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DEMO-09 · SEC BDC Data Sets · period ending 2026-06-30 · threshold ≥10 pts
Same-loan mark dispersion
Loans (debt holdings) held by 2+ of the reconciled BDCs (ARCC, BCRED, FSK, GBDC, HTGC, MAIN, OBDC) where the mark differs by at least 10 points on a comparable seniority. Mark basis is FV/par when principal is present on both sides (else FV/cost). The ≥10 test uses unrounded marks; the table shows one decimal. 0 pairs meet the bar after same-lien matching. Companion to PCT-003 and cim-screening.
Derived from public BDC Schedules of Investments. May contain extraction or name-matching errors. Name matching is approximate. FSK unfunded commitments, zero-cost rows and equity are not compared. A mark gap is what the filings report; it is not a view on the borrower and is not investment advice. Verify every row in the linked 10-Q.
0pairs ≥10 pts (published)
1near misses [8, 10)
16held out as incomparable
7reconciled BDCs
Gaps ranked by mark difference
Each side is the largest-cost debt row in the same seniority bucket (first lien / senior secured, second lien, unitranche, …). Marks are FV/par (prefer FV/par when principal is on both sides; else FV/cost), shown to one decimal; the ≥10 threshold is tested on unrounded marks. Cost and fair value as reported in the SOI.
| Borrower | Holder A | Mark (FV/par %) | Cost | FV | Holder B | Mark (FV/par %) | Cost | FV |
|---|---|---|---|---|---|---|---|---|
| None this quarter at unrounded ≥10 pts on same-lien typed debt across the 7 reconciled BDCs. | ||||||||
Near misses (8–10 pts)
Same filters as published gaps (typed debt, same seniority bucket, cost ≥ $1m each side, common mark basis), but the unrounded gap falls in [8, 10) pts — below the publish bar. These are not published gaps. Still not investment advice; verify every row in the linked 10-Q.
| Borrower | Holder A | Mark (FV/par %) | Cost | FV | Holder B | Mark (FV/par %) | Cost | FV |
|---|---|---|---|---|---|---|---|---|
| Bakemark (Balrog Acquisition) (Second lien) Second lien · gap 9.9 pts (unrounded) | ARCC Second lien senior secured loan | 76.9 | $29.5m | $22.7m | OBDC Second lien senior secured loan | Non-Affiliated | 67.0 | $27.8m | $18.8m |
Incomparable / needs review
Same normalized borrower name, ≥10 pt naive gap, but held out for name-match error, lien mismatch, missing peer row, or purchase-discount / currency issues. Not published as headline gaps.
| Borrower | Naive gap (FV/par pts) | Why held out | Rows |
|---|---|---|---|
| Continental Buyer | 51.9 | name match error different companies Different companies: ARCC holds Continental Acquisition Holdings / Continental Group Holdings (battery distributor); BCRED holds Continental Buyer, Inc. | ARCC 48.0 (First lien senior secured loan) · BCRED 99.9 (Non-Affiliated Issuer) |
| Vermont Aus Pty Ltd | 30.9 | different seniority uni vs 1L | GBDC 100.0 (One stop | Non-Affiliated Issuer) · OBDC 69.1 (First lien senior secured AUD term loan | Non-Affiliated) |
| Armstrong Bidco Limited | 30.2 | equity like vs loan suspect | BCRED 128.7 (Non-Affiliated Issuer) · GBDC 98.5 (One stop 1 | Non-Affiliated Issuer) |
| Armstrong Bidco Limited | 30.2 | equity like vs loan suspect | GBDC 98.5 (One stop 1 | Non-Affiliated Issuer) · OBDC 128.7 (First lien senior secured GBP term loan | Non-Affiliated) |
| Amerivet Partners Management | 24.0 | lien mismatch different liens Different liens: ARCC holds a subordinated loan (12/2030); BCRED holds first lien (S+550, 2/25/2028). | ARCC 61.9 (Subordinated loan) · BCRED 85.9 (Non-Affiliated Issuer) |
| Peraton Corp | 23.5 | no bcred 2l at period end BCRED holds no Peraton 2L at 6/30/2026 (the 2L in its 10-Q is the Dec 31, 2025 comparative). BCRED's only Peraton row is the 1L (S+375, 2/2028), so it cannot be compared with OBDC's 2L. | BCRED 90.5 (Non-Affiliated Issuer) · OBDC 67.0 (Second lien senior secured loan | Non-Affiliated) |
| Pluralsight | 23.0 | different seniority 1L vs uni | ARCC 0.0 (First lien senior secured loan 1) · GBDC 23.0 (One stop 1 | Non-Affiliated Issuer) |
| Peraton Corp | 21.7 | lien mismatch different liens Different liens: BCRED's only Peraton row is the 1L (S+375, 2/2028). FSK's two Peraton rows (S+800 and S+775, both 2/2029) carry the same terms as OBDC's 2L; FSK 68.8 vs OBDC 67.0 of par is 1.8 pts, below threshold. FSK identifiers carry no lien text, so the pair is not auto-typed. | BCRED 90.5 (Non-Affiliated Issuer) · FSK 68.8 (Capital Goods 1) |
| Pluralsight | 15.0 | different seniority uni vs 1L | GBDC 23.0 (One stop 1 | Non-Affiliated Issuer) · OBDC 8.0 (First lien senior secured loan 2 | Non-Affiliated) |
| Bamboo US BidCo LLC | 12.0 | currency mismatch eur vs usd The BCRED row is the EUR term loan (EUR par, USD cost/FV), so its FV/par is not meaningful. The same-currency USD 1L (S+525, 9/30/2030) marks are BCRED 97.0 / ARCC 98.8 / OBDC 100.0 of par, within about 3 pts. | ARCC 98.8 (First lien senior secured loan 1) · BCRED 110.8 (Non-Affiliated Issuer) |
| Bamboo US BidCo LLC | 11.8 | currency mismatch eur vs usd The BCRED row is the EUR term loan (EUR par, USD cost/FV), so its FV/par is not meaningful. The same-currency USD 1L (S+525, 9/30/2030) marks are BCRED 97.0 / ARCC 98.8 / OBDC 100.0 of par, within about 3 pts. | BCRED 110.8 (Non-Affiliated Issuer) · GBDC 99.1 (One stop 3 | Non-Affiliated Issuer) |
| Cornerstone OnDemand | 11.7 | lien mismatch different liens Real same-facility pair is ARCC 2L vs OBDC 2L (S+650, 10/2029): 64.0 vs 57.5 of par = 6.5 pts, below threshold. | BCRED 69.2 (Non-Affiliated Issuer) · OBDC 57.5 (Second lien senior secured loan | Non-Affiliated) |
| Triple Lift | 11.4 | untyped vs typed or untyped | BCRED 83.3 (Non-Affiliated Issuer) · GBDC 94.8 (One stop 1 | Non-Affiliated Issuer) |
| OnPoint Group (MHE Intermediate Holdings) | 11.3 | purchase discount gap on par not cost Same 1L facility (S+600, 7/2027). The 11.3-pt gap on par comes from BCRED's purchase discount (cost about 87% of par). On cost the gap is 0.9 pts (BCRED 97.7 vs OBDC 96.8). | BCRED 85.3 (Non-Affiliated Issuer) · OBDC 96.5 (First lien senior secured loan | Non-Affiliated) |
| Bamboo US BidCo LLC | 10.8 | currency mismatch eur vs usd The BCRED row is the EUR term loan (EUR par, USD cost/FV), so its FV/par is not meaningful. The same-currency USD 1L (S+525, 9/30/2030) marks are BCRED 97.0 / ARCC 98.8 / OBDC 100.0 of par, within about 3 pts. | BCRED 110.8 (Non-Affiliated Issuer) · OBDC 100.0 (First lien senior secured loan | Non-Affiliated) |
| Huskies Parent | 10.0 | different seniority sub vs uni | ARCC 86.0 (Senior subordinated loan) · GBDC 96.0 (One stop | Non-Affiliated Issuer) |
How it was built
- Start from the reconciled SOI file used by the other BDC demos (ARCC, BCRED, FSK, GBDC, HTGC, MAIN, OBDC; all reconcile to their 10-Qs). FSK unfunded-commitment rows, zero-cost rows and GBDC supplement equity rows are not marks and are left out.
- Keep debt holdings only (drop cash, subtotals, JV interests, equity, warrants, preferred, units, LP/LLC/fund interests), matching shared-borrower methodology.
- Match on normalized borrower and comparable lien language. Prefer specific lien rows, not blended averages across unlike instruments. Bakemark / Balrog 2L (ARCC 76.9 vs OBDC 67.0 of par ≈ 9.95 pts unrounded) is listed under near misses, not as a published gap.
- Mark = FV/par when principal is on both sides, else FV/cost. Publish when unrounded marks differ by ≥10 pts; list near misses in [8, 10). Each side needs cost of at least $1m (display is one decimal; rounding never feeds either band). Re-run:
python3 site/data/build_mark_dispersion.py.
Data: mark-dispersion-2026q2.json. Script: data/build_mark_dispersion.py.
Source and caveats. SEC BDC Data Sets, Schedule of Investments (soi.tsv), monthly sets 2026_07 and 2026_08, period ending 2026-06-30, built 2026-10-17. SEC BDC Data Sets. The SEC states it cannot guarantee the accuracy of these data sets and that they are not a substitute for the filings; it has also flagged inconsistent BDC SOI tagging. Figures here may contain extraction errors. Every row links to the filing: verify there before relying on anything. A low mark is what the filing reports; it says nothing about the cause. Not investment advice.