Introducing BDC marks and cross-holdings in Passu

Passu now brings together reported investment marks and holdings across more than 130 publicly traded, public non-traded, and private BDCs. Analysts can see who holds an issuer, compare how different BDCs mark the same instrument, and track changes over time. Interval funds are coming soon.

The data comes from BDC schedules of investments and links back to the underlying disclosures. Instead of assembling comparisons filing by filing, analysts can move from a BDC’s portfolio to an individual borrower, instrument, or cross-held position in one research workflow.

See who owns it, how they mark it, and what changed

Passu supports three connected views of the data:

• By issuer: See which BDCs have exposure to a borrower, with amortized cost, fair value, and blended marks. Drill into the underlying instruments to distinguish first-lien debt, second-lien debt, preferred equity, and other positions.

• By instrument: Compare holders of the same facility and examine differences in their reported marks. Review the position terms and source disclosures alongside the comparison.

• Over time: Follow valuation changes across reporting periods and identify quarter-on-quarter markdowns. View the mark—fair value as a percentage of amortized cost—and its percentage-point change alongside changes in position size.

Cross-holdings views show shared exposure between BDCs, including its dollar amount and share of the relevant portfolio. Analysts can sort by cross-held cost, overlap percentage, or mark to find the positions that deserve a closer look.

For a BDC analyst, this makes it easier to investigate whether a markdown in one portfolio has implications for another. It also helps separate a broad borrower concern from a problem concentrated in one part of the capital structure. A deeply discounted junior instrument and a first-lien loan near cost tell a different story from two holders assigning materially different marks to the same loan.

Put portfolio changes in context

The holdings data also supports the recurring questions in a quarterly BDC review: which investments were added or exited, where non-accrual activity changed, and which positions show spread changes, added PIK, or extended maturities.

Analysts can examine debt marked below 95% or 80% of amortized cost, review exposure to issuers with partial non-accruals, and group investments by maturity year. Weighted-average marks within each maturity year help identify where near-term maturities coincide with weaker valuations.

These views help focus the review on developments that may be obscured by portfolio averages: a growing concentration of discounted loans, a borrower with several differently marked tranches, or a cross-held position whose valuations have started to diverge.

Query the data with agents or through our API

The dataset is agent-queryable and available through Passu’s API. Agents can retrieve structured holdings data for analysis, while teams can use the API to bring that data into their own models, internal tools, and research workflows.

That gives firms a choice: explore the data in Passu, or work with it programmatically in the systems they already use.

A maintained dataset—not a one-off LLM answer

You cannot obtain this dataset simply by asking an LLM who owns a loan or how it is marked. An LLM can help read a filing; it does not, by itself, maintain the reporting history or establish that differently named positions refer to the same issuer and instrument.

Passu manages millions of data points and performs complex matching across hundreds of underlying issuers. The infrastructure collects and structures disclosures, connects issuer and instrument identities, aligns reporting periods, and retains the source evidence behind the results.

That work makes repeated comparisons possible as new filings arrive. Analysts can return to the same borrower or cross-held position next quarter without rebuilding the dataset from scratch.

Marks are fund-reported valuations, not executable market prices. Passu makes those reported valuations easier to compare and investigate, with the underlying disclosures available for review.

Request a demo to explore marks and cross-holdings across your BDC coverage.