BDC holdings.
Loan by loan.
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Fair Value
$0
Covered Holdings
0
Avg Spread
0bps
Funds
0
Quarters
0
Inside the portfolio
What these funds actually hold
Aggregated across the covered universe: instrument and industry mix, concentration, spreads, and credit stress at the position level.
Instrument type
Share of portfolio fair value (incl. cash)
First Lien
85%
of fair value
First Lien84.6%
Second Lien2.1%
Subordinated0.5%
Unsecured1.2%
Other Lending4.8%
Structured0.4%
Preferred1.4%
Common Equity3.0%
Cash0.1%
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
80%
of holdings
Industrials22.9%
Information Technology20.7%
Health Care16.7%
Financials11.5%
Consumer Discretionary8.0%
Communication Services3.3%
Consumer Staples2.7%
Materials2.1%
Real Estate1.5%
Utilities1.4%
Energy0.8%
Unknown8.5%
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 portfolio fair value.
Manager concentration
Share of portfolio fair value
Blackstone20.9%
Ares17.8%
HPS7.5%
Apollo7.4%
Goldman Sachs6.3%
Other40.1%
Top 5 managers hold 59.9% of portfolio fair value.
Spread analysis
503 bpsfrom 608 peak
FV-weighted average credit spread over base rate · 14-quarter history
Direct lending positions · 19,959 positions · $347.1B FV
Spread by fund size
Fund total assets tercile · latest quarter
66 funds with spread data. Small-fund premium: 24 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 Below Cost (<90% cost)Non-AccrualDeep Distress (<80% par)
Portfolio FV $356.8B across 20,979 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 / 20,979 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
90.8%
of direct lending
Floating Rate
97.0%
of debt
Top Leverage
AGL Private Credit Income Fund0.60x
Senior Credit Investments, LLC0.58x
MidCap Apollo Institutional Private Lending0.57x
Jefferies Credit Partners BDC Inc.0.56x
Antares Private Credit Fund0.55x
Goldman Sachs BDC, Inc.0.55x
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 Private Venture Credit Inc.+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 Private Venture Credit Inc.21.5%
Silver Capital Holdings LLC21.1%
Fidelity Private Credit Co LLC19.4%
BlackRock Direct Lending Corp.18.8%
Phillip Street BDC 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% |
Blue Owl Credit 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 Corp | $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 Corp | $6.6B | $23.71 | 8.1% | +2.5% |
Blue Owl Technology Income Corp | $6.5B | -- | -- | +1.8% |
Monroe Capital Income Plus Corp | $6.1B | $9.87 | 9.7% | +0.8% |
Barings Private Credit Corp | $5.1B | $20.37 | 11.4% | +1.9% |
TPG 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% |
Sixth Street Specialty Lending, Inc | $3.4B | $17.16 | 11.4% | +1.8% |
Goldman Sachs BDC, Inc | $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 Credit Corp | $3.0B | $19.83 | 9.5% | +2.0% |
Diameter Credit Co | $3.0B | $27.22 | 0.1% | +2.2% |
Carlyle Credit Solutions, Inc | $2.8B | $18.82 | 10.4% | +1.5% |
Golub Capital BDC 4, Inc | $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 BDC 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 Co 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 (Levered) 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 Lending Fund | $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% |
MidCap Apollo Institutional Private Lending | $968.3M | $23.24 | 12.4% | +1.3% |
Phillip Street BDC 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% |
Silver Capital Holdings LLC | $481.3M | $21.46 | 21.1% | +2.2% |
Audax Credit BDC Inc | $422.9M | $8.90 | 8.1% | +1.4% |
Onex 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 Private Venture Credit Inc | $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