The Fastest Growing NT BDCS in 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:
| 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 |
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
