The Ledger / Private credit, loan by loan
Private credit, loan by loan
Every loan held by the US business development companies, the private lenders that must publish their books each quarter. Spreads are over the floating base rate, in basis points (100 bp is one percentage point). The all-in rate is what the loan paid at the quarter's end. PIK is the share of the money lent where some interest is paid in more debt rather than cash. The lien and the industry are read from each loan's own description, where the lender writes them; each table says how many loans that covers.
SEC Business Development Company data sets. Debt positions only, revolvers excluded. Our calculations. Data to 30 June 2026.
The book in one line
- Lenders reporting
- 165
- Borrowers
- 7,316
- Loans
- 31,676
- Lent
- $372bn
- Median spread
- 500
- Middle 80% of spreads
- 350 to 650
- Median all-in rate
- 8.73%
- Lent with some PIK
- 12.6%
- Median PIK rate where PIK
- 3.8%
- Loans with a rate floor
- 24.6%
- Ten largest lenders' share
- 46.5%
- Median loan
- $4m
- Lien stated
- 89.6%
- Industry stated
- 54%
Quarter on quarter
The whole book at each quarter-end most lenders have filed.
2 rows
| Quarter to | Lenders | Lent | Median spread | Median all-in rate | Lent with PIK |
|---|---|---|---|---|---|
| 2026-03-31 | 159 | $333.1bn | 500 | 8.68% | 9.9% |
| 2026-06-30 | 165 | $371.7bn | 500 | 8.73% | 11.0% |
What each place in the queue costs
First lien is repaid first; unitranche is one loan in place of first and second lien; subordinated and mezzanine debt is repaid after senior debt. Click a column to sort.
7 rows
| Kind of loan | Loans | Borrowers | Lent | Median loan | Spread, low quarter | Spread, median | Spread, high quarter | All-in rate | PIK | Delayed draw |
|---|---|---|---|---|---|---|---|---|---|---|
| First lien | 26,529 | 6,319 | $319,661m | $4.1m | 450 | 500 | 550 | 8.67% | 11.7% | 12.6% |
| Not stated | 3,296 | 986 | $30,517m | $2.8m | 500 | 550 | 650 | 9.15% | 13.5% | 11.0% |
| Subordinated or mezzanine | 611 | 214 | $10,317m | $4.2m | 633 | 725 | 800 | 10.22% | 25.9% | 5.6% |
| Unitranche | 555 | 146 | $4,031m | $3.3m | 475 | 500 | 575 | 8.73% | 8.6% | 26.5% |
| Second lien | 256 | 104 | $3,094m | $4.7m | 575 | 725 | 900 | 10.76% | 28.8% | 2.7% |
| Venture and growth debt | 294 | 149 | $2,699m | $4.1m | 300 | 375 | 700 | 9.75% | 15.6% | 0.3% |
| Unsecured | 135 | 68 | $1,411m | $3.8m | 617 | 725 | 850 | 10.60% | 65.3% | 0.0% |
Spread by kind of loan and size of borrower
Median spread in basis points. Size is the borrower's total debt across every BDC. Cells with fewer than 20 loans are blank.
6 rows
| Under $10m | $10m-$25m | $25m-$100m | $100m-$500m | Over $500m | |
|---|---|---|---|---|---|
| Not stated | 525 | 550 | 600 | 500 | 550 |
| Unitranche | 550 | 500 | 500 | 500 | 500 |
| First lien | 500 | 500 | 500 | 475 | 475 |
| Subordinated or mezzanine | 788 | 750 | 688 | ||
| Second lien | 794 | 740 | 650 | ||
| Venture and growth debt | 325 | 400 | 550 |
What each industry pays to borrow
Industries named in the loan description, with 25 loans or more. Senior is first lien or unitranche.
26 rows
| Industry | Loans | Borrowers | Lent | Median loan | Spread, low quarter | Spread, median | Spread, high quarter | All-in rate | PIK | Senior |
|---|---|---|---|---|---|---|---|---|---|---|
| Software | 2,372 | 554 | $31,398m | $4.9m | 450 | 475 | 550 | 8.66% | 11.7% | 96.0% |
| Health care providers and services | 2,305 | 633 | $26,771m | $3.5m | 475 | 500 | 575 | 8.73% | 10.1% | 92.7% |
| Financial services | 1,024 | 299 | $11,549m | $3.4m | 450 | 475 | 525 | 8.48% | 22.4% | 89.7% |
| Professional services | 1,227 | 402 | $11,486m | $4.0m | 450 | 500 | 525 | 8.67% | 13.3% | 94.0% |
| Diversified consumer services | 1,004 | 274 | $9,303m | $3.6m | 475 | 525 | 575 | 8.91% | 12.6% | 91.9% |
| Insurance | 772 | 178 | $8,137m | $3.9m | 450 | 475 | 500 | 8.39% | 2.7% | 94.8% |
| Commercial services and supplies | 898 | 221 | $8,034m | $3.0m | 475 | 500 | 550 | 8.67% | 22.6% | 93.8% |
| Consumer products and retail | 495 | 189 | $5,943m | $4.7m | 475 | 525 | 600 | 8.93% | 11.4% | 89.7% |
| Building products and construction | 697 | 250 | $5,888m | $3.4m | 450 | 500 | 550 | 8.61% | 12.4% | 94.5% |
| Pharmaceuticals and life sciences | 407 | 127 | $5,880m | $3.8m | 475 | 500 | 556 | 8.68% | 10.5% | 97.3% |
| Food and beverage | 510 | 155 | $5,805m | $3.1m | 475 | 525 | 575 | 8.99% | 9.8% | 89.4% |
| Media and entertainment | 551 | 215 | $5,674m | $3.5m | 450 | 500 | 576 | 8.73% | 8.1% | 94.2% |
| Energy and utilities | 421 | 159 | $5,446m | $4.9m | 350 | 475 | 550 | 8.41% | 11.5% | 84.1% |
| Transport and logistics | 476 | 115 | $4,736m | $4.1m | 450 | 500 | 600 | 8.73% | 12.8% | 80.7% |
| IT services | 449 | 141 | $4,512m | $4.6m | 450 | 500 | 550 | 8.64% | 16.6% | 94.2% |
| Aerospace and defence | 450 | 121 | $4,447m | $3.9m | 450 | 500 | 535 | 8.64% | 19.6% | 96.4% |
| Machinery and industrials | 414 | 146 | $4,194m | $4.2m | 450 | 500 | 575 | 8.48% | 7.6% | 93.0% |
| Hotels, restaurants and leisure | 367 | 157 | $4,039m | $4.2m | 475 | 525 | 600 | 8.92% | 13.4% | 89.1% |
| Containers and packaging | 374 | 88 | $3,616m | $3.0m | 450 | 500 | 538 | 8.66% | 8.2% | 92.5% |
| Telecommunications | 322 | 95 | $3,371m | $3.9m | 475 | 500 | 525 | 8.74% | 4.9% | 95.3% |
| Distributors and trading | 352 | 110 | $3,369m | $3.3m | 475 | 500 | 550 | 8.73% | 23.3% | 89.2% |
| Chemicals | 303 | 109 | $3,098m | $4.0m | 450 | 475 | 575 | 8.50% | 11.8% | 94.4% |
| Real estate | 212 | 56 | $2,725m | $3.4m | 450 | 525 | 650 | 8.66% | 9.1% | 68.4% |
| Automotive | 330 | 86 | $2,607m | $3.7m | 475 | 518 | 550 | 8.89% | 14.4% | 92.7% |
| Electronic equipment | 223 | 60 | $1,510m | $3.7m | 425 | 450 | 508 | 8.48% | 2.8% | 97.3% |
| Environmental services | 129 | 55 | $838m | $3.0m | 475 | 525 | 550 | 8.73% | 32.9% | 93.8% |
Lender by lender
Every BDC with ten loans or more: how much it has lent, to how many, at what price, and what it mostly lends.
158 rows
| Lender | Borrowers | Lent | Median loan | Median spread | All-in rate | PIK | Mostly | Most lent to |
|---|---|---|---|---|---|---|---|---|
| Blue Owl Credit Income Corp. | 328 | $33,795m | $53.0m | 475 | 9.7% | First lien | Software | |
| Apollo Debt Solutions BDC | 372 | $28,276m | $21.7m | 475 | 8.75% | 6.4% | First lien | Software |
| Goldman Sachs Private Credit Corp. | 340 | $22,474m | $12.8m | 475 | 8.39% | 8.8% | First lien | Software |
| Ares Capital Corp | 460 | $21,775m | $10.9m | 500 | 8.73% | 17.3% | First lien | Software |
| Ares Strategic Income Fund | 508 | $19,833m | $14.1m | 500 | 8.48% | 9.9% | First lien | Software |
| Blue Owl Technology Finance Corp. | 161 | $12,552m | $48.6m | 487 | 17.0% | First lien | Software | |
| Blue Owl Capital Corp | 203 | $12,385m | $30.1m | 500 | 15.7% | First lien | Containers and packaging | |
| Oaktree Strategic Credit Fund | 135 | $8,358m | $14.9m | 500 | 8.65% | 5.3% | First lien | Software |
| Msd Investment Corp. | 61 | $6,873m | $26.2m | 550 | 9.14% | 5.1% | First lien | Professional services |
| Prospect Capital Corp | 69 | $6,473m | $28.9m | 750 | 11.49% | 41.4% | First lien | Health care providers and services |
| North Haven Private Income Fund LLC | 288 | $6,306m | $5.3m | 475 | 8.55% | 12.0% | First lien | Software |
| Monroe Capital Income Plus Corp | 253 | $6,060m | $7.0m | 550 | 9.17% | 10.9% | First lien | Media and entertainment |
| Tpg Twin Brook Capital Income Fund | 282 | $5,356m | $6.4m | 525 | 9.14% | 3.1% | First lien | Energy and utilities |
| Antares Strategic Credit Fund | 384 | $5,101m | $3.9m | 475 | 8.50% | 3.5% | First lien | Software |
| Barings Private Credit Corp | 471 | $5,094m | $2.7m | 475 | 8.20% | 9.1% | First lien | Energy and utilities |
| Hercules Capital, Inc. | 130 | $4,814m | $21.2m | 255 | 37.2% | First lien | Software | |
| Blue Owl Technology Income Corp. | 153 | $4,807m | $19.7m | 475 | 14.7% | First lien | Software | |
| Bain Capital Specialty Finance, Inc. | 107 | $4,258m | $5.6m | 525 | 9.18% | 17.3% | First lien | Health care providers and services |
| Main Street Capital Corp | 162 | $3,995m | $5.9m | 675 | 10.90% | 14.3% | Not stated | Energy and utilities |
| Morgan Stanley Direct Lending Fund | 222 | $3,864m | $3.7m | 450 | 8.67% | 16.2% | First lien | Software |
| Goldman Sachs BDC, Inc. | 150 | $3,763m | $3.3m | 500 | 8.73% | 15.3% | First lien | Software |
| Oaktree Specialty Lending Corp | 241 | $3,745m | $2.1m | 500 | 8.16% | 11.1% | First lien | Software |
| Stepstone Private Credit Fund LLC | 621 | $3,719m | $2.9m | 525 | 98.8% | First lien | Health care providers and services | |
| Nuveen Churchill Private Capital Income Fund | 324 | $3,580m | $4.0m | 475 | 8.42% | 5.8% | First lien | Containers and packaging |
| T. Rowe Price Oha Select Private Credit Fund | 137 | $3,550m | $4.5m | 500 | 8.67% | 12.8% | First lien | Health care providers and services |
| Carlyle Secured Lending, Inc. | 178 | $3,519m | $10.0m | 500 | 8.73% | 12.9% | First lien | Health care providers and services |
| Blackstone Private Credit Fund | 29 | $3,320m | $10.2m | 500 | 8.99% | 16.8% | Not stated | |
| New Mountain Finance Corp | 192 | $2,982m | $4.1m | 475 | 8.48% | 11.8% | First lien | Software |
| Stone Point Credit Corp | 133 | $2,914m | $8.7m | 500 | 8.66% | 7.1% | First lien | Software |
| Bain Capital Private Credit | 110 | $2,754m | $5.3m | 525 | 8.91% | 6.5% | First lien | Health care providers and services |
| Carlyle Credit Solutions, Inc. | 168 | $2,743m | $9.1m | 500 | 8.85% | 17.9% | First lien | Health care providers and services |
| Midcap Financial Investment Corp | 200 | $2,644m | $6.3m | 525 | 10.33% | 9.4% | First lien | Health care providers and services |
| Blackrock Private Credit Fund | 285 | $2,580m | $2.7m | 400 | 7.91% | 4.0% | First lien | Software |
| Diameter Credit Co | 61 | $2,515m | $24.7m | 500 | 8.67% | 10.4% | First lien | Health care providers and services |
| Golub Capital Private Credit Fund | 154 | $2,508m | $5.0m | 385 | 7.43% | 9.4% | First lien | Software |
| Trinity Capital Inc. | 110 | $2,461m | $6.5m | 3.1% | Not stated | Software | ||
| New Mountain Guardian IV BDC, L.l.c. | 133 | $2,451m | $2.6m | 475 | 8.49% | 4.7% | First lien | Containers and packaging |
| Capital Southwest Corp | 121 | $2,411m | $8.9m | 675 | 10.43% | 12.5% | First lien | Food and beverage |
| Fidelity Private Credit Fund | 113 | $2,267m | $7.8m | 500 | 8.73% | 8.7% | First lien | Health care providers and services |
| T Series BDC LLC | 200 | $2,259m | $3.0m | 500 | 8.67% | 12.5% | First lien | Software |
| Kayne Anderson BDC, Inc. | 98 | $2,185m | $6.9m | 561 | 9.40% | 6.9% | First lien | Commercial services and supplies |
| Nuveen Churchill Direct Lending Corp. | 215 | $2,048m | $3.0m | 475 | 8.49% | 10.4% | First lien | Machinery and industrials |
| New Mountain Private Credit Fund | 120 | $2,044m | $2.5m | 475 | 8.73% | 10.8% | First lien | Software |
| Barings BDC, Inc. | 293 | $2,019m | $3.4m | 525 | 8.70% | 16.1% | First lien | Food and beverage |
| Ares Core Infrastructure Fund | 45 | $1,999m | $13.0m | 250 | 6.16% | 0.0% | First lien | Energy and utilities |
| Jefferies Credit Partners BDC Inc. | 113 | $1,973m | $7.4m | 475 | 9.4% | First lien | Software | |
| Pennantpark Floating Rate Capital Ltd. | 134 | $1,965m | $6.1m | 525 | 8.73% | 0.0% | First lien | Professional services |
| Oaktree Gardens Olp, LLC | 30 | $1,948m | $18.7m | 500 | 8.64% | 1.9% | First lien | Software |
| Ab Private Credit Investors Corp | 161 | $1,933m | $3.9m | 500 | 8.91% | 16.0% | First lien | Health care providers and services |
| Antares Private Credit Fund | 369 | $1,912m | $2.0m | 475 | 8.50% | 3.3% | First lien | Software |
| Pennantpark Investment Corp | 151 | $1,902m | $5.0m | 550 | 8.90% | 4.6% | First lien | Professional services |
| Apollo Origination II (Levered) Capital Trust | 58 | $1,889m | $16.2m | 475 | 7.13% | 10.1% | First lien | Software |
| Vista Credit Strategic Lending Corp. | 52 | $1,832m | $26.5m | 525 | 8.89% | 2.8% | First lien | Software |
| John Hancock Comvest Private Income Fund | 77 | $1,693m | $4.1m | 550 | 9.14% | 0.7% | First lien | Diversified consumer services |
| Lord Abbett Private Credit Fund | 63 | $1,634m | $14.7m | 8.48% | 0.0% | Not stated | Transport and logistics | |
| Cion Investment Corp | 70 | $1,586m | $4.0m | 675 | 0.00% | 0.0% | First lien | Media and entertainment |
| Nmf Slf I, Inc. | 124 | $1,579m | $1.8m | 475 | 8.66% | 6.8% | First lien | Software |
| Overland Advantage | 21 | $1,537m | $47.7m | 563 | 0.0% | First lien | Commercial services and supplies | |
| Agl Private Credit Income Fund | 43 | $1,487m | $7.6m | 475 | 8.48% | 5.9% | First lien | Software |
| Crescent Capital BDC, Inc. | 147 | $1,475m | $2.6m | 525 | 8.99% | 10.7% | Unitranche | Health care providers and services |
| Goldman Sachs Private Middle Market Credit II LLC | 50 | $1,386m | $6.0m | 575 | 9.51% | 20.9% | First lien | Health care providers and services |
| Blackrock Tcp Capital Corp. | 113 | $1,322m | $4.0m | 550 | 9.50% | 24.4% | First lien | Software |
| Fidus Investment Corp | 78 | $1,319m | $12.0m | 600 | 90.9% | First lien | IT services | |
| Slr Investment Corp. | 59 | $1,238m | $18.5m | 525 | 8.99% | 0.0% | First lien | Health care providers and services |
| Palmer Square Capital BDC Inc. | 179 | $1,226m | $4.0m | 450 | 8.20% | 4.7% | First lien | Software |
| Hps Corporate Lending Fund | 21 | $1,219m | $12.7m | 475 | 8.48% | 13.1% | Not stated | |
| Kkr Fs Income Trust | 13 | $1,212m | $2.9m | 390 | 7.25% | 3.2% | Not stated | Financial services |
| Silver Point Specialty Lending Fund | 43 | $1,190m | $6.1m | 550 | 9.17% | 13.5% | First lien | Software |
| Runway Growth Finance Corp. | 37 | $1,167m | $19.7m | 700 | 6.25% | 23.9% | First lien | Pharmaceuticals and life sciences |
| Kennedy Lewis Capital Co | 48 | $1,158m | $5.0m | 500 | 8.88% | 17.9% | First lien | Energy and utilities |
| Msc Income Fund, Inc. | 126 | $1,134m | $2.2m | 675 | 10.74% | 22.2% | Not stated | Energy and utilities |
| Barings Capital Investment Corp | 274 | $1,123m | $2.0m | 525 | 8.60% | 12.7% | First lien | Food and beverage |
| Phillip Street BDC LLC | 90 | $1,123m | $2.3m | 500 | 8.66% | 6.6% | First lien | Software |
| Audax Private Credit Fund, LLC | 28 | $1,087m | $3.3m | 475 | 8.48% | 4.0% | First lien | Health care providers and services |
| Willow Tree Capital Corp | 61 | $1,004m | $3.7m | 500 | 8.73% | 0.9% | Not stated | Software |
| Ccs Ix Portfolio Holdings, LLC | 15 | $993m | $44.1m | 488 | 8.61% | 12.3% | Unitranche | Professional services |
| Midcap Apollo Institutional Private Lending | 148 | $977m | $4.9m | 500 | 10.72% | 5.5% | First lien | Health care providers and services |
| Golub Capital BDC, Inc. | 62 | $942m | $1.0m | 500 | 8.72% | 39.0% | First lien | Insurance |
| Crescent Private Credit Income Corp | 149 | $908m | $1.4m | 475 | 8.23% | 4.6% | First lien | Professional services |
| Whitehorse Finance, Inc. | 88 | $881m | $5.1m | 600 | 9.48% | 10.6% | First lien | Machinery and industrials |
| Lafayette Square Usa, Inc. | 44 | $881m | $8.0m | 675 | 10.75% | 0.2% | First lien | Real estate |
| Stellus Capital Investment Corp | 93 | $852m | $4.2m | 550 | 13.50% | 11.3% | Not stated | Real estate |
| Franklin Bsp Capital Corp | 13 | $841m | $7.7m | 538 | 8.98% | 6.1% | Not stated | Financial services |
| Gladstone Capital Corp | 46 | $837m | $12.5m | 740 | 18.3% | Venture and growth debt | Hotels, restaurants and leisure | |
| Brightwood Capital Corp I | 58 | $820m | $9.9m | 600 | 9.73% | 7.6% | First lien | Transport and logistics |
| Apollo Origination II (Ul) Capital Trust | 58 | $809m | $6.9m | 475 | 7.13% | 10.2% | First lien | Software |
| West Bay BDC LLC | 48 | $804m | $2.6m | 475 | 8.48% | 7.5% | First lien | Software |
| Stone Point Credit Income Fund | 100 | $779m | $4.0m | 475 | 8.49% | 4.8% | First lien | Software |
| Gladstone Investment Corporationde | 27 | $750m | $20.1m | 0.0% | Venture and growth debt | Aerospace and defence | ||
| Kkr Fs Income Trust Select | 9 | $742m | $1.9m | 280 | 7.20% | 2.9% | Not stated | Financial services |
| Sl Investment Fund II LLC | 88 | $733m | $3.5m | 475 | 8.48% | 7.5% | First lien | Diversified consumer services |
| Silver Point Private Credit Fund | 24 | $724m | $6.9m | 530 | 9.14% | 5.8% | First lien | Consumer products and retail |
| Tcw Specialty Lending LLC | 26 | $705m | $11.8m | 700 | 10.74% | 24.2% | Not stated | Energy and utilities |
| Triplepoint Venture Growth BDC Corp. | 48 | $702m | $3.8m | 350 | 9.75% | 28.3% | Venture and growth debt | Energy and utilities |
| Commonwealth Credit Partners BDC I, Inc. | 46 | $674m | $5.3m | 550 | 9.15% | 17.7% | First lien | Health care providers and services |
| 5c Lending Partners Corp. | 23 | $672m | $17.4m | 500 | 8.48% | 12.6% | First lien | Health care providers and services |
| Blue Owl Capital Corp II | 133 | $652m | $1.8m | 500 | 28.3% | First lien | Energy and utilities | |
| Varagon Capital Corp | 54 | $652m | $2.2m | 500 | 8.73% | 9.7% | First lien | Health care providers and services |
| Tcw Direct Lending Viii LLC | 24 | $648m | $10.1m | 700 | 10.74% | 25.5% | Not stated | Energy and utilities |
| Oxford Square Capital Corp. | 20 | $645m | $9.8m | 0.0% | Subordinated or mezzanine | Software | ||
| Tcw Direct Lending Vii LLC | 13 | $633m | $5.7m | 650 | 11.38% | 83.8% | Not stated | Consumer products and retail |
| Crestline Lending Solutions, LLC | 79 | $618m | $7.1m | 575 | 9.33% | 8.2% | First lien | Aerospace and defence |
| Senior Credit Investments, LLC | 107 | $613m | $2.6m | 475 | 10.3% | First lien | Software | |
| Bcp Investment Corp | 68 | $609m | $3.7m | 600 | 9.67% | 16.7% | First lien | Health care providers and services |
| North Haven Private Income Fund A LLC | 176 | $607m | $1.1m | 475 | 8.48% | 12.2% | First lien | Software |
| New Mountain Guardian IV Income Fund, L.l.c. | 119 | $572m | $0.7m | 475 | 8.48% | 5.4% | First lien | Software |
| First Eagle Private Credit Fund | 93 | $540m | $2.0m | 525 | 1.6% | First lien | Health care providers and services | |
| Blackstone Secured Lending Fund | 18 | $536m | $6.8m | 525 | 8.83% | 27.9% | Not stated | |
| Lgam Private Credit LLC | 138 | $532m | $1.3m | 475 | 8.48% | 10.3% | First lien | Software |
| Lord Abbett Private Credit Fund S | 58 | $483m | $4.1m | 8.48% | 0.0% | Not stated | Aerospace and defence | |
| Oha Senior Private Lending Fund (U) LLC | 92 | $476m | $0.6m | 500 | 8.64% | 9.8% | First lien | Health care providers and services |
| Tcw Steel City Senior Lending BDC | 11 | $453m | $38.2m | 488 | 8.56% | 0.0% | Not stated | Building products and construction |
| Andalusian Credit Company, LLC | 39 | $406m | $6.8m | 500 | 8.86% | 0.0% | First lien | Energy and utilities |
| Wti Fund X, Inc. | 102 | $402m | $1.1m | 12.50% | 0.0% | First lien | Diversified consumer services | |
| Audax Credit BDC Inc. | 0 | $394m | $1.0m | 475 | 8.48% | 8.2% | First lien | Health care providers and services |
| Ab Private Lending Fund | 164 | $376m | $0.7m | 500 | 8.41% | 6.0% | First lien | Health care providers and services |
| Manulife Private Credit Fund | 104 | $369m | $1.5m | 500 | 8.69% | 1.9% | Not stated | Health care providers and services |
| Stellus Private Credit BDC | 72 | $369m | $1.5m | 538 | 9.00% | 6.5% | Not stated | Energy and utilities |
| Sound Point Direct Lending BDC | 34 | $363m | $2.4m | 550 | 9.15% | 0.7% | First lien | Professional services |
| Silver Capital Holdings LLC | 10 | $346m | $10.1m | 550 | 9.37% | 46.3% | First lien | Food and beverage |
| Golub Capital BDC 4, Inc. | 34 | $345m | $0.7m | 525 | 8.69% | 21.7% | First lien | Insurance |
| Aps BDC, LLC | 7 | $336m | $2.5m | 538 | 9.05% | 6.7% | Not stated | |
| Kayne Dl 2021, Inc. | 81 | $324m | $1.4m | 550 | 9.26% | 6.8% | First lien | Health care providers and services |
| Onex Direct Lending BDC Fund | 41 | $317m | $4.6m | 500 | 8.81% | 18.4% | First lien | Professional services |
| Triplepoint Private Venture Credit Inc. | 64 | $314m | $1.5m | 325 | 10.73% | 19.7% | Venture and growth debt | Food and beverage |
| Chicago Atlantic BDC, Inc. | 34 | $311m | $5.1m | 725 | 13.00% | 100.0% | First lien | Consumer products and retail |
| Fs Kkr Capital Corp | 11 | $310m | $6.4m | 900 | 0.0% | Not stated | Transport and logistics | |
| Cifc Direct Lending Evergreen Fund | 87 | $298m | $0.7m | 475 | 8.48% | 3.8% | First lien | Health care providers and services |
| Great Elm Capital Corp. | 42 | $236m | $2.2m | 550 | 8.75% | 15.5% | First lien | Consumer products and retail |
| Lago Evergreen Credit | 38 | $230m | $3.2m | 800 | 15.3% | First lien | Professional services | |
| Monroe Capital Enhanced Corporate Lending Fund | 38 | $226m | $1.3m | 585 | 9.51% | 6.0% | First lien | Software |
| Tcw Star Direct Lending LLC | 21 | $217m | $5.3m | 663 | 10.50% | 27.0% | Not stated | Hotels, restaurants and leisure |
| Bc Partners Lending Corp | 54 | $209m | $1.2m | 600 | 0.5% | First lien | Health care providers and services | |
| Muzinich BDC, Inc. | 8 | $204m | $4.5m | 13.00% | 33.1% | First lien | Hotels, restaurants and leisure | |
| Pennantpark Private Income Fund | 38 | $202m | $2.8m | 500 | 8.70% | 0.0% | First lien | Distributors and trading |
| Blackrock Direct Lending Corp. | 93 | $202m | $0.8m | 550 | 9.64% | 21.0% | First lien | Software |
| Pimco Capital Solutions BDC Corp. | 39 | $194m | $1.8m | 8.21% | 14.3% | First lien | Machinery and industrials | |
| Antares Strategic Credit Fund II LLC | 79 | $186m | $1.0m | 475 | 8.37% | 2.2% | First lien | Software |
| Ofs Capital Corp | 1 | $169m | $1.0m | 600 | 9.48% | 35.0% | Not stated | Software |
| Phenixfin Corp | 17 | $156m | $4.8m | 5.8% | First lien | Aerospace and defence | ||
| Golub Capital Private Income Fund I | 71 | $148m | $1.3m | 325 | 6.89% | 6.5% | First lien | Containers and packaging |
| Third Point Private Capital Partners | 19 | $128m | $2.3m | 475 | 8.89% | 0.0% | Not stated | Building products and construction |
| Golub Capital Direct Lending Corp | 44 | $119m | $0.2m | 525 | 8.69% | 22.4% | First lien | Insurance |
| Investcorp Credit Management BDC, Inc. | 22 | $119m | $4.2m | 500 | 17.6% | First lien | Consumer products and retail | |
| Scp Private Credit Income BDC LLC | 10 | $113m | $12.2m | 563 | 9.26% | 21.2% | First lien | Health care providers and services |
| Steele Creek Capital Corp | 205 | $112m | $0.5m | 2.50% | 0.0% | First lien | Insurance | |
| Wti Fund Xi, Inc. | 47 | $104m | $0.5m | 12.50% | 0.0% | First lien | Media and entertainment | |
| Eagle Point Trinity Senior Secured Lending Co | 52 | $104m | $0.9m | 450 | 1.00% | 1.2% | Not stated | Media and entertainment |
| Muzinich Corporate Lending Income Fund, Inc. | 56 | $99m | $0.8m | 7.72% | 16.0% | Not stated | Health care providers and services | |
| Slr Hc BDC LLC | 32 | $95m | $2.3m | 500 | 8.74% | 4.8% | First lien | Health care providers and services |
| Prospect Floating Rate & Alternative Income Fund, Inc. | 18 | $84m | $1.0m | 750 | 9.15% | 9.6% | First lien | Financial services |
| Golub Capital Private Income Fund S | 70 | $80m | $0.6m | 325 | 6.97% | 7.6% | First lien | Containers and packaging |
| Hps Corporate Capital Solutions Fund | 13 | $79m | $1.9m | 450 | 7.76% | 44.8% | Not stated | Energy and utilities |
| Golub Capital Direct Lending Unlevered Corp | 27 | $57m | $0.2m | 525 | 8.69% | 15.5% | First lien | |
| Rand Capital Corp | 10 | $49m | $2.3m | 12.00% | 58.0% | Not stated | Health care providers and services | |
| Slr Private Credit BDC II LLC | 33 | $46m | $1.2m | 8.89% | 0.0% | First lien | Health care providers and services | |
| Hancock Park Corporate Income, Inc. | 16 | $31m | $1.0m | 675 | 10.48% | 14.7% | First lien | Machinery and industrials |
| Fortress Private Lending Fund | 84 | $2m | $0.0m | 525 | 9.00% | 0.0% | First lien | Diversified consumer services |
Spread by the size of the borrower's debt
Smaller borrowers pay more, and usually have one lender.
5 rows
| Borrower's debt | Borrowers | Median spread | All-in rate | PIK | Lenders each |
|---|---|---|---|---|---|
| Under $10m | 2,573 | 525 | 8.74% | 23.6% | 1.6 |
| $10m-$25m | 1,826 | 500 | 8.75% | 17.5% | 2.2 |
| $25m-$100m | 2,197 | 500 | 8.73% | 11.6% | 3.9 |
| $100m-$500m | 640 | 475 | 8.64% | 12.2% | 9.5 |
| Over $500m | 80 | 500 | 8.65% | 11.6% | 15.7 |
Spread by how many lenders share the borrower
A borrower financed by one BDC against one financed by a club.
4 rows
| Lenders | Borrowers | Lent | Median spread | PIK |
|---|---|---|---|---|
| 1 | 3,781 | $70.1bn | 525 | 19.9% |
| 2-3 | 2,472 | $106.8bn | 500 | 11.7% |
| 4-6 | 648 | $59.8bn | 500 | 13.3% |
| 7+ | 415 | $108.8bn | 475 | 8.8% |
The maturity wall
Loans by the year they fall due, where the maturity is stated.
11 rows
| Falls due | Borrowers | Loans | Lent | Median spread | PIK |
|---|---|---|---|---|---|
| 2026 | 181 | 474 | $3.1bn | 600 | 26.8% |
| 2027 | 496 | 1,419 | $9.5bn | 565 | 19.0% |
| 2028 | 767 | 2,625 | $18.7bn | 525 | 15.6% |
| 2029 | 896 | 3,135 | $24.0bn | 525 | 15.9% |
| 2030 | 872 | 2,849 | $27.2bn | 500 | 10.1% |
| 2031 | 936 | 3,624 | $35.6bn | 475 | 8.6% |
| 2032 | 638 | 2,509 | $33.6bn | 450 | 10.3% |
| 2033 | 246 | 792 | $9.9bn | 475 | 7.1% |
| 2034 | 10 | 21 | $0.3bn | 525 | 11.4% |
| 2035 | 1 | 12 | $0.0bn | 853 | 64.8% |
| 2036 | 3 | 8 | $0.1bn | 0.0% |
Loans by the year they were made
Where the lender states the date it acquired the loan.
8 rows
| Made in | Loans | Lent | Median spread | All-in rate | PIK |
|---|---|---|---|---|---|
| 2019 | 31 | $0.32bn | 600 | 9.68% | 34.7% |
| 2020 | 34 | $0.32bn | 594 | 9.74% | 31.8% |
| 2021 | 189 | $1.34bn | 576 | 9.24% | 32.2% |
| 2022 | 309 | $2.15bn | 575 | 9.42% | 19.7% |
| 2023 | 360 | $2.39bn | 580 | 9.42% | 22.3% |
| 2024 | 772 | $6.60bn | 525 | 8.98% | 15.1% |
| 2025 | 1,173 | $10.94bn | 500 | 8.72% | 11.0% |
| 2026 | 682 | $4.70bn | 500 | 8.64% | 11.6% |
Every all-in rate, counted
Loans by their interest rate at the quarter's end, in half-point steps.
34 rows
| Rate from | Loans |
|---|---|
| 3.0% | 39 |
| 3.5% | 40 |
| 4.0% | 26 |
| 4.5% | 44 |
| 5.0% | 81 |
| 5.5% | 267 |
| 6.0% | 693 |
| 6.5% | 779 |
| 7.0% | 620 |
| 7.5% | 1,159 |
| 8.0% | 5,518 |
| 8.5% | 5,372 |
| 9.0% | 3,067 |
| 9.5% | 1,949 |
| 10.0% | 1,274 |
| 10.5% | 732 |
| 11.0% | 452 |
| 11.5% | 314 |
| 12.0% | 287 |
| 12.5% | 216 |
| 13.0% | 158 |
| 13.5% | 129 |
| 14.0% | 88 |
| 14.5% | 40 |
| 15.0% | 58 |
| 15.5% | 24 |
| 16.0% | 15 |
| 16.5% | 12 |
| 17.0% | 13 |
| 17.5% | 8 |
| 18.0% | 11 |
| 18.5% | 1 |
| 19.5% | 2 |
| 20.0% | 14 |
Every spread, counted
How many loans carry each spread over the base rate.
45 rows
| Spread | Loans |
|---|---|
| 200 | 123 |
| 225 | 208 |
| 250 | 427 |
| 275 | 441 |
| 300 | 491 |
| 325 | 407 |
| 350 | 350 |
| 375 | 273 |
| 400 | 441 |
| 425 | 941 |
| 450 | 3,143 |
| 475 | 3,945 |
| 500 | 4,065 |
| 525 | 2,745 |
| 550 | 2,070 |
| 575 | 1,603 |
| 600 | 1,431 |
| 625 | 779 |
| 650 | 750 |
| 675 | 516 |
| 700 | 452 |
| 725 | 163 |
| 750 | 340 |
| 775 | 138 |
| 800 | 244 |
| 825 | 62 |
| 850 | 131 |
| 875 | 26 |
| 900 | 107 |
| 925 | 27 |
| 950 | 59 |
| 975 | 8 |
| 1,000 | 83 |
| 1,025 | 14 |
| 1,050 | 27 |
| 1,075 | 5 |
| 1,100 | 43 |
| 1,125 | 3 |
| 1,150 | 5 |
| 1,175 | 1 |
| 1,200 | 22 |
| 1,225 | 5 |
| 1,250 | 4 |
| 1,275 | 4 |
| 1,300 | 3 |
The largest lenders
By money lent to private companies.
10 rows
| Lender | Borrowers | Lent |
|---|---|---|
| Blue Owl Credit Income Corp. | 328 | $33.8bn |
| Apollo Debt Solutions BDC | 372 | $28.3bn |
| Goldman Sachs Private Credit Corp. | 340 | $22.5bn |
| Ares Capital Corp | 460 | $21.8bn |
| Ares Strategic Income Fund | 508 | $19.8bn |
| Blue Owl Technology Finance Corp. | 161 | $12.6bn |
| Blue Owl Capital Corp | 203 | $12.4bn |
| Oaktree Strategic Credit Fund | 135 | $8.4bn |
| Msd Investment Corp. | 61 | $6.9bn |
| Prospect Capital Corp | 69 | $6.5bn |