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What changed on the private credit tape

search_private_credit_changes
Read-onlyIdempotent

Dated changes by effective date (the quarter end where the change is visible) or by first-seen (by=observed, which leaves out a re-raise, an old claim written again under a corrected key, unless include_reraised): new borrowers on any schedule, lenders joining and leaving facilities, facilities leaving every schedule, markdowns across lenders, PIK appearing or rising, a BDC placing a borrower on non-accrual or returning it to accrual (NON_ACCRUAL_PLACED, RETURNED_TO_ACCRUAL, from the BDC's own footnotes), maturities and spreads moving (observed term changes, not amendments), maturities approaching, sponsor x lender pairs forming and repeating. Routine changes (each new piece, increase, decrease, single-lender mark) only with include_routine. A new position and an exit at one BDC, borrower and date whose principal agrees within 10% is a tranche reshuffle (renumbered, relabelled or refinanced inside the facility), left out unless include_reshuffles. ACCESS: without a paid DFX plan on the vertical, a list returns its first 5 rows in full and a count of the rest by type (locked.count, locked.by_type), never the rows; a record names its subject and the first 3 related names per section; contact values (email, phone, profile URLs) and decision-maker names are never returned, only their types and counts. Every answer says what it withheld in entitlement and locked. Full access: DFX Intelligence, 7 days free at https://dfxintel.com/data-factory/plans.

Input Schema

NameRequiredDescriptionDefault
byNoeffective
sortNomark_move: with event_type FAIR_VALUE_MARKDOWN or FAIR_VALUE_RECOVERY, since and until as two quarter ends, only marks of the same BDC position at exactly both dates, largest move first.effective
limitNo
sinceYesISO date or timestamp.
untilNo
cursorNonext_cursor from a previous page of this tool, unchanged.
dfx_idNoA dfx:pc: id; events where it is the subject or related.
event_typeNo
include_routineNo
include_reraisedNoWith by=observed, return re-raised events too, each labelled reraised: true.
include_reshufflesNoReturn tranche reshuffles too, each labelled reshuffle: true.

Schema Changelog

Changes observed during successful MCP inspections.

  1. Changed3 schema fields changed
    • addedInput schema / properties / include_reraised
      Added value: +{
      +  "default": false,
      +  "description": "With by=observed, return re-raised events too, each labelled reraised: true.",
      +  "type": "boolean"
      +}
    • addedInput schema / properties / include_reshuffles
      Added value: +{
      +  "default": false,
      +  "description": "Return tranche reshuffles too, each labelled reshuffle: true.",
      +  "type": "boolean"
      +}
    • addedInput schema / properties / sort
      Added value: +{
      +  "default": "effective",
      +  "description": "mark_move: with event_type FAIR_VALUE_MARKDOWN or FAIR_VALUE_RECOVERY, since and until as two quarter ends, only marks of the same BDC position at exactly both dates, largest move first.",
      +  "enum": [
      +    "effective",
      +    "mark_move"
      +  ],
      +  "type": "string"
      +}
  2. Changed1 schema field changed
    • changedInput schema / properties / event_type / enum
      Previous value: -[
      -  "NEW_PORTFOLIO_COMPANY",
      -  "NEW_CREDIT_POSITION",
      -  "POSITION_INCREASED",
      -  "POSITION_DECREASED",
      -  "POSITION_EXITED",
      -  "EXIT",
      -  "NEW_LENDER",
      -  "LENDER_EXIT",
      -  "FAIR_VALUE_DECLINE",
      -  "FAIR_VALUE_RECOVERY",
      -  "FAIR_VALUE_MARKDOWN",
      -  "MATURITY_EXTENDED",
      -  "MATURITY_SHORTENED",
      -  "PIK_ADDED",
      -  "PIK_INCREASED",
      -  "COUPON_CHANGED",
      -  "SPREAD_INCREASED",
      -  "SPREAD_DECREASED",
      -  "MATURITY_APPROACHING",
      -  "NEW_SPONSOR_LENDER_RELATIONSHIP",
      -  "REPEAT_SPONSOR_LENDER_RELATIONSHIP"
      -]New value: +[
      +  "NEW_PORTFOLIO_COMPANY",
      +  "NEW_CREDIT_POSITION",
      +  "POSITION_INCREASED",
      +  "POSITION_DECREASED",
      +  "POSITION_EXITED",
      +  "EXIT",
      +  "NEW_LENDER",
      +  "LENDER_EXIT",
      +  "FAIR_VALUE_DECLINE",
      +  "FAIR_VALUE_RECOVERY",
      +  "FAIR_VALUE_MARKDOWN",
      +  "MATURITY_EXTENDED",
      +  "MATURITY_SHORTENED",
      +  "PIK_ADDED",
      +  "PIK_INCREASED",
      +  "COUPON_CHANGED",
      +  "SPREAD_INCREASED",
      +  "SPREAD_DECREASED",
      +  "MATURITY_APPROACHING",
      +  "NEW_SPONSOR_LENDER_RELATIONSHIP",
      +  "REPEAT_SPONSOR_LENDER_RELATIONSHIP",
      +  "NON_ACCRUAL_PLACED",
      +  "RETURNED_TO_ACCRUAL"
      +]
  3. Added

TDQS

A4/5.0
Behavior5/5

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

The description goes well beyond annotations, disclosing paid-plan access limits, how locked results are represented, that contact values and decision-maker names are withheld, and that answers include `entitlement` and `locked`. It also explains default exclusions for re-raises, reshuffles, and routine changes.

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

Conciseness3/5

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

The content is front-loaded and relevant, but the first sentence is a very long run-on enumeration that is hard to parse. The access paragraph is useful and well contained, but overall structure could be improved with clearer separation of event categories, defaults, and entitlements.

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?

Given the tool's complexity, 11 parameters, and lack of an output schema, the description is unusually complete: it covers event scope, inclusion defaults, result limiting, entitlement behavior, and return-field withholding. An agent has enough context to call it correctly and understand what it will and will not receive.

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

Parameters4/5

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

With 11 parameters and only 55% schema description coverage, the description compensates for key semantics: `by=effective` vs `by=observed`, the effect of `include_reraised`, `include_reshuffles`, and `include_routine`, and the event categories behind `event_type`. It still leaves some parameters, such as `sort`, `limit`, `cursor`, and `dfx_id`, mostly to the schema.

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

Purpose4/5

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

The description clearly identifies the resource as dated changes on the private credit tape and enumerates the kinds of events covered. It distinguishes effective-date versus observed-date semantics, but does not explicitly name or differentiate itself from siblings such as changes_since or search_capital_changes.

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

Usage Guidelines3/5

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

It provides meaningful inclusion/exclusion rules for routine changes, re-raised events, and tranche reshuffles, plus entitlement constraints. However, it does not explicitly state when to use this tool versus alternative sibling tools, leaving routing to inference from the semantically dense description.

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

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