BDC holdings.
Loan by loan.
Browse individual loans, equity stakes, and credit facilities held by semi-liquid funds. Updated quarterly.
Fair Value
$0
Covered Holdings
0
Avg Spread
0bps
Funds
0
Quarters
0
What this is
Metris Lens rebuilds what business development companies (BDCs) own, directly from their mandatory SEC filings: every loan, equity stake, and credit facility a fund discloses, normalized and refreshed each quarter. No manager surveys and no proprietary feeds. Coverage starts with BDCs and is expanding to every BDC plus interval and tender-offer funds, and ultimately the full universe of semi-liquid structures.
Position-level, not fund-level
Most benchmarks collapse a fund into a single return. We keep every holding separate: a first-lien loan, a second-lien loan, and an equity co-invest in the same borrower are three distinct records. Concentration, spreads, and credit stress stay visible at the level where the risk actually sits.
Instrument type
Share of portfolio fair value (incl. cash)
First Lien
83%
of fair value
First Lien Senior Loans83.4%
Second Lien Loans2.0%
Subordinated Loans0.5%
Unsecured Loans1.2%
Other Direct Lending5.2%
Structured Credit0.6%
Preferred Equity1.6%
Common Equity3.4%
Cash & Equivalents0.2%
Other1.9%
Other Direct Lending is direct lending whose lien seniority was not disclosed in the source filing, so it cannot be placed in a first lien, second lien, subordinated, or unsecured bucket. Other includes real estate holdings, indirect exposure via credit and equity fund vehicles, and opaque SPVs such as co-investment JVs and feeder funds.
Industry exposure
Share of holdings fair value
Top 5
81%
of holdings
Industrials22.9%
Information Technology20.4%
Health Care16.3%
Financials11.6%
Consumer Discretionary7.5%
Communication Services3.2%
Consumer Staples2.9%
Materials2.0%
Real Estate1.5%
Utilities1.3%
Energy0.8%
Unknown9.6%
Unknown sector positions lack GICS classification in the source filing or could not be reconciled.
Position concentration
Share of fair value, by position quantile
Top 1%19.1%(102)
Top 1-5%24.0%(409)
Top 5-10%14.5%(511)
Top 10-20%16.1%(1,022)
Top 20-50%20.0%(3,067)
Top 50-100%6.3%(5,111)
Top 5% of positions hold 43.0% of total indexed fair value.
Manager concentration
Share of universe fair value
Blackstone20.9%
Ares17.8%
HPS7.5%
Apollo7.4%
Goldman Sachs6.3%
Other40.1%
Top 5 managers hold 59.9% of universe fair value. Combined across all indices.
Spread analysis
503 bpsfrom 608 peak
FV-weighted average credit spread over base rate · 14-quarter history
Direct lending positions · 19,969 positions · $348.4B FV
Spread by fund size
Fund total assets tercile · latest quarter
66 funds with spread data. Small-fund premium: 23 bps over large.
Credit stress, by quarter
5.4%
of fair value flagged · Q4 2025
+1.4 pp YoY
Cumulative % of fair value showing each signal
Marked 10%+ Below CostNon-AccrualDeep Distress (<80% par)
Universe AUM $358.3B across 21,005 positions.Source: SEC 10-K / 10-Q filings
Loans with PIK terms, by quarter
8.3%
of loans · Q4 2025
0.0 pp YoY
Share of direct-lending loans with PIK features
PIK flag set or PIK rate disclosed · proxy for PIK terms, not current PIK income.1,749 / 21,005 loans
Largest positions
Top 10 direct lending positions by fair value
| Issuer | Fund | Fair Value | Unreal. G/L | Rate |
|---|---|---|---|---|
| IRI Group Holdings, Inc. | Blackstone Private Credit Fund | $1.6B | +1.1% | Floating |
| Senior Direct Lending Program, LLC, Subordinated certificates | ARES CAPITAL CORP | $1.1B | +1.2% | Floating |
| Inovalon Holdings, Inc. | Blackstone Private Credit Fund | $1.1B | +0.9% | Floating |
| Zendesk, Inc. | Blackstone Private Credit Fund | $1.1B | +1.4% | Floating |
| Shelf Bidco, Ltd. | Blackstone Private Credit Fund | $933.6M | +0.4% | Floating |
| Mantech International, CP | Blackstone Private Credit Fund | $885.6M | +1.0% | Floating |
| Unified Women's Healthcare, LP 1 | Blackstone Private Credit Fund | $869.4M | +0.0% | Floating |
| eResearchTechnology, Inc. 1 | Blackstone Private Credit Fund | $825.4M | +0.9% | Floating |
| Auctane, Inc. 1 | Blackstone Private Credit Fund | $822.4M | -0.7% | Floating |
| Dropbox, Inc. | Blackstone Private Credit Fund | $736.8M | -0.2% | Floating |
Private Credit
Portfolio
Characteristics
As of Q4 2025
Wtd. Avg. Coupon
8.8%
89% coverage
Wtd. Avg. Spread
504 bps
95% coverage
Wtd. Avg. Maturity
4.2 yrs
99% coverage
First Lien
90.4%
of FV
Floating Rate
96.9%
of FV
Top Leverage
AGL Private Credit Income Fund0.60x
Senior Credit Investments, LLC0.58x
Middle Market Apollo Institutional Private Lending0.57x
Jefferies Credit Partners BDC Inc.0.56x
Antares Private Credit Fund0.55x
Goldman Sachs Liberty Harbor Capital, LLC0.55x
Crescent Capital BDC, Inc.0.54x
26North BDC, Inc.0.54x
Largest NAV Moves
NexPoint Capital, Inc.-5.3%
Bain Capital Private Credit+5.2%
TCW Star Direct Lending LLC+4.8%
Trinity Capital Inc.+4.1%
Ares Core Infrastructure Fund-3.9%
TriplePoint Global Venture Credit, LLC+3.3%
VISTA CREDIT STRATEGIC LENDING CORP.+3.0%
HPS Corporate Capital Solutions Fund+3.0%
Yield Leaderboard
Goldman Sachs Private Middle Market Credit II LLC33.8%
Sixth Street Lending Partners25.0%
TriplePoint Global Venture Credit, LLC21.5%
Goldman Sachs Private Middle Market Credit LLC21.1%
Fidelity Private Credit Central Fund LLC19.4%
BlackRock Direct Lending Corp.18.8%
Phillip Street Middle Market Lending Fund LLC18.4%
TCW Direct Lending VII LLC16.9%
Fund universe · 69 funds · $394.6B
AllNon-Traded BDC
| Fund | AUM | NAV/Sh | Dist Rate | QoQ Return |
|---|---|---|---|---|
Blackstone Private Credit Fund | $86.0B | $24.79 | -- | +1.7% |
Owl Rock Core Income Corp | $37.0B | -- | -- | +1.6% |
Ares Capital Corp | $31.2B | $19.94 | 9.6% | +2.0% |
HPS Corporate Lending Fund | $26.3B | $1000.00 | -- | +2.4% |
Apollo Debt Solutions BDC | $25.9B | -- | -- | +1.7% |
Ares Strategic Income Fund | $22.7B | $27.48 | -- | +1.5% |
Goldman Sachs Private Credit Fund LLC | $16.3B | $24.99 | -- | +2.1% |
Golub Capital Private Credit Fund | $10.2B | $25.15 | -- | +2.2% |
Sixth Street Lending Partners | $8.7B | $28.51 | 25.0% | -1.7% |
Oaktree Strategic Credit Fund | $7.8B | $22.93 | -- | +1.7% |
North Haven Private Income Fund LLC | $7.0B | $18.57 | 8.6% | -- |
MSD Investment, LLC | $6.6B | $23.71 | 8.1% | +2.5% |
Owl Rock Technology Income Corp | $6.5B | -- | -- | +1.8% |
Monroe Capital Income Plus Corp | $6.1B | $9.87 | 9.7% | +0.8% |
Barings Private Credit LLC | $5.1B | $20.37 | 11.4% | +1.9% |
AG Twin Brook Capital Income Fund | $4.5B | $25.19 | -- | +2.7% |
Antares Strategic Credit Fund | $4.3B | $25.42 | 9.4% | +2.2% |
Ares Core Infrastructure Fund | $3.5B | $25.04 | -- | -3.9% |
TPG Specialty Lending, Inc | $3.4B | $17.16 | 11.4% | +1.8% |
Goldman Sachs Liberty Harbor Capital, LLC | $3.4B | $12.64 | 11.4% | +2.9% |
Stepstone Private Credit Fund LLC | $3.2B | $26.03 | 9.4% | +2.3% |
T. Rowe Price OHA Select Private Credit Fund | $3.1B | $26.89 | -- | +2.4% |
Stone Point Capital Credit LLC | $3.0B | $19.83 | 9.5% | +2.0% |
Diameter Credit Co | $3.0B | $27.22 | 0.1% | +2.2% |
TCG BDC II, Inc | $2.8B | $18.82 | 10.4% | +1.5% |
Golub Capital BDC 4 LLC | $2.5B | $15.00 | -- | +2.8% |
BlackRock Private Credit Fund | $2.5B | $23.95 | -- | +1.7% |
Trinity Capital Inc | $2.5B | $13.42 | 15.2% | +4.1% |
Fidelity Private Credit Fund | $2.4B | $25.10 | -- | +1.5% |
T Series Middle Market Loan Fund LLC | $2.3B | $18.24 | 10.5% | -- |
HPS Corporate Capital Solutions Fund | $2.2B | $27.07 | -- | +3.0% |
Nuveen Churchill Private Capital Income Fund | $2.2B | -- | -- | +1.7% |
New Mountain Guardian IV BDC LLC | $2.1B | $9.99 | 7.4% | +1.6% |
AB Private Credit Investors Corp | $2.0B | $9.47 | 8.9% | +1.6% |
Bain Capital Private Credit | $1.7B | $25.98 | -- | +5.2% |
Antares Private Credit Fund | $1.7B | $25.18 | 9.8% | +2.4% |
Goldman Sachs Private Middle Market Credit II LLC | $1.7B | $68.62 | 33.8% | +1.2% |
Fidelity Private Credit Central Fund LLC | $1.7B | $9.28 | 19.4% | +2.9% |
Jefferies Credit Partners BDC Inc | $1.6B | $14.43 | 10.1% | +2.3% |
Crescent Capital BDC, Inc | $1.6B | $19.10 | 8.8% | +1.2% |
Fortress Private Lending Fund | $1.6B | $24.64 | 8.0% | -1.5% |
Overland Advantage | $1.6B | $24.69 | 9.1% | +1.5% |
Blackstone Private Real Estate Credit & Income Fund | $1.6B | $26.07 | 8.2% | -- |
NMF SLF I, Inc | $1.6B | $10.23 | 10.3% | +2.3% |
Apollo Origination II (L) Capital Trust | $1.5B | $25.60 | -- | -- |
Vista Credit Strategic Lending Corp | $1.5B | $19.75 | -- | +3.0% |
Lord Abbett Private Credit Fund | $1.5B | $25.12 | -- | +2.2% |
26North BDC, Inc | $1.4B | $25.26 | 10.0% | +2.2% |
AGL Private Credit Income Fund | $1.4B | $23.40 | 10.6% | -1.2% |
TCW Direct Lending VIII LLC | $1.3B | $94.43 | 14.9% | +1.6% |
Silver Point Specialty Credit Fund, LP | $1.2B | $27.96 | -- | +1.3% |
TCW Direct Lending VII LLC | $1.2B | $43.77 | 16.9% | +1.0% |
Crescent Private Credit Income Corp | $982.2M | $27.06 | -- | +2.3% |
Middle Market Apollo Institutional Private Lending | $968.3M | $23.24 | 12.4% | +1.3% |
Phillip Street Middle Market Lending Fund LLC | $946.7M | $19.83 | 18.4% | +2.0% |
Varagon Capital Corp | $895.8M | $9.23 | 10.8% | +2.5% |
TCW Direct Lending LLC | $680.8M | $23.96 | 5.0% | -1.2% |
Commonwealth Credit Partners BDC I, Inc | $662.7M | $895.75 | 9.9% | +1.0% |
Senior Credit Investments, LLC | $571.6M | $1787.98 | 11.3% | +2.7% |
Goldman Sachs Private Middle Market Credit LLC | $481.3M | $21.46 | 21.1% | +2.2% |
Audax Credit BDC Inc | $422.9M | $8.90 | 8.1% | +1.4% |
Onex Falcon Direct Lending BDC Fund | $417.8M | $20.81 | 10.4% | -1.1% |
Stellus Private Credit BDC | $404.7M | $15.21 | 8.9% | +1.9% |
TriplePoint Global Venture Credit, LLC | $397.1M | $10.44 | 21.5% | +3.3% |
BlackRock Direct Lending Corp | $262.1M | $8.94 | 18.8% | -1.6% |
SCP Private Credit Income BDC LLC | $254.8M | $9.42 | 14.4% | +0.0% |
TCW Star Direct Lending LLC | $224.0M | $95.16 | 5.6% | +4.8% |
PIMCO Capital Solutions BDC Corp | $212.8M | $8.58 | 8.4% | +1.3% |
NexPoint Capital, Inc | $38.2M | $4.39 | 8.2% | -5.3% |
69 of 69 funds shown