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 42 publicly traded BDCs, creating the most comprehensive publicly available view of private credit borrowers.
With 23,006 distinct borrowers across 485,265 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 |
|---|---|---|---|---|
| One stop | 1 | $398.6B | $324.1B | Aerospace & Defense, Agriculture, Business Services, Consumer, Energy, Financial Services, Healthcare, Industrials, Media & Telecom, Real Estate, Technology, Transportation |
| Senior Debt | 2 | $283.6B | $153.9M | Technology |
| Net Senior Secured Loans—First Lien | 1 | $279.8B | $16K | Technology |
| Ivy Hill Asset Management, L.P. | 1 | $100.1B | $46.7B | Financial Services, Technology |
| First Lien Debt Total | 1 | $74.0B | $3.4M | Technology |
| Senior Direct Lending Program, LLC | 1 | $72.0B | $303.3B | Financial Services, Technology |
| Asset Based Finance | 1 | $56.1B | N/A | Technology |
| Amtek Global Technology Pte Ltd, Ordinary Shares | 1 | $51.6B | N/A | Technology |
| Advania Sverige AB | 1 | $46.0B | $4.5B | Technology |
| Software | 4 | $45.4B | $33.3B | Energy, Healthcare, Media & Telecom, Technology |
| VPROP Operating, LLC and V SandCo, LLC | 1 | $43.6B | $13.7B | Energy, Technology |
| Senior secured | 1 | $36.9B | $28.6B | Aerospace & Defense, Business Services, Consumer, Energy, Financial Services, Healthcare, Industrials, Media & Telecom, Technology, Transportation |
| Technology | 1 | $35.6B | N/A | Technology |
| Credit Opportunities Partners JV, LLC | 1 | $34.7B | $25.4B | Financial Services, Technology |
| Equity/Other | 2 | $33.6B | N/A | Technology |
| Net Senior Secured Loans—Second Lien | 1 | $32.3B | $1.2B | Technology |
| Business Services | 2 | $30.3B | $879.0B | Business Services, Consumer, Financial Services, Healthcare, Media & Telecom, Technology |
| Pharmaceuticals | 3 | $28.7B | N/A | Healthcare, Technology |
| First lien | 4 | $28.2B | $30.7B | Technology |
| Sub Total Non-control/Non-affiliate investments | 1 | $24.8B | N/A | Technology |
| Investments and Cash Equivalents Total | 2 | $24.0B | $24.2B | N/A |
| Healthcare | 1 | $21.8B | $64.9B | Healthcare, Technology |
| IGT Holdings LLC | 1 | $21.4B | N/A | Business Services, Technology |
| Matilda Jane Holdings, Inc. | 1 | $20.7B | $96.1M | Consumer |
| Battery Solutions, Inc. | 1 | $17.0B | $43.0M | Business Services, Technology |
| Equity | 8 | $16.2B | $29.2B | Consumer, Financial Services, Healthcare, Industrials, Technology, Transportation |
| Senior loan | 1 | $16.1B | $16.5B | Aerospace & Defense, Business Services, Consumer, Energy, Financial Services, Healthcare, Industrials, Media & Telecom, Technology, Transportation |
| Edeniq, Inc. | 1 | $15.6B | $4639.0B | Technology |
| Imagine Topco, LP (Common) | 1 | $14.8B | $22.2M | Technology |
| Unitranche First Lien | 1 | $14.6B | $14.4B | Technology |
| Imagine Topco, LP | 2 | $14.4B | $21.8B | Aerospace & Defense, Business Services, Technology |
| Pragmatic Institute, LLC | 2 | $14.3B | $16.9B | Business Services, Education, Technology |
| Vertical Communications, Inc. | 1 | $14.0B | $475.1M | Media & Telecom, Technology |
| Envocore Holding, LLC | 1 | $14.0B | $424.7M | Technology |
| Net Investments | 1 | $14.0B | N/A | Technology |
| Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. | 1 | $12.8B | $129.5M | Technology |
| Magnolia Topco LP - Class A | 2 | $12.5B | $7.8M | Healthcare, Technology, Transportation |
| Lower Middle Market | 1 | $12.1B | N/A | Technology |
| Growth capital loans | 1 | $11.3B | N/A | Technology |
| Vital Care Buyer, LLC | 1 | $10.9B | $11.1B | Healthcare, Technology |
| Term Loan | 2 | $10.7B | $10.1B | Aerospace & Defense, Business Services, Consumer, Energy, Environmental Services, Healthcare, Industrials, Media & Telecom, Technology, Transportation |
| Avida Holding AB, Common Stock | 1 | $10.7B | $1.4B | Financial Services, Technology |
| Medallia, Inc. | 2 | $10.6B | $11.0B | Technology |
| Park Place Technologies, LLC | 4 | $10.3B | $8.0B | Technology |
| Technical Resource Management, LLC – Common Warrants (E)(G) | 1 | $10.1B | $4.6M | Technology |
| Guidehouse, Inc. | 1 | $9.9B | $10.0B | Business Services |
| Cambium Learning Group, Inc. | 3 | $9.8B | $9.1B | Consumer, Technology |
| Solera LLC | 1 | $9.7B | $9.7B | Technology |
| Education | 2 | $9.6B | $15.9B | Education, Technology |
| JSS Holdings, Inc. | 1 | $9.5B | $9.5B | Business Services, Technology |
| Icon Partners V C, L.P. (7), | 2 | $9.5B | N/A | Technology |
| Knockaway, Inc. | 1 | $9.5B | $857.8B | Technology |
| Consumer Services | 2 | $9.4B | $6.8B | Consumer, Media & Telecom, Technology |
| Snoopy Bidco, Inc. | 1 | $9.4B | $9.6B | Healthcare, Technology |
| Southern Technical Institute, Inc. | 1 | $9.2B | $9.5B | Consumer |
| Ultra Electronics Holdings PLC, Private Equity | 1 | $9.2B | N/A | Technology |
| First Lien Debt and First Lien Revolving Line of Credit | 1 | $9.2B | $8.8B | Financial Services, Technology |
| First Lien Debt | 1 | $9.0B | $8.7B | Technology |
| Winxnet Holdings LLC | 1 | $8.9B | $9.1B | Technology |
| Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | 1 | $8.7B | $9.3B | N/A |
| Kellermeyer Bergensons Services LLC | 1 | $8.4B | $6.0B | Business Services, Technology |
| Corfin Holdings, Inc. | 1 | $8.4B | $8.5B | Aerospace & Defense, Technology |
| Healthcare Services | 2 | $8.3B | $13.0B | Healthcare, Technology |
| Suited Connector, LLC | 2 | $8.2B | $238.1M | Technology |
| Magnolia Topco LP - Class B | 2 | $8.2B | $4.1M | Healthcare, Technology, Transportation |
| Stamps.com, Inc. | 1 | $8.1B | $8.3B | Technology |
| Walnut Parent, Inc. | 1 | $8.1B | $2.2B | Industrials, Technology |
| Bazaarvoice, Inc. | 1 | $8.0B | $7.2B | Business Services, Technology |
| Potomac Intermediate Holdings II LLC | 1 | $7.9B | $4.5B | Energy, Media & Telecom, Technology |
| Second Lien Debt Total | 1 | $7.7B | $25.0M | Technology |
| Investment Funds Total | 1 | $7.6B | $131K | Technology |
| Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | 1 | $7.5B | $6.9B | Technology |
| Donuts, Inc. | 1 | $7.4B | $7.5B | Technology |
| Integrity Marketing Acquisition, LLC | 8 | $7.3B | $16.1B | Financial Services, Technology |
| Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC | 1 | $7.2B | $2.1B | Energy, Technology |
| Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | 1 | $7.2B | $6.8B | Technology |
| THG Acquisition, LLC | 4 | $7.2B | $1.9B | Financial Services, Technology |
| Term Loan (SBIC II) | 1 | $7.2B | $6.9B | Aerospace & Defense, Business Services, Consumer, Environmental Services, Healthcare, Industrials, Media & Telecom, Technology |
| Navigator Acquiror, Inc. | 1 | $7.1B | $7.0B | Healthcare, Technology |
| AMCSI Crash Co-Invest, LP | 1 | $7.1B | $49.6B | Technology, Transportation |
| Worldremit Group Limited (United Kingdom) | 2 | $6.9B | $1.3B | Financial Services, Technology |
| Subordinated Debt | 2 | $6.9B | N/A | Technology |
| Edifecs, Inc. | 2 | $6.9B | $6.8B | Technology |
| HV Watterson Holdings, LLC | 3 | $6.9B | $25.6B | Aerospace & Defense, Business Services, Technology |
| FS Squared Holding Corp. | 1 | $6.8B | $1.8B | Technology |
| National Property REIT Corp. | 1 | $6.8B | $4.4B | Real Estate |
| Apex Clean Energy TopCo, LLC | 1 | $6.7B | $2.8B | Energy, Technology |
| High Street Buyer, Inc. and High Street Holdco LLC | 1 | $6.6B | $5.7B | Financial Services, Technology |
| Tower Arch Infolinks Media, LP (7), | 1 | $6.5B | N/A | Media & Telecom, Technology |
| 1st Lien/Senior Secured Debt | 1 | $6.4B | $6.1B | Technology |
| Zilliant Incorporated | 2 | $6.3B | $137.6M | Technology |
| Harvey Tool Company, LLC | 1 | $6.2B | $2.1B | Technology |
| ISQ Hawkeye Holdco, Inc. | 2 | $6.2B | $1.9B | Business Services, Energy, Technology |
| Senior Secured First Lien | 1 | $6.2B | $6.2B | Technology |
| Concert Golf Partners Holdco LLC | 2 | $6.2B | $1.9B | Consumer, Technology |
| AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP | 1 | $5.9B | $5.5B | Healthcare, Technology |
| athenahealth Inc, Preferred Stock | 1 | $5.9B | $1.9B | Healthcare, Technology |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest | 1 | $5.9B | $6.1B | Financial Services, Technology |
| CoreLogic, Inc. and T-VIII Celestial Co-Invest LP | 1 | $5.7B | $5.1B | Technology |
| PennantPark Senior Loan Fund, LLC | 1 | $5.7B | $1393.1B | Financial Services |
Distribution of borrowers and exposure by sector classification.
| Sector | Borrowers | Positions | Total Fair Value |
|---|---|---|---|
| Technology | 8,547 | 106,946 | $2356.7B |
| Unclassified | 13,028 | 195,044 | $1568.3B |
| Healthcare | 1,747 | 33,055 | $223.9B |
| Financial Services | 1,371 | 19,503 | $218.8B |
| Consumer | 1,874 | 38,214 | $209.8B |
| Business Services | 1,706 | 22,812 | $125.7B |
| Media & Telecom | 1,191 | 20,089 | $98.4B |
| Transportation | 563 | 10,541 | $68.0B |
| Energy | 474 | 6,013 | $63.0B |
| Industrials | 858 | 11,745 | $50.9B |
| Aerospace & Defense | 413 | 6,563 | $43.9B |
| Real Estate | 193 | 3,035 | $21.7B |
| Education | 133 | 2,054 | $13.1B |
| Environmental Services | 111 | 1,748 | $5.7B |
| Agriculture | 40 | 792 | $3.7B |
Number of distinct borrowers and total fair value by BDC.
| BDC | Borrowers | Total Fair Value |
|---|---|---|
| FS KKR Capital Corp | 662 | $995.4B |
| Ares Capital Corp | 1,415 | $876.2B |
| Golub Capital BDC Inc | 101 | $465.7B |
| Blackstone Secured Lending Fund | 767 | $359.7B |
| PennantPark Investment Corp | 1,816 | $249.8B |
| Crescent Capital BDC Inc | 537 | $233.9B |
| New Mountain Finance Corp | 336 | $203.3B |
| PennantPark Floating Rate Capital Ltd | 2,141 | $196.7B |
| Hercules Capital Inc | 552 | $191.2B |
| Carlyle Secured Lending Inc | 424 | $188.4B |
| BlackRock TCP Capital Corp | 505 | $144.6B |
| Oaktree Specialty Lending Corp | 1,157 | $109.0B |
| Saratoga Investment Corp | 1,063 | $103.4B |
| Goldman Sachs BDC Inc | 359 | $90.8B |
| Trinity Capital Inc | 703 | $76.4B |
| Prospect Capital Corp | 687 | $72.8B |
| Barings BDC Inc | 1,141 | $71.0B |
| CION Investment Corp | 1,092 | $66.2B |
| TriplePoint Venture Growth BDC Corp | 437 | $64.4B |
| Stellus Capital Investment Corp | 476 | $50.0B |
| WhiteHorse Finance Inc | 649 | $32.6B |
| Gladstone Capital Corp | 957 | $32.1B |
| Gladstone Investment Corp | 643 | $28.8B |
| Monroe Capital Corp | 964 | $28.0B |
| SuRo Capital Corp | 379 | $22.3B |
| Bain Capital Specialty Finance Inc | 1,138 | $16.9B |
| Oxford Square Capital Corp | 897 | $14.6B |
| SLR Investment Corp | 343 | $13.8B |
| Horizon Technology Finance Corp | 178 | $13.0B |
| MidCap Financial Investment Corp | 577 | $11.8B |
| Main Street Capital Corp | 265 | $11.6B |
| BlackRock Capital Investment Corp | 197 | $11.1B |
| Logan Ridge Finance Corp | 187 | $9.1B |
| Capital Southwest Corp | 347 | $8.3B |
| Rand Capital Corp | 534 | $3.8B |
| Great Elm Capital Corp | 354 | $2.6B |
| NewtekOne Inc | 51 | $2.0B |
| PhenixFIN Corp | 87 | $340.9M |
| Fidus Investment Corp | 22 | $1.1M |
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 April 2026