Sectors
Sectors group borrowers by GICS industry classification, providing market-wide benchmarks for credit quality, spreads, and concentration across the BDC universe.
Sector list
Navigate to Explore > Sectors in the left sidebar. The list shows all 26 GICS industry groups with BDC exposure:
| Column | Description |
|---|---|
| Industry Group | GICS industry group name (e.g., Software & Services) |
| Companies | Distinct operating company count |
| Total Fair Value | Sum of fair value (e.g., $28.1B) |
| % of Universe | This sector’s share of total BDC fair value (e.g., 19.5%) |
| Avg Mark | Cost-weighted average mark (e.g., 97.8%) |
| Spread (1L) | Median first lien spread (e.g., 500 bps) |
Click Filter and Display to customize the view.
Sector detail
Click a sector row to open the detail page. The header shows:
- Sector name (e.g., Software & Services)
- GICS classification (e.g., “GICS Industry Group — Information Technology”)
- Tags: GICS sector badge, % of BDC universe, BDC count
Summary metrics bar
Six key stats across the top:
| Metric | Description |
|---|---|
| Total Fair Value | Aggregate exposure (e.g., $28.1B), with % of BDC universe |
| Companies | Count with QoQ change (e.g., 640, -404 from prior Q) |
| Avg Mark | Cost-weighted, with QoQ change (e.g., 97.81%, +4.25% from prior Q) |
| Median Spread | First lien median (e.g., S+500) |
| Below 95% Mark | Count of stressed companies (e.g., 90) |
| Below 90% Mark | Count of significantly stressed companies (e.g., 55) |
Tabs
Overview (default)
- Spread by Investment Type:
- Spread by Investment Type — Horizontal bars showing median spread for First Lien (e.g., S+500, range 450–575), Unitranche (e.g., S+525), and Second Lien (e.g., S+675)
- Spread Trend (Median First Lien) — Table showing spread by quarter (Period, Median, QoQ change with colored badges)
- Lender Exposure to [Sector] — “Which BDCs have the most capital deployed in this sector.” Table showing top 10 BDCs:
| Column | Description |
|---|---|
| Lender | BDC name |
| # Names | Number of companies held in this sector |
| Fair Value | Total fair value in sector |
| % Portfolio | This sector as % of the BDC’s total portfolio |
| Avg Mark | With visual progress bar (green/red) |
| Spread | Weighted average |
| Below 95% | Count of stressed names |
Shows sector total at bottom (e.g., “Sector total: $28.1B across 640 companies”).
- Stressed Names — Companies with avg mark below 95% across BDC holders:
| Column | Description |
|---|---|
| Company | Operating company name |
| # Lenders | BDC holder count |
| Exposure | Total fair value |
| Avg Mark | With visual bar and red/green coloring |
| Trend | QoQ mark change (e.g., ▼ 3.41%) |
| Spread | Weighted average |
| Maturity | Nearest maturity (highlighted if near-term) |
| Seasoning | Months since acquisition |
Shows “Showing X of Y names below 95% mark” and total stressed exposure.
- Q4 2025 New Names & Top Sponsors — Side-by-side panels:
- New Names (Q4 2025) — Companies newly added to this sector’s BDC exposure: Company, Exposure, Spread
- Top Sponsors — Horizontal bar chart of most active PE sponsors in the sector by portfolio company count
Investments
Full table of individual investment positions in the sector, filterable and sortable.
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