markquality.io

State of BDC private-credit marks · Q2 2024

Every quarter, 113 business development companies report fair-value marks on overlapping private-credit loans in their public SEC filings. When several funds hold the same loan, their marks can be lined up against each other. This report is the aggregate picture for Q2 2024 — how much of the book is comparable, and how much of it sits away from the peer consensus. No fund is named here; per-fund scorecards are free with an account.

BDCs compared
113
with 5+ peer-held positions
Fair value tracked
$340.3B
as reported in SEC filings
Peer-comparable value
$203.5B
11,975 positions with usable peer marks
Marked 5+ pts from peers
$1.8B
196 positions vs the peer median

How much disagreement is there?

Of the $203.5B in peer-comparable fair value this quarter, $1.8B (0.9%) was marked 5 or more points of par away from the median mark of the other funds holding the same loan — $612.7M above the peer median and $1.1B below it. A quarter earlier the divergent share was 1.5%. Most managers track the consensus closely: 90% of compared BDCs kept their average absolute gap within 1 point of par.

Share of comparable value marked 5+ pts from peers
2022Q4 — 2026Q1
0.7%1.5%2.2%2022Q4: 1.9% ($1.7B)2022Q42023Q1: 1.7% ($2.2B)2023Q2: 2.0% ($2.7B)2023Q3: 1.8% ($2.7B)2023Q4: 1.6% ($2.6B)2023Q42024Q1: 1.5% ($2.7B)2024Q2: 0.9% ($1.8B)2024Q3: 0.6% ($1.5B)2024Q4: 0.5% ($1.4B)2024Q42025Q1: 0.5% ($1.4B)2025Q2: 0.6% ($1.5B)2025Q3: 0.4% ($1.2B)2025Q4: 0.5% ($1.6B)2026Q1: 1.1% ($3.2B)2026Q1
Mark Discipline distribution

How many of the 113 compared BDCs landed in each Mark Discipline band this quarter. The distribution is shown in aggregate only — per-fund scorecards are free with an account.

A
34
B
57
C
15
D
3
F
4
Which funds drive these numbers?

The per-fund Mark Discipline scorecards behind this report — position-level peer comparisons, history and alerts — are free with an account.

Create free account
Other editions
How the comparison works
Every figure on this page is the fund's own number as reported in its public SEC filings. MarkQuality compares each BDC's marks with the cross-BDC consensus on the same loans; only marks the pipeline rates usable feed the peer medians. The comparison measures how consistently a BDC's marks track the peer consensus — it is not a judgment of the accuracy or good faith of any fund's valuations. Verify every figure against its source filing. Independent comparison on public data, not investment advice.

Every mark referenced on MarkQuality is the holder's own figure as reported in its SEC filing, shown side by side against the peer median — not a fair-value opinion, nor an assertion that any mark is wrong or that net asset value is overstated. A gap from the median can reflect legitimate differences in position, timing, lot, structure, or valuation methodology rather than mispricing. Informational only — not investment advice.