Muzinich & Co., Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 4, 2025), Muzinich & Co., Inc. reported 38 stock positions worth $218.9 million. Its top holding was Ares Capital (ARCC) at 13.8% of the portfolio, followed by Blue Owl Capital (OBDC, 9.5%) and Blackstone Secured Lending F (BXSL, 9.1%). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 22 and reduced 1. The biggest buy was Morgan Stanley Direct Lendin (MSDL, shares +114%) and the biggest sale BlackRock TCP Capital (TCPC, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001618824
- Portfolio Value
- $218.9M (Q2 2025)
- SEC Filing
- 0001618824-25-000006 ↗ filed Aug 4, 2025
Holdings Value
Holdings 38 stocks · $218.9M
| ARCC Ares Capital Corp. | 13.77% | 1,373,051 | $30.2M | Add +22.0% |
| OBDC Blue Owl Capital Corp. | 9.53% | 1,455,433 | $20.9M | Add +37.5% |
| BXSL Blackstone Secured Lending F | 9.08% | 646,277 | $19.9M | Add +41.8% |
| MAIN Main Street Capital Corp. | 8.55% | 316,808 | $18.7M | Add +28.2% |
| GBDC Golub Capital BDC Inc. | 8.22% | 1,228,122 | $18.0M | Add +31.5% |
| FSK FS KKR Capital Corp. | 7.66% | 807,760 | $16.8M | Add +26.2% |
| TSLX Sixth Street Specialty Lendi | 6.62% | 608,616 | $14.5M | Add +35.2% |
| HTGC Hercules Capital Inc. | 6.16% | 738,169 | $13.5M | Add +44.6% |
| MSDL Morgan Stanley Direct Lendin | 3.90% | 455,631 | $8.5M | Add +114.2% |
| BCSF Bain Capital Specialty Finan | 3.81% | 553,802 | $8.3M | Add +53.0% |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 2.77% | 575,474 | $6.1M | Add +46.4% |
| GSBD Goldman Sachs BDC Inc. | 2.61% | 507,937 | $5.7M | Add +17.0% |
| MFIC Midcap Financial Investment | 2.31% | 401,393 | $5.1M | Add +68.3% |
| CSWC Capital Southwest Corp. | 2.27% | 225,790 | $5.0M | Add +64.4% |
| CGBD Carlyle Secured Lending Inc. | 2.20% | 352,617 | $4.8M | Add +81.1% |
| SLRC SLR Investment Corp. | 1.97% | 267,581 | $4.3M | Add +50.3% |
| FDUS Fidus Investment Corp. | 1.76% | 190,228 | $3.8M | Add +106.5% |
| OCSL Oaktree Specialty Lending Co. | 1.63% | 260,854 | $3.6M | Add +13.3% |
| BBDC Barings BDC Inc. | 1.22% | 291,373 | $2.7M | Add +10.8% |
| SCM Stellus Capital Investment C | 0.92% | 144,005 | $2.0M | Add +65.3% |
| TCPC BlackRock TCP Capital Corp. | 0.90% | 256,389 | $2.0M | Reduce -2.8% |
| CCAP Crescent Capital BDC Inc. | 0.71% | 110,423 | $1.6M | Add +36.7% |
| PFLT Pennantpark Floating Rate Ca | 0.49% | 104,859 | $1.1M | Add +103.0% |
| SPIB SS SPDR P Int C Corp. ETF | 0.14% | 9,234 | $310K | New |
| EQIX Equinix Inc. | 0.14% | 382 | $304K | No change |
| DLR Digital Realty Trust Inc. | 0.12% | 1,496 | $261K | No change |
| PLD Prologis Inc. | 0.10% | 2,087 | $219K | No change |
| AMT American Tower Corp. | 0.08% | 779 | $172K | No change |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.07% | 1,472 | $151K | No change |
| SPG Simon Property Group Inc. | 0.05% | 731 | $118K | No change |
| HST Host Hotels & Resorts Inc. | 0.04% | 6,047 | $93K | No change |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.04% | 1,256 | $85K | No change |
| CCI Crown Castle Inc. | 0.04% | 787 | $81K | No change |
| EXR Extra Space Storage Inc. | 0.04% | 548 | $81K | No change |
| AMH American Homes 4 Rent- A | 0.03% | 1,805 | $65K | No change |
| AVB Avalonbay Communities Inc. | 0.02% | 251 | $51K | No change |
| ESS Essex Property Trust Inc. | 0.01% | 116 | $33K | No change |
| PDD HOLDINGS INC (PDD 0 12/01/25) | 0.00% | 750 | $729 | No change |
Options reported separately and not counted above: XOM calls ($2.2M), UHS puts ($1.4M), BLDR calls ($1.1M), RITM calls ($677K), HIMS puts ($623K), CZR calls ($568K), WY calls ($514K), DINO calls ($514K), COLD calls ($499K), AAP puts ($465K), AAL calls ($449K), UTZ calls ($439K), and 9 more.
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| MSDL Morgan Stanley Direct Lendin | Add +114.2% | 3.90% | +1.30 |
| FDUS Fidus Investment Corp. | Add +106.5% | 1.76% | +0.61 |
| TSLX Sixth Street Specialty Lendi | Add +35.2% | 6.62% | +0.46 |
| MFIC Midcap Financial Investment | Add +68.3% | 2.31% | +0.44 |
| CSWC Capital Southwest Corp. | Add +64.4% | 2.27% | +0.40 |
| CGBD Carlyle Secured Lending Inc. | Add +81.1% | 2.20% | +0.28 |
| SCM Stellus Capital Investment C | Add +65.3% | 0.92% | +0.17 |
| HTGC Hercules Capital Inc. | Add +44.6% | 6.16% | +0.17 |
| SPIB SS SPDR P Int C Corp. ETF | New | 0.14% | +0.14 |
| PFLT Pennantpark Floating Rate Ca | Add +103.0% | 0.49% | +0.14 |
| SLRC SLR Investment Corp. | Add +50.3% | 1.97% | +0.14 |
| BCSF Bain Capital Specialty Finan | Add +53.0% | 3.81% | +0.13 |
| NMFC New Mountain Finance Corp. | Add +46.4% | 2.77% | +0.12 |
| BXSL Blackstone Secured Lending F | Add +41.8% | 9.08% | +0.06 |
| OBDC Blue Owl Capital Corp. | Add +37.5% | 9.53% | +0.05 |
| MAIN Main Street Capital Corp. | Add +28.2% | 8.55% | +0.00 |
| CCAP Crescent Capital BDC Inc. | Add +36.7% | 0.71% | −0.13 |
| BBDC Barings BDC Inc. | Add +10.8% | 1.22% | −0.32 |
| GBDC Golub Capital BDC Inc. | Add +31.5% | 8.22% | −0.43 |
| GSBD Goldman Sachs BDC Inc. | Add +17.0% | 2.61% | −0.48 |
| OCSL Oaktree Specialty Lending Co. | Add +13.3% | 1.63% | −0.53 |
| FSK FS KKR Capital Corp. | Add +26.2% | 7.66% | −0.54 |
| ARCC Ares Capital Corp. | Add +22.0% | 13.77% | −1.48 |
Options Activity Q1 2025 → Q2 2025
| OC Owens Corning | call | Sold out | 25,000 | $3.6Mbefore exit |
| XOM Exxon Mobil Corp. | call | New | 20,000 | $2.2M |
| TDG Transdigm Group Inc. | put | Sold out | 1,000 | $1.4Mbefore exit |
| UHS Universal Health Services-B | put | New | 7,500 | $1.4M |
| DECK Deckers Outdoor Corp. | call | Sold out | 10,000 | $1.1Mbefore exit |
| BLDR Builders Firstsource Inc. | call | New | 9,500 | $1.1M |
| TEX Terex Corp. | call | Sold out | 18,000 | $680Kbefore exit |
| RITM Rithm Capital Corp. | call | New | 60,000 | $677K |
| RRR Red Rock Resorts Inc. Class A | call | Sold out | 15,000 | $651Kbefore exit |
| IRM Iron Mountain Inc. | call | Sold out | 7,500 | $645Kbefore exit |
| HIMS Hims & Hers Health Inc. | put | Reduce -49.0% | 12,500 | $623K |
| SVC Service Pptys TR | call | Sold out | 200,000 | $522Kbefore exit |
| DINO HF Sinclair Corp. | call | New | 12,500 | $514K |
| COLD Americold Realty Trust Inc. | call | New | 30,000 | $499K |
| AAP Advance Auto Parts Inc. | put | New | 10,000 | $465K |
| UTZ Utz Brands Inc. | call | New | 35,000 | $439K |
| RLJ RLJ Lodging Trust | call | New | 50,000 | $364K |
| OI O-I Glass Inc. | call | Sold out | 30,000 | $344Kbefore exit |
| SBGI Sinclair Inc. | call | Sold out | 20,000 | $319Kbefore exit |
| VG Venture Global Inc. Class A | call | Reduce -42.9% | 20,000 | $312K |
| NWL Newell Brands Inc. | call | Sold out | 50,000 | $310Kbefore exit |
| PRAA Pra Group Inc. | call | New | 20,000 | $295K |
| NXE Nexgen Energy Ltd. | call | New | 35,000 | $243K |
| CLF Cleveland-Cliffs Inc. | call | New | 30,000 | $228K |
| JBLU Jetblue Airways Corp. | call | New | 50,000 | $212K |
| NVTS Navitas Semiconductor Corp. | call | New | 25,000 | $164K |
| VSAT Viasat Inc. | call | Sold out | 15,000 | $156Kbefore 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 |