BDC Portfolio Holdings — Market Overview
Aggregate Schedule of Investments · XBRL-sourced from SEC filings · 143 funds · 37385 positions · 28222 unique companies · Period: 2025-12-31
$774.0B
Total Fair Value
$772.4B
Total Cost
$-5687.6M
Unrealized G/L
$39.5B
PIK Fair Value
1502
PIK Positions
Interest Rate Structure
| Structure | Count | Fair Value | % of FV |
|---|---|---|---|
| Floating (spread-based) | 23894 | $382.7B | 49.5% |
| Fixed Rate | 1396 | $10.2B | 1.3% |
| PIK Only | 727 | $16.6B | 2.1% |
| PIK Toggle (cash + PIK) | 775 | $22.9B | 3.0% |
| Equity / Warrants | 2544 | $19.0B | 2.5% |
Investment Type Breakdown
| Type | Count | Fair Value ($B) | Avg Rate |
|---|---|---|---|
| Unknown | 22788 | 479.62 | 9.76% |
| Other | 7668 | 154.13 | 9.11% |
| First Lien | 4310 | 109.91 | 8.64% |
| Equity | 1284 | 12.88 | 4.00% |
| Preferred | 814 | 6.79 | 11.92% |
| Second Lien | 166 | 5.58 | 10.58% |
| Subordinated | 236 | 4.84 | 10.87% |
| Warrant | 110 | 0.14 | — |
| Mezzanine | 3 | 0.05 | 11.28% |
| Unitranche | 6 | 0.04 | 10.55% |
Top Portfolio Companies — Aggregate Fair Value
Cross-ownership: same borrower held across multiple BDCs.
| Company | Total FV ($M) | Total Cost ($M) | Type | # Funds | Owned By |
|---|---|---|---|---|---|
| Debt Investments ×12 | 21149.3 | 21052.5 | Warrant | 12 | SIXTH STREET SPECIALTY LENDING INC. GOLDMAN SACHS PRIVATE MIDDLE M COMMONWEALTH CREDIT PARTNERS B INC. GOLDMAN SACHS MIDDLE MARKET LE PIMCO Capital Solutions BDC Co GOLDMAN SACHS PRIVATE CREDIT C SIXTH STREET LENDING PARTNERS PHILLIP STREET MIDDLE MARKET L 26North BDC Inc. OVERLAND ADVANTAGE AMG COMVEST SENIOR LENDING FUN WEST BAY BDC LLC |
| Investments after Cash Equivalents ×2 | 14719.4 | 14773.2 | — | 2 | APOLLO DEBT SOLUTIONS BDC 5C LENDING PARTNERS CORP. |
| Investments before Cash Equivalents | 14555.5 | 14609.3 | — | 1 | APOLLO DEBT SOLUTIONS BDC |
| Total Investments ×6 | 12573.2 | 12476.3 | Other | 6 | SIXTH STREET SPECIALTY LENDING INC. NexPoint Capital Inc. SILVER POINT SPECIALTY LENDING COMMONWEALTH CREDIT PARTNERS B INC. CHICAGO ATLANTIC BDC INC. SIXTH STREET LENDING PARTNERS |
| Investments and Investments in Affiliated Money Market Fund - 157.4% | 7718.5 | 7730.6 | — | 1 | GOLDMAN SACHS PRIVATE CREDIT C |
| Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date - 05/05/23, Investment - Term Loan - 14.28% inc PIK (SOFR + 9.50%, 1.75% Floor, 3.00% PIK), % of Net Assets - 5.1%, Maturity Date - 05/04/28 | 7596.8 | 8274.6 | — | 1 | TCW STAR DIRECT LENDING LLC |
| Total Investments - 148.3% | 7273.8 | 7285.9 | — | 1 | GOLDMAN SACHS PRIVATE CREDIT C |
| Debt Investment, Food Products, Great Kitchens Food Company, Inc.., Acquisition Date - 05/31/23, Investment - Term Loan - 10.36% (SOFR + 6.00%, 1.25% Floor), % of Net Assets - 4.7%, Maturity Date - 05/31/29 | 7030.8 | 6941.9 | — | 1 | TCW STAR DIRECT LENDING LLC |
| Investment United States - 141.4% | 6935.9 | 6936.6 | — | 1 | GOLDMAN SACHS PRIVATE CREDIT C |
| Investment 1st Lien/Senior Secured Debt - 136.5% | 6693.5 | 6693.9 | — | 1 | GOLDMAN SACHS PRIVATE CREDIT C |
| Debt Investment, Machinery, % of Net Assets 4.1%, | 6059.4 | 6870.4 | — | 1 | TCW STAR DIRECT LENDING LLC |
| Investments ×10 | 4735.4 | 4835.5 | Other | 10 | PORTMAN RIDGE FINANCE CORP LOGAN RIDGE FINANCE CORP. CRESCENT CAPITAL BDC INC. Carlyle Credit Solutions Inc. GOLDMAN SACHS PRIVATE MIDDLE M GOLDMAN SACHS PRIVATE CREDIT C CRESCENT PRIVATE CREDIT INCOME OVERLAND ADVANTAGE AMG COMVEST SENIOR LENDING FUN MIDDLE MARKET APOLLO INSTITUTI |
| Portfolio Investments, Cash and Cash Equivalents | 4638.4 | 4644.3 | — | 1 | MSD INVESTMENT CORP. |
| Investments Investments - non-controlled/non-affiliated | 4529.1 | 4535.0 | — | 1 | MSD INVESTMENT CORP. |
| Investments Investments - non-controlled/non-affiliated First Lien Debt | 4375.4 | 4381.0 | — | 1 | MSD INVESTMENT CORP. |
| Total Portfolio Investments, Cash and Cash Equivalents ×3 | 4302.5 | 4294.8 | — | 3 | DIAMETER CREDIT CO ANTARES PRIVATE CREDIT FUND ANTARES STRATEGIC CREDIT FUND |
| Debt Investment, Software, % of Net Assets 2.7%, | 4127.3 | 4127.0 | — | 1 | TCW STAR DIRECT LENDING LLC |
| Total Debt Investments, First Lien Debt | 3733.1 | 3758.4 | — | 1 | MORGAN STANLEY DIRECT LENDING |
| Total Investments and Investments in Affiliated Money Market Fund - 222.6% | 3500.5 | 3698.8 | — | 1 | GOLDMAN SACHS BDC INC. |
| Investments - 221.0% | 3475.3 | 3673.6 | — | 1 | GOLDMAN SACHS BDC INC. |
Manager-Level Exposure
Holdings rolled up to parent manager. Blackstone BCRED + BXSL + others combine here. Funds without a registry parent entry appear individually. 17 managers run multiple BDCs in this dataset.
| Manager / Platform | # BDCs | Combined FV ($B) | PIK FV ($B) | PIK % | Positions | Funds |
|---|---|---|---|---|---|---|
| Blackstone | 2 ×2 | 101.67 | 14.56 | 14.3% | 2670 | Blackstone Private CreditBlackstone Secured Lendin |
| Goldman Sachs | 4 ×4 | 84.31 | 0.00 | 0.0% | 1537 | GOLDMAN SACHS PRIVATE CREGOLDMAN SACHS BDC, INC.GOLDMAN SACHS PRIVATE MIDGOLDMAN SACHS MIDDLE MARK |
| Blue Owl Capital | 5 ×5 | 74.15 | 9.20 | 12.4% | 2331 | Blue Owl Credit Income CoBlue Owl Capital CorpBlue Owl Technology FinanBlue Owl Technology Incom +1 more |
| Apollo Global Management | 1 | 67.72 | 0.00 | 0.0% | 1002 | APOLLO DEBT SOLUTIONS BDC |
| Ares Management | 5 ×5 | 65.13 | 7.57 | 11.6% | 4203 | ARES CAPITAL CORPARES STRATEGIC INCOME FUNANTARES STRATEGIC CREDIT ANTARES PRIVATE CREDIT FU +1 more |
| Sixth Street Partners | 1 | 28.49 | 0.00 | 0.0% | 136 | SIXTH STREET LENDING PART |
| HPS Investment Partners | 2 ×2 | 27.40 | 4.17 | 15.2% | 1148 | HPS Corporate Lending FunHPS Corporate Capital Sol |
| TCW STAR DIRECT LENDING LLC | 1 | 25.57 | 0.00 | 0.0% | 64 | TCW STAR DIRECT LENDING L |
| MSD INVESTMENT CORP. | 1 | 22.65 | 0.00 | 0.0% | 193 | MSD INVESTMENT CORP. |
| FS KKR CAPITAL CORP | 1 | 19.94 | 0.00 | 0.0% | 781 | FS KKR CAPITAL CORP |
| Fidelity Investments | 2 ×2 | 14.77 | 0.00 | 0.0% | 671 | FIDELITY PRIVATE CREDIT CFIDELITY PRIVATE CREDIT F |
| PENNANTPARK FLOATING RATE CAPITAL LTD. | 1 | 14.26 | 0.00 | 0.0% | 649 | PENNANTPARK FLOATING RATE |
| SIXTH STREET SPECIALTY LENDING, INC. | 1 | 14.21 | 0.00 | 0.0% | 235 | SIXTH STREET SPECIALTY LE |
| TRINITY CAPITAL INC. | 1 | 11.61 | 0.00 | 0.0% | 640 | TRINITY CAPITAL INC. |
| Crescent Capital | 2 ×2 | 11.03 | 0.00 | 0.0% | 904 | CRESCENT CAPITAL BDC, INCCRESCENT PRIVATE CREDIT I |
| PENNANTPARK INVESTMENT CORP | 1 | 10.61 | 0.00 | 0.0% | 642 | PENNANTPARK INVESTMENT CO |
| Morgan Stanley | 1 | 7.60 | 0.00 | 0.0% | 822 | MORGAN STANLEY DIRECT LEN |
| BlackRock | 3 ×3 | 6.48 | 0.00 | 0.0% | 660 | BLACKROCK PRIVATE CREDIT BLACKROCK DIRECT LENDING BlackRock TCP Capital Cor |
| NORTH HAVEN PRIVATE INCOME FUND LLC | 1 | 6.30 | 0.00 | 0.0% | 718 | NORTH HAVEN PRIVATE INCOM |
| Main Street Capital | 1 | 6.30 | 0.50 | 8.0% | 747 | Main Street Capital CORP |
| Carlyle Group | 2 ×2 | 6.25 | 0.78 | 12.5% | 556 | Carlyle Secured Lending, Carlyle Credit Solutions, |
| AB PRIVATE CREDIT INVESTORS CORP | 1 | 6.16 | 0.00 | 0.0% | 567 | AB PRIVATE CREDIT INVESTO |
| Monroe Capital | 2 ×2 | 6.15 | 0.53 | 8.6% | 1199 | Monroe Capital Income PluMONROE CAPITAL Corp |
| Barings | 2 ×2 | 6.14 | 0.65 | 10.6% | 1336 | Barings Private Credit CoBarings Capital Investmen |
| DIAMETER CREDIT CO | 1 | 6.10 | 0.00 | 0.0% | 121 | DIAMETER CREDIT CO |
| TCW DIRECT LENDING VII LLC | 1 | 5.59 | 0.00 | 0.0% | 111 | TCW DIRECT LENDING VII LL |
| BLUE OWL TECHNOLOGY FINANCE CORP. II | 1 | 5.56 | 0.00 | 0.0% | 306 | BLUE OWL TECHNOLOGY FINAN |
| PALMER SQUARE CAPITAL BDC INC. | 1 | 5.23 | 0.00 | 0.0% | 276 | PALMER SQUARE CAPITAL BDC |
| SARATOGA INVESTMENT CORP. | 1 | 4.95 | 0.00 | 0.0% | 502 | SARATOGA INVESTMENT CORP. |
| Kennedy Lewis Investment Management | 1 | 4.75 | 0.00 | 0.0% | 157 | KENNEDY LEWIS CAPITAL CO |
| SILVER POINT SPECIALTY LENDING FUND | 1 | 4.66 | 0.00 | 0.0% | 208 | SILVER POINT SPECIALTY LE |
| Gladstone Companies | 3 ×3 | 4.54 | 0.47 | 10.3% | 867 | Barings BDC, Inc.GLADSTONE INVESTMENT CORPGLADSTONE CAPITAL CORP |
| Blackstone Credit | 1 | 4.50 | 0.00 | 0.0% | 703 | BAIN CAPITAL SPECIALTY FI |
| RUNWAY GROWTH FINANCE CORP. | 1 | 4.44 | 0.00 | 0.0% | 165 | RUNWAY GROWTH FINANCE COR |
| OVERLAND ADVANTAGE | 1 | 4.38 | 0.00 | 0.0% | 85 | OVERLAND ADVANTAGE |
| TPG TWIN BROOK CAPITAL INCOME FUND | 1 | 4.17 | 0.11 | 2.7% | 790 | TPG Twin Brook Capital In |
| Nuveen / TIAA | 2 ×2 | 4.12 | 0.28 | 6.9% | 1137 | Nuveen Churchill Private Nuveen Churchill Direct L |
| FRANKLIN BSP CAPITAL CORP | 1 | 4.10 | 0.36 | 8.9% | 346 | Franklin BSP Capital Corp |
| VARAGON CAPITAL CORP | 1 | 3.73 | 0.00 | 0.0% | 314 | VARAGON CAPITAL CORP |
| COMMONWEALTH CREDIT PARTNERS BDC I, INC. | 1 | 3.69 | 0.00 | 0.0% | 177 | COMMONWEALTH CREDIT PARTN |
| PHILLIP STREET MIDDLE MARKET LENDING FUND LLC | 1 | 3.68 | 0.00 | 0.0% | 191 | PHILLIP STREET MIDDLE MAR |
| SILVER CAPITAL HOLDINGS LLC | 1 | 3.50 | 0.00 | 0.0% | 111 | SILVER CAPITAL HOLDINGS L |
| FS Investments / KKR | 1 | 3.42 | 0.62 | 18.1% | 500 | New Mountain Finance Corp |
| Oak Hill Advisors | 2 ×2 | 3.30 | 0.45 | 13.7% | 607 | T. Rowe Price OHA Select OHA Senior Private Lendin |
| Jefferies Finance | 1 | 3.10 | 0.00 | 0.0% | 222 | JEFFERIES CREDIT PARTNERS |
| Fidus Partners | 1 | 3.04 | 0.00 | 0.0% | 284 | FIDUS INVESTMENT CORP |
| MIDDLE MARKET APOLLO INSTITUTIONAL PRIVATE LENDING | 1 | 2.97 | 0.00 | 0.0% | 304 | MIDDLE MARKET APOLLO INST |
| TCW DIRECT LENDING LLC | 1 | 2.92 | 0.00 | 0.0% | 52 | TCW DIRECT LENDING LLC |
| STEPSTONE PRIVATE CREDIT FUND LLC | 1 | 2.70 | 0.09 | 3.3% | 1250 | Stepstone Private Credit |
| First Eagle Investment Management | 1 | 2.62 | 0.00 | 0.0% | 277 | FIRST EAGLE PRIVATE CREDI |
| STONE POINT CREDIT CORP | 1 | 2.50 | 0.00 | 0.0% | 250 | STONE POINT CREDIT CORP |
| SLR INVESTMENT CORP. | 1 | 2.31 | 0.00 | 0.0% | 132 | SLR Investment Corp. |
| NEW MOUNTAIN PRIVATE CREDIT FUND | 1 | 2.08 | 0.28 | 13.4% | 384 | New Mountain Private Cred |
| ONEX DIRECT LENDING BDC FUND | 1 | 2.07 | 0.00 | 0.0% | 108 | ONEX DIRECT LENDING BDC F |
| FS SPECIALTY LENDING FUND | 1 | 2.03 | 0.00 | 0.0% | 143 | FS SPECIALTY LENDING FUND |
| AMG COMVEST SENIOR LENDING FUND | 1 | 2.02 | 0.00 | 0.0% | 133 | AMG COMVEST SENIOR LENDIN |
| Chicago Atlantic Group | 1 | 2.00 | 0.00 | 0.0% | 62 | CHICAGO ATLANTIC BDC, INC |
| NEW MOUNTAIN GUARDIAN IV BDC, L.L.C. | 1 | 1.99 | 0.07 | 3.5% | 427 | New Mountain Guardian IV |
| PORTMAN RIDGE FINANCE CORP | 1 | 1.85 | 0.00 | 0.0% | 204 | PORTMAN RIDGE FINANCE COR |
| AGL PRIVATE CREDIT INCOME FUND | 1 | 1.82 | 0.00 | 0.0% | 60 | AGL PRIVATE CREDIT INCOME |
| Audax Group | 1 | 1.64 | 0.00 | 0.0% | 551 | AUDAX CREDIT BDC INC. |
| GOLUB CAPITAL BDC 4, INC. | 1 | 1.53 | 0.00 | 0.0% | 569 | GOLUB CAPITAL BDC 4, INC. |
| NMF SLF I, INC. | 1 | 1.51 | 0.11 | 7.3% | 421 | NMF SLF I, Inc. |
| STAR MOUNTAIN LOWER MIDDLE-MARKET CAPITAL CORP | 1 | 1.51 | 0.00 | 0.0% | 232 | STAR MOUNTAIN LOWER MIDDL |
| MSC INCOME FUND, INC. | 1 | 1.41 | 0.16 | 11.5% | 504 | MSC INCOME FUND, INC. |
| Prospect Capital Management | 2 ×2 | 1.35 | 0.06 | 4.3% | 35 | PROSPECT CAPITAL CORPProspect Floating Rate & |
| KKR FS INCOME TRUST | 1 | 1.35 | 0.00 | 0.0% | 291 | KKR FS INCOME TRUST |
| KKR | 2 ×2 | 1.29 | 0.00 | 0.0% | 393 | KKR ENHANCED US DIRECT LEKKR FS INCOME TRUST SELEC |
| SENIOR CREDIT INVESTMENTS, LLC | 1 | 1.27 | 0.00 | 0.0% | 222 | SENIOR CREDIT INVESTMENTS |
| Great Elm Capital Group | 1 | 1.15 | 0.00 | 0.0% | 125 | GREAT ELM CAPITAL CORP. |
| SCP PRIVATE CREDIT INCOME BDC LLC | 1 | 1.03 | 0.00 | 0.0% | 45 | SCP PRIVATE CREDIT INCOME |
| WILLOW TREE CAPITAL CORP | 1 | 0.88 | 0.05 | 5.3% | 171 | Willow Tree Capital Corp |
| FRANKLIN BSP REAL ESTATE DEBT BDC | 1 | 0.83 | 0.00 | 0.0% | 39 | FRANKLIN BSP REAL ESTATE |
| AB PRIVATE LENDING FUND | 1 | 0.82 | 0.00 | 0.0% | 251 | AB PRIVATE LENDING FUND |
| LOGAN RIDGE FINANCE CORP. | 1 | 0.79 | 0.00 | 0.0% | 137 | LOGAN RIDGE FINANCE CORP. |
| LaFayette Square Capital | 1 | 0.79 | 0.00 | 0.2% | 111 | Lafayette Square USA, Inc |
| TRIPLEPOINT VENTURE GROWTH BDC CORP. | 1 | 0.78 | 0.20 | 25.4% | 302 | TriplePoint Venture Growt |
| Bain Capital | 1 | 0.73 | 0.00 | 0.0% | 194 | BAIN CAPITAL PRIVATE CRED |
| 26NORTH BDC, INC. | 1 | 0.70 | 0.06 | 8.7% | 69 | 26North BDC, Inc. |
| Golub Capital | 3 ×3 | 0.70 | 0.35 | 50.8% | 436 | GOLUB CAPITAL BDC, Inc.Golub Capital Private CreGOLUB CAPITAL DIRECT LEND |
| STONE POINT CREDIT INCOME FUND | 1 | 0.60 | 0.03 | 4.5% | 213 | Stone Point Credit Income |
| WEST BAY BDC LLC | 1 | 0.52 | 0.00 | 0.0% | 16 | WEST BAY BDC LLC |
| VISTA CREDIT STRATEGIC LENDING CORP. | 1 | 0.51 | 0.00 | 0.0% | 35 | VISTA CREDIT STRATEGIC LE |
| NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. | 1 | 0.48 | 0.02 | 3.2% | 344 | New Mountain Guardian IV |
| OFS CAPITAL CORP | 1 | 0.43 | 0.06 | 12.7% | 114 | OFS Capital Corp |
| WTI FUND X, INC. | 1 | 0.40 | 0.00 | 0.0% | 169 | WTI Fund X, Inc. |
| BC PARTNERS LENDING CORP | 1 | 0.39 | 0.00 | 0.0% | 103 | BC PARTNERS LENDING CORP |
| REDWOOD ENHANCED INCOME CORP. | 1 | 0.39 | 0.00 | 0.0% | 64 | REDWOOD ENHANCED INCOME C |
| Manulife Financial | 1 | 0.39 | 0.00 | 0.5% | 246 | Manulife Private Credit F |
| CION INVESTMENT CORP | 1 | 0.35 | 0.00 | 0.0% | 72 | CION Investment Corp |
| GOLUB CAPITAL DIRECT LENDING UNLEVERED CORP | 1 | 0.33 | 0.00 | 0.0% | 473 | GOLUB CAPITAL DIRECT LEND |
| OAKTREE SPECIALTY LENDING CORP | 1 | 0.32 | 0.00 | 0.0% | 58 | Oaktree Specialty Lending |
| STELLUS PRIVATE CREDIT BDC | 1 | 0.30 | 0.00 | 0.0% | 242 | STELLUS PRIVATE CREDIT BD |
| NORTH HAVEN PRIVATE INCOME FUND A LLC | 1 | 0.27 | 0.00 | 0.0% | 418 | NORTH HAVEN PRIVATE INCOM |
| LGAM PRIVATE CREDIT LLC | 1 | 0.25 | 0.00 | 0.0% | 331 | LGAM PRIVATE CREDIT LLC |
| TRIPLEPOINT PRIVATE VENTURE CREDIT INC. | 1 | 0.24 | 0.02 | 8.9% | 369 | TriplePoint Private Ventu |
| MIDCAP FINANCIAL INVESTMENT CORP | 1 | 0.22 | 0.00 | 0.0% | 10 | MidCap Financial Investme |
| PGIM PRIVATE CREDIT FUND | 1 | 0.21 | 0.00 | 0.0% | 122 | PGIM PRIVATE CREDIT FUND |
| Capital Southwest | 1 | 0.18 | 0.00 | 0.9% | 196 | CAPITAL SOUTHWEST CORP |
| PIMCO | 1 | 0.18 | 0.02 | 12.4% | 73 | PIMCO Capital Solutions B |
| STELLUS CAPITAL INVESTMENT CORP | 1 | 0.16 | 0.00 | 0.0% | 54 | Stellus Capital Investmen |
| ANDALUSIAN CREDIT COMPANY, LLC | 1 | 0.09 | 0.00 | 0.0% | 21 | ANDALUSIAN CREDIT COMPANY |
| SLR HC BDC LLC | 1 | 0.09 | 0.00 | 0.0% | 35 | SLR HC BDC LLC |
| VENTURE LENDING & LEASING IX, INC. | 1 | 0.08 | 0.00 | 0.0% | 74 | Venture Lending & Leasing |
| NEXPOINT CAPITAL, INC. | 1 | 0.07 | 0.00 | 0.0% | 26 | NexPoint Capital, Inc. |
| WTI FUND XI, INC. | 1 | 0.05 | 0.00 | 0.0% | 64 | WTI Fund XI, Inc. |
| SLR PRIVATE CREDIT BDC II LLC | 1 | 0.05 | 0.00 | 0.0% | 35 | SLR Private Credit BDC II |
| OAKTREE STRATEGIC CREDIT FUND | 1 | 0.03 | 0.00 | 0.0% | 17 | Oaktree Strategic Credit |
| HANCOCK PARK CORPORATE INCOME, INC. | 1 | 0.03 | 0.00 | 12.9% | 55 | Hancock Park Corporate In |
| 5C LENDING PARTNERS CORP. | 1 | 0.03 | 0.00 | 0.0% | 3 | 5C LENDING PARTNERS CORP. |
| Hercules Capital | 1 | 0.03 | 0.03 | 100.0% | 1 | Hercules Capital, Inc. |
| Brightwood Capital Advisors | 1 | 0.01 | 0.00 | 0.0% | 9 | Brightwood Capital Corp I |
| Investcorp | 1 | 0.01 | 0.00 | 0.0% | 2 | Investcorp Credit Managem |
| OAKTREE GARDENS OLP, LLC | 1 | 0.01 | 0.00 | 0.0% | 1 | Oaktree Gardens OLP, LLC |
| WHITEHORSE FINANCE, INC. | 1 | 0.00 | 0.00 | 0.0% | 2 | WhiteHorse Finance, Inc. |
Estimated Interest Income — Cash vs PIK by Fund
Estimate based on stated rates × principal. Actual accrued interest may differ.
| Fund | Est. Cash Income ($M/yr) | Est. PIK Income ($M/yr) | PIK % of Total | Positions |
|---|---|---|---|---|
| ARES CAPITAL CORP | 509.4 | 51.1 | 9.1% | 33 |
| ARES STRATEGIC INCOME FUND | 183.6 | 16.3 | 8.2% | 13 |
| Blue Owl Credit Income Corp. | 0.0 | 32.0 | 100.0% | 91 |
| Blue Owl Capital Corp | 0.0 | 24.1 | 100.0% | 28 |
| Blue Owl Technology Finance Corp. | 0.0 | 20.3 | 100.0% | 33 |
| SLR Investment Corp. | 15.4 | 0.0 | 0.0% | 1 |
| Blue Owl Technology Income Corp. | 0.0 | 0.0 | 0.0% | 1 |
Holdings Coverage — BDCs with XBRL Data
143 funds with holdings data loaded.
| Fund | Period | Total FV ($B) | Positions | PIK FV ($B) | PIK Exp. |
|---|---|---|---|---|---|
| Blackstone Private Credit Fund | 2025-12-31 | 87.50 | 2002 | 12.30 | 14.1% |
| APOLLO DEBT SOLUTIONS BDC | 2024-12-31 | 67.72 | 1002 | 0.00 | — |
| GOLDMAN SACHS PRIVATE CREDIT CORP. | 2024-12-31 | 45.14 | 471 | 0.00 | — |
| Blue Owl Credit Income Corp. | 2025-12-31 | 35.93 | 542 | 3.08 | 8.6% |
| SIXTH STREET LENDING PARTNERS | 2024-12-31 | 28.49 | 136 | 0.00 | — |
| ARES CAPITAL CORP | 2025-12-31 | 27.92 | 1335 | 5.62 | 20.1% |
| TCW STAR DIRECT LENDING LLC | 2024-12-31 | 25.57 | 64 | 0.00 | — |
| HPS Corporate Lending Fund | 2025-12-31 | 25.22 | 820 | 3.75 | 14.9% |
| MSD INVESTMENT CORP. | 2024-12-31 | 22.65 | 193 | 0.00 | — |
| GOLDMAN SACHS BDC, INC. | 2024-12-31 | 21.06 | 535 | 0.00 | — |
| FS KKR CAPITAL CORP | 2024-12-31 | 19.94 | 781 | 0.00 | — |
| ARES STRATEGIC INCOME FUND | 2025-12-31 | 19.85 | 872 | 1.95 | 9.8% |
| Blue Owl Capital Corp | 2025-12-31 | 16.47 | 612 | 2.55 | 15.5% |
| Blue Owl Technology Finance Corp. | 2025-12-31 | 14.29 | 471 | 2.58 | 18.0% |
| PENNANTPARK FLOATING RATE CAPITAL LTD. | 2024-12-31 | 14.26 | 649 | 0.00 | — |
| SIXTH STREET SPECIALTY LENDING, INC. | 2024-12-31 | 14.21 | 235 | 0.00 | — |
| Blackstone Secured Lending Fund | 2025-12-31 | 14.17 | 668 | 2.26 | 16.0% |
| GOLDMAN SACHS PRIVATE MIDDLE MARKET CREDIT II LLC | 2024-12-31 | 12.93 | 269 | 0.00 | — |
| TRINITY CAPITAL INC. | 2024-12-31 | 11.61 | 640 | 0.00 | — |
| ANTARES STRATEGIC CREDIT FUND | 2024-12-31 | 10.83 | 1014 | 0.00 | — |
| PENNANTPARK INVESTMENT CORP | 2024-12-31 | 10.61 | 642 | 0.00 | — |
| CRESCENT CAPITAL BDC, INC. | 2024-12-31 | 9.58 | 657 | 0.00 | — |
| FIDELITY PRIVATE CREDIT CO LLC | 2024-12-31 | 7.92 | 355 | 0.00 | — |
| MORGAN STANLEY DIRECT LENDING FUND | 2024-12-31 | 7.60 | 822 | 0.00 | — |
| FIDELITY PRIVATE CREDIT FUND | 2024-12-31 | 6.85 | 316 | 0.00 | — |
| NORTH HAVEN PRIVATE INCOME FUND LLC | 2024-12-31 | 6.30 | 718 | 0.00 | — |
| Main Street Capital CORP | 2025-12-31 | 6.30 | 747 | 0.50 | 8.0% |
| AB PRIVATE CREDIT INVESTORS CORP | 2024-12-31 | 6.16 | 567 | 0.00 | — |
| DIAMETER CREDIT CO | 2024-12-31 | 6.10 | 121 | 0.00 | — |
| Blue Owl Technology Income Corp. | 2025-12-31 | 5.89 | 429 | 0.70 | 11.9% |
| Monroe Capital Income Plus Corp | 2025-12-31 | 5.82 | 923 | 0.42 | 7.2% |
| TCW DIRECT LENDING VII LLC | 2024-12-31 | 5.59 | 111 | 0.00 | — |
| BLUE OWL TECHNOLOGY FINANCE CORP. II | 2024-12-31 | 5.56 | 306 | 0.00 | — |
| BLACKROCK PRIVATE CREDIT FUND | 2024-12-31 | 5.24 | 370 | 0.00 | — |
| PALMER SQUARE CAPITAL BDC INC. | 2024-12-31 | 5.23 | 276 | 0.00 | — |
| GOLDMAN SACHS MIDDLE MARKET LENDING CORP. II | 2024-12-31 | 5.18 | 262 | 0.00 | — |
| Barings Private Credit Corp | 2025-12-31 | 5.00 | 806 | 0.54 | 10.8% |
| SARATOGA INVESTMENT CORP. | 2024-11-30 | 4.95 | 502 | 0.00 | — |
| KENNEDY LEWIS CAPITAL CO | 2024-12-31 | 4.75 | 157 | 0.00 | — |
| SILVER POINT SPECIALTY LENDING FUND | 2024-12-31 | 4.66 | 208 | 0.00 | — |
| BAIN CAPITAL SPECIALTY FINANCE, INC. | 2024-12-31 | 4.50 | 703 | 0.00 | — |
| RUNWAY GROWTH FINANCE CORP. | 2024-12-31 | 4.44 | 165 | 0.00 | — |
| OVERLAND ADVANTAGE | 2024-12-31 | 4.38 | 85 | 0.00 | — |
| ANTARES PRIVATE CREDIT FUND | 2024-12-31 | 4.35 | 973 | 0.00 | — |
| TPG Twin Brook Capital Income Fund | 2025-12-31 | 4.17 | 790 | 0.11 | 2.7% |
| Franklin BSP Capital Corp | 2025-12-31 | 4.10 | 346 | 0.36 | 8.9% |
| VARAGON CAPITAL CORP | 2024-12-31 | 3.73 | 314 | 0.00 | — |
| COMMONWEALTH CREDIT PARTNERS BDC I, INC. | 2024-12-31 | 3.69 | 177 | 0.00 | — |
| PHILLIP STREET MIDDLE MARKET LENDING FUND LLC | 2024-12-31 | 3.68 | 191 | 0.00 | — |
| Carlyle Secured Lending, Inc. | 2025-12-31 | 3.57 | 296 | 0.41 | 11.4% |
| SILVER CAPITAL HOLDINGS LLC | 2024-12-31 | 3.50 | 111 | 0.00 | — |
| New Mountain Finance Corp | 2025-12-31 | 3.42 | 500 | 0.62 | 18.1% |
| JEFFERIES CREDIT PARTNERS BDC INC. | 2024-12-31 | 3.10 | 222 | 0.00 | — |
| FIDUS INVESTMENT CORP | 2024-12-31 | 3.04 | 284 | 0.00 | — |
| MIDDLE MARKET APOLLO INSTITUTIONAL PRIVATE LENDING | 2024-12-31 | 2.97 | 304 | 0.00 | — |
| TCW DIRECT LENDING LLC | 2024-12-31 | 2.92 | 52 | 0.00 | — |
| T. Rowe Price OHA Select Private Credit Fund | 2025-12-31 | 2.88 | 376 | 0.41 | 14.2% |
| Stepstone Private Credit Fund LLC | 2025-12-31 | 2.70 | 1250 | 0.09 | 3.3% |
| Carlyle Credit Solutions, Inc. | 2025-12-31 | 2.68 | 260 | 0.37 | 13.8% |
| Barings BDC, Inc. | 2025-12-31 | 2.67 | 679 | 0.47 | 17.5% |
| FIRST EAGLE PRIVATE CREDIT FUND | 2024-12-31 | 2.62 | 277 | 0.00 | — |
| STONE POINT CREDIT CORP | 2024-12-31 | 2.50 | 250 | 0.00 | — |
| SLR Investment Corp. | 2025-12-31 | 2.31 | 132 | 0.00 | — |
| HPS Corporate Capital Solutions Fund | 2025-12-31 | 2.18 | 328 | 0.42 | 19.2% |
| Ares Core Infrastructure Fund | 2025-12-31 | 2.17 | 9 | 0.00 | — |
| Nuveen Churchill Private Capital Income Fund | 2025-12-31 | 2.16 | 609 | 0.12 | 5.6% |
| New Mountain Private Credit Fund | 2025-12-31 | 2.08 | 384 | 0.28 | 13.4% |
| ONEX DIRECT LENDING BDC FUND | 2024-12-31 | 2.07 | 108 | 0.00 | — |
| FS SPECIALTY LENDING FUND | 2024-12-31 | 2.03 | 143 | 0.00 | — |
| AMG COMVEST SENIOR LENDING FUND | 2024-12-31 | 2.02 | 133 | 0.00 | — |
| CHICAGO ATLANTIC BDC, INC. | 2024-12-31 | 2.00 | 62 | 0.00 | — |
| New Mountain Guardian IV BDC, L.L.C. | 2025-12-31 | 1.99 | 427 | 0.07 | 3.5% |
| Nuveen Churchill Direct Lending Corp. | 2025-12-31 | 1.96 | 528 | 0.16 | 8.4% |
| PORTMAN RIDGE FINANCE CORP | 2024-12-31 | 1.85 | 204 | 0.00 | — |
| AGL PRIVATE CREDIT INCOME FUND | 2024-12-31 | 1.82 | 60 | 0.00 | — |
| AUDAX CREDIT BDC INC. | 2024-12-31 | 1.64 | 551 | 0.00 | — |
| Blue Owl Capital Corp II | 2025-12-31 | 1.58 | 277 | 0.29 | 18.6% |
| GOLUB CAPITAL BDC 4, INC. | 2024-12-31 | 1.53 | 569 | 0.00 | — |
| NMF SLF I, Inc. | 2025-12-31 | 1.51 | 421 | 0.11 | 7.3% |
| STAR MOUNTAIN LOWER MIDDLE-MARKET CAPITAL CORP | 2024-12-31 | 1.51 | 232 | 0.00 | — |
| CRESCENT PRIVATE CREDIT INCOME CORP | 2024-12-31 | 1.45 | 247 | 0.00 | — |
| MSC INCOME FUND, INC. | 2025-12-31 | 1.41 | 504 | 0.16 | 11.5% |
| KKR FS INCOME TRUST | 2024-12-31 | 1.35 | 291 | 0.00 | — |
| PROSPECT CAPITAL CORP | 2025-06-30 | 1.28 | 31 | 0.06 | 4.6% |
| SENIOR CREDIT INVESTMENTS, LLC | 2024-12-31 | 1.27 | 222 | 0.00 | — |
| BLACKROCK DIRECT LENDING CORP. | 2024-12-31 | 1.18 | 279 | 0.00 | — |
| GREAT ELM CAPITAL CORP. | 2024-12-31 | 1.15 | 125 | 0.00 | — |
| Barings Capital Investment Corp | 2025-12-31 | 1.14 | 530 | 0.11 | 9.7% |
| GLADSTONE INVESTMENT CORPORATIONDE | 2024-12-31 | 1.07 | 67 | 0.00 | — |
| SCP PRIVATE CREDIT INCOME BDC LLC | 2024-12-31 | 1.03 | 45 | 0.00 | — |
| Willow Tree Capital Corp | 2025-12-31 | 0.88 | 171 | 0.05 | 5.3% |
| FRANKLIN BSP REAL ESTATE DEBT BDC | 2024-12-31 | 0.83 | 39 | 0.00 | — |
| AB PRIVATE LENDING FUND | 2024-12-31 | 0.82 | 251 | 0.00 | — |
| GLADSTONE CAPITAL CORP | 2024-12-31 | 0.80 | 121 | 0.00 | — |
| LOGAN RIDGE FINANCE CORP. | 2024-12-31 | 0.79 | 137 | 0.00 | — |
| Lafayette Square USA, Inc. | 2025-12-31 | 0.79 | 111 | 0.00 | 0.2% |
| TriplePoint Venture Growth BDC Corp. | 2025-12-31 | 0.78 | 302 | 0.20 | 25.4% |
| KKR ENHANCED US DIRECT LENDING FUND-L INC. | 2024-12-31 | 0.76 | 202 | 0.00 | — |
| BAIN CAPITAL PRIVATE CREDIT | 2024-12-31 | 0.73 | 194 | 0.00 | — |
| 26North BDC, Inc. | 2025-12-31 | 0.70 | 69 | 0.06 | 8.7% |
| Stone Point Credit Income Fund | 2025-12-31 | 0.60 | 213 | 0.03 | 4.5% |
| GOLUB CAPITAL BDC, Inc. | 2025-09-30 | 0.55 | 270 | 0.28 | 49.9% |
| KKR FS INCOME TRUST SELECT | 2024-12-31 | 0.53 | 191 | 0.00 | — |
| WEST BAY BDC LLC | 2024-12-31 | 0.52 | 16 | 0.00 | — |
| VISTA CREDIT STRATEGIC LENDING CORP. | 2024-12-31 | 0.51 | 35 | 0.00 | — |
| New Mountain Guardian IV Income Fund, L.L.C. | 2025-12-31 | 0.48 | 344 | 0.02 | 3.2% |
| OFS Capital Corp | 2025-12-31 | 0.43 | 114 | 0.06 | 12.7% |
| OHA Senior Private Lending Fund (U) LLC | 2025-12-31 | 0.42 | 231 | 0.04 | 10.3% |
| WTI Fund X, Inc. | 2025-12-31 | 0.40 | 169 | 0.00 | — |
| BC PARTNERS LENDING CORP | 2024-12-31 | 0.39 | 103 | 0.00 | — |
| REDWOOD ENHANCED INCOME CORP. | 2024-12-31 | 0.39 | 64 | 0.00 | — |
| Manulife Private Credit Fund | 2025-12-31 | 0.39 | 246 | 0.00 | 0.5% |
| CION Investment Corp | 2025-12-31 | 0.35 | 72 | 0.00 | — |
| GOLUB CAPITAL DIRECT LENDING UNLEVERED CORP | 2024-12-31 | 0.33 | 473 | 0.00 | — |
| MONROE CAPITAL Corp | 2025-12-31 | 0.33 | 276 | 0.11 | 33.6% |
| Oaktree Specialty Lending Corp | 2025-09-30 | 0.32 | 58 | 0.00 | — |
| STELLUS PRIVATE CREDIT BDC | 2024-12-31 | 0.30 | 242 | 0.00 | — |
| NORTH HAVEN PRIVATE INCOME FUND A LLC | 2024-12-31 | 0.27 | 418 | 0.00 | — |
| LGAM PRIVATE CREDIT LLC | 2024-12-31 | 0.25 | 331 | 0.00 | — |
| TriplePoint Private Venture Credit Inc. | 2025-12-31 | 0.24 | 369 | 0.02 | 8.9% |
| MidCap Financial Investment Corp | 2025-12-31 | 0.22 | 10 | 0.00 | — |
| PGIM PRIVATE CREDIT FUND | 2024-12-31 | 0.21 | 122 | 0.00 | — |
| CAPITAL SOUTHWEST CORP | 2025-03-31 | 0.18 | 196 | 0.00 | 0.9% |
| PIMCO Capital Solutions BDC Corp. | 2025-12-31 | 0.18 | 73 | 0.02 | 12.4% |
| Stellus Capital Investment Corp | 2025-12-31 | 0.16 | 54 | 0.00 | — |
| Golub Capital Private Credit Fund | 2025-09-30 | 0.12 | 49 | 0.07 | 55.6% |
| ANDALUSIAN CREDIT COMPANY, LLC | 2024-12-31 | 0.09 | 21 | 0.00 | — |
| SLR HC BDC LLC | 2025-12-31 | 0.09 | 35 | 0.00 | — |
| Venture Lending & Leasing IX, Inc. | 2025-12-31 | 0.08 | 74 | 0.00 | — |
| NexPoint Capital, Inc. | 2025-12-31 | 0.07 | 26 | 0.00 | — |
| Prospect Floating Rate & Alternative Income Fund, Inc. | 2025-06-30 | 0.07 | 4 | 0.00 | — |
| BlackRock TCP Capital Corp. | 2025-12-31 | 0.05 | 11 | 0.00 | — |
| WTI Fund XI, Inc. | 2025-12-31 | 0.05 | 64 | 0.00 | — |
| SLR Private Credit BDC II LLC | 2025-12-31 | 0.05 | 35 | 0.00 | — |
| Oaktree Strategic Credit Fund | 2025-09-30 | 0.03 | 17 | 0.00 | — |
| Hancock Park Corporate Income, Inc. | 2025-12-31 | 0.03 | 55 | 0.00 | 12.9% |
| 5C LENDING PARTNERS CORP. | 2024-12-31 | 0.03 | 3 | 0.00 | — |
| Hercules Capital, Inc. | 2025-12-31 | 0.03 | 1 | 0.03 | 100.0% |
| GOLUB CAPITAL DIRECT LENDING CORP | 2025-09-30 | 0.02 | 117 | 0.01 | 48.3% |
| Brightwood Capital Corp I | 2025-12-31 | 0.01 | 9 | 0.00 | — |
| Investcorp Credit Management BDC, Inc. | 2025-12-31 | 0.01 | 2 | 0.00 | — |
| Oaktree Gardens OLP, LLC | 2025-09-30 | 0.01 | 1 | 0.00 | — |
| WhiteHorse Finance, Inc. | 2025-12-31 | 0.00 | 2 | 0.00 | — |