# Tensorust LLC: Alternative data due-diligence questionnaire Updated 2026-11-06. Online: https://shop.tensorust.com/funds/ddq Tensorust's answers to the standard questions a fund's data, legal and compliance teams ask a new alternative-data vendor. They cover two datasets: Contractor Credit (BDC lender marks joined to federal awards) and Private Credit Marks (cross-lender BDC loan marks). Where the honest answer is "no" or "not yet", we say so. Questions not covered here: mattbusel@tensorust.com. ## 1. Company **Legal name, form and address** Tensorust LLC, a New York single-member limited liability company formed October 30, 2026. 404 Read Ave, Tuckahoe, NY 10707. Website tensorust.com. EIN and a signed W-9 are available on request. **Ownership and funding** Owned 100% by the founder, Matthew Busel. No outside investors, lenders or affiliates. **Team and key-person risk** One person: the founder. The pipelines are code that rebuilds each dataset end to end from the public sources (for example, one script reproduces every file in the trial pack), so a rebuild does not depend on manual steps. Key-person risk is real and we state it. **Regulatory status** Tensorust is not a registered investment adviser, broker-dealer or credit rating agency. It does not give investment advice or recommendations. It is not affiliated with any BDC, fund manager, borrower or contractor in the data. **Insurance** None yet (no E&O or cyber policy). We will obtain cover a client requires as a condition of a paid licence. **Litigation and regulatory actions** None, pending or threatened. **Other clients for these datasets** None yet. These are new datasets (built October-November 2026), and the first fund trials are starting now. We will not claim references we do not have. ## 2. Product and coverage **What the data is** Private Credit Marks: every first-lien term loan line in every BDC schedule of investments, with par, cost, fair value, mark (fair value / par), spread, PIK, maturity, manager and filing link. When two or more managers hold the same borrower, the data shows how far apart their marks are. Contractor Credit: those borrowers, resolved from the holdco names lenders file to the operating companies that hold federal awards. Each one is joined to federal obligations by agency, FSRS subawards, Form 5500 headcount, LDA lobbying clients, FEC connected PACs, OFAC list matches, FCC licences and FAA turbine aircraft. **Coverage** 3,214 first-lien borrowers in the Jun 30 2026 BDC book, 2,189 held by two or more managers. Contractor Credit: 202 federal contractors (distinct UEIs, confidence A/B) with $14.02B of federal obligations FY2025 to date, 150 of them private and unpriced ($4.42B). Coverage is BDCs only: banks, CLOs and private funds that file no schedule of investments are not visible. **History** Quarterly all-debt marks from Sep 30 2022 to Sep 30 2026 for the matched borrowers. Line-level first-lien marks for Mar 31, Jun 30 and Sep 30 2026. Federal awards FY2024 onward. Form 5500 plan years 2024 and 2025. **Update frequency and latency** Marks change when a BDC files its 10-Q or 10-K. During the Q3 2026 season (through about Nov 21) we pull each filing from EDGAR twice a day (7:30 AM and 6:30 PM ET), weeks before the SEC's monthly BDC data set includes it. Outside filing season the data is quarterly. Federal fields are rebuilt at each delivery. **Identifiers and mapping** BDCs: SEC CIK (listed BDCs map to their tickers). Contractors: SAM UEI, SAM parent UEI and EIN (from Form 5500). Most borrowers are private and have no equity ticker; that is the point of the dataset. Names with listed equity or a rated syndicated loan are flagged market_priced. **Point-in-time** Lender marks: yes. Every quarter carries each BDC's own filing date (the first moment the mark was public) and the date of the last filer included. Federal obligations, subawards, Form 5500, LDA, FEC, OFAC, FCC and FAA fields: no. They are current snapshots, and agencies revise USAspending after the fact. The name resolution is today's. Amendments: when a BDC amends a filing, our panel keeps the latest values; we do not yet store original and amended values side by side. **Backtests** Yes, with no look-ahead, published with the trial: https://shop.tensorust.com/funds (backtest note). Contractor set: a mark below 0.95 preceded a fall below 0.80 within two quarters 12.4% of the time, against 0.6% otherwise. A 5-point quarterly cut preceded it 33.3% of the time, against 1.5% (small counts). Lender disagreement: managers 10-20 points above the lowest peer cut 5+ points the next quarter 20.4% of the time in sample, against 2.8%, and 16.7% against 2.4% out of sample. The note lists what the signal is not and the known biases (survivorship, overlap, small n). The federal join is not backtested because it is not point-in-time. **Delivery** CSV in a zip (Parquet on request), a REST API, and an MCP server (https://shop.tensorust.com/api/mcp) for agent workflows. Snowflake/S3 delivery can be arranged for a paid licence. **Samples and data dictionary** Public samples and a full data dictionary: https://shop.tensorust.com/funds. The trial includes the full current files. ## 3. Sourcing, licensing and web scraping **Sources** All public records, from official bulk files and APIs: SEC EDGAR filings and the SEC Business Development Company data sets; USAspending.gov (awards and FSRS subawards); U.S. Department of Labor EFAST2 Form 5500 data sets; the Lobbying Disclosure Act API (lda.gov); FEC bulk data (committee master and PAC summary files); the OFAC Sanctions List Service (SDN and Consolidated lists); the FCC Universal Licensing System; the FAA aircraft registry releasable database. **Rights to the underlying data** The source records are U.S. government works or public filings made to U.S. agencies. Government works are not subject to U.S. copyright (17 U.S.C. 105). Tensorust's compilation, entity resolution, matching grades and derived fields are Tensorust's own work, licensed to the client under the licence agreement. No third-party licensed or purchased data is in either product. **Web scraping and terms of use** We use official downloads and APIs, not scraping of web pages. We never log in to a third-party site to collect data, never bypass a CAPTCHA, rate limit or other technical measure, and never disguise our traffic. SEC requests carry a declared User-Agent ("Tensorust LLC data@tensorust.com") and follow the SEC's fair-access limits. Where a site blocks automated requests, we do not collect from it. **Data obtained from companies, insiders or under NDA** None. We have no data-sharing agreements with any issuer, lender, fund, contractor or agency. We receive no data under a confidentiality agreement, buy no expert-network calls, and run no channel checks or surveys. **FEC use restriction** Federal law limits the use of individual contributor information from FEC reports for soliciting contributions or commercial purposes. We use only committee-level records (which PACs are connected to which organization). No individual contributor data is collected or delivered. **Redistribution** The client may use the data internally for research and investment decisions under its licence. Resale or redistribution of Tensorust's derived data needs written permission. The underlying public records stay public. ## 4. Personal information (PII) **Does the data contain personal information?** No. The products are entity-level: funds, borrowers, operating companies, agencies, committees. The trial files contain no individual's name, contact details, identifiers or behavioural data. Some source records name individuals (for example, people who sign Form 5500 filings, or individual aircraft owners); those fields are not carried into the products. **Consumer, app, device, location or card data** None. **GDPR / CCPA** No personal data is processed to make the products, so there is no data-subject processing to disclose. The website's own privacy notice covers site visitors: https://shop.tensorust.com/privacy. ## 5. MNPI and conflicts **Could the data contain material non-public information?** Every input is a public filing or public government record, available to anyone at the moment it is published. Tensorust's work is collection, reorganization and joining of public information. Our full policy is in the MNPI memo: https://shop.tensorust.com/funds/mnpi. **Does Tensorust trade?** No. Tensorust LLC holds no securities, loans or derivatives positions and does not trade. See the memo for the founder's restricted-list rule. **Does any issuer pay to be included, excluded or changed?** No. Inclusion follows the filings and the matching rules only. **Is the same data sold to everyone at the same time?** Yes. Updates reach every licensee in the same refresh. No client gets a filing earlier than another. Public pages on shop.tensorust.com show parts of the data free. ## 6. Quality and corrections **How are names matched?** Tiered: exact legal name; holdco words stripped (BUYER, HOLDINGS, TOPCO, PARENT and similar); SAM parent; and Form 5500 EIN. Every match records the tier that fired and a confidence grade. Grade C (generic or ambiguous names, or a name mapping to two or more unrelated families) is never shown or counted. Guards reject a non-exact match when the loan is far too large for the matched company's Form 5500 headcount, or when the matched recipient has no U.S. address. Rejected matches are listed with a reason. **Known errors and limits** Documented in each README: BDC-only coverage, thin sub-tier coverage, a hand-curated list of 52 priced names, partial Q3 until about Nov 21, no secondary prices, covenants or non-accrual flags, and federal dollars that are obligations, not revenue at risk. **Corrections** When we find an error we fix it, re-issue the files and note the change in the README with the date. Clients can report errors to mattbusel@tensorust.com. ## 7. Security and continuity **Hosting and delivery security** Files and APIs are served over HTTPS from Vercel. Payments go through Stripe or by invoice; card details never reach our servers. **Certifications** No SOC 2 or ISO 27001. A one-person company holding only public data; we can complete a client's security questionnaire. **Continuity** The build code lives with the data and reruns from public sources. If Tensorust stopped, a client would keep every file it has received. ## 8. Trials and commercial terms **Trial** Free, 30 days, and extendable on request. During the trial we re-run the join on the fund's own list of borrowers, BDCs or holdings. The fund keeps the trial files afterwards for internal research. **Paid licence** Annual licence by invoice (ACH or card), with quarterly history, daily updates in filing season, files and API. Pricing depends on scope and seats; we quote in writing. **Exclusivity** Not offered by default; we will discuss it. --- Answers are Tensorust's own and are current as of the date above. They have not been reviewed by outside counsel. This is not legal or investment advice.