Private credit
Private credit look-through
Holdings and marks as filed on EDGAR by vehicles that publish a schedule of investments.
As of 2026-06-30 · compiled 2026-10-02
What the book is exposed to
| Sector | Fair value | Share |
|---|---|---|
| Software | $74.7bn | 15.8% |
| Business Services | $61.2bn | 13.0% |
| Industrials | $36.0bn | 7.6% |
| Healthcare Products & Pharma | $34.6bn | 7.3% |
| Healthcare Services | $33.7bn | 7.1% |
| Consumer Services | $32.2bn | 6.8% |
| Consumer Products & Retail | $32.2bn | 6.8% |
| Financial Services | $31.8bn | 6.7% |
| IT & High Tech | $21.8bn | 4.6% |
| Insurance | $21.5bn | 4.5% |
| Other | $14.0bn | 3.0% |
| Media & Telecom | $13.7bn | 2.9% |
| Energy & Utilities | $13.6bn | 2.9% |
| Healthcare Technology | $13.2bn | 2.8% |
| Transportation & Logistics | $11.2bn | 2.4% |
| Aerospace & Defense | $9.7bn | 2.1% |
| Materials & Chemicals | $7.0bn | 1.5% |
| Real Estate | $5.4bn | 1.1% |
| Investment Vehicles | $4.9bn | 1.0% |
Overlapping book vs street
Street is the leave-one-out median of other desks' FV/principal on the matched funded facility. One manager is one desk unless its own vehicles differ by 10 points. Not a NAV restatement. Do not add overlapping-book dollars across funds.
| Fund | House style | Gap | Names |
|---|---|---|---|
| HPS Corporate Lending Fund | Conservative | −$261.5m | 202 |
| Apollo Debt Solutions BDC | Conservative | −$52.5m | 235 |
| Goldman Sachs Private Credit Corp. | Conservative | −$40.5m | 241 |
| FS KKR Capital Corp | Rich | +$27.8m | 53 |
| ARES CAPITAL CORP | Rich | +$24.3m | 255 |
| ARES STRATEGIC INCOME FUND | Rich | +$23.6m | 301 |
Widest same-facility spreads
Same facility, different holders. A book blend is not a mark.
| Credit | Facility | Low | High | Spread | Holders |
|---|---|---|---|---|---|
| Newfold Digital Holdings | first lien term loan 2029 | 43.3¢ | 81.0¢ | 37.7 pt | Blackstone Private Credit Fund 43.3¢, PIMCO Capital Solutions BDC Corp. 81.0¢ |
| RA Outdoors | first lien term loan 2027 | 49.5¢ | 83.3¢ | 33.8 pt | Barings BDC, Inc. 49.5¢, Main Street Capital CORP 83.3¢ |
| Congruex | first lien term loan 2029 | 60.9¢ | 91.8¢ | 30.9 pt | Steele Creek Capital Corp 60.9¢, Investcorp Credit Management BDC, Inc. 91.8¢ |
| Ivanti Software | first lien term loan 2029 | 41.4¢ | 70.5¢ | 29.1 pt | BC Partners Lending Corp 41.4¢, Audax Credit BDC Inc. 70.5¢ |
| PVHC | first lien term loan 2027 | 27.5¢ | 53.2¢ | 25.7 pt | BlackRock TCP Capital Corp. 27.5¢, BCP Investment Corp 53.2¢ |
| Florida Food Products | first lien term loan 2030 | 72.9¢ | 98.6¢ | 25.7 pt | Franklin BSP Capital Corp 72.9¢, BCP Investment Corp 98.6¢ |
| Dodge Construction Network | first lien term loan 2029 | 74.7¢ | 99.2¢ | 24.6 pt | Blue Owl Credit Income Corp. 74.7¢, Audax Credit BDC Inc. 99.2¢ |
| Wash & Wax | subordinated note 2028 | 70.6¢ | 95.1¢ | 24.6 pt | HPS Corporate Lending Fund 70.6¢, Onex Direct Lending BDC Fund 95.1¢ |
| Help/Systems | second lien term loan 2029 | 61.7¢ | 85.5¢ | 23.8 pt | New Mountain Private Credit Fund 61.7¢, Morgan Stanley Direct Lending Fund 85.5¢ |
| Teasdale Foods, Inc. (Teasdale Latin Foods) | first lien term loan 2029 | 51.3¢ | 75.0¢ | 23.7 pt | Morgan Stanley Direct Lending Fund 51.3¢, ARES CAPITAL CORP 75.0¢ |
| BPG Holdings IV | first lien term loan 2029 | 54.6¢ | 78.0¢ | 23.4 pt | North Haven Private Income Fund LLC 54.6¢, Barings Private Credit Corp 78.0¢ |
| Therapy Brands | second lien term loan 2029 | 77.0¢ | 100.0¢ | 23.0 pt | ARES CAPITAL CORP 77.0¢, New Mountain Private Credit Fund 100.0¢ |
Managers in the filing window
- Blackstone private credit holdings
- Blue Owl private credit holdings
- Ares private credit holdings
- Goldman private credit holdings
- HPS private credit holdings
- Apollo Global Management private credit holdings
- Cliffwater private credit holdings
- Golub Capital private credit holdings
- KKR Credit / FS Investments private credit holdings
- Internally managed private credit holdings
- Morgan Stanley private credit holdings
- Sixth Street private credit holdings
- Oaktree private credit holdings
This is the filing window into that manager's private credit, not the whole platform.
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Questions
What is private credit look-through?
Holdings and marks as filed on EDGAR by vehicles that publish a schedule of investments.
How are marks compared across funds?
Same facility, different holders. Street is the leave-one-out median of other holders' FV/principal on the matched funded facility. A book blend is not a mark.
Where do the numbers come from?
SEC EDGAR schedules of investments. Each fund page links the filing.