Same loan, different price: find the loans one lender already wrote down while another still carries them near par.
Business development companies file what every loan they hold is worth. We joined every first-lien term loan across all of them, so you can see where managers disagree on the same borrower.
- 14,920 fund x borrower lines: par, cost, fair value, mark, spread, PIK, maturity, manager and the 10-Q link.
- 3,214 borrowers, 2,189 held by two or more managers, 71 of them 10+ points apart.
- 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.
- Backtest: lenders 10 to 20 points above the lowest peer cut their mark 5+ points the next quarter 20.4% of the time, against 2.8% when lenders agreed.
- Q3 so far: 97 fund positions cut 5+ points from June to September, with the holders that have not reported yet still carrying the same loans higher.
CSV files in a zip, downloaded right after checkout. Q3 2026 marks are added as each BDC files its 10-Q (37 so far): re-download from your order page for the latest.
Source: SEC Business Development Company data sets. Public filings, reorganized. Not investment advice.
Questions? Email mattbusel@tensorust.com. A real person replies within one business day.
Made by Matthew Busel, a one-person studio in Tuckahoe, NY. About me. Questions: support@tensorust.com.
Trading and quant
Private Credit Cross-Lender Marks (Q2 2026)
see which lenders still carry a loan near par after another wrote it down
Every first-lien term loan held by BDCs at June 30, 2026, with each fund's mark from its 10-Q, the gap between managers, per-fund exposure to loans another manager already marked down, Q3 2026 marks as each BDC files, and two backtests.
Guaranteed. If it doesn't match the SEC filings it cites, line for line, email support@tensorust.com and we keep fixing it until it does, at no extra cost. A real person replies within one business day.
- Updated
- Oct 2026
What happens after you pay
- Stripe takes the payment. Your card details never reach this site.
- You land straight on your download page with the download link.
- Stuck? Email support@tensorust.com or call (914) 312-5691. A real person (me) replies within one business day.
Guarantee and refund policy, word for word from /refunds: “The outcome, guaranteed. Every product page says the result you are buying. If the product doesn't deliver that result, email support@tensorust.com or call (914) 312-5691 and we keep fixing it, at no extra cost, until it does. No time limit. A real person replies within one business day.” “All sales are final. No refunds. This applies to everything sold on shop.tensorust.com and tensorust.com. The guarantee is our work: we fix it until you have the result, not a refund. The one exception is paid fixes, below.”
One-time price in US dollars. Each download link works for 15 minutes, and reopening your download page makes fresh ones.
- Private-Credit-Cross-Lender-Marks-2026Q2.zip
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