BDCWatch
Credit-event coverage for BDC analysts.
Sentinel-driven monitoring for the public surface that actually moves your marks: acquirer 8-Ks when borrowers exit, S-1s in the IPO pipeline, sector comps for quarterly fair value, and peer-BDC non-accrual disclosures.
Built around the credit-stress sequence.
18–36 months from the first PIK toggle to a realized loss. We cover the public-disclosure points along the path so you catch each transition the day it lands, not at the next IC meeting.
- PIK toggle
- Covenant amendment (A&E)
- Watch list addition
- Fair value markdown
- Non-accrual
- Restructuring
- Realized loss
Where SEC actually helps your book.
Most of your portfolio companies are private. Naive "monitor your borrowers" pitches collapse the moment you check coverage. Here's the real public surface — six high-value moments already covered.
Acquirer 8-Ks
When a borrower gets acquired, the public buyer files an 8-K with deal terms. We catch the filing and parse Item 2.01 for material details — your recovery, our alert.
S-1 IPO pipeline
Borrowers approaching IPO file S-1s — sometimes confidentially via DRS. Early-warning of upcoming exits, valuation context, and underwriter signal.
Public peer comps for marks
Quarterly fair-value marks on private positions reference public comparables. Sentinel a comp set; get sector multiples + IPO-readiness signal each Feb/May/Aug/Nov.
Sponsor 13D/G
VC/PE sponsors who back your borrowers often appear in 13D/G filings on their public stakes. Tracks sponsor activity across the broader portfolio.
Peer-BDC self-disclosures
Your competitors disclose their non-accrual movements, watch list adds, and (when a portco goes public) names. That's competitive intelligence, not a side effect.
Item 2.04 covenant trips
8-K Item 2.04 — triggering events accelerating financial obligation. The single most diagnostic public credit signal. Sentinel it across your borrower CIK list.
Built for these BDCs.
Designed for internally-managed BDCs that buy SaaS departmentally. Externally-managed shops (ARCC, BXSL, OBDC, FSK, and the Blackstone/Ares-class entities) are an enterprise motion handled separately.
What you get.
| Credit-stress 8-K Sentinel | Items 2.04 (covenant default), 2.05 (exit/disposal), 2.06 (impairment), 4.02 (restatement), 5.02 (executive departure). 1-line config; targets your CIK list. | Pro |
| Sector non-accrual snapshot | Sector-wide rate, watch + concern counts, ranked per-BDC table. Three-layer extraction (XBRL footnotes → custom concepts → us-gaap aggregate). Refreshed monthly. | Free |
| Per-BDC Schedule of Investments | Full SOI history per BDC across all reporting periods. ~1.3M holdings indexed. PIK rates, fair value, cost, performance status. | Pro |
| Credit migration tracking | FV/cost mark drift across consecutive periods, per investment. Negative mark_change = deterioration. Sortable by ABS(change). | Analyst |
| Webhook delivery | HMAC-signed POSTs to Slack / Teams / your own ingest endpoint. Same-day on covenant trips and non-accrual transitions. | Analyst |
| Quarterly mark console | Feb / May / Aug / Nov earnings-window UI. Pull sector context, peer-BDC disclosures, and your own watch list into one screen. | Coming Q3 |
What we don't cover.
Most BDC borrowers are private VC/PE-backed companies that don't file with the SEC. We don't have data on their internal financials, their direct credit covenants with you, or anything under NDA. If a vendor is selling you "real-time monitoring of your private borrowers' SEC filings," check coverage on your actual book first.
What edgar.tools is good at: the public surface around your book — acquirers, IPO pipeline, sector comps, sponsor activity, and peer-BDC disclosures. For private-borrower covenant data and loan workout tracking, your back-office portfolio admin (Allvue, Wall Street Office, custom) is the right tool. We complement it; we don't replace it.
Two minutes to a working credit-stress alert.
Read every BDC filing free. Track and analyze with Pro or Analyst.