How these pages are built, and what we refuse to publish

9,754 borrowers appear in the Q2 2026 filings and all 9,754 are listed on this site. 4,163 have enough filed detail for a full record. The bar asks whether the filings say enough to be worth reading, and nothing else.

It used to require two reporting lenders. That was a test of whether there was a comparison to sell, not of whether the filings said anything, and it withheld 2,344 borrowers carrying $100.4bn. A borrower with one lender now gets a page.

5,591 borrowers miss at least one. They keep a directory row and appear in search, with the filed total and the lender count, and pick up a record as soon as the filings carry more.

Half the industry strings in these filings are not industries — they are schedule section headers, instrument types and accounting lines. Among borrowers that more than one lender does label, the lenders disagree on the sector 16% of the time. So a sector appears only where at least two filers' labels agree at NAICS sector level. Where they don't agree, the page shows no sector — and a borrower with one reporting lender never carries one, because a single label has nothing to corroborate it. 1,535 of 4,163 records carry a sector.

Seniority is published as the filer stated it, taken from the filing itself — including where the filer stated it once, as a heading over the rows beneath. A position filed with no seniority is counted as unclassified, and is never put in a class no filer named for it. That unclassified value stays unclassified: it is not spread across the classes beside it.

A spread is published only if it reconciles with the other numbers on its own row. Take the filed all-in rate, subtract the filed spread, and what is left has to look like the index the filer named — within 150bp of where the rest of the filings put that index at the period end. A spread of zero or less is excluded outright: a credit spread over a benchmark is a positive number. An index floor gets the same treatment against a stricter test, because a row states the identity itself: the all-in rate cannot be less than the floor plus the spread.

This cycle that excluded 167 filed spreads carrying $1.49bn of fair value. Where a borrower's only spreads are excluded, the page publishes no spread at all and says so in its absences block. We do not clamp, floor or round a number into looking plausible.

• —A lender-by-lender gate on a borrower with one lender. The aggregate is that lender, so there is nothing to compare and nothing to withhold — that page gets a change watch instead.
• —A sector one lender filed and no other corroborates.
• —A borrower name that is really a schedule section header — 329 caught this cycle.
• —Any free value that would reconstruct a per-lender figure from behind the gate, at any lender count. A split is judged whole: if one cell, or the residue between the cells and the total, comes from a single filer, the value column goes and the position counts publish in its place.
• —A filed spread that cannot be reconciled against the all-in rate and index filed beside it — 167 positions this cycle, $1.49bn of fair value.
• —An index floor that its own row contradicts — 104 of 9,129 filed floors this cycle sit above what the all-in rate and spread on the same line leave room for.
• —A zero where the filing is silent. Undisclosed is a fact and reads as one.