Metric Definitions
The data is sourced from BDC SEC filings (10-K and 10-Q) — specifically the Schedule of Investments, Balance Sheet, Statement of Operations, and Financial Highlights. The investment data from the SEC filings is enriched using the Quantuma knowledge graph to infer the operating company and sponsor relationships.
Conventions:
- All dates:
YYYY-MM-DD - All financial amounts: actual US dollars (not thousands or millions)
- Marks/rates: shown as percentages
- Spreads: shown in basis points (bps)
Investment position metrics
These are the underlying position-level metrics that appear in detail tables and right drawers across all views. Each row represents a single investment held by a BDC in a specific filing period.
Identification
| Metric | Type | Description |
|---|---|---|
| Legal Entity | text | Entity name exactly as stated in the SEC filing |
| Operating Company | text | Inferred business name. May differ from legal entity. |
| BDC Name | text | Full legal name of the BDC |
| Ticker | text | BDC stock ticker |
Classification
| Metric | Type | Description |
|---|---|---|
| Investment Category | text | ”Debt” or “Equity” |
| Investment Type | text | Standardized type: First Lien, Unitranche, Second Lien, Unsecured, Equity, Structured, Other |
| Investment Type (Raw) | text | Type as stated in the filing, before standardization |
| Subtype | text | Tranche or sub-classification (e.g., “Class ER”) |
| GICS Sector | text | Sector from filing’s industry classification |
| GICS Industry Group | text | Industry group from filing’s classification |
Interest rate
| Metric | Type | Description |
|---|---|---|
| Interest Rate Type | text | ”fixed” or “floating” |
| Index Type | text | Base index: SOFR, EURIBOR, Prime, etc. |
| Spread | decimal | Spread over index (e.g., 0.0500 = 500 bps) |
| Total Interest Rate | decimal | All-in rate: cash + PIK (e.g., 0.1201 = 12.01%) |
| Cash Interest Rate | decimal | Cash-pay portion |
| PIK Interest Rate | decimal | Payment-in-kind portion |
| Floor Rate | decimal | Minimum interest rate floor |
Financial amounts
Principal is in the instrument’s native currency (USD, EUR, GBP, CAD, etc.). Cost and fair value are typically USD.
| Metric | Type | Description |
|---|---|---|
| Principal Amount | decimal | Outstanding par value (debt only) |
| Shares | decimal | Units held (equity only) |
| Cost | decimal | Amortized cost |
| Fair Value | decimal | Fair market value as of period end. NULL = unfunded commitment, not zero. |
Derived metrics
| Metric | Calculation | Notes |
|---|---|---|
| Mark (Mark-to-Cost) | fair_value / cost | Debt only. Same-currency positions only. Below 1.0 = unrealized loss. Above 1.0 = unrealized gain. |
| Performance Ratio (Mark-to-Par) | fair_value / principal_amount | Debt only. Also known as loan price. Same-currency only. |
Dates
| Metric | Description |
|---|---|
| Maturity Date | Scheduled maturity |
| Acquisition Date | When the BDC acquired the position |
| Period End Date | Reporting period end date of the filing |
Lender overview metrics
Summary metrics for a single BDC, computed per reporting period.
Portfolio summary
| Metric | Calculation |
|---|---|
| Total Fair Value | Sum of fair_value across all positions |
| Total Principal | Sum of principal_amount |
| Portfolio Company Count | Distinct operating companies |
| Avg Mark | SUM(fair_value) / SUM(cost) for debt where fair_value is not null, same-currency. Not a simple average of per-position marks. |
| Weighted Avg Spread | SUM(spread_bps × principal) / SUM(principal) |
Portfolio activity (QoQ)
| Metric | Description |
|---|---|
| New Names Count | Companies new this period |
| Exit Count | Companies no longer in portfolio |
| Portfolio Company Count Δ | Net change |
| Avg Mark Δ | Change in cost-weighted average mark |
| Wtd Avg Spread Δ | Change in principal-weighted spread |
Credit quality
| Metric | Description |
|---|---|
| Below 95 Count | Companies with avg mark < 95% |
| Below 90 Count | Companies with avg mark < 90% |
| Maturing 12mo Count | Positions with ≤ 12 months to maturity |
| Maturing 12mo Exposure | Fair value of positions maturing within 12 months |
Borrower overview metrics
Summary metrics for a single operating company across all BDC holders.
| Metric | Calculation |
|---|---|
| Holder Count | Distinct BDCs holding this company |
| Total Exposure | Sum of fair value across all holders |
| Avg Mark | SUM(fair_value) / SUM(cost) across all holders, debt only, same-currency |
| Wtd Avg Spread | Principal-weighted across all holders |
| Nearest Maturity Date | Earliest maturity date across all positions |
| Max Seasoning | Longest time since acquisition (months) |
| Sponsors | Current PE sponsors, if PE-backed |
Cross-holder analysis
Compares how multiple BDCs mark the same company within the same investment type (first lien vs first lien only).
| Metric | Calculation |
|---|---|
| Mark-to-Cost (per BDC) | Each BDC’s SUM(fair_value) / SUM(cost) for its positions in this company and type |
| Mark vs Peer Avg | This BDC’s mark minus the average of other holders |
| Mark Divergence Width | max_mark − min_mark across all holders |
| Has Mark Divergence | TRUE if divergence > 2% |
Sponsor overview metrics
Summary metrics for a PE sponsor across its portfolio companies held by BDCs.
| Metric | Calculation |
|---|---|
| Portfolio Company Count | Distinct companies backed by this sponsor in BDC portfolios |
| Total Exposure | Sum of fair value across all BDC holdings |
| Distinct BDC Count | BDCs lending to sponsor’s companies |
| Avg Mark | SUM(fair_value) / SUM(cost) across all debt positions, same-currency |
| Wtd Avg Spread | Principal-weighted |
| Refi Pipeline Count | Companies with 18–30 months seasoning OR ≤12 months maturity |
| Stressed Count | Companies with avg mark < 95% |
Sector overview metrics
Summary metrics for a GICS industry group across the entire BDC universe.
| Metric | Calculation |
|---|---|
| Total Fair Value | Sum of fair value across all positions in sector |
| % of Universe | Sector fair value / total BDC universe fair value |
| Company Count | Distinct operating companies |
| BDC Count | BDCs with exposure to sector |
| Avg Mark | SUM(fair_value) / SUM(cost) for debt, same-currency |
| Median Spread (1L) | Median spread for First Lien positions |
| Median Spread (Unitranche) | Median spread for Unitranche |
| Median Spread (2L) | Median spread for Second Lien |
| % First Lien | Share of positions that are First Lien |
| % Unitranche | Share that are Unitranche |
| % Second Lien | Share that are Second Lien |
Fund performance
Fund-level financial metrics from BDC SEC filings. One set per BDC per filing period. Shown on the Lender Overview.
Net investment income
| Metric | Description |
|---|---|
| NII/Share (Quarterly) | Net investment income per share for the quarter. For 10-K filings, derived as full-year minus 9-month from Q3 10-Q. |
| NII/Share (Annual) | Full fiscal year. NULL for 10-Q filings. |
Net asset value
| Metric | Description |
|---|---|
| NAV/Share | Total net assets / shares outstanding |
| NAV Change QoQ ($) | Dollar change vs prior quarter |
| NAV Change QoQ (%) | (current − prior) / prior × 100 |
Dividends
| Metric | Description |
|---|---|
| Dividend Yield | (quarterly dividend × 4) / NAV per share × 100. Regular dividends only, on NAV not market price. |
| Quarterly Dividend/Share | Most recent regular dividend |
Credit quality
| Metric | Description |
|---|---|
| Non-Accrual Rate (at Cost) | Non-accrual investments as % of portfolio at amortized cost |
| Non-Accrual Rate (at Fair Value) | Non-accrual investments as % of portfolio at fair value |
Leverage
| Metric | Calculation |
|---|---|
| Leverage (Gross) | total borrowings / total net assets |
| Leverage (Net) | (total borrowings − unrestricted cash) / total net assets |
Balance sheet
Total Assets, Total Net Assets, Total Borrowings, Cash & Equivalents, Total Investments (at Fair Value and at Cost).
Income statement
Total Investment Income, PIK Income, Net Realized Gains/Losses, Net Unrealized Appreciation/Depreciation.
Expenses
Total Expenses, Management Fee, Incentive Fee, Interest Expense, Other Expenses, Fee Waiver.
Multi-class BDCs: Some BDCs (e.g., OCIC, GCRED) have multiple share classes. Per-share metrics use the primary class (typically Class I). Fund-level totals are always consolidated.