the machinery behind the yield
Do not buy the yield without reading the plumbing.High yield is easy to see. The trap is hidden in the filings.
Private credit is moving into ordinary portfolios — BDCs, CLO ETFs, interval funds, credit funds and high-yield income products. The headline yield is easy to see. The risk is usually buried deeper: NAV marks, dividend coverage, leverage, non-accruals, credit facilities, CLO collateral, and filing footnotes.
Illustrative · the divergence Px tracks
A fund can keep paying a steady
distribution while NAV, dividend coverage and non-accruals quietly weaken underneath. This run, public credit reads
calm (US HY OAS 2.74%, easing) while 11 of 12 watched BDCs marked NAV down last quarter.
Px reads the machinery behind the yield.
We monitor private-credit filings, BDC disclosures, CLO fund holdings, central-bank data, credit spreads, and regulatory signals — then translate them into plain-English risk intelligence.
Where the source is strong, Px shows the number. Where the data is incomplete, Px says Unknown. No hype. No fake precision. We never say buy, sell, or hold.
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Do not become the exit liquidity.
Income investors are often the last to notice when the credit story changes.
A fund can keep paying a distribution while NAV weakens.
A loan can stop paying before the dividend is cut.
A manager can show a stable headline yield while non-accruals rise in the footnotes.
A CLO ETF can look simple while the structure underneath is leveraged, tranched, and opaque.
Px exists for one reason: to warn you when the yield machine starts changing underneath the surface — so you are not the last holder to learn the credit changed.
Subscribe to the Watch Floor.
Watch your BDCs and CLO ETFs. Get an email when a watched BDC files (NAV, NII coverage, non-accruals, PIK reliance, leverage, funding balances) or a watched CLO ETF files a new N-PORT — leading with what changed: AUM & composition drift, a Level-3 or concentration shift, a new default / arrears / PIK flag, and position turnover.
- watched-fund filing alerts (BDC 10-Q/8-K · CLO N-PORT diffs)
- BDC NAV, dividend-coverage, leverage & non-accrual monitoring
- per-holding CLO-ETF holdings intelligence from SEC N-PORT
- 8-K event watch — the temporal layer between quarterlies
- EU bank-credit-conditions panel + the global credit-stress dashboard
- export any panel as CSV / JSON — provenance & Unknowns intact
- plain-English explanations for every term · manage or cancel anytime
Px is research and analysis, not investment advice. You decide. See exactly how every signal is calculated before you subscribe.
What Px watches
Why Px is different
- Source-grounded. Every metric links back to a primary source — SEC, ECB, BoE, FRED, N-PORT or issuer disclosure. No relaundered market gossip.
- Filing-deep, holding-by-holding. Px reads where ordinary dashboards do not: BDC dividend coverage, non-accruals and leverage; CLO-ETF holdings from N-PORT (concentration, mark quality, impairment flags); and the ECB's read on European bank credit.
- Honest by design. Px shows parser coverage. If a metric is not verified, it stays Unknown rather than being guessed — and exports carry the same Unknowns and provenance.
- Yours to work off. Export any panel as CSV or JSON — every figure with its source, as-of date and the not-advice line — and pull the data straight into your own model.
- Built for income investors and practitioners. Not a trading-signal service — a risk radar and research surface for people who own, follow, or analyse yield instruments and want to know when the credit story changes.
- Plain English, not terminal jargon. Tap any term — non-accrual, NII coverage, CLO, PIK, fair-value Level 3, credit standards, CISS — and Px explains what it means; collapsed "how to read this" explainers sit under each panel.
Example Px alert
Why red: NAV fell sharply, the quarterly distribution was not fully covered by NII, and non-accruals were elevated.
Still Unknown: PIK reliance and borrower-level concentration are not yet parsed.
Px reads the filing so you don't have to.
Illustrative of the format. Figures shown on the live briefing link to the filing.
The machinery behind the yield
Most investors see the yield first. Px reads what supports it:
- Is the dividend covered by recurring income?
- Is NAV quietly eroding?
- Are non-accruals rising?
- Is leverage becoming tighter?
- Are credit spreads calm while private marks weaken?
- Are CLO holdings concentrated in opaque structures?
- Are funding lines and back leverage becoming a pressure point?
The yield is the advertisement. The filings are the truth.
Px reads the filings.
A research-publication project of Asakasa Technologies SRL (CUI 54809478).