Oxford Ledge

BDC Loan Mark Dispersion

ol_bdc_borrower_dispersion

Read-only

MOAT: cross-lender loan-pricing DISPERSION for one private-credit borrower -- how N different BDCs each price the SAME loan (spread / mark / fair value); when one BDC marks a borrower S+550 @ 98 and another S+575 @ 99, the lenders disagree on the credit. Pass borrower_norm (a key from ol_bdc_top_borrowers or search_bdc_borrower, or a name). Returns {summary, borrower_norm, count, lender_count, tranche_count, lenders, ...}: ONE row per BDC lender, widest spread first, tranches nested. UNITS TRAP: spread is the raw as-filed number and mixes percent and bps across filers -- compare lenders on spread_bps only. Exited/inactive lenders are excluded by default (include_stale shows them). Default 25 lenders, cap 100. Source: SEC EDGAR BDC schedules of investments (Oxford Ledge parse; ol-derived); FREE.

Tool call template

Replace each placeholder with a value matching the input schema. Only required parameters are included; add optional parameters as needed.

{
  "id": 1,
  "jsonrpc": "2.0",
  "method": "tools/call",
  "params": {
    "arguments": {
      "borrower_norm": "<borrower_norm>"
    },
    "name": "ol_bdc_borrower_dispersion"
  }
}

Input Schema

Name	Required	Description
`limit`	No	Max LENDERS to return (default 25, hard cap 100); each lender's tranches ride nested.
`borrower_norm`	Yes	Borrower key (from ol_bdc_top_borrowers or search_bdc_borrower) or a borrower name such as 'Coupa Holdings, LLC'; resolved to the stored key (see match_type).
`include_stale`	No	Include NON-CURRENT lenders: those whose newest filing no longer names this borrower (stale marks) and inactive (wound-down) filers' frozen final filings, listed after the current lenders. Default false.

Schema Changelog

Changes observed during successful MCP inspections.

Changed1 schema field changedNov 1, 2026

changedInput schema / properties / include_stale / description

Previous value: -"Include lenders whose newest filing no longer names this borrower (stale marks). Default false."New value: +"Include NON-CURRENT lenders: those whose newest filing no longer names this borrower (stale marks) and inactive (wound-down) filers' frozen final filings, listed after the current lenders. Default false."

Changed1 schema field changedOct 14, 2026

changedInput schema / properties / borrower_norm / description

Previous value: -"Canonical normalized borrower key (from ol_bdc_top_borrowers or borrower search)."New value: +"Borrower key (from ol_bdc_top_borrowers or search_bdc_borrower) or a borrower name such as 'Coupa Holdings, LLC'; resolved to the stored key (see match_type)."

First observedSep 27, 2026

TDQS

A4.4/5.0

Behavior5/5

Does the description disclose side effects, auth requirements, rate limits, or destructive behavior?

Beyond readOnlyHint, the description discloses default exclusions (exited/inactive lenders), the include_stale override, the default 25 / cap 100 sizing, sort order (widest spread first), nesting of tranches, data provenance, and a units trap warning that raw `spread` mixes percent and bps. This is rich operational context an agent cannot get from the annotations.

Agents need to know what a tool does to the world before calling it. Descriptions should go beyond structured annotations to explain consequences.

Conciseness4/5

Is the description appropriately sized, front-loaded, and free of redundancy?

Front-loads the core concept with a worked example, then layers the key source, return shape, and the units warning. Dense but every clause carries operational meaning; the all-caps emphasis is slightly noisy but functional.

Shorter descriptions cost fewer tokens and are easier for agents to parse. Every sentence should earn its place.

Completeness5/5

Given the tool's complexity, does the description cover enough for an agent to succeed on first attempt?

With no output schema, the description carries the burden of explaining the return value and does so: names the top-level fields (summary, borrower_norm, count, lender_count, tranche_count, lenders) and the row-per-lender, tranches-nested structure. An agent has everything needed to call and interpret it.

Complex tools with many parameters or behaviors need more documentation. Simple tools need less. This dimension scales expectations accordingly.

Parameters3/5

Does the description clarify parameter syntax, constraints, interactions, or defaults beyond what the schema provides?

Schema description coverage is 100% and all three parameters are documented in the schema itself, including the borrower_norm key/name resolution. The description restates limit and include_stale behavior rather than adding new semantics, so the baseline 3 applies; the units trap concerns output fields, not parameters.

Input schemas describe structure but not intent. Descriptions should explain non-obvious parameter relationships and valid value ranges.

Purpose5/5

Does the description clearly state what the tool does and how it differs from similar tools?

States a precise verb and resource: cross-lender loan-pricing dispersion for one borrower, with a concrete numeric example (S+550 @ 98 vs S+575 @ 99) that makes the output concept unmistakable. It is clearly separable from siblings like ol_bdc_loan_pricing_trend (time series) and ol_bdc_common_borrowers (co-occurrence).

Agents choose between tools based on descriptions. A clear purpose with a specific verb and resource helps agents select the right tool.

Usage Guidelines4/5

Does the description explain when to use this tool, when not to, or what alternatives exist?

Tells the agent exactly how to obtain the required key, naming ol_bdc_top_borrowers and search_bdc_borrower as the source tools, and explains the include_stale toggle. It gives clear context but does not explicitly state when to prefer this over ol_bdc_mark_changes or ol_bdc_loan_pricing_trend.

Agents often have multiple tools that could apply. Explicit usage guidance like "use X instead of Y when Z" prevents misuse.

All Oxford Ledge tools Inspect

Try in Browser

One endpoint for every MCP toolRayrun runs every MCP server behind one URL and holds the credentials. Each call is decided per client, tool, and argument, then recorded.ray.runAd

Glama MCP Gateway

Add one secure layer between your agents and this server.