SplitMarks
Same loan. Different marks.
The largest BDCs often lend to the same borrowers — then value those loans differently. We pull every Schedule of Investments from SEC filings and put the marks side by side.
Data as of June 30, 2026 · 10 funds · 7,595 positions · updated quarterly
118borrower/lien pairs
held by 2+ funds
held by 2+ funds
9pairs with mark gap
≥ 5 points
≥ 5 points
16.0widest gap (pts)
on one instrument
on one instrument
Equinox Holdings
10.0 pts2nd lien · 16.00% PIK · due 6/2027
ARCC100.0
TSLX110.0
The coupon is unusual enough that this is unambiguously the same loan.
Barracuda Parent
15.7 pts1st lien
OBDC67.5
OCSL83.2
Same capital-structure layer, same date. Multiple 1L facilities may exist.
Pluralsight
10.7 pts1st lien · 3 funds
OBDC44.7
OCSL46.3
GBDC55.4
Inside single funds, tranches of the same name sit anywhere from 8 to 90 — the 2024 restructuring split old money from new.
What about your fund?
One page per fund: its marks next to peers on shared borrowers, PIK and sub-80 concentration vs the other nine, and every loan it marks below 80 cents.
How to read this table
- Find your tickers. The "Marks" column shows which funds hold each borrower's debt and at what value — search the page (Ctrl/Cmd-F) for your fund, or open its fund page above.
- Read the marks. A mark of 96.4 means the fund values that loan at 96.4 cents per dollar of principal. When two funds mark the same loan 10+ points apart, at least one of them is off — the table doesn't say which; it says the question exists.
- Watch the pattern, not the point. One wide gap is a question. A fund that consistently marks the same loans above its peers is carrying tomorrow's write-downs in today's NAV — that pattern is what we track quarter over quarter.
Par — the loan's principal, what the borrower owes · Mark — fair value as a percent of par, set by the fund itself (private loans have no market price) · Lien — seniority: 1L gets repaid first, 2L after · PIK — interest "paid in kind": added to the loan balance instead of arriving in cash. Income you can't deposit.
The full table
Every borrower/lien pair held by two or more of the ten funds. Marks are fair value as a percent of par (USD par only); c = computed vs amortized cost where par is unavailable.
| Borrower | Lien | Funds | Gap, pts | Marks (% of par) | Combined cost |
|---|---|---|---|---|---|
| Barracuda Parent, LLC | 1L | 2 | 15.7 | OBDC:67.5; OCSL:83.2 | $27.1M |
| Pluralsight, LLC | 1L | 3 | 10.7 | OBDC:44.7; OCSL:46.3; GBDC:55.4 | $94.5M |
| Hotel, Gaming and Leisure Equinox Holdings, Inc. | 2L | 2 | 10.0 | ARCC:100.0; TSLX:110.0 | $7.8M |
| Insight Borrower Corporation | 1L | 2 | 8.6 | MAIN:90.9; GBDC:99.5 | $17.2M |
| Communications Aurelia Netherlands B.V. cost-basis | 1L | 3 | 7.7 | TSLX:93.4c; OCSL:101.1c; OBDC:101.2c | $160.8M |
| Armstrong Bidco Limited mixed-basis | 1L | 2 | 7.4 | GBDC:98.5; OBDC:105.9c | $10.3M |
| Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | 1L | 2 | 7.1 | OBDC:91.9; GBDC:99.0 | $93.5M |
| Creek Parent, Inc. mixed-basis | D? | 2 | 6.6 | BXSL:98.5; GBDC:105.1c | $70.2M |
| IMPLUS Footcare, LLC | 1L | 2 | 5.9 | GBDC:94.1; MAIN:100.0 | $19.2M |
| PetVet Care Centers, LLC | 1L | 4 | 4.6 | ARCC:83.9; OBDC:85.8; GBDC:87.9; OCSL:88.6 | $328.7M |
| Bamboo US Bidco, LLC mixed-basis | 1L | 3 | 4.6 | ARCC:98.9; GBDC:99.0; OBDC:103.5c | $68.4M |
| Spark Purchaser, Inc. | 1L | 2 | 4.0 | GBDC:96.0; ARCC:100.0 | $87.5M |
| Flexera Software LLC, | 1L | 3 | 3.2 | GBDC:97.5; ARCC:98.0; OBDC:100.7 | $171.9M |
| Gigamon, Inc. | D? | 2 | 3.1 | FSK:94.3; BXSL:97.4 | $119.6M |
| Business Services Crewline Buyer, Inc | 1L | 4 | 3.0 | OCSL:95.0; TSLX:96.4; OBDC:97.8; GBDC:98.0 | $234.8M |
| Hyland Software, Inc. | 1L | 3 | 3.0 | OBDC:97.0; GBDC:97.5; ARCC:100.0 | $220.5M |
| Cambrex Corp. 2 | D? | 2 | 2.8 | BXSL:97.8; FSK:100.6 | $74.2M |
| Collision SP Subco, LLC | 1L | 2 | 2.8 | ARCC:97.2; GBDC:100.0 | $15.0M |
| Mario Purchaser, LLC (dba Len the Plumber) | 1L | 2 | 2.6 | GBDC:89.0; OBDC:91.7 | $50.9M |
| Acquia, Inc. | 1L | 2 | 2.4 | OCSL:96.6; GBDC:99.0 | $47.6M |
| Monotype Imaging Holdings Inc. | 1L | 2 | 2.3 | OCSL:96.2; OBDC:98.5 | $180.3M |
| MHE Intermediate Holdings, LLC (dba OnPoint Group) 1 | 1L | 2 | 2.3 | OBDC:96.5; OCSL:98.9 | $122.7M |
| Icefall Parent, Inc. (dba EngageSmart) | 1L | 3 | 2.2 | GBDC:97.0; OCSL:99.2; OBDC:99.3 | $25.7M |
| Blazing Star Parent, LLC | 1L | 2 | 2.1 | OCSL:97.9; ARCC:100.0 | $128.2M |
| Hotel, Gaming and Leisure AVSC Holding Corp. | 1L | 2 | 2.1 | OCSL:98.2; TSLX:100.3 | $82.2M |
| AI Titan Parent, Inc. (dba Prometheus Group) | 1L | 3 | 2.1 | GBDC:96.6; OBDC:97.2; ARCC:98.6 | $25.9M |
| Packaging Coordinators Midco, Inc. mixed-basis | 1L | 2 | 2.0 | GBDC:98.1; OBDC:100.0c | $195.4M |
| Internet Services Coupa Holdings, LLC | 1L | 3 | 2.0 | TSLX:97.4; OCSL:97.5; GBDC:99.5 | $97.0M |
| Internet Truckstop Group LLC, | 1L | 2 | 2.0 | GBDC:98.0; ARCC:100.0 | $80.5M |
| Optimizely North America, Inc. | 1L | 2 | 2.0 | OCSL:94.8; GBDC:96.8 | $69.1M |
| Woolpert Holdings, Inc. | D? | 2 | 2.0 | FSK:98.0; BXSL:100.0 | $36.5M |
| IQN Holding Corp. | 1L | 2 | 2.0 | GBDC:98.0; ARCC:100.0 | $30.3M |
| GI Ranger Intermediate, LLC (dba Rectangle Health) (dba Datavant) | 1L | 2 | 1.9 | ARCC:88.6; OBDC:90.4 | $40.1M |
| Jeppesen Holdings, LLC, | 1L | 3 | 1.9 | OCSL:97.4; GBDC:98.0; ARCC:99.3 | $27.2M |
| MRI Software LLC, | 1L | 3 | 1.8 | OCSL:97.7; ARCC:99.2; GBDC:99.5 | $125.8M |
| Einstein Parent, Inc. (dba Smartsheet) | 1L | 3 | 1.8 | OBDC:98.2; GBDC:98.5; ARCC:100.0 | $97.8M |
| Berner Food & Beverage, LLC | 1L | 2 | 1.8 | OCSL:98.2; ARCC:100.0 | $49.4M |
| Education EMS Linq, Inc. | 1L | 2 | 1.7 | TSLX:96.3; GBDC:98.0 | $74.6M |
| Hotel, Gaming and Leisure Equinox Holdings, Inc. | 1L | 2 | 1.5 | ARCC:100.0; TSLX:101.5 | $97.5M |
| Viper Bidco, Inc. | 1L | 2 | 1.5 | GBDC:98.5; ARCC:100.0 | $62.9M |
| Patriot Growth Insurance Services, LLC | 1L | 2 | 1.4 | ARCC:97.4; GBDC:98.8 | $99.2M |
| THG Acquisition, LLC (dba Hilb) | 1L | 2 | 1.4 | OBDC:98.6; ARCC:100.0 | $83.7M |
| Pike Corporation mixed-basis | 1L | 2 | 1.3 | ARCC:99.0; OCSL:100.3c | $182.3M |
| Werner Finco LP. | 1L | 2 | 1.3 | OCSL:98.7; ARCC:100.0 | $121.7M |
| CST Holding Company | 1L | 2 | 1.3 | GBDC:98.7; ARCC:100.0 | $44.3M |
| Fortis Solutions Group, LLC | 1L | 2 | 1.2 | OBDC:98.2; GBDC:99.4 | $89.2M |
| Kings Buyer, LLC | 1L | 2 | 1.2 | ARCC:93.2; OCSL:94.3 | $78.2M |
| Excelitas Technologies Corp. | 1L | 2 | 1.1 | GBDC:98.9; ARCC:100.0 | $51.2M |
| Duraserv LLC | 1L | 2 | 1.0 | OBDC:98.4; ARCC:99.4 | $148.8M |
| WU Holdco, Inc. (dba PurposeBuilt Brands) | 1L | 3 | 1.0 | GBDC:99.0; OBDC:99.5; ARCC:100.0 | $112.8M |
| QAD, Inc. | 1L | 2 | 1.0 | GBDC:98.0; OBDC:99.0 | $111.5M |
| Spaceship Purchaser, Inc. (dba Squarespace) | 1L | 2 | 1.0 | OBDC:99.0; ARCC:100.0 | $87.2M |
| Jeppesen Holdings, LLC | D? | 2 | 1.0 | BXSL:99.0; FSK:100.0 | $66.3M |
| Internet Services Arrow Buyer, Inc. | 1L | 2 | 1.0 | TSLX:98.5; GBDC:99.5 | $63.6M |
| Ministry Brands Holdings, LLC | 1L | 2 | 1.0 | OBDC:97.5; GBDC:98.5 | $44.9M |
| Borrower R365 Holdings, LLC | 1L | 2 | 1.0 | GBDC:99.0; ARCC:100.0 | $38.4M |
| Color Intermediate, LLC | 1L | 2 | 1.0 | GBDC:99.0; ARCC:100.0 | $36.9M |
| Anaplan, Inc., | 1L | 3 | 0.8 | GBDC:97.5; OBDC:98.3; ARCC:98.3 | $127.2M |
| Netsmart Technologies, Inc. | D? | 2 | 0.8 | BXSL:97.9; FSK:98.6 | $97.8M |
| MS Buyer, Inc. | 1L | 2 | 0.8 | ARCC:97.6; GBDC:98.4 | $64.5M |
| Essential Services Holding Corporation (dba Turnpoint) | 1L | 2 | 0.8 | OBDC:96.3; GBDC:97.1 | $38.5M |
| Next Holdco, LLC | 1L | 2 | 0.8 | OCSL:99.2; ARCC:100.0 | $33.4M |
| Evergreen IX Borrower 2023, LLC | 1L | 2 | 0.8 | GBDC:98.5; OCSL:99.3 | $26.9M |
| Creek Parent, Inc. (dba Catalent) | 1L | 3 | 0.7 | OCSL:98.5; GBDC:98.5; OBDC:99.2 | $203.3M |
| Frontline Road Safety, LLC 5 | D? | 2 | 0.7 | FSK:97.1; BXSL:97.8 | $168.9M |
| Zendesk, Inc. | 1L | 2 | 0.7 | OBDC:96.8; GBDC:97.5 | $150.3M |
| PSC Parent, Inc. | 1L | 2 | 0.7 | GBDC:99.3; ARCC:100.0 | $68.9M |
| Medallia, Inc. 2 | D? | 2 | 0.6 | BXSL:49.5; FSK:50.1 | $616.2M |
| Internet Services Bayshore Intermediate #2, L.P. | 1L | 3 | 0.6 | TSLX:97.9; OBDC:98.2; GBDC:98.5 | $265.1M |
| Rocket BidCo, Inc. (dba Recochem) | 1L | 2 | 0.6 | ARCC:98.9; OBDC:99.5 | $263.4M |
| Minotaur Acquisition, Inc. (dba Inspira Financial) | 1L | 2 | 0.6 | OCSL:99.1; OBDC:99.8 | $237.2M |
| IG Investments Holdings, LLC (dba Insight Global) | 1L | 2 | 0.6 | GBDC:99.4; OBDC:100.0 | $124.0M |
| Premise Health Holding Corp. | 1L | 2 | 0.6 | OBDC:98.5; GBDC:99.0 | $90.7M |
| Medlar Bidco Limited, | 1L | 2 | 0.6 | GBDC:99.4; ARCC:100.0 | $84.5M |
| Radwell Parent, LLC | 1L | 2 | 0.6 | GBDC:98.7; ARCC:99.4 | $82.7M |
| BCPE Osprey Buyer, Inc. (dba PartsSource) | 1L | 2 | 0.5 | OBDC:99.5; PSEC:100.0 | $291.6M |
| Education Severin Acquisition, LLC | 1L | 3 | 0.5 | GBDC:96.4; TSLX:96.7; ARCC:96.9 | $216.5M |
| CivicPlus, LLC | 1L | 2 | 0.5 | OBDC:97.9; GBDC:98.4 | $105.9M |
| Vessco Midco Holdings, LLC | 1L | 2 | 0.5 | GBDC:99.5; OBDC:100.0 | $104.8M |
| HuFriedy Group Acquisition, LLC | 1L | 2 | 0.5 | GBDC:99.5; ARCC:100.0 | $101.6M |
| PPW Aero Buyer, Inc. | 1L | 2 | 0.5 | GBDC:99.5; OCSL:100.0 | $86.8M |
| Human Resource Support Services bswift, LLC | 1L | 2 | 0.5 | GBDC:98.5; TSLX:99.0 | $71.6M |
| PPV Intermediate Holdings, LLC | 1L | 2 | 0.5 | OBDC:97.2; GBDC:97.6 | $64.5M |
| Bottomline Technologies, Inc. | 1L | 2 | 0.5 | GBDC:99.5; ARCC:100.0 | $61.7M |
| TBRS, Inc. (dba TEAM Technologies) 2 | 1L | 2 | 0.5 | OCSL:99.0; OBDC:99.4 | $58.3M |
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | 1L | 2 | 0.5 | TSLX:97.8; OBDC:98.3 | $57.7M |
| Wealth Enhancement Group, LLC | 1L | 2 | 0.5 | ARCC:99.1; GBDC:99.6 | $47.3M |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | 1L | 2 | 0.5 | OBDC:99.5; GBDC:100.0 | $41.3M |
| PDI TA Holdings, Inc. | 1L | 2 | 0.5 | OBDC:95.5; GBDC:96.0 | $34.8M |
| Lightbeam Bidco, Inc. (dba Lazer Spot) | 1L | 2 | 0.5 | OBDC:99.5; ARCC:100.0 | $16.8M |
| Flexera Software, LLC 2 mixed-basis | D? | 2 | 0.4 | FSK:96.2; BXSL:96.6c | $111.4M |
| People Corporation | 1L | 2 | 0.3 | ARCC:100.0; GBDC:100.3 | $222.8M |
| LDS Intermediate Holdings, LLC | 1L | 2 | 0.3 | OCSL:98.8; GBDC:99.1 | $25.3M |
| UserZoom Technologies, Inc. | 1L | 2 | 0.3 | MAIN:85.2; ARCC:85.5 | $11.8M |
| Integrity Marketing Acquisition, LLC | D? | 2 | 0.2 | BXSL:99.7; FSK:99.9 | $261.4M |
| Litera Bidco, LLC | 1L | 2 | 0.2 | OBDC:98.2; GBDC:98.5 | $157.1M |
| Manufacturing Leg Purchaser, Inc. | 1L | 2 | 0.2 | ARCC:102.7; TSLX:102.8 | $79.1M |
| Electronics Sapphire Software Buyer, Inc. | 1L | 2 | 0.2 | TSLX:96.9; ARCC:97.1 | $57.9M |
| Granicus, Inc. 3 | D? | 2 | 0.2 | FSK:99.6; BXSL:99.8 | $48.1M |
| Gainsight, Inc. | 1L | 2 | 0.2 | OBDC:98.8; GBDC:99.0 | $44.2M |
| Titan BW Borrower L.P. | 1L | 2 | 0.2 | GBDC:98.8; ARCC:98.9 | $39.2M |
| Internet Services Khoros, LLC | 1L | 2 | 0.2 | TSLX:96.5; HTGC:96.7 | $23.4M |
| Artifact Bidco, Inc. (dba Avetta) | 1L | 2 | 0.2 | OBDC:99.8; ARCC:100.0 | $18.7M |
| MB2 Dental Solutions, LLC 3 | D? | 2 | 0.1 | FSK:99.9; BXSL:100.0 | $196.9M |
| Integrity Marketing Acquisition, LLC | 1L | 3 | 0.1 | GBDC:99.9; OCSL:99.9; OBDC:100.0 | $171.4M |
| Oxford Global Resources, Inc. 3 | D? | 2 | 0.1 | FSK:99.9; BXSL:100.0 | $130.5M |
| Business Services ExtraHop Networks, Inc | 1L | 2 | 0.1 | TSLX:99.0; ARCC:99.1 | $119.8M |
| Baker Tilly Advisory Group, LP | 1L | 2 | 0.1 | OBDC:100.0; GBDC:100.1 | $90.5M |
| Bayou Intermediate II, LLC | 1L | 2 | 0.1 | OCSL:99.0; ARCC:99.1 | $49.8M |
| AP Adhesives Holdings, LLC | 1L | 2 | 0.1 | ARCC:99.1; GBDC:99.1 | $37.8M |
| Auctane, Inc. (f/k/a Stamps.com Inc.) | 1L | 3 | 0.0 | ARCC:98.5; OCSL:98.5; OBDC:98.5 | $298.1M |
| Foundation Risk Partners Corp. 7 | D? | 2 | 0.0 | FSK:100.0; BXSL:100.0 | $135.4M |
| West Star Aviation Acquisition, LLC 2 | D? | 2 | 0.0 | FSK:100.0; BXSL:100.0 | $72.0M |
| Healthcare Aledade Inc. | 1L | 2 | 0.0 | ARCC:100.0; TSLX:100.0 | $42.7M |
| ICIMS, Inc. | 1L | 2 | 0.0 | OCSL:93.4; GBDC:93.4 | $42.2M |
| Diamond Mezzanine 24 LLC (dba United Risk) | 1L | 2 | 0.0 | ARCC:100.0; OBDC:100.0 | $31.3M |
| Foundation Consumer Brands, LLC | 1L | 2 | 0.0 | ARCC:100.0; OBDC:100.0 | $24.8M |
| Higginbotham Insurance Agency, Inc. | D? | 2 | 0.0 | FSK:100.0; BXSL:100.0 | $11.9M |
The quarterly cut, in your inbox
One email per quarter when new filings drop: fresh dispersion table, PIK concentration, non-accrual migration.
Methodology & caveats
- Source: XBRL-tagged Schedules of Investments from each fund's latest 10-Q/10-K (SEC EDGAR), single measurement date June 30, 2026. Funds: ARCC, FSK, OBDC, BXSL, GBDC, OCSL, PSEC, MAIN, HTGC, TSLX.
- Matching: borrowers matched across funds after name normalization; comparisons made only within the same lien level (1L vs 1L, 2L vs 2L).
- Marks: fair value ÷ principal (par), USD-denominated par only. Where par is untagged or non-USD, fair value ÷ amortized cost is shown and flagged.
- Caveats: a borrower may have several facilities within the same lien level; tranche composition can differ between funds (facility-level matching is on the roadmap). A mark gap is a fact, not a judgment about who is right.
- Errors: spot corrections welcome — every figure traces to a public filing.