Refugio Research · SEC-filing-based research, not investment advice Data through 2026-07-02 · rendered 2026-07-13 23:14

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Sections

Portfolio health.

Credit quality inside each fund's book: investments on non-accrual (the loans no longer paying), PIK income share (interest accrued as paper, not received as cash), and position-level changes from monthly portfolio reports. Funds absent here have no credit-health disclosures extracted yet — each such gap appears on Health with its reason, never silently.

Credit funds at a glance

FundPortfolio marked at PIK (% of income)As of
Blackstone Private Credit Fund watchlist 97.6% of cost (2,016 pos.) 6.0% (1y avg 5.7%) 2026-03-31
Blue Owl Credit Income Corp. watchlist 103.8% of cost (539 pos.) 6.1% (1y avg 6.0%) 2026-03-31
Cliffwater Corporate Lending Fund watchlist not available 3.0% (1y avg 2.4%) 2026-03-31
Apollo Debt Solutions BDC 99.0% of cost (770 pos.) 2.9% (1y avg 2.1%) 2026-03-31
Ares Strategic Income Fund 102.5% of cost (1,229 pos.) 4.7% (1y avg 4.8%) 2026-03-31
FS Credit Income Fund not available 5.8% 2025-12-31
Fidelity Private Credit Fund 99.1% of cost (341 pos.) n/a – not tagged or stated 2026-03-31
HPS Corporate Lending Fund 99.8% of cost (777 pos.) 4.7% (1y avg 4.1%) 2026-03-31
KKR FS Income Trust 102.6% of cost (473 pos.) 2.3% (1y avg 3.2%) 2026-03-31
KKR FS Income Trust Select 102.0% of cost (403 pos.) 2.1% (1y avg 3.1%) 2026-03-31
North Haven Private Income Fund LLC 100.1% of cost (736 pos.) 3.7% (1y avg 2.2%) 2026-03-31
Oaktree Strategic Credit Fund 98.7% of cost (348 pos.) 1.2% (1y avg 1.4%) 2026-03-31
T. Rowe Price OHA Select Private Credit Fund 98.2% of cost (353 pos.) 6.5% (1y avg 3.9%) 2026-03-31
Methodology: marks and PIK

Portfolio marked at = aggregate fair value ÷ aggregate cost across every individual investment in the fund's tagged Schedule of Investments — the one portfolio-health signal available for EVERY BDC, including the sponsors that publish no internal-grade table. Below ~97% of cost means the book is carrying unrealized losses. PIK share = payment-in-kind income ÷ total investment income (tagged financials, or the income statement itself where untagged). Red marks the seed-threshold absolute legs (portfolio mark below 97% of cost; PIK ≥ 12% of income). Weak internal grades and non-accrual figures (count and % of fair value) are not shown in this cross-fund table — coverage is too sparse across the tracked universe for a fair side-by-side comparison — but both render in full, with citations, on each fund's own page where the sponsor discloses them.

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Funds shown (11 selected)  ·  select all · all watchlist · all private credit

Watchlist

Private Credit

Weakest internal grades% of portfolio at fair value
0%0.20%0.40%Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '262023-12-312026-03-31Blue Owl Credit Income — 2024-06-30: 0%Blue Owl Credit Income — 2024-09-30: 0%Blue Owl Credit Income — 2024-12-31: 0.10%Blue Owl Credit Income — 2025-03-31: 0.10%Blue Owl Credit Income — 2025-06-30: 0.10%Blue Owl Credit Income — 2025-09-30: 0.50%Blue Owl Credit Income — 2025-12-31: 0.40%Blue Owl Credit Income — 2025-12-31: 0.40%Apollo Debt Solutions — 2024-06-30: 0%Apollo Debt Solutions — 2024-09-30: 0.30%Apollo Debt Solutions — 2024-12-31: 0.20%Apollo Debt Solutions — 2025-03-31: 0.20%Apollo Debt Solutions — 2025-06-30: 0.20%Apollo Debt Solutions — 2025-09-30: 0.30%Apollo Debt Solutions — 2025-12-31: 0.30%Apollo Debt Solutions — 2026-03-31: 0.40%Apollo Debt Solutions — 2026-03-31: 0.40%K-FIT — 2023-12-31: 0%K-FIT — 2024-03-31: 0%K-FIT — 2024-06-30: 0%K-FIT — 2024-09-30: 0%K-FIT — 2024-12-31: 0%K-FIT — 2025-03-31: 0%K-FIT — 2025-06-30: 0%K-FIT — 2025-09-30: 0%K-FIT — 2025-12-31: 0%K-FIT — 2026-03-31: 0%K-FIT — 2026-03-31: 0%Blue Owl Credit IncomeApollo Debt SolutionsK-FIT
PIK income% of gross investment income
0%5%10%20232024202520262022-09-302026-03-31BCRED — 2024-06-30: 5.80%BCRED — 2024-09-30: 5.52%BCRED — 2025-03-31: 5.32%BCRED — 2025-06-30: 5.70%BCRED — 2025-09-30: 6.39%BCRED — 2026-03-31: 5.99%BCRED — 2026-03-31: 5.99%Blue Owl Credit Income — 2022-09-30: 12.38%Blue Owl Credit Income — 2023-09-30: 8.71%Blue Owl Credit Income — 2024-06-30: 7.36%Blue Owl Credit Income — 2024-09-30: 6.46%Blue Owl Credit Income — 2025-03-31: 5.95%Blue Owl Credit Income — 2025-06-30: 5.96%Blue Owl Credit Income — 2025-09-30: 5.68%Blue Owl Credit Income — 2026-03-31: 6.09%Blue Owl Credit Income — 2026-03-31: 6.09%Cliffwater Corporate Lending — 2023-06-09: 1.31%Cliffwater Corporate Lending — 2023-09-30: 1.09%Cliffwater Corporate Lending — 2024-03-31: 1.66%Cliffwater Corporate Lending — 2024-09-30: 1.73%Cliffwater Corporate Lending — 2025-03-31: 2.88%Cliffwater Corporate Lending — 2025-09-30: 3.13%Cliffwater Corporate Lending — 2026-03-31: 2.97%Cliffwater Corporate Lending — 2026-03-31: 2.97%Apollo Debt Solutions — 2022-09-30: 2.14%Apollo Debt Solutions — 2022-12-31: 1.72%Apollo Debt Solutions — 2023-03-31: 0.77%Apollo Debt Solutions — 2023-06-30: 2.17%Apollo Debt Solutions — 2023-09-30: 2.01%Apollo Debt Solutions — 2023-12-31: 2.45%Apollo Debt Solutions — 2024-03-31: 2.32%Apollo Debt Solutions — 2024-06-30: 1.37%Apollo Debt Solutions — 2024-09-30: 1.07%Apollo Debt Solutions — 2024-12-31: 1.25%Apollo Debt Solutions — 2025-03-31: 1.34%Apollo Debt Solutions — 2025-06-30: 2.02%Apollo Debt Solutions — 2025-09-30: 2.74%Apollo Debt Solutions — 2025-12-31: 2.47%Apollo Debt Solutions — 2026-03-31: 2.87%Apollo Debt Solutions — 2026-03-31: 2.87%Ares Strategic Income — 2022-12-31: 0%Ares Strategic Income — 2023-03-31: 0%Ares Strategic Income — 2023-06-30: 0%Ares Strategic Income — 2023-09-30: 2.90%Ares Strategic Income — 2023-12-31: 2.16%Ares Strategic Income — 2024-03-31: 0.62%Ares Strategic Income — 2024-06-30: 5.74%Ares Strategic Income — 2024-09-30: 3.65%Ares Strategic Income — 2024-12-31: 4.49%Ares Strategic Income — 2025-03-31: 4.34%Ares Strategic Income — 2025-06-30: 5.29%Ares Strategic Income — 2025-09-30: 4.76%Ares Strategic Income — 2025-12-31: 4.93%Ares Strategic Income — 2026-03-31: 4.68%Ares Strategic Income — 2026-03-31: 4.68%HPS Corporate Lending — 2022-09-30: 5.38%HPS Corporate Lending — 2022-12-31: 2.49%HPS Corporate Lending — 2023-09-30: 4.44%HPS Corporate Lending — 2023-12-31: 4.73%HPS Corporate Lending — 2023-12-31: 4.73%K-FIT — 2023-03-31: 0%K-FIT — 2023-06-30: 0%K-FIT — 2023-09-30: 0%K-FIT — 2023-12-31: 0.30%K-FIT — 2024-03-31: 1.31%K-FIT — 2024-06-30: 2.48%K-FIT — 2024-09-30: 4.67%K-FIT — 2024-12-31: 1.88%K-FIT — 2025-03-31: 5.03%K-FIT — 2025-06-30: 2.34%K-FIT — 2025-09-30: 3.28%K-FIT — 2025-12-31: 2.35%K-FIT — 2026-03-31: 2.34%K-FIT — 2026-03-31: 2.34%KKR FS Income Trust Select — 2024-03-31: 0%KKR FS Income Trust Select — 2024-06-30: 0%KKR FS Income Trust Select — 2024-09-30: 3.01%KKR FS Income Trust Select — 2024-12-31: 2.02%KKR FS Income Trust Select — 2025-03-31: 4.60%KKR FS Income Trust Select — 2025-06-30: 2.93%KKR FS Income Trust Select — 2025-09-30: 2.74%KKR FS Income Trust Select — 2025-12-31: 1.99%KKR FS Income Trust Select — 2026-03-31: 2.14%KKR FS Income Trust Select — 2026-03-31: 2.14%North Haven Private Income — 2022-09-30: 0.34%North Haven Private Income — 2022-12-31: 1.21%North Haven Private Income — 2023-03-31: 0.91%North Haven Private Income — 2023-06-30: 0.86%North Haven Private Income — 2023-09-30: 1.89%North Haven Private Income — 2023-12-31: 2.05%North Haven Private Income — 2024-03-31: 2.45%North Haven Private Income — 2024-06-30: 2.32%North Haven Private Income — 2024-09-30: 1.98%North Haven Private Income — 2024-12-31: 3.67%North Haven Private Income — 2024-12-31: 3.67%Oaktree Strategic Credit — 2022-09-30: 6.43%Oaktree Strategic Credit — 2022-12-31: 3.54%Oaktree Strategic Credit — 2023-03-31: 2.57%Oaktree Strategic Credit — 2023-06-30: 3.41%Oaktree Strategic Credit — 2023-09-30: 1.96%Oaktree Strategic Credit — 2023-12-31: 0.87%Oaktree Strategic Credit — 2024-03-31: 2.11%Oaktree Strategic Credit — 2024-06-30: 2.07%Oaktree Strategic Credit — 2024-09-30: 1.77%Oaktree Strategic Credit — 2024-12-31: 1.90%Oaktree Strategic Credit — 2025-03-31: 1.73%Oaktree Strategic Credit — 2025-06-30: 1.47%Oaktree Strategic Credit — 2025-09-30: 1.29%Oaktree Strategic Credit — 2025-12-31: 1.00%Oaktree Strategic Credit — 2026-03-31: 1.17%Oaktree Strategic Credit — 2026-03-31: 1.17%T. Rowe OHA Select — 2025-03-31: 3.85%T. Rowe OHA Select — 2026-03-31: 6.54%T. Rowe OHA Select — 2026-03-31: 6.54%BCREDBlue Owl Credit IncomeCliffwater Corporate LendingApollo Debt SolutionsAres Strategic IncomeHPS Corporate LendingK-FITKKR FS Income Trust SelectNorth Haven Private IncomeOaktree Strategic CreditT. Rowe OHA Select
Non-accrual investments% of portfolio at fair value
0%0.20%0.40%0.60%0.80%Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '262023-12-312026-03-31Apollo Debt Solutions — 2023-12-31: 0.10%Apollo Debt Solutions — 2025-06-30: 0.20%Apollo Debt Solutions — 2025-09-30: 0.30%Apollo Debt Solutions — 2025-12-31: 0.30%Apollo Debt Solutions — 2026-03-31: 0.40%Apollo Debt Solutions — 2026-03-31: 0.40%Ares Strategic Income — 2024-09-30: 0.10%Ares Strategic Income — 2024-12-31: 0.10%Ares Strategic Income — 2026-03-31: 0.30%Ares Strategic Income — 2026-03-31: 0.30%HPS Corporate Lending — 2024-06-30: 0.35%HPS Corporate Lending — 2024-09-30: 0.26%HPS Corporate Lending — 2024-12-31: 0.70%HPS Corporate Lending — 2025-03-31: 0.58%HPS Corporate Lending — 2025-06-30: 0.57%HPS Corporate Lending — 2025-09-30: 0.62%HPS Corporate Lending — 2025-12-31: 0.74%HPS Corporate Lending — 2026-03-31: 0.81%HPS Corporate Lending — 2026-03-31: 0.81%Oaktree Strategic Credit — 2024-06-30: 0.40%Oaktree Strategic Credit — 2024-09-30: 0.10%Oaktree Strategic Credit — 2024-12-31: 0%Oaktree Strategic Credit — 2025-03-31: 0.10%Oaktree Strategic Credit — 2025-06-30: 0.10%Oaktree Strategic Credit — 2025-09-30: 0.10%Oaktree Strategic Credit — 2025-12-31: 0.10%Oaktree Strategic Credit — 2026-03-31: 0.10%Oaktree Strategic Credit — 2026-03-31: 0.10%Apollo Debt SolutionsAres Strategic IncomeHPS Corporate LendingOaktree Strategic Credit

Position-level changes worth reporting

From quarter-over-quarter diffs of N-PORT position filings (registered funds file position-level data; BDCs do not).

Methodology: what counts as a markdown, markup, or default flag

Markdowns/markups are valuation MARKS — fair value moved ≥25% with par unchanged — not trades; default/arrears flags are the funds' own position-level non-accrual signals.

DateFundChangeDetail
2026-03-31 KKR FS Income Trust new position New position Newday Group Jersey Ltd, Bond: 1.2% of portfolio value ($31,538,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 KKR FS Income Trust new position New position Sotheby's, Revolver: 1.2% of portfolio value ($31,849,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 FS Credit Income Fund default / arrears Sterling Entertainment Enterprises LLC newly flagged defaulted in the 2026-03-31 NPORT-P (0.00% of portfolio value, $0); the 2025-12-31 report carried no such flag. Position-level non-accrual signal.
2026-03-31 FS Credit Income Fund exit 24 Hour Fitness Worldwide Inc (1.2% of portfolio value in the 2025-12-31 report, $7,911,350) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit American Auto Auction Group, LLC (1.2% of portfolio value in the 2025-12-31 report, $7,819,510) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit APPLIED TECHNICAL SERVICES LLC (1.0% of portfolio value in the 2025-12-31 report, $7,067,789) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit BCPE North Star US HoldCo 2, Inc. (1.0% of portfolio value in the 2025-12-31 report, $6,911,101) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit CPM Holdings Inc (1.0% of portfolio value in the 2025-12-31 report, $6,906,184) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit Gloves Buyer Inc (1.0% of portfolio value in the 2025-12-31 report, $6,978,125) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit Holley Purchaser Inc (1.2% of portfolio value in the 2025-12-31 report, $8,114,528) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit Omnimax International LLC (1.8% of portfolio value in the 2025-12-31 report, $11,949,934) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit ORTHODONTIC PARTNERS LLC (1.1% of portfolio value in the 2025-12-31 report, $7,711,725) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit Pretium Packaging LLC (1.3% of portfolio value in the 2025-12-31 report, $9,101,880) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund exit Proampac PG Borrower LLC (1.0% of portfolio value in the 2025-12-31 report, $6,952,512) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 FS Credit Income Fund new position New position ACM US Finco LP: 1.4% of portfolio value ($9,834,416) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 FS Credit Income Fund new position New position ADAN-B, LLC: 2.6% of portfolio value ($17,786,841) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 FS Credit Income Fund new position New position COP Tire & Auto Services Acquisitions, Inc.: 2.4% of portfolio value ($16,663,343) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 FS Credit Income Fund new position New position Frozen Garlic Bread Holdings Inc: 2.2% of portfolio value ($14,868,750) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 FS Credit Income Fund new position New position NICKERSON EDUCATION BUYER LLC: 1.8% of portfolio value ($12,636,821) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 FS Credit Income Fund new position New position ORANGE HIBISCUS LLC: 2.2% of portfolio value ($14,775,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 FS Credit Income Fund new position New position Recovery Solutions Parent LLC: 1.4% of portfolio value ($9,476,599) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 Blackstone Private Credit Fund exit AGI-CFI Holdings, Inc. 1 (1.9% of portfolio value in the 2025-12-31 report, $1,599,403,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 Blackstone Private Credit Fund exit BlackRock Select Treasury Based Liquidity Fund (2.2% of portfolio value in the 2025-12-31 report, $1,791,813,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 Blackstone Private Credit Fund exit Castle Management Borrower, LLC (9.8% of portfolio value in the 2025-12-31 report, $8,030,306,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 Blackstone Private Credit Fund exit eResearchTechnology, Inc. 1 (1.0% of portfolio value in the 2025-12-31 report, $825,410,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 Blackstone Private Credit Fund exit Mantech International, CP (1.1% of portfolio value in the 2025-12-31 report, $885,575,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 Blackstone Private Credit Fund exit Zendesk, Inc. (1.3% of portfolio value in the 2025-12-31 report, $1,061,196,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 Blackstone Private Credit Fund new position New position Castle Management Borrower, LLC 1: 10.2% of portfolio value ($8,174,133,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 Blackstone Private Credit Fund new position New position Dreyfus Government Cash Management - Institutional Shares: 1.4% of portfolio value ($1,106,086,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 Blackstone Private Credit Fund new position New position Dropbox, Inc. 1: 1.4% of portfolio value ($1,149,725,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 Blackstone Private Credit Fund new position New position Mantech International, CP 1: 1.1% of portfolio value ($883,733,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 Blackstone Private Credit Fund new position New position Zendesk, Inc. 1: 1.3% of portfolio value ($1,058,572,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 Cliffwater Corporate Lending Fund markdown SILVER POINT LOAN NOTE ISSUER LLC / marked down -28% (2025-12-31 $1,436,727,263 -> 2026-03-31 $1,036,201,909) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 4.56% of portfolio value.
2026-03-31 Cliffwater Corporate Lending Fund markup MADISON AVENUE CLO I HOLDCO LLC / marked up +99% (2025-12-31 $94,504,518 -> 2026-03-31 $187,607,221) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.30% of portfolio value.
2026-03-31 Cliffwater Corporate Lending Fund markup NXT STRUCTURED NOTES CLO NXT ISSUER I / marked up +37% (2025-12-31 $190,304,855 -> 2026-03-31 $261,078,162) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.60% of portfolio value.
2026-03-31 Cliffwater Corporate Lending Fund markup TCW Marina SL LLC / marked up +29% (2025-12-31 $78,869,632 -> 2026-03-31 $101,670,332) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.25% of portfolio value.
2026-03-31 HPS Corporate Lending Fund exit Daphne S.P.A. 1 (1.5% of portfolio value in the 2025-12-31 report, $378,996,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 HPS Corporate Lending Fund exit Sedgwick Claims Management Services, Inc. (1.2% of portfolio value in the 2025-12-31 report, $303,399,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31 HPS Corporate Lending Fund new position New position Indicor LLC: 3.6% of portfolio value ($894,910,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31 HPS Corporate Lending Fund new position New position J.P. Morgan U.S. Government Fund, Institutional Shares: 1.7% of portfolio value ($426,214,000) as of 2026-03-31; absent from the 2025-12-31 report.