Data Quality

Pipeline validation metrics, field coverage, and reconciliation diagnostics.

Total Holdings

731,744

511,369 BDC + 220,375 N-PORT

Reporting Entities

339

Unclassified

3.8%

of all holdings

GAV Median

1.000x

1,641 CIK-quarters

GAV 0.95-1.05x

59.8%

0.8-1.2x: 81.5%

LLM Fund Accuracy

70.4%

2,757 fund names tested

Reconciliation Distributions

GAV Reconciliation

sum(FV) / reported investments at FV

n=1,641  median=1.000

% Net Assets Sum

sum(pct_of_net_assets)/100, BDC only (>1 = levered)

n=1,014  median=1.803

Position Count Ratio

QoQ position count change per CIK (1.0 = stable)

n=3,505  median=1.045

FV Ratio

QoQ total fair value change per CIK (1.0 = stable)

n=3,477  median=1.053

Yield Ratio

fund income yield / median position coupon

n=1,080  median=1.015

Cost / FV Ratio

sum(cost) / sum(FV) per CIK-qtr (1.0 = at par)

n=3,496  median=1.000

Distribution Coverage

income yield / distribution rate (mixed period basis)

n=1,064  median=0.257

Leverage Reconciliation

implied leverage / reported leverage (1.0 = matches)

n=1,482  median=1.043

Field Fill Rates

Percentage of unified holdings rows with non-null, non-zero values for each field.

Holdings by Quarter

Position count by source (BDC XBRL vs N-PORT), per calendar quarter.

BDC (10-K/10-Q XBRL)

N-PORT

Classification Breakdown

Index classification distribution for the latest full quarter by fair value.

DIRECT LENDING

81.0%

$571.9B

COMMON EQUITY

5.1%

$35.8B

UNCLASSIFIED

4.5%

$31.4B

PRIVATE EQUITY FUND

2.8%

$19.7B

PREFERRED EQUITY

2.3%

$16.2B

PRIVATE CREDIT FUND

1.5%

$10.6B

STRUCTURED CREDIT

1.5%

$10.4B

REAL ESTATE FUND

0.71%

$5.0B

DIRECT REAL ESTATE

0.61%

$4.3B

CASH

0.04%

$284.9M

HEDGE FUND

0.01%

$96.5M

Classification Rule Accuracy

Cross-reference validation rules. Disagreement rate vs expected classification.

Rule	Condition	Rows	Disagree	Rate
A1	CASH -> issuer_category = 'GOVERNMENT'	601	0	0.00%
A2	PRIVATE_CREDIT -> asset_category IN ('LOAN', 'DEBT') AND issuer_category = 'CORPORATE' AND asset_class != 'STRUCTURED_CREDIT' AND asset_class != 'REAL_ESTATE'	570,705	67	0.01%
A3	PRIVATE_EQUITY -> asset_category IN ('EQUITY_COMMON', 'EQUITY_PREFERRED') AND issuer_category = 'CORPORATE' AND asset_class != 'REAL_ESTATE'	91,277	82	0.09%
A4	HEDGE_FUND -> source = 'nport' AND UPPER(TRIM(CAST(nport_issuer_type AS VARCHAR))) = 'PF' AND UPPER(TRIM(CAST(nport_asset_cat AS VARCHAR))) = 'OTHER' AND index_classification = 'HEDGE_FUND'	151	0	0.00%
E1	LIQUID -> issuer_category = 'GOVERNMENT'	601	0	0.00%
E2	FUND -> issuer_category = 'FUND'	28,716	152	0.53%
E3	DIRECT -> issuer_category = 'CORPORATE' AND asset_class != 'CASH'	701,722	0	0.00%
I1	DIRECT -> index_classification = 'DIRECT_LENDING'	573,331	0	0.00%
I2	PRIVATE_CREDIT -> index_classification = 'DIRECT_LENDING' AND asset_class != 'STRUCTURED_CREDIT' AND asset_class != 'REAL_ESTATE'	570,638	0	0.00%
I3	FUND -> index_classification IN ('PRIVATE_CREDIT_FUND', 'PRIVATE_EQUITY_FUND', 'REAL_ESTATE_FUND', 'HEDGE_FUND')	21,227	0	0.00%

Third-Party Universe Validation

interval fund tracker

100%179/179 matched

sure dividend

100%380/380 matched

tender offer funds

100%29/29 matched

LLM Fund Classification Validation

Blind validation: GPT-4o-mini classifies already-labeled fund names, predictions compared against ground truth. Overall accuracy: 70.4% across 2,757 fund names.

Confusion Matrix

Rows = actual, columns = predicted.CorrectErrors

	PE Fund	Credit Fund	Hedge Fund	RE Fund	Struct. Credit	Other
PE Fund	1326	38	57	30	16	405
Credit Fund	7	387	5	7	38	122
Hedge Fund	0	0	17	0	0	0
RE Fund	15	19	1	170	5	42
Struct. Credit	1	9	0	0	40	0
Other	0	0	0	0	0	0

Per-Class Metrics

Class	Precision	Recall	F1	Support
PE Fund	98.3%	70.8%	82.3%	1,872
Credit Fund	85.4%	68.4%	76.0%	566
Hedge Fund	21.3%	100.0%	35.0%	17
RE Fund	82.1%	67.5%	74.1%	252
Struct. Credit	40.4%	80.0%	53.7%	50
Other	0.0%	0.0%	0.0%	0