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Preqin BDC & Evergreen Data

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Written by Gian Marco Macchione

The Preqin BDC and Evergreen analytics experience provides private credit intelligence across Business Development Company holdings and evergreen fund vehicles.

It enables users to explore portfolio-level credit metrics, pricing, maturity risk, income quality, fund performance, liquidity terms and structural characteristics.

Overview

The experience brings together two complementary private credit datasets:

BDC Holdings Analytics provides loan-level portfolio data for analysing credit quality, pricing, maturities and income across Business Development Companies.

Evergreen Fund Intelligence provides fund-level data covering performance, NAV, fees, liquidity terms and vehicle structures across the evergreen private credit market.

The main analytical capabilities include:

  • Portfolio KPIs and historical trends

  • Spread, coupon and pricing analysis

  • Maturity and refinancing analysis

  • Payment-In-Kind analysis

  • Non-accrual analysis

  • Evergreen fund performance and NAV monitoring

  • Fund terms and liquidity comparison

  • Vehicle structure and peer comparison

BDC data source

The BDC Debt Analyzer is powered by quarterly BDC holdings snapshots.

The dataset contains loan-level information sourced from public SEC filings, including 10-K and 10-Q filings, across the BDC universe.

Data structure

  • Granularity: One row per BDC, company, instrument and quarter

  • Total positions in the latest snapshot: 30.3k

  • BDCs tracked: 160

  • Latest snapshot stated in the guide: Q2 2026

BDC source fields

Each record represents an individual position held by a BDC during a reporting quarter.

Identification and classification

  • As of Date: Quarter-end reporting date

  • BDC Name: Name of the Business Development Company

  • Company: Borrower or portfolio company name

  • Standardized Industry: Sector classification assigned by Preqin

  • Reported Industry: Industry classification reported in the original BDC filing before Preqin standardisation

  • Investment Type: Instrument classification, such as First-Lien Term Loan, Senior Secured Debt or Unitranche

  • Debt Lien: Reported lien position. This field is sparsely populated and is not used to determine seniority

Dates and values

  • Maturity Date: Contractual maturity date of the instrument

  • Acquisition Date: Date of the BDC’s initial investment

  • Fair Value (USD mn): Reported mark-to-market value

  • Principal (mn): Outstanding principal balance

  • Amortized Cost (USD mn): Cost basis of the position

  • Price: Mark-to-market price as a percentage of par, where 100 represents full face value

Interest and credit characteristics

  • Reported Coupon %: Total coupon rate, including the base rate and spread

  • Spread %: Credit spread component of the coupon

  • Reference Rate: Base rate on which the coupon floats, such as SOFR or LIBOR

  • Floor %: Minimum base rate applied to a floating-rate loan

  • Payment In Kind %: PIK component of the coupon, where applicable

  • PIK Flag: Indicates whether a position is explicitly classified as PIK

  • Non-Accruing Flag: Indicates whether a position is classified as non-accruing

Each record represents an individual position held by a BDC during a reporting quarter.

Identification and classification

  • As of Date: Quarter-end reporting date

  • BDC Name: Name of the Business Development Company

  • Company: Borrower or portfolio company name

  • Standardized Industry: Sector classification assigned by Preqin

  • Reported Industry: Industry classification reported in the original BDC filing before Preqin standardisation

  • Investment Type: Instrument classification, such as First-Lien Term Loan, Senior Secured Debt or Unitranche

  • Debt Lien: Reported lien position. This field is sparsely populated and is not used to determine seniority

Dates and values

  • Maturity Date: Contractual maturity date of the instrument

  • Acquisition Date: Date of the BDC’s initial investment

  • Fair Value (USD mn): Reported mark-to-market value

  • Principal (mn): Outstanding principal balance

  • Amortized Cost (USD mn): Cost basis of the position

  • Price: Mark-to-market price as a percentage of par, where 100 represents full face value

Interest and credit characteristics

  • Reported Coupon %: Total coupon rate, including the base rate and spread

  • Spread %: Credit spread component of the coupon

  • Reference Rate: Base rate on which the coupon floats, such as SOFR or LIBOR

  • Floor %: Minimum base rate applied to a floating-rate loan

  • Payment In Kind %: PIK component of the coupon, where applicable

  • PIK Flag: Indicates whether a position is explicitly classified as PIK

  • Non-Accruing Flag: Indicates whether a position is classified as non-accruing

BDC calculated field

Calculated fields are derived from the source data and applied consistently across the BDC analytics pages.

Latest Snapshot

Ensures that KPI cards and snapshot visualisations represent the most recently reported quarter.

Historical trend charts are not restricted by this filter, allowing all available reporting quarters to be displayed.

Spread Flag

Identifies positions with valid, non-zero spread data.

Approximately 90% of positions have a zero or blank spread value. Spread-related visualisations therefore include only positions with valid spread data. Coupon visualisations are not affected.

PIK Flag

Identifies positions with active Payment-In-Kind.

The calculation uses the explicit PIK source flag rather than the Payment In Kind % field. This avoids false positives caused by residual PIK values associated with positions that are no longer classified as PIK.

Non-Accrual Flag

Identifies positions where the borrower has stopped making interest payments, based on the Non-Accruing source field.

Seniority

Provides a standardised capital-structure classification derived from Investment Type. The Debt Lien field is not used because it is sparsely and inconsistently populated.

Seniority classification

Seniority is determined through a direct mapping of the Investment Type field.

1st Lien Senior Secured

Includes:

  • Senior Secured Term Loan

  • First-Lien Term Loan

  • Senior Secured Debt

  • First-Lien Debt

  • First-Lien Note

  • First-Lien Bond

  • Senior Debt

  • Senior Note

2nd Lien

Includes:

  • Second-Lien Term Loan

  • Second-Lien Debt

  • Second-Lien Note

  • Second-Lien Bond

Subordinated / Mezzanine

Includes:

  • Subordinated Debt

  • Mezzanine Debt

Unitranche

Includes positions reported as Unitranche.

Other

Includes Debt, ABS, Note, Bond, Secured Debt, Term Loan, Structured Products, Secured Bond, Secured Note and any unmapped investment types.

KPIs & Trends

The KPIs & Trends page provides a portfolio-level snapshot across the BDC universe, with key credit and pricing metrics tracked over time.

KPI cards

  • Total Fair Value: Sum of fair value across all positions in the latest snapshot

  • Total Principal: Sum of principal across all positions in the latest snapshot

  • Average Coupon (%): Simple average of Reported Coupon % across all positions in the latest snapshot

  • Average Spread (%): Simple average of Spread % across positions with valid spread data in the latest snapshot

  • Total Amortized Cost: Sum of amortised cost across all positions in the latest snapshot

  • Non-accruing (%): Number of non-accruing positions divided by the total number of positions in the latest snapshot

  • Median Coupon (%): Median Reported Coupon % across all positions in the latest snapshot

  • Median Spread (%): Median Spread % across positions with valid spread data in the latest snapshot

Performance Over Time

The line chart tracks the selected metric across all reporting quarters. Unlike the KPI cards, it is not limited to the latest snapshot.

Users can change:

  • Breakdown by: None, Is Listed or Standardized Industry

  • Metric: Fair Value, Principal, Coupon %, Spread %, PIK or Non Accruing

  • Calculation: Total, Average or Median

Selecting no breakdown displays a single aggregate line. Selecting a category creates a separate series for each category.

Spread & Yield

The Spread & Yield page analyses spread distributions, coupon ranges and pricing trends across the BDC universe.

It supports relative-value analysis, identification of yield outliers and monitoring of spread changes over time.

Data-quality note

Approximately 90% of loan positions have zero or blank spread values in the source data.

Spread-related charts automatically exclude these positions. Coupon-related charts continue to include all positions.

KPI cards

  • Average Spread % (when present): Average spread across positions with valid spread data

  • Average Coupon %: Average reported coupon across all positions

  • Average PIK % (when present): Average Payment In Kind % across positions flagged as PIK

  • Average Price: Average price as a percentage of par across all positions

All KPI cards use the latest snapshot.

Spread Distribution

The histogram counts positions within the following spread ranges:

  • Below 3%

  • 3% to below 4%

  • 4% to below 5%

  • 5% to below 6%

  • 6% to below 7%

  • 7% to below 8%

  • 8% or above

Only positions with valid spread data from the latest snapshot are included.

Coupon Distribution

The histogram counts positions within the following coupon ranges:

  • Below 6%

  • 6% to below 7%

  • 7% to below 8%

  • 8% to below 9%

  • 9% to below 10%

  • 10% to below 11%

  • 11% to below 12%

  • 12% or above

All positions are included, regardless of whether spread data is available.

Coupon Analysis

The horizontal bar chart displays an aggregated coupon metric by a selected dimension.

The Axis Categories control can be changed between:

  • BDC Name

  • Seniority

  • Investment Type

  • Standardized Industry

Entries are displayed in descending order based on the selected metric.

Spread Trend Over Time

The line chart tracks portfolio-level spread across the available reporting history and includes only positions with valid spread data.

  • Weighted Average Spread: Sum of Spread % multiplied by Fair Value, divided by total Fair Value, for each quarter

  • Median Spread: Median spread across all qualifying positions for each quarter

Maturity Analysis

The Maturity Analysis page shows maturity profiles and refinancing exposure across the BDC universe.

It enables users to identify periods with concentrated rollover exposure and understand how maturities are distributed across seniority, investment type, industry and BDC.

Calculated fields

  • Maturity Year: Year in which the instrument is due to mature. Positions without a maturity date are labelled “No Maturity”

  • Maturity Year Label: Display label used on chart axes. Maturities more than ten years into the future are grouped into a “Beyond” category

  • Years to Maturity: Remaining life of the instrument, measured from the reporting date

  • Maturity Horizon: Categorises positions as Near-term, Medium, Long or Unknown

The maturity horizons are:

  • Near-term: Two years or less

  • Medium: Three to five years

  • Long: More than five years

  • Unknown: No maturity date is available

KPI cards

  • Fair Value Maturing 2026-27: Total fair value of positions maturing in 2026 or 2027

  • Fair Value Maturing 2028-29: Total fair value of positions maturing in 2028 or 2029

  • Peak Maturity Year by Fair Value: Maturity year with the largest concentration of fair value

  • Remaining Life: Average remaining life weighted by fair value

Maturity Wall

The bar chart displays aggregate exposure by maturity year using the latest snapshot.

The horizontal axis covers the current year through the following ten years, followed by a “Beyond” category.

Maturity Bucket

The horizontal stacked bar chart shows the top ten BDCs by total maturity exposure.

Each bar can be divided into:

  • Near-term

  • Medium

  • Long

Both maturity charts include the following controls:

  • Breakdown by: None, Seniority, Investment Type, Standardized Industry or AUM Tier

  • Metric: Fair Value, Principal or Constituent Count

PIK Analysis

The PIK Analysis page examines Payment-In-Kind exposure across the BDC universe.

It classifies PIK positions according to when PIK first appeared in the position’s reporting history.

Good PIK and Bad PIK

  • Good PIK: PIK was present during the loan’s first reporting period and formed part of the original deal structure

  • Bad PIK: PIK appeared during a later reporting period, indicating a potential amendment, restructuring or deterioration in credit quality

The classification uses three derived fields:

  • First Seen Date: Earliest reporting date for a BDC and borrower pair

  • PIK at Origin: Whether PIK was active when the position was first reported

  • PIK Type: Classifies the position as Good PIK, Bad PIK or No PIK

Portfolio statistics

  • Total Positions: Total number of positions across the BDC universe

  • Fair Value: Total fair value across all positions

PIK KPIs

  • PIK Positions: Number of positions flagged as PIK

  • PIK Fair Value: Total fair value of PIK positions

  • PIK % of Portfolio: Percentage of total positions carrying PIK

  • PIK Rate % (FV): Percentage of total fair value represented by PIK positions

  • Good PIK %: Share of PIK fair value classified as Good PIK

  • Bad PIK %: Share of PIK fair value classified as Bad PIK

  • Average PIK % (when present): Average PIK coupon component across PIK positions

  • Median PIK % (when present): Median PIK coupon component across PIK positions

PIK Breakdown Over Time

Tracks the selected PIK metric across all reporting quarters.

Controls include:

  • Breakdown by: None, Seniority, Investment Type or Standardized Industry

  • Metric: PIK % of Portfolio, PIK % of Fair Value, PIK Type or PIK Fair Value Trend

BDC PIK Breakdown

Displays the top 15 BDCs by PIK exposure.

When PIK Type is selected, the bars can be divided between Good PIK and Bad PIK.

Controls include:

  • Breakdown by: None, Seniority, Investment Type, Standardized Industry or BDC Name

  • Metric: PIK Positions, PIK % of Portfolio, PIK % of Fair Value or PIK Type

PIK Breakdown by Dimension

The donut chart splits PIK exposure by:

  • Seniority

  • Investment Type

  • Standardized Industry

The selected metric can be PIK Positions, PIK % of Portfolio or PIK % of Fair Value.

Non-Accrual Analysis

The Non-Accrual Analysis page identifies positions where borrowers have stopped making interest payments.

It supports analysis of non-accrual exposure across BDCs, sectors, seniority classifications and investment types.

Portfolio statistics

  • Total Positions: Total number of positions across the BDC universe

  • Fair Value: Total fair value across all positions

Non-accrual KPIs

  • Non-Accrual Positions: Number of positions flagged as non-accruing

  • Non-Accrual FV: Total fair value of non-accruing positions

  • Non-Accrual % of Portfolio: Percentage of positions that are non-accruing

  • Non-Accrual Rate % (FV): Percentage of total fair value represented by non-accruing positions

The portfolio rate is count-based, while the fair-value rate is value-weighted.

Non-Accrual Rate Over Time

The line or area chart tracks non-accrual rates across all reporting quarters.

Users can select:

  • Breakdown by: None, Seniority, Investment Type or Standardized Industry

  • Metric: Non-Accrual % of Portfolio or Non-Accrual % of Fair Value

Metric Analysis

The horizontal stacked bar chart displays non-accrual exposure by BDC.

Users can break the results down by:

  • Standardized Industry

  • Seniority

  • Investment Type

The chart can display either the portfolio-based or fair-value-based non-accrual rate.

Non-Accrual Breakdown

The donut chart displays non-accrual fair value by Standardized Industry, Seniority or Investment Type.

The chart shows the leading categories and combines the remaining categories into “Other”. Labels display the absolute value and percentage of total non-accrual fair value.

Evergreen overview

The Evergreen Fund Analyzer provides fund-level intelligence across the evergreen private credit universe, including:

  • Interval funds

  • Tender-offer funds

  • Non-traded BDCs

It enables performance benchmarking, fee comparison, liquidity-terms analysis and NAV trend monitoring.

Key capabilities include:

  • Performance tracking from one month through since inception

  • Cumulative and annualised return analysis

  • NAV and GAV monitoring at share-class level

  • Management fee and performance fee comparison

  • Redemption, lock-up and gating-term analysis

  • Vehicle structure classification

  • Manager selection and peer benchmarking

Evergreen data source

The Evergreen Fund Analyzer is powered by fund-level data sourced from:

  • Regulatory filings

  • Fund factsheets

  • Investor documentation

  • GP contributions

Data structure

  • Granularity: One row per fund, share class and reporting date

  • Funds tracked: 422

  • Latest snapshot stated in the guide: Q2 2026

Evergreen data coverage

The evergreen dataset supports segmentation and comparison across vehicle types, strategies, geographies, performance, NAV and fund terms.

Vehicle structures

  • Interval Funds

  • Tender-Offer Funds

  • Non-Traded BDCs

Vehicle structure is sourced from the Alternative Structure Category.

Investment characteristics

  • Asset classes: Private Debt and any other asset classes present in the data

  • Strategies: Direct Lending and any other strategies present in the data

  • Geography: Primary Region Focus, Geographic Focus and Geographic Exposure

Performance horizons

Returns may be available for:

  • 1 month

  • 3 months

  • 6 months

  • 12 months

  • Year to date

  • 2 years

  • 3 years

  • 5 years

  • 10 years

  • 20 years

  • Since inception

Returns can be cumulative or annualised.

NAV and GAV

The dataset includes:

  • Fund-level NAV

  • Fund-level GAV

  • NAV per unit

  • Share-class-level values

Fund terms

Fund-term coverage includes:

  • Management fee

  • Performance fee

  • Hurdle rate

  • Redemption frequency

  • Redemption notice period

  • Redemption fee

  • Lock-up period and type

  • Gate percentage

  • Subscription frequency

  • Minimum commitment

Identifiers

Available identifiers include:

  • Preqin Fund ID

  • Share Class ID

  • Firm ID

  • ISIN

  • LEI

  • SEC CIK

Evergreen fields and definitions

Each record represents an individual share class within a fund at a specific reporting date.

Fund information

  • Fund Name: Name of the evergreen fund vehicle

  • Share Class Name: Specific share class within the fund

  • Fund Manager: GP or investment management firm

  • Vintage / Inception Year: Year the fund was launched

  • Asset Class: Primary asset class, such as Private Debt

  • Strategy: Investment strategy, such as Direct Lending

  • Evergreen Structure / Alternative Structure Category: Vehicle classification, such as Interval Fund, Tender-Offer Fund or Non-Traded BDC

Valuation and performance

  • NAV (mn): Net asset value at fund or share-class level, in the fund currency

  • GAV (mn): Gross asset value at fund or share-class level, in the fund currency

  • NAV per Unit: Per-share NAV in the share-class currency

  • Returns: Cumulative or annualised return for the selected performance horizon

Fees

  • Management Fee (%): Annual management fee charged to investors

  • Performance Fee (%): Incentive or carried-interest fee

  • Hurdle Rate (%): Minimum return threshold before a performance fee applies

  • Distribution Fees: Upfront selling commission, sales load, dealer manager fee and ongoing distribution or servicing fee

Liquidity terms

  • Redemption Terms: Redemption frequency, notice period, fee and applicable fee period

  • Lock-Up Terms: Lock-up duration and type, including hard, soft or rolling

  • Gate % / Gating Provision: Maximum percentage of NAV that may be redeemed during a period and the associated gating mechanism

  • Subscription Frequency: How frequently the fund accepts new capital

  • Minimum Commitment (000s): Minimum investment amount, expressed in thousands

Status and structure

  • Share Class Status / Open to Investments: Current share-class status and whether it is accepting new investment

  • Domicile: Legal domicile of the fund

  • Currency: Base currency of the fund

  • Legal Structure: Legal entity type

Coverage

  • Geographic Coverage: Primary Region Focus, Geographic Focus and Geographic Exposure

  • Industry Coverage: Core Industries, Industries and Industry Verticals

Identifiers

Identifiers include Firm ID, Fund ID, Share Class ID, ISIN, LEI and SEC CIK Number.

Suggested Intercom display

Use Preqin BDC & Evergreen Data as the article title and keep Overview open by default.

The following sections can then be presented as collapsed accordions:

  1. BDC data source

  2. BDC source fields

  3. BDC calculated fields

  4. Seniority classification

  5. KPIs & Trends

  6. Spread & Yield

  7. Maturity Analysis

  8. PIK Analysis

  9. Non-Accrual Analysis

  10. Evergreen overview

  11. Evergreen data source

  12. Evergreen data coverage

  13. Evergreen fields and definitions

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