Direct Lending Total Return Index
The largest publicly available benchmark of middle-market direct loans.
Index Level
137.55
QoQ Return
+2.5%
Trailing 12M
+11.2%
Since Inception
+5.2%
Index Holdings
27,124
Unique Companies
22,550
Quarterly Returns
Concentration
By Manager
Blackstone20.6%Blue Owl9.6%Ares8.0%HPS6.0%Cliffwater5.9%Apollo4.7%Golub Capital4.0%Goldman Sachs3.1%Oaktree2.4%FS KKR2.2%Other33.4%
By Company
Top 1%23.0%Top 1-5%24.7%Top 5-10%14.0%Top 10-20%15.1%Top 20-50%17.7%Top 50-100%5.5%
By Holding
Top 1%21.1%Top 1-5%24.3%Top 5-10%14.2%Top 10-20%15.7%Top 20-50%18.8%Top 50-100%6.0%
Portfolio Characteristics
Key Metrics
Weighted Avg Coupon
8.8%
Weighted Avg Spread
513 bps
Weighted Avg Maturity
4.1 yrs
Rate Type Split
Floating91.7%
Fixed5.1%
Largest 20 Holdings
| Issuer | Rate Type | Fair Value | Vehicle | Return |
|---|---|---|---|---|
| Credit Opportunities Partners JV, LLC | -- | $1,967,900,000 | FS KKR Capital Corp | +4.1% |
| IRI Group Holdings, Inc | Floating | $1,588,161,000 | Blackstone Private Credit Fund | +2.6% |
| Guidehouse, Inc | Floating | $1,254,937,000 | Blackstone Private Credit Fund | +3.1% |
| 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 | +2.8% |
| Zendesk, Inc | Floating | $1,061,196,000 | Blackstone Private Credit Fund | +3.1% |
| Magnesium BorrowerCo, Inc 2 | Floating | $1,035,065,000 | Blackstone Private Credit Fund | +2.5% |
| Shelf Bidco, Ltd | Floating | $933,645,000 | Blackstone Private Credit Fund | +2.9% |
| Cambium Learning Group, Inc | Floating | $903,746,000 | Blackstone Private Credit Fund | +2.1% |
| Mantech International, CP | Floating | $885,575,000 | Blackstone Private Credit Fund | +2.8% |
| Unified Women's Healthcare, LP 1 | Floating | $869,445,000 | Blackstone Private Credit Fund | +2.7% |
| eResearchTechnology, Inc 1 | Floating | $825,410,000 | Blackstone Private Credit Fund | +2.7% |
| Auctane, Inc 1 | Floating | $822,368,000 | Blackstone Private Credit Fund | +3.3% |
| Dropbox, Inc | Floating | $736,804,000 | Blackstone Private Credit Fund | +3.8% |
| West Monroe Partners, LLC 1 | Floating | $700,772,000 | Blackstone Private Credit Fund | +2.5% |
| Medallia, Inc 1 | Floating | $698,929,000 | Blackstone Private Credit Fund | -0.1% |
| Snoopy Bidco, Inc | Floating | $696,276,000 | Blackstone Private Credit Fund | +2.8% |
| National Property REIT Corp | Floating | $652,563,000 | Prospect Capital Corp | +1.3% |
| IEM New Sub 2, LLC | Floating | $642,582,000 | Blackstone Private Credit Fund | +2.6% |
| Teneo Holdings, LLC | Floating | $634,909,000 | Blackstone Private Credit Fund | +3.8% |