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BDC & credit analytics glossary

Plain-English definitions of the metrics SpreadVista tracks. Every term links to the BDC and fund pages where you can see it computed against real portfolios.

  • BDC mark

    A BDC mark is the fair value a business development company assigns to a portfolio position. Plain-English explanation of mark-to-par, why marks vary across BDCs holding the same credit, and what mark divergence signals.

  • Non-accrual status

    Non-accrual is when a BDC or fund stops recognizing interest income on a deteriorated loan. Plain-English explanation of when loans go non-accrual, what it signals, and how to track the trend.

  • NAV per share

    NAV per share is a BDC or fund's net asset value divided by outstanding shares. Plain-English explanation of the components, why NAV differs from market price, and how to track NAV history.

  • PIK toggle

    A PIK toggle lets a borrower pay interest in additional debt rather than cash. Plain-English explanation of how PIK works, why BDCs accept it, and what high PIK exposure signals.

  • Credit spread surface

    A credit spread surface plots interest spreads across rating, maturity, and seniority dimensions. Plain-English explanation of how spread surfaces help identify rich and cheap credits in a BDC portfolio.

  • Cross-vehicle exposure

    Cross-vehicle exposure measures how many BDCs and funds hold the same underlying credit. Plain-English explanation of contagion risk and why the metric matters for portfolio construction.