Direct Lending
🛡️ Public data only — no PHI permitted on this instance.
Private Credit / Direct Lending Tracker
Lender facilities · market spreads · sponsor-lender matrix · default trends · portfolio marks — 1,690 corpus deals
Facilities
12
Total Outstanding
$1,707M
Blended Rate
9.44%
Weighted Leverage
5.81x
Cov-Lite %
96.6%
Latest HC Default
3.80%
Watch-List Sectors
4
Corpus Deals
1,690
Active Facility Portfolio
| Lender | Type | Commit ($M) | Outstanding ($M) | Spread (bps) | All-In Rate | Tenor (yr) | Cov-Lite |
|---|---|---|---|---|---|---|---|
| Ares Capital Corporation | BDC | $285.00 | $245.00 | 500 | 9.45% | 6 | YES |
| Blue Owl Capital Lending | Direct Lender | $185.00 | $165.00 | 475 | 9.20% | 6 | YES |
| Golub Capital | Direct Lender | $155.00 | $140.00 | 485 | 9.30% | 7 | YES |
| Antares Capital | Direct Lender | $225.00 | $195.00 | 500 | 9.45% | 6 | YES |
| Churchill Asset Management | Direct Lender | $125.00 | $108.00 | 490 | 9.35% | 6 | YES |
| Bain Capital Credit | Direct Lender | $165.00 | $142.00 | 510 | 9.55% | 7 | YES |
| KKR Credit | Direct Lender | $145.00 | $128.00 | 495 | 9.40% | 6 | YES |
| Apollo Credit Management | Direct Lender | $215.00 | $188.00 | 505 | 9.50% | 7 | YES |
| HPS Investment Partners | Direct Lender | $195.00 | $168.00 | 500 | 9.45% | 6 | YES |
| Monroe Capital | Direct Lender | $88.00 | $72.00 | 525 | 9.70% | 6 | YES |
| Owl Rock BDC | BDC | $115.00 | $98.00 | 485 | 9.30% | 6 | YES |
| Main Street Capital | BDC | $68.00 | $58.00 | 550 | 9.95% | 5 | NO |
Market-Rate Spread Matrix by Deal Size
| Deal Size | Unitranche (bps) | First-Lien TL (bps) | Second-Lien (bps) | Typical OID | Closing Fee (bps) |
|---|---|---|---|---|---|
| < $50M EBITDA | 575 | 600 | 925 | 2.00% | 350 |
| $50-100M EBITDA | 500 | 525 | 825 | 1.50% | 300 |
| $100-250M EBITDA | 450 | 475 | 750 | 1.00% | 250 |
| $250M+ EBITDA | 400 | 425 | 700 | 0.80% | 200 |
| Healthcare Services (Avg) | 495 | 515 | 815 | 1.30% | 275 |
| Healthcare IT / SaaS | 425 | 450 | 725 | 1.00% | 225 |
Sponsor-Lender Relationship Matrix
| Sponsor | Primary Lender | Deals LTM | Total Committed ($M) | Avg Leverage | Tier |
|---|---|---|---|---|---|
| Welsh Carson | Ares Capital | 8 | $945.00 | 5.80x | platinum |
| Warburg Pincus | Apollo Credit | 6 | $825.00 | 5.90x | platinum |
| TPG | Blue Owl Capital | 7 | $685.00 | 5.70x | gold |
| KKR | KKR Credit (captive) | 9 | $1,250.00 | 6.00x | captive |
| Bain Capital | Bain Credit (captive) | 7 | $985.00 | 5.90x | captive |
| New Mountain | Golub Capital | 5 | $485.00 | 5.60x | gold |
| Audax Private Equity | Antares Capital | 6 | $425.00 | 5.70x | gold |
| Webster Equity | HPS Investment Partners | 4 | $325.00 | 5.80x | gold |
| Frazier Healthcare | Churchill AM | 4 | $285.00 | 5.50x | silver |
| Silversmith Capital | Blue Owl | 3 | $225.00 | 5.40x | silver |
Default Rate Trend — Healthcare vs Overall
| Period | HC Default % | Overall Default % | Amend-Extend Volume | Covenant Breach |
|---|---|---|---|---|
| 2021Q4 | 0.80% | 1.20% | 3.2% | 2 |
| 2022Q2 | 1.20% | 1.80% | 4.8% | 4 |
| 2022Q4 | 1.80% | 2.20% | 6.5% | 6 |
| 2023Q2 | 2.80% | 2.80% | 8.5% | 11 |
| 2023Q4 | 3.50% | 3.20% | 9.5% | 14 |
| 2024Q2 | 4.20% | 3.50% | 11.2% | 18 |
| 2024Q4 | 4.50% | 3.70% | 12.5% | 21 |
| 2025Q2 | 4.80% | 3.80% | 13.5% | 24 |
| 2025Q4 | 4.20% | 3.60% | 12.8% | 22 |
| 2026Q1 | 3.80% | 3.40% | 11.8% | 19 |
Portfolio Marks by Sector
| Sector | Par Balance ($M) | Current Mark | Unrealized Loss ($M) | Watch List |
|---|---|---|---|---|
| ASC / Surgery | $485.00 | 98.5% | $+7.28 | NO |
| Behavioral Health | $385.00 | 94.2% | $+22.33 | YES |
| Home Health / Hospice | $325.00 | 92.8% | $+23.40 | YES |
| Dental DSO | $245.00 | 95.8% | $+10.29 | NO |
| Dermatology | $195.00 | 99.2% | $+1.56 | NO |
| Primary Care | $285.00 | 96.5% | $+9.98 | NO |
| Physical Therapy | $165.00 | 97.8% | $+3.63 | NO |
| Fertility / IVF | $145.00 | 101.2% | $-1.74 | NO |
| Telehealth Platform | $95.00 | 88.5% | $+10.93 | YES |
| Specialty Pharmacy | $215.00 | 97.2% | $+6.02 | NO |
| Skilled Nursing | $125.00 | 86.5% | $+16.88 | YES |
| HCIT / SaaS | $175.00 | 100.5% | $-0.88 | NO |
Direct Lending Thesis: $1,707M outstanding across 12 facilities at 9.44% blended all-in rate.
Weighted leverage 5.81x; cov-lite penetration 96.6% — structural flexibility but reduced lender protection.
Healthcare default rate trailing overall market at ~4% (vs 3.5% all-in); peak at 2025Q2, now moderating.
4 watch-list sectors identified — behavioral, home-health/hospice, skilled nursing, and standalone telehealth showing sub-95 marks.
Captive lenders (KKR, Bain) maintain tightest relationships; Ares and Blue Owl are the go-to for larger deals.
Amend-and-extend volume has normalized at ~12%, down from 14% peak. Spread compression in largest deals (<425bps for $250M+ EBITDA) signals market thaw.