the glossary
What the words in a filing actually mean
15 terms as they appear in filings with the US Securities and Exchange Commission — what each one means, where to find it in a document, and what it is worth once it is read across the whole panel.
these entries describe what we read in filings · they are not an interpretation of any accounting standard, and the official text always governs
83.7
basis points
Valuation gap
A valuation gap is the difference, in basis points of par, between the highest and lowest fair value that different lenders report…
3.8×
wider once a model decides
Fair value hierarchy
The fair value hierarchy sorts a holding by the kind of input used to price it: level 1 is a quoted price in an active market, lev…
105
basis points
Level 3 asset
A level 3 asset is one whose fair value rests on inputs that cannot be observed in a market — the price comes from a model, and th…
203,074
matched declarations
Schedule of Investments
A Schedule of Investments is the exhibit in which a fund lists every position it holds, one line per investment, with the borrower…
393
loans excluded as ambiguous
Form N-PORT
Form N-PORT is the portfolio report that registered investment companies file with the US Securities and Exchange Commission, posi…
145
source filings
Accession number
An accession number is the identifier the SEC assigns to a single filing — a string such as 0001193125-26-221769 — which points to…
3.3×
wider without a CUSIP
CUSIP
A CUSIP is a nine-character identifier assigned to a security so that different holders can refer to the same instrument without a…
70
basis points
Interquartile range
The interquartile range is the span covered by the middle half of a set of values — the distance from the twenty-fifth to the seve…
1 bp
one hundredth of a point
Basis point
A basis point is one hundredth of a percentage point. On a loan carried near par, one basis point of price is one cent of fair val…
170
reporting vehicles
Business development company
A business development company is a US closed-end fund created to lend to smaller private companies, and required to disclose its …
3
fields must agree
Unitranche
A unitranche loan merges what would otherwise be senior and junior debt into a single facility at a single blended rate, leaving o…
PIK
income that never arrives in cash
Payment in kind
Payment in kind is interest a borrower settles by increasing the principal owed rather than by paying cash.
11.2%
dropped by the rate check
All-in rate
The all-in rate is what a borrower actually pays — the reference rate plus the spread, plus any payment-in-kind component — while …
87/168
funds publishable
Reconciliation gate
A reconciliation gate is a test that a fund’s position-level disclosure adds up to the total it reports on its own balance sheet, …
203,074
marks matched
Mark
A mark is the fair value a lender assigns to a position it holds, expressed as a price per hundred of par, and published in its ow…