Direct Lending Index
The largest publicly available benchmark of middle-market direct loans.
Index Level
140.47
QoQ Return
+1.7%
Trailing 12M
+7.1%
Since Inception
+5.6%
Index Holdings
16,543
Unique Companies
13,664
Quarterly Returns
Concentration
By Manager
Blackstone27.3%Blue Owl12.2%Ares10.6%Cliffwater8.1%HPS7.0%Apollo6.1%Golub Capital5.4%Oaktree3.1%FS KKR2.9%Barings1.7%Other15.7%
By Company
Top 1%23.4%Top 1-5%25.3%Top 5-10%14.1%Top 10-20%15.0%Top 20-50%17.1%Top 50-100%5.1%
By Holding
Top 1%21.3%Top 1-5%24.7%Top 5-10%14.5%Top 10-20%15.6%Top 20-50%18.3%Top 50-100%5.5%
Portfolio Characteristics
Key Metrics
Weighted Avg Coupon
8.7%
Weighted Avg Spread
511 bps
Weighted Avg Maturity
4.5 yrs
Rate Type Split
Floating92.2%
Fixed5.0%
Largest 20 Holdings
| Issuer | Rate Type | Fair Value | Vehicle | Return |
|---|---|---|---|---|
| Credit Opportunities Partners JV, LLC | -- | $1,967,900,000 | FS KKR Capital Corp | +3.8% |
| IRI Group Holdings, Inc. | Floating | $1,588,161,000 | Blackstone Private Credit Fund | +2.2% |
| Guidehouse, Inc. | Floating | $1,254,937,000 | Blackstone Private Credit Fund | +2.9% |
| Senior Direct Lending Program, LLC, Subordinated certificates | Floating | $1,117,000,000 | ARES CAPITAL CORP | +5.3% |
| Inovalon Holdings, Inc. 1 | Floating | $1,110,866,000 | Blackstone Private Credit Fund | +2.6% |
| Zendesk, Inc. | Floating | $1,061,196,000 | Blackstone Private Credit Fund | +2.6% |
| Magnesium BorrowerCo, Inc. 2 | Floating | $1,035,065,000 | Blackstone Private Credit Fund | +2.3% |
| Shelf Bidco, Ltd. | Floating | $933,645,000 | Blackstone Private Credit Fund | +2.4% |
| Cambium Learning Group, Inc. | Floating | $903,746,000 | Blackstone Private Credit Fund | +1.8% |
| Mantech International, CP | Floating | $885,575,000 | Blackstone Private Credit Fund | +2.3% |
| Unified Women's Healthcare, LP 1 | Floating | $869,445,000 | Blackstone Private Credit Fund | +2.3% |
| eResearchTechnology, Inc. 1 | Floating | $825,410,000 | Blackstone Private Credit Fund | +2.2% |
| Auctane, Inc. 1 | Floating | $822,368,000 | Blackstone Private Credit Fund | +2.8% |
| Dropbox, Inc. | Floating | $736,804,000 | Blackstone Private Credit Fund | +3.4% |
| West Monroe Partners, LLC 1 | Floating | $700,772,000 | Blackstone Private Credit Fund | +2.2% |
| Medallia, Inc. 1 | Floating | $698,929,000 | Blackstone Private Credit Fund | -0.4% |
| Snoopy Bidco, Inc. | Floating | $696,276,000 | Blackstone Private Credit Fund | +2.6% |
| National Property REIT Corp. | Floating | $652,563,000 | PROSPECT CAPITAL CORP | +1.1% |
| IEM New Sub 2, LLC | Floating | $642,582,000 | Blackstone Private Credit Fund | +2.3% |
| Teneo Holdings, LLC | Floating | $634,909,000 | Blackstone Private Credit Fund | +3.3% |