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The Fastest Growing NT BDCS in 2023

August 24, 2023

The non-traded BDC now has $160 billion in total assets, up 28% from a year ago. Removing the impact of leverage, the NT BDC sector now has $81 billion in net assets, up 36% from a year ago. . There are a total of 88 active NT BDCs with assets, up from 74 at the end of Q2 2022.

Blackstone Private Credit Fund alone has $51.6 million in assets, accounting for nearly ⅓ of the total. In distant second is the Blue Owl Credit Income Corp with $13.6 billion in total assets.

The following table shows the five largest NT BDCs by total assets as of the end of the second quarter in 2023:

FundOffering TypeTermTotal Assets(2023Q2)
Blackstone Private Credit FundPublic Perpetual$51,615,036,000
Blue Owl Credit Income Corp.Public Perpetual$13,610,547,000
HPS Corporate Lending FundPublic Perpetual$7,318,480,000
Blue Owl Technology Finance Corp.Private Finite$6,557,922,000
Apollo Debt Solutions BDCPublic Perpetual$5,067,123,000

NT BDCs can either be perpetual life or finite life structures. Only 19 out of 89 NT BDCs are perpetual life vehicles, however they account for a majority of total assets.

NT BDCs can offer their shares in public or private offerings. Over 75% of active NT BDCs are raising capital through private offerings. However, privately offered BDCs tend to raise smaller amounts of capital, so Private NT BDCs account for only 41% of total NT BDC Assets.

Fastest Growing NT BDCs

Over the past year, 78% of active BDCS reported a growth in total assets. The following table shows the five fastest growing NT BDCs based on value of assets added in the past year.

FundOffering Type Term2023Q2 AssetsGrowth vs. 2022Annual % Growth
Blue Owl Credit Income Corp.Public Perpetual$13,610,547,000$4,910,222,00056%
HPS Corporate Lending FundPublic Perpetual$7,318,480,000$4,092,320,000127%
Blackstone Private Credit FundPublic Perpetual$51,615,036,000$2,491,921,0005%
Franklin BSP Capital CorporationPrivate Finite$3,021,581,000$2,341,981,000345%
Sixth Street Lending PartnersPrivateFinite$2,063,418,000$2,063,418,000NA

You can access asset data on all active NT BDCs here. Historical asset growth, fee structure, and performance data is available to premium plus members

Sell Your Non-traded REITs and BDCs

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