Quantitative risk scores for 40+ non-traded private credit funds. Every metric sourced from SEC filings. Position-level transparency.
Not a pitch deck. Not a fact sheet. The actual data, scored and sourced, updated every quarter from SEC filings.
| Fund | NAV | Yield | Leverage | Top 10 Conc. | Fees | PIK | Liquidity | Score | Rating |
|---|---|---|---|---|---|---|---|---|---|
| Blackstone BCRED | $57.2B | 10.4% | 0.97x | 18.3% | 2.81% | 3.1% | 9.7% | 85 | |
| Blue Owl Capital | $32.8B | 9.8% | 1.05x | 19.7% | 3.05% | 4.2% | 8.1% | 82 | |
| Apollo Debt Solutions | $18.4B | 10.1% | 1.14x ▲ | 22.1% ▲ | 3.67% ▲ | 5.8% | 7.3% | 61 | |
| Fidelity Priv. Credit | $9.1B | 11.2% | 1.43x ▲ | 31.7% ▲ | 3.22% | 7.2% ▲ | 5.4% | 42 |
No black boxes. Every score traces back to a filing, a page, and a line.
N-PORT filings, semi-annual reports, and 10-Ks pulled directly from EDGAR on a quarterly cadence. No intermediaries. No transformations we can't trace.
12 weighted risk factors — leverage, concentration, PIK income, liquidity, fees, redemption pressure and more — normalized and rolled into a single composite score.
Click any metric and see the source filing, page reference, and calculation. 87% of data points are Tier 1 — sourced directly from SEC filings with no estimation.
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65 US BDCs & Interval Funds — ~$414B Combined AUM
| Fund | Company | Sector | Security Type | Positions | Par/Shares | Fair Value ($) | Notes |
|---|
The Overlap Engine scores how similar your funds are across 7 risk dimensions.
Lower overlap = better diversification.
| Identification | Credit Quality | Leverage & Liquidity | Redemption & Watch Signals | Valuation | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # | Fund | AUM ($B) | Type | Non-Accrual % | PIK Income % | Software/Tech % | Risk Rating | D/E | Reg. Headroom | Avail. Liq ($B) | Liq/AUM % | Redemption Rate | Redemption Cap | Gate Status | Q1 Commentary | Q2 Watch Signal | Price/NAV | NAV/Share | |
Select 2-5 funds and analyze combined exposure, overlap, diversification, and concentration risk
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Each fund is assessed using a weighted composite of six quantitative and qualitative factors. Sub-metrics within each factor are scored on a 0-100 scale. The composite score maps to five rating levels. Ratings reflect the quantitative framework output. Any manual adjustment for binary events (e.g., a fund announcing permanent closure) is documented and labeled.
Measures intensity of investor withdrawal activity relative to fund capacity.
Assesses debt-to-equity ratio relative to regulatory maximums and covenant cushion.
Evaluates portfolio health through non-accrual rates and PIK concentration.
Measures exposure to sector and company-level risks.
Assesses access to capital and ability to meet obligations.
For traded BDCs, tracks market's risk assessment versus NAV.
| Score Range | Rating | Interpretation |
|---|---|---|
| 76-100 | CRITICAL | Imminent liquidity event, active gating, or structural impairment |
| 56-75 | HIGH | Elevated probability of liquidity stress within 1-2 quarters |
| 36-55 | ELEVATED | Emerging risk factors warranting enhanced monitoring |
| 16-35 | MODERATE | Manageable risk profile under current conditions |
| 0-15 | LOW | Strong liquidity, conservative leverage, clean credit quality |
Tier 1 (Filed): Data sourced from SEC 10-K, 10-Q, and 8-K filings. Displayed without indicator.
Tier 2 (Estimated): Analyst estimates or management guidance. Marked with superscript "E" and displayed in amber.
Tier 3 (Pending): Data not yet available or awaiting disclosure. Displayed as gray dash (\u2014).
This is an analytical framework, not an investment recommendation. Users should conduct independent due diligence before making allocation decisions. All ratings are point-in-time assessments and subject to rapid change in volatile markets.
Key market indicators framing the private credit environment \u2014 updated weekly
IG and HY OAS trends \u2014 basis points
Trailing 12-month rates by source \u2014 quarterly
Aggregate BDC unsecured debt maturing \u2014 $B
Quarterly redemption requests vs. fulfillment \u2014 top 6 non-traded funds
YTD price change for major private credit sponsors
| Manager | Ticker | YTD Change | From Peak |
|---|---|---|---|
| Blue Owl Capital | OWL | -53.7% | -58% |
| Ares Management | ARES | -45.0% | -48% |
| Blackstone | BX | -44.0% | -46% |
| KKR & Co | KKR | -42.0% | -45% |
| Apollo Global | APO | -28.0% | -32% |
| Golub Capital BDC | GBDC | -18.5% | -22% |
| Main Street Capital | MAIN | -12.3% | -16% |
65-fund universe by risk rating and AUM concentration
Sources: Bloomberg, Fitch Ratings, Moody's, Morgan Stanley Research, Stanger & Co., SEC EDGAR, Dirigon Analysis. Credit spread data as of March 21, 2026. Default rate forecasts reflect published research estimates. BDC maturity data from Raymond James, PitchBook.
Select 2-5 funds to compare side-by-side and discover the key differences that drive portfolio outcomes