# Tensorust Private Credit Marks: Q3 2026 sample

This sample shows what each BDC says the same loan is worth, lender by lender, with the Sep 30 2026 marks pulled straight from EDGAR 10-Qs as they post. The SEC's monthly BDC data set does not carry them until about December.

Tensorust LLC, tensorust.com. Contact: Matthew Busel, mattbusel@tensorust.com. Built Nov 6 2026 from 47 Q3 filings, the latest filed Nov 5 2026.

## Files

| File | Rows | What |
|---|---|---|
| q3_lines_sample.csv | 166 | 40 borrowers held by 2+ managers, one row per fund. Each row has the fund's Jun 30 2026 and Sep 30 2026 mark, the filing date of each (point-in-time) and both 10-Q links. 25 names were picked for the largest lender gaps or Q3 moves; 15 are random quiet names, so the sample is not only the dramatic cases. |
| q3_cuts_sample.csv | 25 | The 25 largest Q3 cuts so far, of 97 fund positions cut 5+ points (64 borrowers, $1.72B par). It also lists other holders of the same loan that have not filed Q3 yet and their Jun 30 marks. |
| q3_signal_test.csv | 6 | Out-of-sample test: Jun 30 position against each lender's own Sep 30 change, BDCs filed so far |

## Columns, q3_lines_sample.csv

| Column | Meaning |
|---|---|
| borrower_key, borrower | Borrower name key (legal and holdco words removed) and the name as filed |
| fund, fund_cik, manager | The BDC, its SEC CIK and its manager family (a manager's funds count once in gap math) |
| par_jun30_usd, mark_jun30 | First-lien term-loan principal, and fair value / principal, at Jun 30 2026 |
| filed_jun30, url_jun30 | When that 10-Q was filed, and the filing link |
| par_sep30_usd, mark_sep30 | The same at Sep 30 2026. Blank if this fund has not filed Q3 yet |
| available_at_sep30, sep30_filing | Filing date of the Q3 10-Q (the earliest a fund could know the mark), and the EDGAR link |
| change_pts | (mark_sep30 - mark_jun30) x 100 |

Only first-lien term loans over $250K par that were fully funded and bought near par (cost/par 0.85 to 1.10) are included. When one manager's own funds disagree by 10+ points, that manager is dropped as a likely filing error.

## The signal, honestly

| Test | 10 to 20 pts above the lowest peer: cut 5+ pts next quarter | Lenders in agreement |
|---|---|---|
| In sample, Mar 31 to Jun 30 2026 | 20.4% | 2.8% |
| Out of sample, Jun 30 to Sep 30 2026, filers so far | 16.7% | 2.4% (n=18 in the 10 to 20 pt bucket) |

**Limits of the test:**
- Most gaps stay open for more than a quarter.
- The low marker often keeps falling too.
- This is a ranking signal, not a price forecast.
- We have no secondary loan prices.

## Full product

- **Every fund line:** 14,920 Q2 lines across 3,214 borrowers, with Q1 and Q3 marks.
- **Gap tables:** borrower-level gaps, per-BDC exposure to loans another manager marks 10+ points lower, and the backtests.
- **Live access:** https://shop.tensorust.com/credit, REST /api/credit/marks, and MCP tools lender_marks, credit_disagreements and credit_q3_cuts.
- **Due diligence:** https://shop.tensorust.com/funds/ddq
- **MNPI memo:** https://shop.tensorust.com/funds/mnpi

Not investment advice. Tensorust LLC is not affiliated with any fund named here.