Any vendor can hand you a number for every borrower in a portfolio. We read 14 BDCfilers' own Schedules of Investments — ARCC, BBDC, BXSL, CGBD, CSWC, FSK, GBDC, HTGC, MAIN, NMFC, OBDC, PSEC, SLRC, TSLX — score 3,003 of 3,034 borrowers, and refuse 31 by name because their filings disclose neither a spread nor an exposure amount. Where a filing says nothing, we print an em-dash instead of an estimate.
A Schedule of Investments does not always disclose what a score needs. When a borrower's filing discloses neither a spread nor an exposure amount, the score prints an em-dash and the borrower is refused by name instead of estimated. That refusal is the first thing on this page because it is the rule everything else follows.
| Borrower · filer | Missing field | Score | State |
|---|---|---|---|
| Borrower A · Filer X | spread and exposure | — | REFUSED |
| Borrower B · Filer Y | none | — | SCORED |
| Borrower C · Filer X | spread and exposure | — | REFUSED |
| Borrower D · Filer Z | none | — | SCORED |
Four verification levels. Confidence scores in the served envelope are capped by validation grade. The badge on every figure tells you which grade applies.
Sample, synthetic or scaffold data with no fitted model behind it. Shown only to describe a structure, never as a basis for a decision.
Real underlying data and a fitted model, but no validation gate has been passed yet.
Validation evidence exists, in sample or out of time on a single window, but no point-in-time out-of-sample test has been passed and no track record is recorded.
Passed a held-out, point-in-time out-of-sample test on its recorded date. The level describes that record.
The disclosed-non-accrual grade is the better-founded of the two, because no duplicated position can inflate it — so it leads.
The score is concurrent classification: it reads impairment already disclosed in the same filing that supplies its features. There is no forward observation window, so it cannot tell you what happens next quarter, and we do not attach a horizon to it anywhere in the product.
What it is good for is triage across a book you have not read yet: it ranks which Schedules of Investments deserve your afternoon.
| Signal | What it measures | Grade | Level |
|---|---|---|---|
| BDC panel score | Disclosed impairment, concurrent — no horizon | LOBO AUC 0.5824 [95% CI 0.53, 0.64] | L2 |
| US recession probit | AUC 0.79 (gap-18) to 0.81 (gap-12) across label gaps, n=165, out of sample 2011–2024. One recession in the out-of-sample window, so this is not a validated discrimination claim. An earlier 0.862 claim is RETIRED (2026-07-20). | AUC 0.79–0.81 | L1 |
We publish the accuracy figures we withdrew and what killed each one. The recession probit's 0.862 AUC came down on 2026-07-20 after label leakage was found at the validation gate, and it has never been restated.
Of the roadmap, three (Macro & ESG, Manufacturing, Commodities) have real data but are held back until their served data passes review; nine are illustrative scaffolds with no real data. The roster stays visible because hiding it would be the dishonest move, but nothing on the roadmap holds the rank of the product, and it never renders a figure without a badge saying what it is.
Our price is on the page, so you can budget before the first conversation.
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Request accessModel documentation for SR 26-2 §VII vendor-model review · scoped onboarding
Request accessRole-based API access across four roles, hardened sessions, TLS in transit and default encryption at rest, per-tier rate limiting, and model cards written for SR 26-2 §VII vendor-model review.
We are not SOC 2 certified, and we won't claim otherwise before an auditor says so. SOC 2 is a readiness programme for us, not a certificate. For your vendor-risk review we will answer your questionnaire directly and share the model documentation; where an answer is ‘not yet’, we will say that.
Read the validation record, the verification levels and the retired-claims log before you speak to anyone here. If the evidence does not hold up, we would rather you found out on this page than in your first quarter.