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:
|Fund||Offering Type||Term||Total Assets(2023Q2)|
|Blackstone Private Credit Fund||Public||Perpetual||$51,615,036,000|
|Blue Owl Credit Income Corp.||Public||Perpetual||$13,610,547,000|
|HPS Corporate Lending Fund||Public||Perpetual||$7,318,480,000|
|Blue Owl Technology Finance Corp.||Private||Finite||$6,557,922,000|
|Apollo Debt Solutions BDC||Public||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.
|Fund||Offering Type||Term||2023Q2 Assets||Growth vs. 2022||Annual % Growth|
|Blue Owl Credit Income Corp.||Public||Perpetual||$13,610,547,000||$4,910,222,000||56%|
|HPS Corporate Lending Fund||Public||Perpetual||$7,318,480,000||$4,092,320,000||127%|
|Blackstone Private Credit Fund||Public||Perpetual||$51,615,036,000||$2,491,921,000||5%|
|Franklin BSP Capital Corporation||Private||Finite||$3,021,581,000||$2,341,981,000||345%|
|Sixth Street Lending Partners||Private||Finite||$2,063,418,000||$2,063,418,000||NA|