Private Credit Analysis for Every Investor
Business Development Companies (BDCs) — loan-level holdings, portfolio composition, cross-lender loan pricing. Institutional depth, free to start.
Most searched: Ares Capital (ARCC) · Barings BDC (BBDC) · New Mountain Finance (NMFC) · Golub Capital (GBDC) · Stellus Capital (SCM) · TriplePoint Venture (TPVG)
What You Get
50+ BDCs Tracked
Every publicly-traded BDC ranked by portfolio size, with lien mix, sector composition, and top holdings. Updated from SEC filings.
Loan-Level Holdings
Portfolio holdings parsed directly from SEC filings. See individual loan positions, fair values, and sector allocations across every BDC.
Cross-Lender Loan Pricing
When several BDCs lend to the same private borrower, see how each one marks and prices the loan — side by side, with filing dates.
How Investors Evaluate a BDC
There is no "best BDC" — there are BDCs whose price, portfolio, and terms fit what you are looking for. These are the four things experienced investors read first, and every one of them is on this site, sourced from SEC filings. For education, not investment advice.
NAV Premium / Discount
A BDC trades at a premium or discount to its net asset value — the market’s running verdict on whether the manager’s marks are believable and its fees are worth paying. A discount is not automatically cheap: it is a question to answer. The BDC course covers reading it.
Leverage & Asset Coverage
The statutory test: a BDC’s default minimum asset coverage is 200% (roughly 1:1 debt-to-equity); most have elected the 150% minimum (roughly 2:1) that the 2018 Small Business Credit Availability Act permits with board or shareholder approval. Falling below the applicable minimum blocks new borrowing and restricts distributions.
Non-Accruals & Marks
Loans that stopped paying, and how the manager values what remains. BDC marks are the manager’s own Level 3 fair-value estimates — not traded prices — which is why seeing several lenders mark the same borrower side by side is worth more than any one number.
Sample Analysis: Ares Capital (ARCC)
The largest publicly-traded business development company
Illustrative snapshot from a prior ARCC SEC 10-K — holdings from its Schedule of Investments, credit metrics from its financial statements. Holdings, values, and credit metrics change every quarter and may not reflect current data — see the live ARCC page for current, sourced figures. For education, not investment advice.
Top Portfolio Holdings
| Company | Industry | Fair Value ($M) | % of Portfolio | Type |
|---|---|---|---|---|
| Trident TPI Holdings | Industrials | 487 | 2.1% | 1st Lien |
| Majority-Owned Portfolio | Diversified | 412 | 1.8% | Equity |
| Athenahealth Group | Healthcare IT | 389 | 1.7% | 1st Lien |
| Chrysaor Bidco S.a.r.l. | Software | 351 | 1.5% | 1st Lien |
| Razor Group GmbH | E-Commerce | 328 | 1.4% | 1st Lien |
Sector Breakdown
Credit Health
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