the machinery behind the yield
Do not buy the yield without reading the plumbing.High yield is easy to see. The trap is hidden in the filings.
Private credit is moving into ordinary portfolios — BDCs, CLO ETFs, interval funds, credit funds and high-yield income products. The headline yield is easy to see. The risk is usually buried deeper: NAV marks, dividend coverage, leverage, non-accruals, credit facilities, CLO collateral, and filing footnotes.
Illustrative · the divergence Px tracks
A fund can keep paying a steady
distribution while NAV, dividend coverage and non-accruals quietly weaken underneath. This run, public credit reads
calm (US HY OAS 2.74%, easing) while 11 of 12 watched BDCs marked NAV down last quarter.
Px reads the machinery behind the yield.
We monitor private-credit filings, BDC disclosures, CLO fund holdings, central-bank data, credit spreads, and regulatory signals — then translate them into plain-English risk intelligence.
Where the source is strong, Px shows the number. Where the data is incomplete, Px says Unknown. No hype. No fake precision. No buy/sell calls.
★ Subscribe to the Watch Floor — $5/monthWatch your BDCs & CLO funds · get an email when a watched fund files and the credit plumbing changes Prefer to start free? Read today's briefing →Or just get the free daily briefing by email.
Do not become the exit liquidity.
Income investors are often the last to notice when the credit story changes.
A fund can keep paying a distribution while NAV weakens.
A loan can stop paying before the dividend is cut.
A manager can show a stable headline yield while non-accruals rise in the footnotes.
A CLO ETF can look simple while the structure underneath is leveraged, tranched, and opaque.
Px exists for one reason: to warn you when the yield machine starts changing underneath the surface — so you are not the last holder to learn the credit changed.
Subscribe to the Watch Floor.
Watch your BDCs and CLO funds. Get an email when a watched fund files and the credit plumbing changes.
- watched-fund filing alerts
- BDC NAV and dividend-coverage monitoring
- non-accrual and leverage flags where parsed
- CLO ETF structure from SEC N-PORT filings
- global credit-stress dashboard
- plain-English explanations for credit jargon
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Px is research and analysis, not investment advice. You decide. See exactly how every signal is calculated before you subscribe.
What Px watches
Why Px is different
- Source-grounded. Every metric links back to a primary source — SEC, ECB, BoE, FRED, N-PORT or issuer disclosure. No relaundered market gossip.
- Footnote intelligence. Px looks where ordinary dashboards do not: dividend coverage, non-accruals, leverage, asset coverage and filing language.
- Honest by design. Px shows parser coverage. If a metric is not verified, it stays Unknown rather than being guessed.
- Built for income investors. Not a trading-signal service — a risk radar for people who own or follow yield instruments and want to know when the credit story changes.
- Plain English, not terminal jargon. Tap any term — non-accrual, NII coverage, CLO, PIK, asset coverage, back leverage — and Px explains what it means.
Example Px alert
Why red: NAV fell sharply, the base dividend was not fully covered by NII, and non-accruals were elevated.
Still Unknown: PIK reliance and borrower-level concentration are not yet parsed.
Px reads the filing so you don't have to.
Illustrative of the format. Figures shown on the live briefing link to the filing.
The machinery behind the yield
Most investors see the yield first. Px reads what supports it:
- Is the dividend covered by recurring income?
- Is NAV quietly eroding?
- Are non-accruals rising?
- Is leverage becoming tighter?
- Are credit spreads calm while private marks weaken?
- Are CLO holdings concentrated in opaque structures?
- Are funding lines and back leverage becoming a pressure point?
The yield is the advertisement. The filings are the truth.
Px reads the filings.
A research-publication project of Asakasa Technologies SRL (CUI 54809478).