Method, columns and the out-of-sample test |
Live
- Contractor Credit: free lookup by name, UEI or EIN.
- Private Credit Marks: lender-by-lender marks and the Q3 cuts as each BDC files.
- MCP server https://shop.tensorust.com/api/mcp (tools contractor_credit, contractor_credit_watch, agency_credit_exposure, lender_marks, credit_disagreements, credit_q3_cuts).
Tensorust LLC, 404 Read Ave, Tuckahoe, NY 10707. Matthew Busel, Founder, mattbusel@tensorust.com. Public filings, joined. Not investment advice. Tensorust LLC is not affiliated with any fund or company named in the data.