Private Credit Marks

What direct lenders carry their loans at, fund by fund, as of 2026-06-30

Funds
133
Positions
45,558
Carried at
$384.9bn
Aggregate mark
98.77%
Spread p5top95
13.3pp

What this page is about, in plain terms. The companies here lend directly to mid-sized private businesses that do not issue public bonds. They are obliged to publish every loan they hold each quarter, showing both what they paid for it and what they now believe it is worth. When that second number falls, the lender is telling you it expects to be repaid less than it thought. A loan is put on non-accrual when the borrower has stopped paying and the lender stops booking the interest, so it is a fact rather than a judgement. And losses fall in a fixed order: equity holders lose first, then junior or second lien debt, then senior or first lien. Which layer is being written down therefore tells you how bad the lender thinks the problem is.

Direct lenders have marked their loans down for four quarters running, and borrowers have started to stop paying. On a constant panel of 22 funds reporting in every quarter, the mark fell from 100.09% of cost to 98.63% while the share of the book on non-accrual rose from 1.29% to 1.62%. A mark is a judgement. Non-accrual is not: it records that a borrower has stopped paying.

Marks and non-accruals, like for like#

2025-062025-092025-122026-03mark 100.09%98.63%on non-accrual 1.29%1.62%n = 4 quarters, same funds throughout; listed BDCs only, roughly a fifth of private credit
QuarterCost $bnFair value $bnMarkOn non-accrual
2025-06-30 90.7 90.8 100.09% 1.29%
2025-09-30 95.2 94.9 99.77% 1.33%
2025-12-31 99.7 99.4 99.78% 1.32%
2026-03-31 100.9 99.6 98.63% 1.62%

The same 22 funds in every quarter. Fund coverage swings quarter to quarter as filings land, so an aggregate over whoever filed would track the sample rather than the marks.

Where in the capital structure#

Second lien-6.74Preferred-3.34First lien-1.61Senior, unspecified-1.12Subordinated-0.34Equity+5.63change in mark, percentage points
RankFundsCost $bn 2025-062025-092025-122026-032026-06 Change
First lien 31 136.3 99.83%99.78%99.56%98.34%98.22% -1.61
Subordinated 18 7.5 98.00%97.63%97.70%97.55%97.66% -0.34
Preferred 29 6.8 103.09%104.43%104.39%101.31%99.75% -3.34
Senior, unspecified 13 5.6 100.30%99.66%99.40%98.85%99.18% -1.12
Second lien 24 4.0 93.64%93.70%94.22%88.92%86.90% -6.74
Equity 35 4.0 110.27%114.50%114.94%113.47%115.90% +5.63

A markdown confined to equity and junior debt is an ordinary repricing of the risky end. One that reaches first lien, which is most of the book, is not.

What this does not settle. Almost all of the move lands in a single quarter, and annual audits complete around year-end, so first-quarter filings often carry freshly reviewed valuations. A credit cycle turning and an audit cycle landing look identical in this data. Only another quarter separates them.

Fund by fund#

The aggregate mark is a shade under par and reads as reassuring. The aggregate is not where the information is. Below, every fund in the panel is one circle: portfolio size along the bottom, on a scale where each step is ten times the last, and the mark it carries up the side.

90c95c100cpar$100m$1bn$10bnportfolio fair value, log scaleBlue Owl Credit Income Corp.: $35.53bn at 98.6cARES CAPITAL CORP (ARCC): $29.35bn at 98.9cApollo Debt Solutions BDC: $25.37bn at 99.0cARES STRATEGIC INCOME FUND: $21.84bn at 99.3cGoldman Sachs Private Credit Corp.: $18.19bn at 98.9cBlue Owl Capital Corp (OBDC): $15.35bn at 99.8cBlue Owl Technology Finance Corp. (OTF): $14.70bn at 97.9cBlackstone Secured Lending Fund (BXSL): $13.63bn at 96.5cGolub Capital Private Credit Fund: $9.84bn at 98.8cSixth Street Lending Partners: $8.71bn at 101.1cGOLUB CAPITAL BDC, Inc. (GBDC): $8.08bn at 97.9cOaktree Strategic Credit Fund: $7.02bn at 98.7cMSD Investment Corp.: $6.82bn at 99.4cNorth Haven Private Income Fund LLC: $6.66bn at 99.2cPROSPECT CAPITAL CORP (PSEC, PSEC-PA): $6.30bn at 101.8cMonroe Capital Income Plus Corp: $5.96bn at 98.5cMain Street Capital CORP (MAIN): $5.75bn at 115.5cBarings Private Credit Corp: $5.41bn at 98.4cBlue Owl Technology Income Corp.: $5.22bn at 96.9cAntares Strategic Credit Fund: $4.49bn at 99.0cTPG Twin Brook Capital Income Fund: $4.48bn at 100.0cMorgan Stanley Direct Lending Fund (MSDL): $3.77bn at 98.2cStepstone Private Credit Fund LLC: $3.30bn at 99.8cGoldman Sachs BDC, Inc. (GSBD): $3.20bn at 93.7cT. Rowe Price OHA Select Private Credit Fund: $2.98bn at 98.2cStone Point Credit Corp: $2.94bn at 99.3cDiameter Credit Co: $2.78bn at 100.0cMidCap Financial Investment Corp (MFIC, MFICL): $2.77bn at 91.2cOaktree Specialty Lending Corp (OCSL): $2.74bn at 91.5cTrinity Capital Inc. (TRIN, TRINI, TRINZ): $2.72bn at 101.6cGolub Capital BDC 4, Inc.: $2.66bn at 99.7cCarlyle Credit Solutions, Inc.: $2.60bn at 98.1cBlackRock Private Credit Fund: $2.51bn at 98.4cBarings BDC, Inc. (BBDC): $2.46bn at 98.3cNuveen Churchill Private Capital Income Fund: $2.42bn at 99.0cBain Capital Specialty Finance, Inc. (BCSF): $2.36bn at 100.1cNew Mountain Finance Corp (NMFC, NMFCZ): $2.29bn at 92.5cKayne Anderson BDC, Inc. (KBDC): $2.25bn at 99.5cHPS Corporate Capital Solutions Fund: $2.21bn at 101.1cCAPITAL SOUTHWEST CORP (CSWC): $2.20bn at 98.6cT Series BDC LLC: $2.15bn at 97.4cAPS BDC, LLC: $2.07bn at 98.5cNew Mountain Guardian IV BDC, L.L.C.: $2.02bn at 98.8cNew Mountain Private Credit Fund: $1.98bn at 96.5cBlackstone Private Real Estate Credit & Income Fund: $1.96bn at 100.5cNuveen Churchill Direct Lending Corp. (NCDL): $1.92bn at 97.3cAB Private Credit Investors Corp: $1.90bn at 98.2cVISTA CREDIT STRATEGIC LENDING CORP.: $1.86bn at 98.8cCION Investment Corp (CICB, CICC, CION): $1.85bn at 97.1cBain Capital Private Credit: $1.81bn at 100.1cJefferies Credit Partners BDC Inc.: $1.78bn at 99.8cAres Core Infrastructure Fund: $1.74bn at 104.6cAntares Private Credit Fund: $1.73bn at 98.9cFidelity Private Credit Co LLC: $1.64bn at 97.5cCrescent Capital BDC, Inc. (CCAP): $1.57bn at 96.5cApollo Origination II (Levered) Capital Trust: $1.49bn at 100.3cGoldman Sachs Private Middle Market Credit II LLC: $1.47bn at 95.3cNMF SLF I, Inc.: $1.45bn at 97.4cMSC INCOME FUND, INC. (MSIF): $1.39bn at 106.2cBarings Capital Investment Corp: $1.35bn at 98.9cTCW Direct Lending VIII LLC: $1.31bn at 98.7cBlackRock TCP Capital Corp. (TCPC): $1.29bn at 89.9cAGL Private Credit Income Fund: $1.28bn at 100.0cGLADSTONE INVESTMENT CORPORATION\DE (GAIN, GAING, GAINI, GAINN, GAINZ): $1.28bn at 122.7cRunway Growth Finance Corp. (RWAY, RWAYI, RWAYL): $1.17bn at 97.6cSilver Point Specialty Lending Fund: $1.15bn at 95.3cPalmer Square Capital BDC Inc. (PSBD): $1.11bn at 89.6cKennedy Lewis Capital Co: $1.10bn at 99.6cAudax Private Credit Fund, LLC: $1.01bn at 99.2cLafayette Square USA, Inc.: $0.98bn at 98.8cStellus Capital Investment Corp (SCM): $0.97bn at 99.1cGLADSTONE CAPITAL CORP (GLAD): $0.95bn at 98.4cMidCap Apollo Institutional Private Lending: $0.93bn at 96.7cOaktree Gardens OLP, LLC: $0.93bn at 99.5cPhillip Street BDC LLC: $0.93bn at 99.4cWillow Tree Capital Corp: $0.90bn at 100.7cJohn Hancock Comvest Private Income Fund: $0.89bn at 99.6cCrescent Private Credit Income Corp: $0.88bn at 100.2cGOLUB CAPITAL DIRECT LENDING CORP: $0.85bn at 99.4cBrightwood Capital Corp I: $0.83bn at 98.1cVaragon Capital Corp: $0.83bn at 96.1cTriplePoint Venture Growth BDC Corp. (TPVG): $0.78bn at 94.0cStone Point Credit Income Fund: $0.72bn at 99.5c5C Lending Partners Corp.: $0.71bn at 97.9cCCS IX Portfolio Holdings, LLC: $0.71bn at 100.3cBlue Owl Capital Corp II: $0.69bn at 93.5cSilver Point Private Credit Fund: $0.67bn at 99.2cTCW Direct Lending VII LLC: $0.66bn at 79.4cSL Investment Fund II LLC: $0.65bn at 99.5cCommonwealth Credit Partners BDC I, Inc.: $0.62bn at 96.4cNorth Haven Private Income Fund A LLC: $0.60bn at 98.9cSenior Credit Investments, LLC: $0.59bn at 99.7cFirst Eagle Private Credit Fund: $0.54bn at 99.6cCrestline Lending Solutions, LLC: $0.52bn at 98.7cLGAM Private Credit LLC: $0.51bn at 99.1cNew Mountain Guardian IV Income Fund, L.L.C.: $0.49bn at 98.1cWest Bay BDC LLC: $0.48bn at 99.3cBCP Investment Corp (BCIC): $0.45bn at 89.3cOHA Senior Private Lending Fund (U) LLC: $0.42bn at 99.2cStellus Private Credit BDC: $0.41bn at 100.8cAudax Credit BDC Inc.: $0.40bn at 95.5cGolub Capital Direct Lending Unlevered Corp: $0.40bn at 99.6cPGIM Private Credit Fund (PGIM): $0.40bn at 100.8cAndalusian Credit Company, LLC: $0.39bn at 99.9cAB Private Lending Fund: $0.37bn at 99.1cChicago Atlantic BDC, Inc. (LIEN): $0.36bn at 99.9cFortress Private Lending Fund: $0.34bn at 100.2cSilver Capital Holdings LLC: $0.33bn at 101.1cWTI Fund X, Inc.: $0.33bn at 90.5cOFS Capital Corp (OFS, OFSSH, OFSSO): $0.30bn at 107.9cOnex Direct Lending BDC Fund: $0.29bn at 90.6cGreat Elm Capital Corp. (GECC, GECCG, GECCH, GECCI, GECCO): $0.27bn at 85.9cGolub Capital Private Income Fund I: $0.26bn at 100.0cTCW Direct Lending LLC: $0.25bn at 96.7cLAGO Evergreen Credit: $0.24bn at 99.7cPennantPark Private Income Fund: $0.23bn at 99.8cMonroe Capital Enhanced Corporate Lending Fund: $0.22bn at 101.2cSound Point Direct Lending BDC: $0.22bn at 99.8cBC Partners Lending Corp: $0.20bn at 93.8cBlackRock Direct Lending Corp.: $0.19bn at 92.4cGolub Capital Private Income Fund S: $0.18bn at 100.0cAntares Strategic Credit Fund II LLC: $0.16bn at 99.1cBIP Ventures Evergreen BDC: $0.16bn at 128.6cInvestcorp Credit Management BDC, Inc. (ICMB): $0.15bn at 85.0cEagle Point Trinity Senior Secured Lending Co: $0.13bn at 101.5cWTI Fund XI, Inc.: $0.07bn at 100.0cProspect Floating Rate & Alternative Income Fund, Inc.: $0.06bn at 90.3cVenture Lending & Leasing IX, Inc.: $0.06bn at 61.0cRAND CAPITAL CORP (RAND): $0.05bn at 88.3cSLR Private Credit BDC II LLC: $0.05bn at 100.9cInvestcorp US Private Credit BDC II: $0.04bn at 95.2cHancock Park Corporate Income, Inc.: $0.02bn at 68.5c

The shape is the finding. Below about a billion dollars the marks fan out from the mid-80s to well above par. Above it they converge on 97 to 99. Two different things cause that and only one of them is comfort. A small portfolio is a concentrated one, so a single failed borrower moves its average in a way it cannot at a fund holding several hundred loans. But the funds sitting above par are mostly not lenders being cheerful: they hold equity stakes alongside their loans, and equity is what has been marked up.

Sizing the same funds by portfolio rather than plotting them shows the other half of it. Each tile below is one fund, its area is its share of the 385 billion dollars covered here, and its colour is the mark.

below 95c95 to 98c98c to parat or above parBlue Owl Credit Income Corp.: $35.53bn at 98.6cBlue Owl Cre.$35.5bn 99cARES CAPITAL CORP (ARCC): $29.35bn at 98.9cAres Capital.$29.4bn 99cApollo Debt Solutions BDC: $25.37bn at 99.0cApollo Debt.$25.4bn 99cARES STRATEGIC INCOME FUND: $21.84bn at 99.3cAres Strateg.$21.8bn 99cGoldman Sachs Private Credit Corp.: $18.19bn at 98.9cGoldman Sach.$18.2bn 99cBlue Owl Capital Corp (OBDC): $15.35bn at 99.8cBlue Owl Technology Finance Corp. (OTF): $14.70bn at 97.9cBlackstone Secured Lending Fund (BXSL): $13.63bn at 96.5cGolub Capital Private Credit Fund: $9.84bn at 98.8cSixth Street Lending Partners: $8.71bn at 101.1cGOLUB CAPITAL BDC, Inc. (GBDC): $8.08bn at 97.9cOaktree Strategic Credit Fund: $7.02bn at 98.7cMSD Investment Corp.: $6.82bn at 99.4cNorth Haven Private Income Fund LLC: $6.66bn at 99.2cPROSPECT CAPITAL CORP (PSEC, PSEC-PA): $6.30bn at 101.8cMonroe Capital Income Plus Corp: $5.96bn at 98.5cMain Street Capital CORP (MAIN): $5.75bn at 115.5cBarings Private Credit Corp: $5.41bn at 98.4cBlue Owl Technology Income Corp.: $5.22bn at 96.9cAntares Strategic Credit Fund: $4.49bn at 99.0cTPG Twin Brook Capital Income Fund: $4.48bn at 100.0cMorgan Stanley Direct Lending Fund (MSDL): $3.77bn at 98.2cStepstone Private Credit Fund LLC: $3.30bn at 99.8cGoldman Sachs BDC, Inc. (GSBD): $3.20bn at 93.7cT. Rowe Price OHA Select Private Credit Fund: $2.98bn at 98.2cStone Point Credit Corp: $2.94bn at 99.3cDiameter Credit Co: $2.78bn at 100.0cMidCap Financial Investment Corp (MFIC, MFICL): $2.77bn at 91.2cOaktree Specialty Lending Corp (OCSL): $2.74bn at 91.5cTrinity Capital Inc. (TRIN, TRINI, TRINZ): $2.72bn at 101.6cGolub Capital BDC 4, Inc.: $2.66bn at 99.7cCarlyle Credit Solutions, Inc.: $2.60bn at 98.1cBlackRock Private Credit Fund: $2.51bn at 98.4cBarings BDC, Inc. (BBDC): $2.46bn at 98.3cNuveen Churchill Private Capital Income Fund: $2.42bn at 99.0cBain Capital Specialty Finance, Inc. (BCSF): $2.36bn at 100.1cNew Mountain Finance Corp (NMFC, NMFCZ): $2.29bn at 92.5cKayne Anderson BDC, Inc. (KBDC): $2.25bn at 99.5cHPS Corporate Capital Solutions Fund: $2.21bn at 101.1cCAPITAL SOUTHWEST CORP (CSWC): $2.20bn at 98.6cT Series BDC LLC: $2.15bn at 97.4cAPS BDC, LLC: $2.07bn at 98.5cNew Mountain Guardian IV BDC, L.L.C.: $2.02bn at 98.8cNew Mountain Private Credit Fund: $1.98bn at 96.5cBlackstone Private Real Estate Credit & Income Fund: $1.96bn at 100.5cNuveen Churchill Direct Lending Corp. (NCDL): $1.92bn at 97.3cAB Private Credit Investors Corp: $1.90bn at 98.2cVISTA CREDIT STRATEGIC LENDING CORP.: $1.86bn at 98.8cCION Investment Corp (CICB, CICC, CION): $1.85bn at 97.1cBain Capital Private Credit: $1.81bn at 100.1cJefferies Credit Partners BDC Inc.: $1.78bn at 99.8cAres Core Infrastructure Fund: $1.74bn at 104.6cAntares Private Credit Fund: $1.73bn at 98.9cFidelity Private Credit Co LLC: $1.64bn at 97.5cCrescent Capital BDC, Inc. (CCAP): $1.57bn at 96.5cApollo Origination II (Levered) Capital Trust: $1.49bn at 100.3cGoldman Sachs Private Middle Market Credit II LLC: $1.47bn at 95.3cNMF SLF I, Inc.: $1.45bn at 97.4cMSC INCOME FUND, INC. (MSIF): $1.39bn at 106.2cBarings Capital Investment Corp: $1.35bn at 98.9cTCW Direct Lending VIII LLC: $1.31bn at 98.7cBlackRock TCP Capital Corp. (TCPC): $1.29bn at 89.9cAGL Private Credit Income Fund: $1.28bn at 100.0cGLADSTONE INVESTMENT CORPORATION\DE (GAIN, GAING, GAINI, GAINN, GAINZ): $1.28bn at 122.7cRunway Growth Finance Corp. (RWAY, RWAYI, RWAYL): $1.17bn at 97.6cSilver Point Specialty Lending Fund: $1.15bn at 95.3cPalmer Square Capital BDC Inc. (PSBD): $1.11bn at 89.6cKennedy Lewis Capital Co: $1.10bn at 99.6cAudax Private Credit Fund, LLC: $1.01bn at 99.2cLafayette Square USA, Inc.: $0.98bn at 98.8cStellus Capital Investment Corp (SCM): $0.97bn at 99.1cGLADSTONE CAPITAL CORP (GLAD): $0.95bn at 98.4cMidCap Apollo Institutional Private Lending: $0.93bn at 96.7cOaktree Gardens OLP, LLC: $0.93bn at 99.5cPhillip Street BDC LLC: $0.93bn at 99.4cWillow Tree Capital Corp: $0.90bn at 100.7cJohn Hancock Comvest Private Income Fund: $0.89bn at 99.6cCrescent Private Credit Income Corp: $0.88bn at 100.2cGOLUB CAPITAL DIRECT LENDING CORP: $0.85bn at 99.4cBrightwood Capital Corp I: $0.83bn at 98.1cVaragon Capital Corp: $0.83bn at 96.1cTriplePoint Venture Growth BDC Corp. (TPVG): $0.78bn at 94.0cStone Point Credit Income Fund: $0.72bn at 99.5c5C Lending Partners Corp.: $0.71bn at 97.9cCCS IX Portfolio Holdings, LLC: $0.71bn at 100.3cBlue Owl Capital Corp II: $0.69bn at 93.5cSilver Point Private Credit Fund: $0.67bn at 99.2cTCW Direct Lending VII LLC: $0.66bn at 79.4cSL Investment Fund II LLC: $0.65bn at 99.5cCommonwealth Credit Partners BDC I, Inc.: $0.62bn at 96.4cNorth Haven Private Income Fund A LLC: $0.60bn at 98.9cSenior Credit Investments, LLC: $0.59bn at 99.7cFirst Eagle Private Credit Fund: $0.54bn at 99.6cCrestline Lending Solutions, LLC: $0.52bn at 98.7cLGAM Private Credit LLC: $0.51bn at 99.1cNew Mountain Guardian IV Income Fund, L.L.C.: $0.49bn at 98.1cWest Bay BDC LLC: $0.48bn at 99.3cBCP Investment Corp (BCIC): $0.45bn at 89.3cOHA Senior Private Lending Fund (U) LLC: $0.42bn at 99.2cStellus Private Credit BDC: $0.41bn at 100.8cAudax Credit BDC Inc.: $0.40bn at 95.5cGolub Capital Direct Lending Unlevered Corp: $0.40bn at 99.6cPGIM Private Credit Fund (PGIM): $0.40bn at 100.8cAndalusian Credit Company, LLC: $0.39bn at 99.9cAB Private Lending Fund: $0.37bn at 99.1cChicago Atlantic BDC, Inc. (LIEN): $0.36bn at 99.9cFortress Private Lending Fund: $0.34bn at 100.2cSilver Capital Holdings LLC: $0.33bn at 101.1cWTI Fund X, Inc.: $0.33bn at 90.5cOFS Capital Corp (OFS, OFSSH, OFSSO): $0.30bn at 107.9cOnex Direct Lending BDC Fund: $0.29bn at 90.6cGreat Elm Capital Corp. (GECC, GECCG, GECCH, GECCI, GECCO): $0.27bn at 85.9cGolub Capital Private Income Fund I: $0.26bn at 100.0cTCW Direct Lending LLC: $0.25bn at 96.7cLAGO Evergreen Credit: $0.24bn at 99.7cPennantPark Private Income Fund: $0.23bn at 99.8cMonroe Capital Enhanced Corporate Lending Fund: $0.22bn at 101.2cSound Point Direct Lending BDC: $0.22bn at 99.8cBC Partners Lending Corp: $0.20bn at 93.8cBlackRock Direct Lending Corp.: $0.19bn at 92.4cGolub Capital Private Income Fund S: $0.18bn at 100.0cAntares Strategic Credit Fund II LLC: $0.16bn at 99.1cBIP Ventures Evergreen BDC: $0.16bn at 128.6cInvestcorp Credit Management BDC, Inc. (ICMB): $0.15bn at 85.0cEagle Point Trinity Senior Secured Lending Co: $0.13bn at 101.5cWTI Fund XI, Inc.: $0.07bn at 100.0cProspect Floating Rate & Alternative Income Fund, Inc.: $0.06bn at 90.3cVenture Lending & Leasing IX, Inc.: $0.06bn at 61.0cRAND CAPITAL CORP (RAND): $0.05bn at 88.3cSLR Private Credit BDC II LLC: $0.05bn at 100.9cInvestcorp US Private Credit BDC II: $0.04bn at 95.2cHancock Park Corporate Income, Inc.: $0.02bn at 68.5c

The four largest portfolios are 29% of everything in this panel and they are marked within roughly a point of each other. That is why the headline number barely moves and why it is close to useless as a warning: the aggregate is effectively a report on four managers who agree with each other. The funds carrying real markdowns are the orange tiles, and they run from tiny up to a few billion dollars. Together they are under 5% of the area, which is why they cannot move the headline whatever happens inside them.

Each fund appears at its most recent filed quarter, which is not the same quarter for every fund. Only funds whose parsed positions reconcile to the totals the filer itself reports are included.

The table#

Fund Quarter Positions Cost $bn Fair value $bn Mark Paying in kind Below 90c Below 50c Tail markdown $bn
Blue Owl Credit Income Corp. 2026-03-31 526 36.0 35.5 98.6% 10.1% 12.2% 9 0.4
ARES CAPITAL CORP (ARCC) 2026-06-30 1,439 29.7 29.4 98.9% 19.4% 14.8% 66 1.1
Apollo Debt Solutions BDC 2026-06-30 791 25.6 25.4 99.0% 6.9% 7.7% 15 0.2
ARES STRATEGIC INCOME FUND 2026-06-30 1,280 22.0 21.8 99.3% 10.3% 14.1% 21 0.2
Goldman Sachs Private Credit Corp. 2026-06-30 783 18.4 18.2 98.9% 9.4% 4.4% 6 0.1
Blue Owl Capital Corp (OBDC) 2026-03-31 348 15.4 15.3 99.8% 12.7% 12.9% 16 0.5
Blue Owl Technology Finance Corp. (OTF) 2026-06-30 305 15.0 14.7 97.9% 19.0% 18.3% 17 0.6
Blackstone Secured Lending Fund (BXSL) 2026-06-30 703 14.1 13.6 96.5% 13.3% 12.4% 17 0.4
Golub Capital Private Credit Fund 2026-03-31 1,029 10.0 9.8 98.8% 14.0% 4.3% 9 0.0
Sixth Street Lending Partners 2026-06-30 124 8.6 8.7 101.1% 17.8% 18.5% 2 0.1
GOLUB CAPITAL BDC, Inc. (GBDC) 2026-06-30 1,796 8.3 8.1 97.9% 22.4% 10.0% 55 0.1
Oaktree Strategic Credit Fund 2026-03-31 367 7.1 7.0 98.7% 3.5% 6.7% 8 0.0
MSD Investment Corp. 2026-03-31 216 6.9 6.8 99.4% 7.3% 6.0% 2 0.0
North Haven Private Income Fund LLC 2025-09-30 673 6.7 6.7 99.2% 10.8% 8.2% 14 0.1
PROSPECT CAPITAL CORP (PSEC, PSEC-PA) 2026-03-31 203 6.2 6.3 101.8% 40.3% 31.2% 34 1.0
Monroe Capital Income Plus Corp 2026-06-30 934 6.0 6.0 98.5% 8.9% 13.2% 67 0.2
Main Street Capital CORP (MAIN) 2026-06-30 619 5.0 5.8 115.5% 8.1% 19.8% 80 0.3
Barings Private Credit Corp 2026-06-30 874 5.5 5.4 98.4% 8.3% 10.0% 35 0.1
Blue Owl Technology Income Corp. 2026-03-31 238 5.4 5.2 96.9% 12.6% 14.2% 5 0.1
Antares Strategic Credit Fund 2026-03-31 1,017 4.5 4.5 99.0% 2.7% 6.1% 5 0.0
TPG Twin Brook Capital Income Fund 2026-03-31 789 4.5 4.5 100.0% 3.4% 7.2% 27 0.0
Morgan Stanley Direct Lending Fund (MSDL) 2025-12-31 609 3.8 3.8 98.2% 11.9% 8.7% 19 0.1
Stepstone Private Credit Fund LLC 2026-03-31 1,310 3.3 3.3 99.8% 1.9% 1.2% 5 0.0
Goldman Sachs BDC, Inc. (GSBD) 2026-06-30 547 3.4 3.2 93.7% 14.4% 10.5% 19 0.2
T. Rowe Price OHA Select Private Credit Fund 2026-03-31 384 3.0 3.0 98.2% 13.7% 6.2% 3 0.0
Stone Point Credit Corp 2026-03-31 338 3.0 2.9 99.3% 5.8% 5.3% 3 0.0
Diameter Credit Co 2026-06-30 172 2.8 2.8 100.0% 8.8% 4.7% 1 0.0
MidCap Financial Investment Corp (MFIC, MFICL) 2026-06-30 554 3.0 2.8 91.2% 5.8% 16.4% 28 0.2
Oaktree Specialty Lending Corp (OCSL) 2026-06-30 366 3.0 2.7 91.5% 13.3% 16.6% 38 0.2
Trinity Capital Inc. (TRIN, TRINI, TRINZ) 2026-06-30 461 2.7 2.7 101.6% 6.5% 26.2% 77 0.0
Golub Capital BDC 4, Inc. 2026-06-30 921 2.7 2.7 99.7% 16.3% 4.4% 4 0.0
Carlyle Credit Solutions, Inc. 2026-03-31 278 2.6 2.6 98.1% 18.2% 9.7% 8 0.0
BlackRock Private Credit Fund 2026-06-30 480 2.6 2.5 98.4% 3.9% 8.3% 7 0.0
Barings BDC, Inc. (BBDC) 2026-06-30 700 2.5 2.5 98.3% 13.3% 14.1% 43 0.1
Nuveen Churchill Private Capital Income Fund 2026-03-31 660 2.4 2.4 99.0% 6.2% 6.3% 13 0.0
Bain Capital Specialty Finance, Inc. (BCSF) 2026-06-30 489 2.4 2.4 100.1% 15.5% 13.7% 16 0.1
New Mountain Finance Corp (NMFC, NMFCZ) 2026-06-30 358 2.5 2.3 92.5% 17.7% 13.7% 18 0.2
Kayne Anderson BDC, Inc. (KBDC) 2026-06-30 335 2.3 2.2 99.5% 6.8% 9.6% 16 0.0
HPS Corporate Capital Solutions Fund 2026-03-31 322 2.2 2.2 101.1% 13.5% 6.6% 4 0.0
CAPITAL SOUTHWEST CORP (CSWC) 2026-06-30 455 2.2 2.2 98.6% 11.1% 16.8% 48 0.1
T Series BDC LLC 2026-03-31 538 2.2 2.1 97.4% 10.4% 8.3% 10 0.0
APS BDC, LLC 2026-06-30 139 2.1 2.1 98.5% 9.1% 4.6% 2 0.0
New Mountain Guardian IV BDC, L.L.C. 2026-03-31 431 2.0 2.0 98.8% 4.7% 3.3% 2 0.0
New Mountain Private Credit Fund 2026-03-31 367 2.1 2.0 96.5% 13.2% 9.5% 4 0.0
Blackstone Private Real Estate Credit & Income Fund 2026-03-31 107 1.9 2.0 100.5% 0.0% 0.9% 0 0.0
Nuveen Churchill Direct Lending Corp. (NCDL) 2026-06-30 569 2.0 1.9 97.3% 8.9% 13.5% 26 0.0
AB Private Credit Investors Corp 2026-03-31 586 1.9 1.9 98.2% 8.7% 11.9% 31 0.0
VISTA CREDIT STRATEGIC LENDING CORP. 2026-06-30 73 1.9 1.9 98.8% 2.7% 9.6% 0 0.0
CION Investment Corp (CICB, CICC, CION) 2025-06-30 256 1.9 1.9 97.1% 0.0% 31.1% 30 0.3
Bain Capital Private Credit 2026-03-31 336 1.8 1.8 100.1% 10.0% 3.0% 0 0.0
Jefferies Credit Partners BDC Inc. 2026-03-31 316 1.8 1.8 99.8% 8.1% 1.0% 2 0.0
Ares Core Infrastructure Fund 2025-09-30 47 1.7 1.7 104.6% 12.3% 1.5% 0 0.0
Antares Private Credit Fund 2026-03-31 897 1.8 1.7 98.9% 2.1% 4.1% 1 0.0
Fidelity Private Credit Co LLC 2026-03-31 340 1.7 1.6 97.5% 8.7% 9.7% 10 0.1
Crescent Capital BDC, Inc. (CCAP) 2026-06-30 570 1.6 1.6 96.5% 9.4% 12.7% 25 0.1
Apollo Origination II (Levered) Capital Trust 2025-12-31 128 1.5 1.5 100.3% 10.7% 4.5% 2 0.0
Goldman Sachs Private Middle Market Credit II LLC 2026-03-31 162 1.5 1.5 95.3% 25.0% 19.8% 4 0.0
NMF SLF I, Inc. 2026-03-31 404 1.5 1.4 97.4% 7.2% 19.5% 43 0.0
MSC INCOME FUND, INC. (MSIF) 2026-06-30 463 1.3 1.4 106.2% 13.7% 18.0% 46 0.1
Barings Capital Investment Corp 2026-06-30 652 1.4 1.4 98.9% 15.2% 12.1% 33 0.1
TCW Direct Lending VIII LLC 2026-03-31 60 1.3 1.3 98.7% 11.3% 6.7% 1 0.1
BlackRock TCP Capital Corp. (TCPC) 2026-06-30 319 1.4 1.3 89.9% 19.9% 21.6% 38 0.2
AGL Private Credit Income Fund 2026-06-30 115 1.3 1.3 100.0% 5.4% 0.9% 0 0.0
GLADSTONE INVESTMENT CORPORATION\DE (GAIN, GAING, GAINI, GAINN, GAINZ) 2026-06-30 65 1.0 1.3 122.7% 0.0% 27.4% 12 0.2
Runway Growth Finance Corp. (RWAY, RWAYI, RWAYL) 2026-06-30 121 1.2 1.2 97.6% 16.6% 30.6% 17 0.0
Silver Point Specialty Lending Fund 2026-06-30 199 1.2 1.1 95.3% 13.1% 14.5% 11 0.1
Palmer Square Capital BDC Inc. (PSBD) 2026-06-30 282 1.2 1.1 89.6% 4.4% 29.5% 33 0.1
Kennedy Lewis Capital Co 2026-03-31 65 1.1 1.1 99.6% 15.2% 13.8% 4 0.0
Audax Private Credit Fund, LLC 2026-03-31 333 1.0 1.0 99.2% 2.3% 7.9% 10 0.0
Lafayette Square USA, Inc. 2026-06-30 132 1.0 1.0 98.8% 0.2% 15.0% 0 0.0
Stellus Capital Investment Corp (SCM) 2025-03-31 309 1.0 1.0 99.1% 12.0% 16.4% 25 0.0
GLADSTONE CAPITAL CORP (GLAD) 2026-06-30 139 1.0 0.9 98.4% 16.1% 26.5% 20 0.1
MidCap Apollo Institutional Private Lending 2026-03-31 289 1.0 0.9 96.7% 4.2% 6.6% 4 0.0
Oaktree Gardens OLP, LLC 2026-03-31 73 0.9 0.9 99.5% 3.9% 1.4% 0 0.0
Phillip Street BDC LLC 2026-03-31 277 0.9 0.9 99.4% 6.8% 1.8% 1 0.0
Willow Tree Capital Corp 2026-03-31 169 0.9 0.9 100.7% 5.3% 1.9% 1 0.0
John Hancock Comvest Private Income Fund 2026-03-31 184 0.9 0.9 99.6% 2.7% 4.9% 2 0.0
Crescent Private Credit Income Corp 2026-03-31 352 0.9 0.9 100.2% 2.2% 2.0% 0 0.0
GOLUB CAPITAL DIRECT LENDING CORP 2026-03-31 1,133 0.9 0.8 99.4% 16.7% 6.9% 16 0.0
Brightwood Capital Corp I 2026-03-31 99 0.8 0.8 98.1% 6.5% 9.1% 5 0.0
Varagon Capital Corp 2026-03-31 467 0.9 0.8 96.1% 6.9% 18.2% 23 0.0
TriplePoint Venture Growth BDC Corp. (TPVG) 2026-06-30 311 0.8 0.8 94.0% 21.5% 37.9% 67 0.1
Stone Point Credit Income Fund 2026-03-31 223 0.7 0.7 99.5% 3.3% 1.4% 1 0.0
5C Lending Partners Corp. 2026-06-30 58 0.7 0.7 97.9% 11.8% 3.4% 0 0.0
CCS IX Portfolio Holdings, LLC 2026-03-31 37 0.7 0.7 100.3% 10.1% 5.4% 1 0.0
Blue Owl Capital Corp II 2026-06-30 230 0.7 0.7 93.5% 25.4% 15.3% 14 0.1
Silver Point Private Credit Fund 2026-06-30 94 0.7 0.7 99.2% 6.0% 4.3% 1 0.0
TCW Direct Lending VII LLC 2026-03-31 58 0.8 0.7 79.4% 12.3% 38.9% 15 0.2
SL Investment Fund II LLC 2026-03-31 219 0.7 0.7 99.5% 5.1% 4.7% 5 0.0
Commonwealth Credit Partners BDC I, Inc. 2026-03-31 121 0.7 0.6 96.4% 12.1% 14.0% 7 0.0
North Haven Private Income Fund A LLC 2026-06-30 424 0.6 0.6 98.9% 11.9% 3.9% 2 0.0
Senior Credit Investments, LLC 2026-03-31 313 0.6 0.6 99.7% 8.5% 1.0% 2 0.0
First Eagle Private Credit Fund 2026-03-31 167 0.5 0.5 99.6% 2.1% 7.2% 1 0.0
Crestline Lending Solutions, LLC 2026-03-31 93 0.5 0.5 98.7% 7.5% 2.2% 0 0.0
LGAM Private Credit LLC 2026-03-31 359 0.5 0.5 99.1% 6.8% 4.3% 6 0.0
New Mountain Guardian IV Income Fund, L.L.C. 2026-03-31 379 0.5 0.5 98.1% 4.2% 3.3% 1 0.0
West Bay BDC LLC 2026-03-31 121 0.5 0.5 99.3% 8.0% 0.8% 0 0.0
BCP Investment Corp (BCIC) 2026-06-30 157 0.5 0.5 89.3% 19.5% 28.0% 15 0.1
OHA Senior Private Lending Fund (U) LLC 2026-03-31 241 0.4 0.4 99.2% 8.8% 2.5% 0 0.0
Stellus Private Credit BDC 2026-03-31 326 0.4 0.4 100.8% 3.0% 11.7% 15 0.0
Audax Credit BDC Inc. 2026-03-31 456 0.4 0.4 95.5% 3.9% 12.6% 18 0.0
Golub Capital Direct Lending Unlevered Corp 2026-06-30 693 0.4 0.4 99.6% 15.9% 4.3% 2 0.0
PGIM Private Credit Fund (PGIM) 2026-03-31 151 0.4 0.4 100.8% 1.9% 0.0% 0 0.0
Andalusian Credit Company, LLC 2026-03-31 61 0.4 0.4 99.9% 0.0% 0.0% 0 0.0
AB Private Lending Fund 2026-03-31 380 0.4 0.4 99.1% 5.1% 2.7% 2 0.0
Chicago Atlantic BDC, Inc. (LIEN) 2026-03-31 53 0.4 0.4 99.9% 26.1% 7.5% 1 0.0
Fortress Private Lending Fund 2025-06-30 54 0.3 0.3 100.2% 0.0% 8.9% 3 0.0
Silver Capital Holdings LLC 2025-12-31 40 0.3 0.3 101.1% 27.2% 24.2% 1 0.0
WTI Fund X, Inc. 2026-03-31 160 0.4 0.3 90.5% 0.0% 17.5% 16 0.0
OFS Capital Corp (OFS, OFSSH, OFSSO) 2026-06-30 94 0.3 0.3 107.9% 16.8% 37.8% 16 0.1
Onex Direct Lending BDC Fund 2026-06-30 70 0.3 0.3 90.6% 12.5% 15.7% 1 0.0
Great Elm Capital Corp. (GECC, GECCG, GECCH, GECCI, GECCO) 2026-06-30 74 0.3 0.3 85.9% 13.1% 18.9% 7 0.1
Golub Capital Private Income Fund I 2025-12-31 140 0.3 0.3 100.0% 11.4% 6.9% 3 0.0
TCW Direct Lending LLC 2026-03-31 23 0.3 0.2 96.7% 11.7% 16.7% 1 0.1
LAGO Evergreen Credit 2026-06-30 87 0.2 0.2 99.7% 14.7% 9.2% 3 0.0
PennantPark Private Income Fund 2026-06-30 101 0.2 0.2 99.8% 0.0% 0.0% 0 0.0
Monroe Capital Enhanced Corporate Lending Fund 2026-06-30 159 0.2 0.2 101.2% 4.1% 1.6% 1 0.0
Sound Point Direct Lending BDC 2026-03-31 100 0.2 0.2 99.8% 0.0% 1.1% 0 0.0
BC Partners Lending Corp 2026-06-30 140 0.2 0.2 93.8% 0.5% 21.4% 8 0.0
BlackRock Direct Lending Corp. 2026-06-30 240 0.2 0.2 92.4% 19.3% 24.1% 20 0.0
Golub Capital Private Income Fund S 2025-12-31 140 0.2 0.2 100.0% 12.7% 5.7% 1 0.0
Antares Strategic Credit Fund II LLC 2026-03-31 192 0.2 0.2 99.1% 2.3% 3.7% 2 0.0
BIP Ventures Evergreen BDC 2026-06-30 24 0.1 0.2 128.6% 0.0% 8.3% 2 0.0
Investcorp Credit Management BDC, Inc. (ICMB) 2026-03-31 58 0.2 0.1 85.0% 14.8% 32.7% 8 0.0
Eagle Point Trinity Senior Secured Lending Co 2026-03-31 211 0.1 0.1 101.5% 0.9% 19.0% 13 0.0
WTI Fund XI, Inc. 2026-03-31 71 0.1 0.1 100.0% 0.0% 0.0% 0 0.0
Prospect Floating Rate & Alternative Income Fund, Inc. 2026-03-31 59 0.1 0.1 90.3% 2.4% 19.1% 7 0.0
Venture Lending & Leasing IX, Inc. 2026-03-31 65 0.1 0.1 61.0% 0.0% 46.2% 18 0.0
RAND CAPITAL CORP (RAND) 2025-06-30 37 0.1 0.1 88.3% 40.6% 27.3% 4 0.0
SLR Private Credit BDC II LLC 2026-06-30 33 0.1 0.1 100.9% 0.0% 0.0% 0 0.0
Investcorp US Private Credit BDC II 2026-03-31 33 0.0 0.0 95.2% 6.6% 19.4% 2 0.0
Hancock Park Corporate Income, Inc. 2026-06-30 42 0.0 0.0 68.5% 13.7% 48.8% 10 0.0
Firsthand Technology Value Fund, Inc. (SVVC) 2026-03-31 30 0.1 0.0 0.2% 0.0% 96.7% 29 0.1

Only funds whose positions reconcile to the total reported in their own filing are shown. Individual borrowers are not listed.