Muzinich & Co., Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 20, 2025), Muzinich & Co., Inc. reported 37 stock positions worth $258.0 million. Its top holding was Ares Capital (ARCC) at 13.0% of the portfolio, followed by Blue Owl Capital (OBDC, 9.7%) and Blackstone Secured Lending F (BXSL, 9.2%). Compared with Q2 2025, it opened 1 new position, sold out of 2, added to 23 and reduced 1. The biggest buy was Hercules Capital (HTGC, shares +35%) and the biggest sale an exit from SS SPDR P Int C Corp. ETF (SPIB).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001618824
- Portfolio Value
- $258.0M (Q3 2025)
- SEC Filing
- 0001618824-25-000010 ↗ filed Oct 20, 2025
Holdings Value
Holdings 37 stocks · $258.0M
| ARCC Ares Capital Corp. | 12.97% | 1,640,113 | $33.5M | Add +19.4% |
| OBDC Blue Owl Capital Corp. | 9.66% | 1,951,061 | $24.9M | Add +34.0% |
| BXSL Blackstone Secured Lending F | 9.18% | 908,067 | $23.7M | Add +40.5% |
| MAIN Main Street Capital Corp. | 9.05% | 367,140 | $23.3M | Add +15.9% |
| GBDC Golub Capital BDC Inc. | 8.63% | 1,625,636 | $22.3M | Add +32.4% |
| HTGC Hercules Capital Inc. | 7.28% | 992,820 | $18.8M | Add +34.5% |
| TSLX Sixth Street Specialty Lendi | 6.62% | 746,958 | $17.1M | Add +22.7% |
| FSK FS KKR Capital Corp. | 5.18% | 894,437 | $13.4M | Add +10.7% |
| MSDL Morgan Stanley Direct Lendin | 3.64% | 584,621 | $9.4M | Add +28.3% |
| BCSF Bain Capital Specialty Finan | 3.58% | 647,534 | $9.2M | Add +16.9% |
| GSBD Goldman Sachs BDC Inc. | 3.02% | 766,299 | $7.8M | Add +50.9% |
| MFIC Midcap Financial Investment | 2.66% | 571,520 | $6.9M | Add +42.4% |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 2.51% | 671,056 | $6.5M | Add +16.6% |
| CGBD Carlyle Secured Lending Inc. | 2.42% | 499,918 | $6.2M | Add +41.8% |
| CSWC Capital Southwest Corp. | 2.32% | 273,265 | $6.0M | Add +21.0% |
| SLRC SLR Investment Corp. | 2.31% | 389,013 | $5.9M | Add +45.4% |
| FDUS Fidus Investment Corp. | 1.94% | 247,443 | $5.0M | Add +30.1% |
| OCSL Oaktree Specialty Lending Co. | 1.67% | 330,906 | $4.3M | Add +26.9% |
| BBDC Barings BDC Inc. | 1.65% | 486,098 | $4.3M | Add +66.8% |
| SCM Stellus Capital Investment C | 1.05% | 206,893 | $2.7M | Add +43.7% |
| CCAP Crescent Capital BDC Inc. | 0.76% | 136,796 | $2.0M | Add +23.9% |
| TCPC BlackRock TCP Capital Corp. | 0.68% | 282,537 | $1.8M | Add +10.2% |
| PFLT Pennantpark Floating Rate Ca | 0.59% | 170,836 | $1.5M | Add +62.9% |
| EQIX Equinix Inc. | 0.12% | 382 | $299K | No change |
| DLR Digital Realty Trust Inc. | 0.10% | 1,496 | $259K | No change |
| PLD Prologis Inc. | 0.08% | 1,852 | $212K | Reduce -11.3% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.06% | 1,472 | $150K | No change |
| AMT American Tower Corp. | 0.06% | 779 | $150K | No change |
| SPG Simon Property Group Inc. | 0.05% | 731 | $137K | No change |
| HST Host Hotels & Resorts Inc. | 0.04% | 6,047 | $103K | No change |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.03% | 1,256 | $81K | No change |
| EXR Extra Space Storage Inc. | 0.03% | 548 | $77K | No change |
| CCI Crown Castle Inc. | 0.03% | 787 | $76K | No change |
| AMH American Homes 4 Rent- A | 0.02% | 1,805 | $60K | No change |
| AVB Avalonbay Communities Inc. | 0.02% | 251 | $48K | No change |
| ESS Essex Property Trust Inc. | 0.01% | 116 | $31K | No change |
| BXP BXP Inc. | 0.01% | 365 | $27K | New |
Options reported separately and not counted above: UTZ calls ($425K), COLD calls ($367K).
Portfolio Sells Q2 2025 → Q3 2025
| SPIB SS SPDR P Int C Corp. ETF | Sold out | 0.00% | −0.14 |
| PLD Prologis Inc. | Reduce -11.3% | 0.08% | −0.02 |
| PDD HOLDINGS INC (PDD 0 12/01/25) | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| HTGC Hercules Capital Inc. | Add +34.5% | 7.28% | +1.11 |
| MAIN Main Street Capital Corp. | Add +15.9% | 9.05% | +0.50 |
| BBDC Barings BDC Inc. | Add +66.8% | 1.65% | +0.43 |
| GSBD Goldman Sachs BDC Inc. | Add +50.9% | 3.02% | +0.41 |
| GBDC Golub Capital BDC Inc. | Add +32.4% | 8.63% | +0.41 |
| MFIC Midcap Financial Investment | Add +42.4% | 2.66% | +0.34 |
| SLRC SLR Investment Corp. | Add +45.4% | 2.31% | +0.33 |
| CGBD Carlyle Secured Lending Inc. | Add +41.8% | 2.42% | +0.22 |
| FDUS Fidus Investment Corp. | Add +30.1% | 1.94% | +0.19 |
| SCM Stellus Capital Investment C | Add +43.7% | 1.05% | +0.13 |
| OBDC Blue Owl Capital Corp. | Add +34.0% | 9.66% | +0.12 |
| BXSL Blackstone Secured Lending F | Add +40.5% | 9.18% | +0.10 |
| PFLT Pennantpark Floating Rate Ca | Add +62.9% | 0.59% | +0.09 |
| OCSL Oaktree Specialty Lending Co. | Add +26.9% | 1.67% | +0.05 |
| CCAP Crescent Capital BDC Inc. | Add +23.9% | 0.76% | +0.04 |
| CSWC Capital Southwest Corp. | Add +21.0% | 2.32% | +0.04 |
| BXP BXP Inc. | New | 0.01% | +0.01 |
| TSLX Sixth Street Specialty Lendi | Add +22.7% | 6.62% | −0.00 |
| TCPC BlackRock TCP Capital Corp. | Add +10.2% | 0.68% | −0.22 |
| BCSF Bain Capital Specialty Finan | Add +16.9% | 3.58% | −0.23 |
| MSDL Morgan Stanley Direct Lendin | Add +28.3% | 3.64% | −0.25 |
| NMFC New Mountain Finance Corp. | Add +16.6% | 2.51% | −0.27 |
| ARCC Ares Capital Corp. | Add +19.4% | 12.97% | −0.80 |
| FSK FS KKR Capital Corp. | Add +10.7% | 5.18% | −2.48 |
Options Activity Q2 2025 → Q3 2025
| XOM Exxon Mobil Corp. | call | Sold out | 20,000 | $2.2Mbefore exit |
| UHS Universal Health Services-B | put | Sold out | 7,500 | $1.4Mbefore exit |
| BLDR Builders Firstsource Inc. | call | Sold out | 9,500 | $1.1Mbefore exit |
| RITM Rithm Capital Corp. | call | Sold out | 60,000 | $677Kbefore exit |
| HIMS Hims & Hers Health Inc. | put | Sold out | 12,500 | $623Kbefore exit |
| CZR Caesars Entertainment Inc. | call | Sold out | 20,000 | $568Kbefore exit |
| WY Weyerhaeuser Co. | call | Sold out | 20,000 | $514Kbefore exit |
| DINO HF Sinclair Corp. | call | Sold out | 12,500 | $514Kbefore exit |
| AAP Advance Auto Parts Inc. | put | Sold out | 10,000 | $465Kbefore exit |
| AAL American Airlines Group Inc. | call | Sold out | 40,000 | $449Kbefore exit |
| RLJ RLJ Lodging Trust | call | Sold out | 50,000 | $364Kbefore exit |
| VG Venture Global Inc. Class A | call | Sold out | 20,000 | $312Kbefore exit |
| PRAA Pra Group Inc. | call | Sold out | 20,000 | $295Kbefore exit |
| NXE Nexgen Energy Ltd. | call | Sold out | 35,000 | $243Kbefore exit |
| CLF Cleveland-Cliffs Inc. | call | Sold out | 30,000 | $228Kbefore exit |
| JBLU Jetblue Airways Corp. | call | Sold out | 50,000 | $212Kbefore exit |
| WBD Warner Bros Discovery Inc. | call | Sold out | 15,000 | $172Kbefore exit |
| NVTS Navitas Semiconductor Corp. | call | Sold out | 25,000 | $164Kbefore exit |
| GTN Gray Media Inc. | call | Sold out | 21,000 | $95Kbefore 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 |