Px

01The read

The dominant risk regime reads public-credit calm, private marks weakening. [ HY OAS ]High-yield option-adjusted spread — the extra yield investors demand to hold risky high-yield bonds over safe Treasuries. A quick credit fear gauge. at 2.76% (falling, -0.05 over ~30d) — no broad credit-stress signal in the [ spread ]The extra rate a borrower pays over the benchmark (e.g. SOFR + 5.5%) — the lender's compensation for credit risk. this run. (Green = no warning detected, not 'safe'.) The clearest signal this run is valuation: [ NAV ]Net asset value — the per-share value of a fund's portfolio, marked quarterly (often by model, not live trades). per share fell quarter-over-quarter at 11 of 12 watched [ BDCs ]Business Development Company — a regulated, often-listed vehicle that pools money to lend to private companies. Retail's on-ramp to private credit. (worst, FSK at -9.9%) — broad mark erosion. NAV is a model-marked, quarter-end figure, so it is a lagging read, not a live price. Income coverage, [ non-accruals ]A loan the fund stopped booking interest on because it no longer expects full payment — a hard sign a credit has gone bad., [ leverage ]How much a fund borrows on top of investors' capital to make loans. It magnifies both income and losses. and [ PIK ]Payment-in-kind — interest paid by adding to the loan balance instead of cash. Eases borrower strain but lets debt compound quietly. income reliance are now partially parsed across the watched BDC set where issuers tag them; PIK portfolio exposure remains Unknown until the schedule-of-investments parser is validated. MAIN's non-accrual book is marked roughly 66% below cost — a sign of aggressive valuation scrubbing; FSK carries high fair-value non-accruals at 4.2% alongside the steepest NAV decline; its cost-side leg is not yet parsed, so Px cannot calculate the non-accrual markdown.

A cross-border read on the world's credit plumbing — US, Eurozone, Asia and emerging markets now live, each figure linked to its FRED / ECB / BoE source. UK and per-fund European vehicle coverage are still expanding; Px shows what it tracks and leaves the rest honestly blank.

NAV per share QoQ across watched BDCs, worst first — tap any fund for its chart and facts. Each fund shows whether its [ NII ]Net investment income — the recurring interest-and-fee income a fund earns after its own expenses. The cash engine behind the dividend. coverage supports the dividend, its [ asset coverage ]Total assets divided by senior debt. The 1940-Act floor for most BDCs is 1.5x — the lower it runs, the thinner the cushion before leverage bites. (a leverage cushion), non-accruals where the filing states them, and a [ regulatory-implied D/E ]Debt-to-equity inferred from the filed 1940-Act asset-coverage ratio: 1 / (coverage − 1). Derived from asset coverage, not stated in the filing. Because SBIC and other excluded debt are left out of statutory asset coverage, this is a regulatory figure that may understate full structural leverage, which stays Unknown until the facility book is parsed. (derived from asset coverage). All book figures, not market yields. Px does not recommend buying or selling.

Tap ★ on any fund to watch it — your picks float to the top and persist on this device. The Watch Floor adds filing alerts for watched funds — an email the moment one files and NAV, NII coverage, non-accruals, PIK reliance, leverage or funding balances change.

Market data — delayed daily quote · Yahoo Finance · as of 2026-06-08. Price, 52-week range, market cap and dividends are exchange data; distribution yield is trailing 12-month on price, not a forward yield and not the SEC standardized yield.

Book figures, not market yields. Quarterly distribution rate annualizes only the latest quarterly distribution (×4 / NAV) so a multi-quarter declaration cannot inflate it; TTM rate sums the trailing four quarters and the gap shows as implied supplemental/special. NII cover, qtr dist. is NII/sh vs the latest quarterly common distribution; total payout is annualized NII vs TTM distributions. Regulatory-implied D/E = 1/(asset coverage−1) is derived from asset coverage, not a filed metric — a regulatory approximation, not full structural leverage (SBIC and other excluded debt are left out of statutory asset coverage, so it may understate full structural leverage), and structural D/E stays Unknown. Non-accruals are parsed from 10-Q text; where the dollar book is disclosed Px shows the true write-down (marked below cost), otherwise a cost/FV divergence proxy. Everything else stays blank rather than guessed.

Material 8-K events for watched BDCs over the last 30 days — the temporal layer between quarterly 10-Qs. Px classifies the filed item and, for agreement items, flags facility / amendment / default language; full terms are not yet extracted — an event flag, not a recommendation.

+ 2 more material event(s) — see each fund's SEC filings.

+ 8 routine / context 8-K(s) (earnings, Reg FD, shareholder votes) not shown.

Europe's private-credit story starts with the banks: when euro-area banks tighten lending standards and bank credit to companies slows, mid-market borrowers are rationed out of the bank channel and route to non-bank (private-credit) lenders. Px reads those conditions directly from the ECB Data Portal — free, official, euro-area aggregates — the machinery behind Europe's private-credit growth. These are conditions, not vehicles: euro fund-level NAV / yield stays Unknown until a free public feed exists.

CLOs are machines that buy leveraged loans and issue tranches at different risk levels. When loan collateral weakens or CLO spreads widen, the income machine keeps paying for a while — the lower tranches absorb the stress first. The machinery behind the yield.

Each card now reads the fund's actual holdings from its latest SEC N-PORT filing — net assets and the quarterly trend, issuer/deal concentration, the fair-value Level 1/2/3 mark mix, held-tranche default/arrears flags, reported coupon and floating share, tranche seniority, stated legal-final maturities, issuer domicile and restricted %, and the position turnover since the prior filing. Official and citable, but quarterly and lagged: only the quarter-end N-PORT is public (the intra-quarter months are not), so a figure can be most of a quarter stale — each card shows its as-of date and age. Every roll-up is coverage-gated and Unknown where a field is absent. The deal-internal credit metrics — per-tranche market spread/DM, OC/IC-test cushions, WARF, CCC-bucket %, the diversity score and the CLO manager — are not in N-PORT and stay Unknown by design (named below).

Market data — delayed daily quote · Yahoo Finance · as of 2026-06-08. Price, 52-week range, market cap and dividends are exchange data; distribution yield is trailing 12-month on price, not a forward yield and not the SEC standardized yield.

Tap ★ on any CLO ETF to watch it — your picks float to the top and persist on this device. The Watch Floor then emails you when a watched CLO ETF files a new N-PORT, leading with what changed: AUM and composition drift, a Level-3 or top-10 concentration shift, a new default / arrears / PIK flag, and the positions added, exited or resized since the prior quarter.

N-PORT is the fund's holdings list, not the underlying deals' surveillance. The credit guts of the CLOs a fund holds live in trustee monthly reports, rating-agency models and Markit/Bloomberg — proprietary, not free, not in N-PORT — so Px shows them Unknown by design rather than guess: per-tranche secondary-market spread / discount margin, OC / IC test cushions, WARF, CCC-bucket %, par build / loss, the diversity score, the authoritative CLO manager, reinvestment-period status, the full liability stack, the underlying-loan WAL / pool composition, and any agency rating (N-PORT carries no rating field). A figure leaves this list only when a real licensed feed backs it — never via a free proxy. (A held tranche's stated coupon and legal-final maturity are in N-PORT and may be shown — they are not the traded spread or the call / reinvestment date.)

5 item(s) ranked by impact: 0 substantive rule/disclosure, 0 routine procedural/exemptive, rest context. Procedural/exemptive filings are structure plumbing, not risk signals.

[ Back leverage ]Financing a private-credit fund takes against its existing loan portfolio (often from banks). It boosts returns when collateral is stable, but amplifies stress if marks fall, lenders raise haircuts, or facility costs climb. Fund-level leverage on top of borrower leverage. is financing a private-credit fund obtains against its loan portfolio — fund-level leverage on top of borrower leverage. It can lift returns when collateral is stable, but it amplifies stress if loan marks fall, lenders raise [ haircuts ]The discount a lender applies to collateral when lending against it. Rising haircuts mean lenders trust the collateral less — they shrink a fund's borrowing capacity exactly when it may need it most., or banks raise the cost of a [ credit facility ]A revolving loan a fund draws on to make investments or meet liquidity needs, usually from a bank syndicate and priced over SOFR/€STR. Its size, cost, availability and maturity are core funding-risk signals.. Private credit is not only borrower leverage; it is also fund-level leverage — part of the machinery behind the yield.

Bank–private-credit interconnection is a live monitoring theme: public sources point to large bank exposure to private-credit providers (Moody's), with the FSB and OFR flagging interlinkages, leverage and liquidity mismatch, and credit-facility pricing reportedly tightening (Reuters). Px now reads the balance layer for watched BDCs where filings expose XBRL debt/facility facts, while leaving pricing, availability mechanics, maturities and amendments Unknown until the footnote parser can separate fund facilities from portfolio-company borrowings reliably.

Monitoring sources: Moody's, FSB, OFR, Reuters — listed under Sources below.

[ non-accrual ]When a lender stops booking interest on a loan because it no longer expects to be paid — a hard signal that a credit has gone bad.  When a lender stops booking interest on a loan because it no longer expects to be paid — a hard signal that a credit has gone bad.

Tap or hover any [ term ]Bracketed terms across the briefing explain themselves in plain English on tap or hover. to learn it.

• Next quarterly BDC/credit-fund filings (10-Q/10-K) for non-accrual %, PIK income, and [ dividend coverage ]Whether a fund's recurring cash income actually covers the distribution it pays. The core test of whether a yield is real or borrowed..
• Material 8-Ks — credit-facility amendments, new obligations, waivers, acceleration events, and other filings that can change the funding picture before the next 10-Q.
• Direction of the HY OAS — sustained widening would pressure private marks with a lag.
• SOFR path and its effect on leveraged-borrower interest coverage.
• New or amended risk-factor language in filings (added caveats are an early tell).
• Redemption-cap, gate, or tender-offer notices from interval/evergreen vehicles.