How “Largest private credit firms by BDC portfolio fair value” is calculated

Each investment adviser's measure is the fair value of the investments held by the business development companies (BDCs) it advises, summed across those BDCs, as each BDC reported it on its latest schedule of investments filed with the SEC.

Each figure is as of the adviser’s latest filing, printed beside it. The ranking is recomputed from the records every hour, so a new filing moves it the same day DFX reads it.

• The 100 largest advisers by that sum are ranked. The figures are the BDCs' own, not estimates.
• A BDC whose latest schedule is more than 365 days older than the newest one filed is left out, as no longer reporting.
• The adviser is the one each BDC names. Affiliated advisers of the same group (two Ares advisers, three Blue Owl advisers) are ranked separately, as they register.
• Ranked by fair value. A tie is broken by the date of the latest schedule, then alphabetically.

• Private credit held in private funds, separately managed accounts, CLOs and insurance balance sheets, which file no schedule of investments: a firm's total private credit assets are larger than its BDC figure.
• BDCs that have stopped filing, and BDCs with no adviser on record.

• SEC filings of business development companies (Forms 10-K and 10-Q, schedules of investments)
• SEC Form ADV registrations of the advisers the BDCs name

No weighting, survey or editorial judgement enters the order. Every source is listed with its rights determination on the sources page.