BDC loan books, position by position
Cedarpool gives private-credit professionals position-level visibility across the US BDC universe: which lenders hold a borrower, at what mark and on what terms, and how portfolios shift as filings are made.
The database identifies lender overlap on individual borrowers, compares marks on commonly held positions, and tracks portfolio movement across the sector as filings are made. Investment managers, research analysts, institutional investors and allocators draw on the same underlying record, in one consistent form.
The research →What we do
Cross-lender exposure
Position-level holdings aligned across lenders: more than 4,300 borrowers appear in two or more BDC portfolios, with each lender's position and mark presented side by side.
Quarterly portfolio movement
Additions, exits and mark changes captured across the universe each filing season — more than 53,000 positions in the current quarter alone.
PIK monitoring
Payment-in-kind exposure flagged at position level, with PIK coupons captured where disclosed — more than 3,600 positions carrying PIK components in the current quarter.
Research from the record
Bylined analysis of dispersion, concentration and credit conditions, drawing on more than 700,000 position records from the historical filing set.
Research
Independent research on the US BDC universe.
Our first published note arrives in autumn 2026, timed to the Q3 filing season. To receive it on publication, email research@cedarpool.com.
About Cedarpool
An independent research and data firm focused on transparency in private credit.
Cedarpool builds a proprietary, normalised database of private credit from the statutory SEC disclosures of US Business Development Companies, and publishes research on what the data shows. We are independent of the managers and vehicles we cover.
Research leadership
As Head of Research at Cedarpool, RJ leads the firm's research agenda: the questions the firm investigates, the notes it publishes, and how its data is turned into clear, well-evidenced analysis. His remit spans research, product and the firm's data and analytics.
RJ brings nearly two decades across alternative investments — asset allocation, portfolio management, product development and investment analytics. Most recently he led global private-debt research at a leading alternatives data provider, authoring its flagship annual private-debt report and working with leading GPs and institutional LPs across the major financial centres. CFA charterholder; MA & BA Physics, University of Oxford.
Operations
As Head of Operations at Cedarpool, she leads the firm's operational strategy and execution, with responsibility for building the infrastructure, systems and controls required to support a resilient and scalable business. Her remit spans technology, security, risk, compliance, financial operations, vendor strategy and service delivery, working across the organisation to translate commercial priorities into effective operating models.
She brings extensive experience delivering complex technology, operational and transformation programmes in regulated environments, with a particular focus on strengthening governance, improving operational resilience and managing change across multiple stakeholders. At Cedarpool, she works to ensure the firm has the operational capability, discipline and infrastructure to support its long-term growth.
Contact
For the research list or data access, get in touch.
Subscribe to the research
Independent notes on the US BDC universe, on a regular cadence. Email research@cedarpool.com to be added.
Data access
For institutional access to the cross-BDC dataset, contact research@cedarpool.com.