A comprehensive database of every distinct borrower across the publicly traded BDC universe
Published by GP Stakes, the private markets intelligence platform
The private credit market has become one of the most significant segments of alternative investments, yet transparency into the underlying borrower universe remains limited. This directory aggregates every distinct borrower name from the Schedule of Investments filings of 43 publicly traded BDCs, creating the most comprehensive publicly available view of private credit borrowers.
With 11,091 distinct borrowers across 23,238 individual positions, this dataset reveals the true breadth and depth of middle-market lending. Each borrower entry includes aggregate fair value exposure, the number of BDC lenders, and sector classification where available.
This directory serves multiple use cases: credit analysts can identify which names are most widely held, risk managers can assess portfolio overlap, and business development professionals can map the competitive lending landscape. The data updates automatically as BDCs file new quarterly and annual reports with the SEC.
The largest borrowers by aggregate fair value across all BDC portfolios.
| Borrower | BDCs | Total Fair Value | Total Par | Sectors |
|---|---|---|---|---|
| Total | 11 | $3.7B | N/A | N/A |
| Total Investments | 10 | $2.0B | $795K | N/A |
| Total Investments - 232.0 % of Net Assets | 1 | $1.7B | N/A | N/A |
| Total Debt Investments - 208.2 % of Net Assets | 1 | $1.5B | N/A | N/A |
| TOTAL INVESTMENTS | 3 | $1.3B | N/A | N/A |
| LIABILITIES IN EXCESS OF OTHER ASSETS | 1 | $1.2B | N/A | N/A |
| Term Loan | 1 | $1.0B | N/A | N/A |
| Total Portfolio Investments | 3 | $914.8M | $440.1 | N/A |
| Term Loan (SBIC II) | 1 | $725.5M | N/A | N/A |
| Avida Holding AB, Common Stock | 1 | $720.1M | $720.1M | N/A |
| Total Investments - 191.5 % of Net Assets | 1 | $604.5M | N/A | N/A |
| Total Investments - 179.1 % of Net Assets | 1 | $570.5M | N/A | N/A |
| Total Debt Investments - 175.9 % of Net Assets | 1 | $560.3M | N/A | N/A |
| Term Loan (SBIC) | 1 | $528.7M | N/A | N/A |
| Total Investments in Securities and Cash Equivalents | 1 | $433.4M | N/A | N/A |
| Global Jet Capital LLC, Preferred Stock | 1 | $425.6M | $425.6M | N/A |
| Ultra Electronics Holdings PLC, Private Equity | 1 | $395.4M | N/A | N/A |
| Total Investments in Securities (8) | 1 | $383.1M | N/A | N/A |
| Total Structured Finance | 1 | $381.8M | N/A | N/A |
| Total Collateralized Loan Obligation – Equity Investments | 1 | $381.8M | N/A | N/A |
| Total Senior Secured Notes | 1 | $340.1M | N/A | N/A |
| Roemanu LLC, ABF Equity | 1 | $220.8M | N/A | N/A |
| Total Equity Securities - 23.8 % of Net Assets | 1 | $176.1M | N/A | N/A |
| Bowery Farming Inc, Warrant | 1 | $147.8M | N/A | N/A |
| Total Software | 1 | $119.8M | N/A | N/A |
| KKR Altitude II Offshore Aggregator LP, Partnership Interest | 1 | $106.7M | $137.5M | N/A |
| Membership Interest, Class A | 1 | $90.8M | $70.0M | N/A |
| Saratoga Senior Loan Fund I JV, LLC | 1 | $89.7M | N/A | N/A |
| Axero Holdings, LLC | 1 | $82.7M | N/A | N/A |
| Total Business Services | 1 | $80.2M | N/A | N/A |
| Delayed Draw Term Loan | 2 | $79.0M | N/A | N/A |
| Class A Interest *** | 1 | $77.9M | $27.5M | N/A |
| Preferred Shares, Series C | 1 | $77.8M | $28.2M | N/A |
| Altavair AirFinance, ABF Equity | 1 | $71.6M | $121.5M | N/A |
| Netreo Holdings, LLC | 1 | $70.8M | N/A | N/A |
| Razor Group Holdings II, Inc. (Germany) | 1 | $65.6M | N/A | N/A |
| PayPal Europe Sarl et Cie SCA, ABF Equity | 1 | $65.2M | $70.2M | N/A |
| Common shares | 1 | $60.7M | $9.5M | N/A |
| Common Shares | 2 | $60.0M | $10.2M | N/A |
| 36th Street Capital Partners Holdings, LLC | 1 | $59.8M | N/A | N/A |
| Preferred shares, Series C | 1 | $55.0M | $28.2M | N/A |
| ETU Holdings, Inc. | 1 | $54.0M | N/A | N/A |
| Term Loan B (SBIC) | 1 | $53.8M | N/A | N/A |
| First American Government Obligations Fund – Class Z Shares, 4.00 % (19) | 1 | $50.3M | N/A | N/A |
| Total Cash Equivalents | 3 | $50.3M | N/A | N/A |
| Membership Interest | 2 | $48.8M | $48.0M | N/A |
| Total Preferred Stock | 2 | $44.4M | N/A | N/A |
| Total Healthcare | 1 | $44.2M | N/A | N/A |
| Total Interactive Learning | 1 | $43.6M | N/A | N/A |
| Total Common Stock | 3 | $43.5M | N/A | N/A |
| Total Control investments | 2 | $41.9M | N/A | N/A |
| Term A Loan (SBIC II) | 1 | $39.2M | N/A | N/A |
| Total Industrials | 1 | $37.9M | N/A | N/A |
| Cubic Corp, Preferred Equity | 1 | $36.4M | N/A | N/A |
| Membership Interest, Class A 10% *** | 1 | $35.6M | $30.0M | N/A |
| Revolver | 1 | $35.1M | N/A | N/A |
| Term Loan (SBIC II ) | 1 | $34.8M | N/A | N/A |
| Stratose Aggregator Holdings, L.P. Common Units | 1 | $33.8M | N/A | N/A |
| Common shares (3) | 1 | $32.3M | $2.4M | N/A |
| Preferred shares, Series C 8% | 1 | $30.8M | $6.1M | N/A |
| Preferred Shares, Series C 8% | 1 | $30.4M | $6.1M | N/A |
| Term Loan A-5 | 1 | $28.7M | N/A | N/A |
| GreenSky Holdings LLC, ABF Equity | 1 | $28.5M | $31.3M | N/A |
| Term A Loan (SBIC) | 1 | $28.0M | N/A | N/A |
| Newday Group Jersey Ltd, ABF Equity | 1 | $27.8M | N/A | N/A |
| My Community Homes PropCo 2, ABF Equity | 1 | $27.0M | $20.3M | N/A |
| Term Loan B | 2 | $26.4M | N/A | N/A |
| Kellermeyer Bergensons Services LLC, Preferred Stock | 1 | $26.2M | N/A | N/A |
| Kellermeyer Bergensons Services LLC, Common Stock | 1 | $26.2M | N/A | N/A |
| Common Units | 2 | $25.3M | N/A | N/A |
| DRW Holdings, LLC | 1 | $24.9M | $25.1M | N/A |
| CLO subordinated notes, estimated yield 7.46 % due April 20, 2034 (9)(11)(12)(14)(18) | 1 | $24.9M | N/A | N/A |
| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note | 1 | $24.5M | N/A | N/A |
| CLO subordinated notes, estimated yield 13.64 % due October 15, 2037 (9)(11)(12)(14)(18)(24) | 1 | $24.3M | N/A | N/A |
| Total Controlled | 1 | $23.5M | N/A | N/A |
| Preferred Shares, Series F 6% | 1 | $23.5M | $465K | N/A |
| Preferred shares, Series A | 1 | $23.3M | $1.9M | N/A |
| CLO subordinated notes, estimated yield 9.71 % due April 20, 2034 (9)(11)(12)(14)(18) | 1 | $23.2M | N/A | N/A |
| Hudson River Trading LLC | 1 | $23.0M | $23.0M | N/A |
| CLO subordinated notes, estimated yield 17.80 % due October 15, 2037 (9)(11)(12)(14)(18)(24) | 1 | $22.8M | N/A | N/A |
| Preferred shares, Series F 6% | 1 | $22.6M | $465K | N/A |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note | 1 | $22.3M | N/A | N/A |
| Star Mountain Diversified Credit Income Fund III, LP, ABF Equity | 1 | $22.1M | $23.5M | N/A |
| CLO subordinated notes, estimated yield 19.83 % due January 22, 2038 (9)(11)(12)(14)(18) | 1 | $21.8M | N/A | N/A |
| Total Control Investments | 8 | $21.5M | $11K | N/A |
| Delek US Holdings, Inc. | 1 | $21.0M | $21.1M | N/A |
| 2 | 6 | $20.8M | N/A | N/A |
| Preferred Shares, Series F-1 | 1 | $20.0M | $1.6M | N/A |
| Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV*** | 1 | $20.0M | N/A | N/A |
| Preferred shares, Series F-1 | 1 | $20.0M | $1.6M | N/A |
| Total Food and Beverage | 1 | $19.9M | N/A | N/A |
| HV GS Acquisition, LP Class A Interests | 1 | $19.5M | N/A | N/A |
| CLO subordinated notes, estimated yield 0.00 % due July 25, 2030 (9)(11)(12)(18)(32) | 1 | $19.5M | N/A | N/A |
| Saratoga Investment Corp. CLO 2013-1, Ltd. | 1 | $19.5M | N/A | N/A |
| Asurion, LLC | 3 | $19.3M | $19.5M | N/A |
| CITADEL SECURITIES LP | 1 | $19.3M | $19.2M | N/A |
| CLO subordinated notes, estimated yield 0.00 % due July 25, 2030 (9)(11)(12)(18)(28) | 1 | $19.0M | N/A | N/A |
| CLO subordinated notes, estimated yield 8.48 % due July 15, 2034 (9)(11)(12)(14)(18) | 1 | $19.0M | N/A | N/A |
| Global Tel*Link Corporation | 1 | $19.0M | $19.2M | N/A |
| Total Telecommunication Services | 1 | $18.6M | N/A | N/A |
Distribution of borrowers and exposure by sector classification.
| Sector | Borrowers | Positions | Total Fair Value |
|---|---|---|---|
| Unclassified | 11,091 | 23,238 | $26.9B |
Number of distinct borrowers and total fair value by BDC.
| BDC | Borrowers | Total Fair Value |
|---|---|---|
| Stellus Capital Investment Corp | 304 | $9.2B |
| Saratoga Investment Corp | 355 | $3.9B |
| BlackRock TCP Capital Corp | 205 | $3.6B |
| Oxford Square Capital Corp | 164 | $3.1B |
| FS KKR Capital Corp | 405 | $2.6B |
| SuRo Capital Corp | 176 | $2.5B |
| BlackRock Capital Investment Corp | 135 | $1.8B |
| Owl Rock Capital Corp | 901 | $43.8M |
| Bain Capital Specialty Finance Inc | 569 | $24.9M |
| Blackstone Secured Lending Fund | 552 | $23.0M |
| Prospect Capital Corp | 221 | $12.4M |
| Hercules Capital Inc | 461 | $12.3M |
| Oaktree Specialty Lending Corp | 277 | $11.0M |
| Golub Capital BDC Inc | 31 | $9.2M |
| CION Investment Corp | 471 | $7.6M |
| Goldman Sachs BDC Inc | 265 | $6.9M |
| Barings BDC Inc | 540 | $6.9M |
| MidCap Financial Investment Corp | 233 | $3.9M |
| SLR Investment Corp | 23 | $3.7M |
| Capital Southwest Corp | 227 | $3.3M |
| Main Street Capital Corp | 287 | $3.2M |
| PennantPark Floating Rate Capital Ltd | 859 | $2.9M |
| Carlyle Secured Lending Inc | 250 | $2.7M |
| TriplePoint Venture Growth BDC Corp | 330 | $2.3M |
| PennantPark Investment Corp | 752 | $2.1M |
| New Mountain Finance Corp | 215 | $1.9M |
| Horizon Technology Finance Corp | 70 | $1.9M |
| Monroe Capital Corp | 359 | $1.3M |
| Fidus Investment Corp | 13 | $761K |
| Logan Ridge Finance Corp | 106 | $677K |
| Great Elm Capital Corp | 128 | $201K |
| Gladstone Investment Corp | 143 | $156K |
| Trinity Capital Inc | 313 | $40K |
| Gladstone Capital Corp | 255 | $13K |
| Ares Capital Corp | 658 | $4K |
| WhiteHorse Finance Inc | 412 | $3K |
| Crescent Capital BDC Inc | 355 | $469.5 |
The borrower directory highlights several important structural features of the BDC market. The long tail of borrowers with single-BDC exposure suggests that despite concentration at the top, the broader market maintains meaningful diversification. However, the largest borrowers by aggregate exposure represent systemically important credits whose performance can influence multiple BDC portfolios simultaneously.
Sector concentration patterns also reveal the industries most dependent on BDC financing. Software and technology services, healthcare, and business services consistently represent the largest sectors by both borrower count and aggregate fair value. This sectoral tilt reflects the broader private credit market's preference for recurring revenue business models with predictable cash flows.
Borrower data is extracted from SEC filings (10-K and 10-Q) for all 43 publicly traded BDCs. Names are normalized for consistency but not deduplicated across different legal entity names for the same parent company. Fair values reflect the most recent filing for each BDC. Sector classifications are taken directly from BDC filings where available.
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Last updated: 3 February 2026