Muzinich & Co., Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Muzinich & Co., Inc. reported 38 stock positions worth $163.5 million. Its top holding was Ares Capital (ARCC) at 15.3% of the portfolio, followed by Blue Owl Capital (OBDC, 9.5%) and Blackstone Secured Lending F (BXSL, 9.0%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 20 and reduced 3. The biggest buy was Blue Owl Capital (OBDC, shares +87%) and the biggest sale an exit from Blue Owl Capital Corp. III (OBDE).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001618824
- Portfolio Value
- $163.5M (Q1 2025)
- SEC Filing
- 0001618824-25-000004 ↗ filed May 5, 2025
Holdings Value
Holdings 38 stocks · $163.5M
| ARCC Ares Capital Corp. | 15.25% | 1,125,251 | $24.9M | Add +17.0% |
| OBDC Blue Owl Capital Corp. | 9.49% | 1,058,218 | $15.5M | Add +87.3% |
| BXSL Blackstone Secured Lending F | 9.02% | 455,846 | $14.8M | Add +16.1% |
| GBDC Golub Capital BDC Inc. | 8.65% | 933,787 | $14.1M | Add +28.2% |
| MAIN Main Street Capital Corp. | 8.55% | 247,107 | $14.0M | Add +10.8% |
| FSK FS KKR Capital Corp. | 8.20% | 640,003 | $13.4M | Add +14.1% |
| TSLX Sixth Street Specialty Lendi | 6.16% | 450,142 | $10.1M | Add +14.7% |
| HTGC Hercules Capital Inc. | 6.00% | 510,371 | $9.8M | Add +13.4% |
| BCSF Bain Capital Specialty Finan | 3.68% | 362,026 | $6.0M | Add +13.3% |
| GSBD Goldman Sachs BDC Inc. | 3.09% | 434,147 | $5.0M | Add +9.8% |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 2.65% | 393,136 | $4.3M | Add +15.5% |
| MSDL Morgan Stanley Direct Lendin | 2.60% | 212,700 | $4.2M | Add +103.5% |
| OCSL Oaktree Specialty Lending Co. | 2.16% | 230,151 | $3.5M | Reduce -3.0% |
| CGBD Carlyle Secured Lending Inc. | 1.93% | 194,717 | $3.2M | Reduce -3.8% |
| MFIC Midcap Financial Investment | 1.88% | 238,427 | $3.1M | Add +22.9% |
| CSWC Capital Southwest Corp. | 1.88% | 137,371 | $3.1M | Add +24.4% |
| SLRC SLR Investment Corp. | 1.84% | 178,095 | $3.0M | Add +22.7% |
| BBDC Barings BDC Inc. | 1.53% | 262,910 | $2.5M | Add +8.5% |
| TCPC BlackRock TCP Capital Corp. | 1.29% | 263,894 | $2.1M | Add +9.3% |
| FDUS Fidus Investment Corp. | 1.15% | 92,121 | $1.9M | Add +11.1% |
| CCAP Crescent Capital BDC Inc. | 0.85% | 80,766 | $1.4M | No change |
| SCM Stellus Capital Investment C | 0.75% | 87,120 | $1.2M | Add +32.5% |
| PFLT Pennantpark Floating Rate Ca | 0.35% | 51,655 | $578K | No change |
| EQIX Equinix Inc. | 0.19% | 382 | $311K | No change |
| PLD Prologis Inc. | 0.14% | 2,087 | $233K | Reduce -7.6% |
| DLR Digital Realty Trust Inc. | 0.13% | 1,496 | $214K | No change |
| AMT American Tower Corp. | 0.10% | 779 | $170K | No change |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.08% | 1,472 | $127K | No change |
| SPG Simon Property Group Inc. | 0.07% | 731 | $121K | No change |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.06% | 1,256 | $90K | No change |
| HST Host Hotels & Resorts Inc. | 0.05% | 6,047 | $86K | No change |
| CCI Crown Castle Inc. | 0.05% | 787 | $82K | Add +39.8% |
| EXR Extra Space Storage Inc. | 0.05% | 548 | $81K | No change |
| ARE Alexandria Real Estate Equit | 0.04% | 758 | $70K | No change |
| AMH American Homes 4 Rent- A | 0.04% | 1,805 | $68K | No change |
| AVB Avalonbay Communities Inc. | 0.03% | 251 | $54K | No change |
| ESS Essex Property Trust Inc. | 0.02% | 116 | $36K | No change |
| PDD HOLDINGS INC (PDD 0 12/01/25) | 0.00% | 750 | $739 | New |
Options reported separately and not counted above: OC calls ($3.6M), TDG puts ($1.4M), DECK calls ($1.1M), HIMS puts ($724K), TEX calls ($680K), RRR calls ($651K), IRM calls ($645K), WY calls ($586K), SVC calls ($522K), CZR calls ($500K), AAL calls ($422K), VG calls ($361K), and 6 more.
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| OBDC Blue Owl Capital Corp. | Add +87.3% | 9.49% | +3.46 |
| MSDL Morgan Stanley Direct Lendin | Add +103.5% | 2.60% | +1.07 |
| GBDC Golub Capital BDC Inc. | Add +28.2% | 8.65% | +0.85 |
| ARCC Ares Capital Corp. | Add +17.0% | 15.25% | +0.39 |
| TSLX Sixth Street Specialty Lendi | Add +14.7% | 6.16% | +0.26 |
| SLRC SLR Investment Corp. | Add +22.7% | 1.84% | +0.18 |
| CSWC Capital Southwest Corp. | Add +24.4% | 1.88% | +0.17 |
| SCM Stellus Capital Investment C | Add +32.5% | 0.75% | +0.11 |
| BXSL Blackstone Secured Lending F | Add +16.1% | 9.02% | +0.06 |
| MFIC Midcap Financial Investment | Add +22.9% | 1.88% | +0.03 |
| CCI Crown Castle Inc. | Add +39.8% | 0.05% | +0.01 |
| PDD HOLDINGS INC (PDD 0 12/01/25) | New | 0.00% | +0.00 |
| NMFC New Mountain Finance Corp. | Add +15.5% | 2.65% | −0.05 |
| FDUS Fidus Investment Corp. | Add +11.1% | 1.15% | −0.08 |
| BBDC Barings BDC Inc. | Add +8.5% | 1.53% | −0.10 |
| TCPC BlackRock TCP Capital Corp. | Add +9.3% | 1.29% | −0.19 |
| BCSF Bain Capital Specialty Finan | Add +13.3% | 3.68% | −0.28 |
| GSBD Goldman Sachs BDC Inc. | Add +9.8% | 3.09% | −0.29 |
| HTGC Hercules Capital Inc. | Add +13.4% | 6.00% | −0.39 |
| FSK FS KKR Capital Corp. | Add +14.1% | 8.20% | −0.40 |
| MAIN Main Street Capital Corp. | Add +10.8% | 8.55% | −0.67 |
Options Activity Q4 2024 → Q1 2025
| OC Owens Corning | call | New | 25,000 | $3.6M |
| LULU Lululemon Athletica Inc. | call | Sold out | 5,000 | $1.9Mbefore exit |
| PLD Prologis Inc. | call | Sold out | 15,000 | $1.6Mbefore exit |
| EQT Eqt Corp. | call | Sold out | 32,500 | $1.5Mbefore exit |
| NLY Annaly Capital Management Inc. | call | Sold out | 70,000 | $1.3Mbefore exit |
| RRC Range Resources Corp. | call | Sold out | 32,500 | $1.2Mbefore exit |
| DECK Deckers Outdoor Corp. | call | New | 10,000 | $1.1M |
| AR Antero Resources Corp. | call | Sold out | 30,000 | $1.1Mbefore exit |
| PFE Pfizer Inc. | call | Sold out | 37,000 | $978Kbefore exit |
| BHP BHP Group Ltd.-Spon ADR | call | Sold out | 20,000 | $976Kbefore exit |
| ACHC Acadia Healthcare Co. Inc. | put | Sold out | 20,000 | $772Kbefore exit |
| PK Park Hotels & Resorts Inc. | call | Sold out | 50,000 | $736Kbefore exit |
| HIMS Hims & Hers Health Inc. | put | New | 24,500 | $724K |
| ACI Albertsons Cos Inc. Class A | call | Sold out | 35,000 | $687Kbefore exit |
| RRR Red Rock Resorts Inc. Class A | call | New | 15,000 | $651K |
| IRM Iron Mountain Inc. | call | New | 7,500 | $645K |
| EMBC Embecta Corp. | call | Sold out | 30,000 | $615Kbefore exit |
| WY Weyerhaeuser Co. | call | New | 20,000 | $586K |
| CZR Caesars Entertainment Inc. | call | Reduce -27.3% | 20,000 | $500K |
| AAL American Airlines Group Inc. | call | New | 40,000 | $422K |
| VALE Vale SA-SP ADR | call | Sold out | 46,000 | $408Kbefore exit |
| SIRI Sirius XM Holdings Inc. | call | Sold out | 17,500 | $399Kbefore exit |
| VG Venture Global Inc. Class A | call | New | 35,000 | $361K |
| OI O-I Glass Inc. | call | New | 30,000 | $344K |
| SBGI Sinclair Inc. | call | New | 20,000 | $319K |
| NWL Newell Brands Inc. | call | New | 50,000 | $310K |
| UNIT Uniti Group LLC Com SHS | call | Sold out | 45,000 | $241Kbefore exit |
| WBD Warner Bros Discovery Inc. | call | New | 15,000 | $161K |
| VSAT Viasat Inc. | call | New | 15,000 | $156K |
| ACCO Acco Brands Corp. | call | Sold out | 25,000 | $131Kbefore exit |
| GTN Gray Media Inc. | call | New | 21,000 | $91K |
| ECHO Echostar Corp. Class A | put | Sold out | 1,000 | $23Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 38 | $292.7M | ARCC, BXSL, OBDC, GBDC, MAIN |
| Q1 2026 | 38 | $285.9M | ARCC, BXSL, OBDC, MAIN, GBDC |
| Q4 2025 | 38 | $318.0M | ARCC, BXSL, OBDC, GBDC, MAIN |
| Q3 2025 | 37 | $258.0M | ARCC, OBDC, BXSL, MAIN, GBDC |
| Q2 2025 | 38 | $218.9M | ARCC, OBDC, BXSL, MAIN, GBDC |
| Q1 2025 | 38 | $163.5M | ARCC, OBDC, BXSL, GBDC, MAIN |
| Q4 2024 | 38 | $141.6M | ARCC, MAIN, BXSL, FSK, GBDC |
| Q3 2024 | 38 | $126.7M | ARCC, MAIN, FSK, GBDC, BXSL |
| Q2 2024 | 36 | $124.8M | ARCC, OBDC, GBDC, FSK, MAIN |
| Q1 2024 | 38 | $115.2M | ARCC, OBDC, BXSL, FSK, GBDC |