Every BDC sits inside a sponsor platform. Blackstone runs BCRED and BXSL. Blue Owl operates seven vehicles. Ares spans Antares and ARCC. KKR is partnered with FS Investments. This module rolls every BDC up to its parent platform and lets you compare on the dimensions that matter: scale, yield, leverage, credit quality, software exposure. NAV weighted within each family, so the big vehicles count more.
We roll BDCs up to the sponsor platform under which they are marketed. The rule set is keyword based on the fund's display name and reported manager. Affiliated vehicles roll up: BCRED and BXSL both go under Blackstone, ARCC and the Ares non traded vehicles all go under Ares (including the Antares branded vehicles that Ares acquired), the seven Blue Owl funds group together, FS-KKR is attributed to KKR partnership.
Edge cases are handled visibly. Crescent Capital is 51% Sun Life owned but the remaining stake is pending acquisition in 2026; we leave it standalone until the deal closes. Goldman's two BDCs (one traded, one private placement) are grouped because investors choosing Goldman are buying the same underwriting standards. FS Investments and KKR are jointly managed; we attribute to KKR as the more visible name and disclose this explicitly.
Funds whose name and manager don't fit any multi vehicle platform are kept as standalone single vehicle managers. Each is its own "platform" of one.
Every aggregated metric is NAV weighted within the family. So BCRED at roughly $48B counts heavily within Blackstone, BXSL at $6B counts less. This is the standard institutional convention · it weights the metric by how much investor capital is actually exposed to it.
Software exposure is computed from latest SOI snapshots using the canonical taxonomy from Module 06. Other metrics (yield, NA, leverage, first lien, PIK) come from the most recent quarterly timeseries entry per fund. Where a vehicle hasn't reported a metric, it's excluded from that aggregate rather than zeroed out.
A platform aggregate is shown as - when fewer than two of its vehicles report the metric. This avoids misleading single observation aggregates that look authoritative but aren't.