Independent financial research   /   Evidence before inferenceAbout Jeong-Mo Goo
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BDC learning room/Expert
BDC / Level 4

Make the filing analysis reproducible.

Produce a traceable reconciliation, credit scenario and research memo with explicit unresolved evidence.

Before you start

Complete the advanced route or bring experience with fund statements, investment schedules and financing notes.

Four guides · Free · Self-paced. Difficulty is not a professional certification.

  1. 01

    Expert workshop: reconcile reported NII, adjustments and a PIK sensitivity

    Build a reversible income bridge, retain compensation costs explicitly and distinguish a frozen-fee sensitivity from a contract-based alternative.

  2. 02

    Expert workshop: bridge NAV through marks, realizations and share issuance

    Reconcile net assets and per-share NAV, avoid double-counting old losses and separate issuance proceeds from investment performance.

  3. 03

    Expert workshop: refinancing, equity funding and NII per share

    Compare full-year refinancing branches, include net equity proceeds and share-count effects, and keep liquidity separate from income accretion.

  4. 04

    Expert workshop: write a BDC credit and distribution memo that can be challenged

    Integrate income quality, portfolio losses, leverage and liquidity while separating established facts, analytical scenarios and unresolved evidence.

Apply the route.

Complete each guide’s worked exercise. Retain the period, units, source and assumptions with every result. The final exercise asks you to explain what remains unknown.

Route self-check

1. Reported NII is 120 after compensation expense. To retain that expense in the analytical result, start by:
2. A position opening at fair value 60 is sold for 62 after originally costing 100. Its current-period change relative to opening value is:
3. Why can the equity-assisted branch have higher total NII but lower NII per share?
4. A conclusion is most useful when it:

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