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.
Implied mark
An implied mark is fair value divided by par for a fund holding, computed when the fund doesn't report a mark directly. Plain-English explanation of how implied marks make interval-fund holdings comparable to BDC marks.
Unitranche loan
A unitranche loan blends senior and junior debt into one facility with a single blended rate. Plain-English explanation of how unitranche works, why BDCs use it, and what it means for recovery analysis.
Delayed draw term loan (DDTL)
A delayed draw term loan lets the borrower draw funds after closing, in tranches. Plain-English explanation of DDTLs, unfunded commitments, and why they complicate BDC position analysis.
NAV premium / discount
A BDC trades at a premium or discount when its share price diverges from NAV per share. Plain-English explanation of what drives the gap and how analysts use it.
Interval fund
An interval fund is a closed-end fund that offers periodic repurchases instead of daily redemptions. Plain-English explanation of how credit interval funds work and how their holdings are disclosed.
First lien vs second lien
First lien loans have the senior claim on collateral; second lien sits behind them. Plain-English explanation of lien seniority, recovery expectations, and why marks differ across the structure.