Overview
Actively managed leveraged loans — Blackstone's credit desk picking floating-rate senior-secured debt, paying over 7% monthly.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| -- | Medline Industries TL | 1.6% |
| -- | UKG Inc. TL | 1.4% |
| -- | Caesars Entertainment TL | 1.3% |
| -- | Asurion TL | 1.2% |
| -- | Peraton Corp. TL | 1.2% |
| -- | American Airlines TL | 1.1% |
| -- | Epicor Software TL | 1.0% |
| -- | TransDigm TL | 1.0% |
| -- | Athenahealth TL | 0.9% |
| -- | Hub International TL | 0.9% |
Fund Details
Investment Thesis
In leveraged loans, credit selection is the whole game — the index is full of borrowers you'd rather not lend to — and SRLN pays Blackstone, the largest credit shop on earth, 0.70% to do the picking. The result has historically dodged more defaults than passive BKLN while paying a similar 7%+ floating yield. Same macro risks as all loans: fine until recession, crowded exit when it isn't.
Who It's For
Income investors who want senior-loan yield with an active credit desk screening the borrowers. The institutional-grade version of the BKLN trade, priced accordingly.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $40.89 | -- |
| 2017 | $40.89 | +0.0% |
| 2018 | $40.07 | -2.0% |
| 2019 | $41.27 | +3.0% |
| 2020 | $40.44 | -2.0% |
| 2021 | $41.25 | +2.0% |
| 2022 | $38.37 | -7.0% |
| 2023 | $40.28 | +5.0% |
| 2024 | $41.09 | +2.0% |
| 2025 | $41.50 | +1.0% |
| Year | Yield |
|---|---|
| 2016 | 4.20% |
| 2017 | 4.10% |
| 2018 | 4.70% |
| 2019 | 5.30% |
| 2020 | 4.60% |
| 2021 | 3.40% |
| 2022 | 5.60% |
| 2023 | 8.70% |
| 2024 | 8.20% |
| 2025 | 7.50% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.8B | -- |
| 2017 | $1.5B | +87.5% |
| 2018 | $2.5B | +66.7% |
| 2019 | $2B | -20.0% |
| 2020 | $1.8B | -10.0% |
| 2021 | $3B | +66.7% |
| 2022 | $4.5B | +50.0% |
| 2023 | $5B | +11.1% |
| 2024 | $6B | +20.0% |
| 2025 | $5.5B | -8.3% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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