PD ALPHA

BDC & private-credit data

Stop rebuilding BDC tables every quarter.

PD Alpha normalizes BDC Schedules of Investments, benchmarks them side by side, and links every figure back to its SEC source — so your quarter starts with analysis, not data cleanup.

Request accessHow the data is built
  • Normalized Schedules of Investments
  • Cross-BDC benchmarks
  • Every figure traced to its SEC filing

The problem

Covering BDCs means rebuilding the same tables every quarter.

Every BDC reports its Schedule of Investments differently — different columns, footnotes, rate conventions and sector labels, sometimes period to period within the same fund. Comparing funds means re-keying 10-Ks and 10-Qs into spreadsheets, every cycle, before any analysis can start.

It is not just a workflow tax. The SEC’s own staff has flagged that BDC Schedule-of-Investments tagging is inconsistent across filers.

“It is essential that the data are tagged accurately and consistently across different BDCs.”

U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, June 2025

From filings to analysis-ready data

One schema. Every analytical view you actually use.

PD Alpha extracts position-level holdings from the source filings and normalizes them to a single structure — then builds the comparisons on top.

Financial benchmarks

Benchmark the universe, one row per fund

Total assets, leverage, NII yield, dividend coverage, NAV change and total return — every BDC for a selected period, computed the same way.

No more reconciling each fund’s own definitions before you can compare them.

Financial Benchmarks in PD Alpha
Financial Benchmarks

Portfolio benchmarks

Compare portfolio quality directly

Fair-value-to-cost, non-accrual rate, share senior-secured, and weighted-average yield and spread — side by side across funds.

The marks and credit signals practitioners watch, normalized for comparison.

Portfolio Benchmarks in PD Alpha
Portfolio Benchmarks

Shared issuers

See who is lending to whom

The same borrower, resolved across every fund that holds it — so you can see total exposure and overlap instead of five different name spellings.

Cross-fund borrower views that the filings never present on their own.

Shared Issuers in PD Alpha
Shared Issuers

Financial statements

Balance sheet and income statement, side by side

Assets, liabilities, NAV, investment income, fees and NII — every fund as a column, every line item normalized to the same rows.

The full financials, assembled from disclosures that vary fund to fund.

Financial Statements in PD Alpha
Financial Statements

Why you can trust the numbers

Built from primary filings. Traceable to the source.

PD Alpha is derived from public SEC filings, not a re-keyed vendor feed. Every figure carries a path back to the filing it came from, and the same definitions are applied to every fund — so a number means the same thing wherever it appears.

Traced to the filing

Each normalized figure maps back to the specific filing it was extracted from. Show your work, on demand.

Consistent definitions

One taxonomy for yield, spread, leverage, non-accrual and the rest — applied identically across funds.

Fits your workflow

Every view exports to Excel that mirrors the screen, with programmatic access for the desks that want it.

“For loans held across multiple BDCs, the gap between the most optimistic and most conservative managers exceeds five percentage points.”

PIMCO, The Credit Market Lens, 2025

Read how the data is built →

FAQ

Questions, answered.

Where does the data come from?

Public SEC filings — primarily 10-Ks and 10-Qs. PD Alpha extracts, normalizes and enriches that source data; it is not a re-keyed third-party feed.

How is this different from a terminal or an existing data vendor?

PD Alpha is purpose-built for BDCs: position-level Schedules of Investments normalized to one schema, cross-fund benchmarks computed consistently, borrower resolution across funds, and a path from every figure back to its source filing.

Who is it for?

Analysts, portfolio managers, allocators and credit research teams who cover publicly traded BDCs and private credit.

Can we use it inside our own models?

Yes. Every view exports to Excel that mirrors the screen, and programmatic access is available for internal analysis. Usage terms are set in your agreement.

How do we get access?

Access is granted to approved organizations. Request access with your work email and we’ll follow up to get you set up.

Start the quarter with analysis, not data cleanup.

Request access and we’ll get your team set up on normalized, source-traced BDC data — benchmarks, schedules of investments and borrower views in one place.

Request access