METRIS LENS · PRIVATE CREDIT BENCHMARKS
Private Credit
The largest publicly available benchmark of middle-market direct loans, built from holdings-level filings across unlisted BDCs.
InceptionJanuary 1, 2019
RebalanceQuarterly
CurrencyUSD
Return TypeGross & Net
Base Level100 (Q1 2019)
Level · Q4 2025+2.4% QoQ
131.64
1 Year
+10.7%
Since Incep.
+4.5%
Constituents
9,362
Aggregate Fair Value
$324.2B
Unique Companies
7,919
Constituent Positions
9,362
Funds Contributing
66
Universe Coverage
96.4%
of eligible AUM
Last Rebalance
May 15, 2026
post-Q4 BDC XBRL
Index performance · Private Credit
Total return summary
NetGrossFee drag
QoQ+2.4%+2.4%−0.0 pp
1 Year+7.4%+10.7%−3.3 pp
3 Year (ann.)+13.2%+11.4%−1.8 pp
5 Year (ann.)--+7.6%--
Since Inception (ann.)+15.0%+4.5%−10.5 pp
Risk Statistics
Volatility (ann.)
5.5%
Sharpe Ratio
0.09
Max Drawdown
-11.1%
Q2 2020
Best Quarter
+3.2%
Q1 2024
Worst Quarter
-10.7%
Q1 2020
% Positive Qtrs
88%
22 of 25
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
Structural Composition
Lien Position
90%
First Lien90.4%Second Lien2.2%Subordinated0.5%Unsecured1.3%Lien Unreported5.6%
Percentage of total indexed fair value
Rate Type
97%
Floating96.9%Fixed2.1%
Percentage of total indexed fair value
Asset Category
LOAN99.9% (9,344 constituent holdings)
OTHER0.1% (18 constituent holdings)
Manager Concentration
Blackstone20.8%Ares16.7%HPS7.7%Apollo7.7%Goldman Sachs6.6%Golub Capital5.2%Blue Owl4.5%Sixth Street Lending Partners3.1%Oaktree3.1%North Haven Private Income Fund LLC2.4%Other22.2%
Largest 25 Holdings
| Issuer | Rate Type | Fair Value | Vehicle | Return |
|---|---|---|---|---|
| IRI Group Holdings, Inc | Floating | $1,588,161,000 | Blackstone Private Credit Fund | +2.5% |
| Senior Direct Lending Program, LLC, Subordinated certificates | Floating | $1,117,000,000 | Ares Capital Corp | +5.6% |
| Inovalon Holdings, Inc,1 | Floating | $1,110,866,000 | Blackstone Private Credit Fund | +3.5% |
| Zendesk, Inc | Floating | $1,061,196,000 | Blackstone Private Credit Fund | +2.9% |
| Shelf Bidco, Ltd | Floating | $933,645,000 | Blackstone Private Credit Fund | +2.7% |
| Mantech International, CP | Floating | $885,575,000 | Blackstone Private Credit Fund | +2.6% |
| Unified Women's Healthcare, LP 1 | Floating | $869,445,000 | Blackstone Private Credit Fund | +2.5% |
| eResearchTechnology, Inc 1 | Floating | $825,410,000 | Blackstone Private Credit Fund | +2.5% |
| Auctane, Inc 1 | Floating | $822,368,000 | Blackstone Private Credit Fund | +3.1% |
| Dropbox, Inc | Floating | $736,804,000 | Blackstone Private Credit Fund | +3.7% |
| Teneo Holdings, LLC | Floating | $634,909,000 | Blackstone Private Credit Fund | +3.6% |
| Armstrong Bidco, Limited | Floating | $632,682,000 | Blackstone Private Credit Fund | +2.2% |
| Anaplan, Inc | Floating | $626,092,000 | Blackstone Private Credit Fund | +2.5% |
| Spaceship Purchaser, Inc | Floating | $623,467,000 | Blackstone Private Credit Fund | +2.9% |
| Nintex Topco, Limited | Floating | $606,306,000 | Blackstone Private Credit Fund | +1.2% |
| Tennessee Bidco, Limited 4 | Floating | $556,048,000 | Blackstone Private Credit Fund | +2.7% |
| Ivy Hill Asset Management, LP, Subordinated revolving loan | Floating | $530,500,000 | Ares Capital Corp | +3.0% |
| Databricks, Inc | Floating | $525,000,000 | Blackstone Private Credit Fund | +2.5% |
| Speedster Bidco, GmbH 2 | Floating | $491,208,000 | Blackstone Private Credit Fund | -37.5% |
| Blazing Star Shields Direct Parent, LLC 1 | Floating | $485,926,000 | HPS Corporate Lending Fund | +2.9% |
Top 25 of 9,362 positions across 7,919 issuers
Top Funds Contributing
| Fund | Positions | Fair Value | % of Index |
|---|---|---|---|
| Blackstone Private Credit Fund | 887 | $39.0B | 20.5% |
| ARES CAPITAL CORP | 673 | $17.0B | 8.9% |
| ARES STRATEGIC INCOME FUND | 745 | $14.5B | 7.6% |
| Apollo Debt Solutions BDC | 280 | $13.6B | 7.1% |
| HPS Corporate Lending Fund | 252 | $13.3B | 7.0% |
| Goldman Sachs Private Credit Corp. | 285 | $10.7B | 5.6% |
| Golub Capital Private Credit Fund | 547 | $8.0B | 4.2% |
| Blue Owl Credit Income Corp. | 95 | $7.2B | 3.8% |
| Sixth Street Lending Partners | 63 | $6.0B | 3.1% |
| Oaktree Strategic Credit Fund | 223 | $6.0B | 3.1% |
Methodology
Eligibility
Eligible positions are direct corporate loans (first lien, second lien, unitranche, mezzanine) held by unlisted BDCs with XBRL-tagged schedules of investments. Excludes CLO tranches, fund interests, structured products, and consumer/marketplace lending.
Construction
The index is fair-value-weighted and chain-linked from a base of 100 (Q4 2022). Total return = capital return (price change on a per-unit basis) + income return (coupon accrual from filed rate data). Rebalanced quarterly, aligned with SEC filing deadlines.