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, Emma is responsible for the operational performance of the business. She leads payment operations, service delivery and vendor management, and drives the automation and process improvement agenda that enables the company to scale. Working closely with the leadership team, she ensures the operating model, infrastructure and people are aligned to the company’s growth ambitions.
Emma brings over 10 years of experience spanning operational leadership, business change and technology delivery, including within regulated financial services. At Vistra, a global corporate services provider, she directed a portfolio of international transformation programmes spanning service delivery, infrastructure, business change and security, including global disaster recovery, cloud backup, data loss prevention, network segmentation and system integration projects, with company-wide accountability for resource allocation.
Before that she held project, operations and change roles at STA Travel, AXA XL and Killik & Co, delivering global technology implementations, process improvement and business transformation.
She is PRINCE2 qualified and holds a BSc (Hons) in Psychology from Plymouth University; her people-centered leadership style reflects both.
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.