BDCs

BDC Filing Season Q2 2025 Week 2

BDC data provided by the Advantage Data Workstation, a SOLVE product. For more information about our BDC data or our other products please contact marketpulse@solvefixedincome.com.

Quick Links

Filing Recap

This report will analyze the 35 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 112.9 Billion USD which is approximately 25% of aggregate AUM of all BDCs.

 

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Blue Owl Capital Corp. 356 100.00% 16,718,515 0.923% 14,534,847 16,872,892 3.76% 3.77% 5.35%
FS KKR Capital Corp. 573 100.00% 14,371,000 -5.032% 14,344,813 13,647,800 14.34% 6.44% 14.31%
Blackstone Secured Lending Fund 602 100.00% 13,601,037 -0.548% 19,814,135 13,526,478 10.69% 9.84% 9.86%
Blue Owl Technology Finance Corp. 270 100.00% 12,681,864 0.395% 10,895,347 12,731,951 3.40% 3.40% 4.67%
Golub Capital 1,711 100.00% 9,076,387 -0.066% 8,480,404 9,070,418 9.86% 9.42% 9.90%
Blue Owl Technology Income Corp. 253 100.00% 5,881,859 0.296% 5,690,895 5,899,292 4.67% 4.67% 6.56%
Morgan Stanley Direct Lending Fund 570 100.00% 3,910,833 -1.169% 3,822,671 3,865,122 11.88% 10.51% 10.37%
Goldman Sachs BDC 521 100.00% 3,355,954 -2.723% 3,928,359 3,264,573 19.79% 12.00% 18.42%
Oaktree Specialty Lending Corp. 350 100.00% 3,092,388 -6.571% 3,610,846 2,889,176 10.27% 581.95%
Bain Capital Specialty Finance Inc. 509 100.00% 2,623,147 0.468% 2,241,777 2,635,428 11.78% 11.11% 11.33%
Barings BDC 660 100.00% 2,635,830 -0.453% 2,279,645 2,623,882 12.37% 10.17% 10.39%
SLR Investment Corp. 123 100.00% 2,517,143 -1.323% 1,668,995 2,483,842 10.04% 10.00% 9.96%
T. Rowe Price OHA Private Credit Fund 324 100.00% 2,468,585 -0.541% 2,902,387 2,455,233 26.48% 9.99% 26.15%
Carlyle Secured Lending Inc. 202 100.00% 2,366,445 -1.330% 2,297,268 2,334,961 12.09% 10.14% 10.48%
Nuveen Churchill BDC INC. 493 100.00% 2,060,601 -1.310% 2,199,908 2,033,602 10.13% -11.75%
Trinity Capital Inc. 487 100.00% 2,027,189 -1.115% 1,880,125 2,004,581 12.56% 11.53% 10.57%
BlackRock TCP Capital Corp. 356 100.00% 1,964,431 -3.298% 1,803,322 1,899,652 11.22% 13.10%
Cion Investment Corp. 242 100.00% 1,901,114 -4.023% 1,767,878 1,824,628 42.01% 13.72% 30.98%
Barings Capital Investment Corp 581 100.00% 1,387,423 0.696% 1,155,204 1,397,082 10.50% 9.91% 10.15%
Palmer Square Capital BDC Inc. 263 100.00% 1,343,608 -4.750% 1,321,328 1,279,793 11.78% 9.18% 9.16%
Fidus Investment Corp 226 100.00% 1,185,720 1.681% 1,045,369 1,205,654 18.23% 11.93% 12.06%
26North BDC Inc. 88 100.00% 1,007,291 0.099% 995,808 1,008,284 10.46% 10.45% 10.46%
AGL Private Credit Income Fund 68 100.00% 893,612 0.022% 844,757 893,811 9.72% 9.72% 9.72%
TriplePoint Venture Growth BDC Corp. 298 100.00% 815,459 -4.397% 668,493 779,603 16.66% 11.86% 8.91%
Vista Credit Strategic Lending Corp. 44 100.00% 767,638 0.382% 737,230 770,571 10.11% 10.08% 10.18%
Gladstone Capital Corp. 114 100.00% 777,851 -3.419% 700,701 751,260 34.75% 12.43% 12.27%
WhiteHorse Finance 154 100.00% 694,793 -5.398% 634,744 657,290 37.09% 7.58% 9.00%
OHA Senior Private Lending Fund LLC 181 100.00% 427,579 0.629% 491,788 430,269 25.18% 10.42% 37.05%
Great Elm Capital Corp. 76 100.00% 421,774 -4.390% 1,696,129 403,259 13.36% 11.69% 12.12%
Portman Ridge Finance Corp. 159 100.00% 463,795 -14.810% 2,666,821 395,109 16.01% 11.85% 11.99%
PhenixFIN Corp. 59 100.00% 318,805 -7.643% 156,272 294,439 15.58% 10.53% 16.02%
SCP Private Credit Income BDC LLC 31 100.00% 297,857 -4.812% 265,563 283,525 10.82% 10.55% 10.42%
SuRo Capital Corp. 60 100.00% 243,501 0.122% 2,270 243,799 — — —
SLR HC BDC LLC 35 100.00% 74,539 0.832% 72,379 75,159 9.89% 9.89% 10.14%
Rand Capital Corp. 50 100.00% 61,277 -14.545% 45,814 52,364 14.13% 11.43% 10.12%
Grand Total 11,089 100%                                       114,436,845 -1.269%                                       117,664,292                                       112,984,782 10.13% 45.13%

Non-Accruals

At least 27 BDCs that filed this week have reported Non–Accruals amounting to 2.03 Billion USD at Cost. FS KKR Capital Corp. and Blue Owl Capital Corp. are leading the Non-Accruals list.

 

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
FS KKR Capital Corp. 17 2.66% 674,300 -46.181% 737,200 362,900 49.9% — 49.9%
Blue Owl Capital Corp. 8 0.66% 259,382 -57.382% 314,323 110,543 — — —
Oaktree Specialty Lending Corp. 33 2.89% 181,660 -53.960% 211,273 83,637 — — —
BlackRock TCP Capital Corp. 13 3.47% 180,804 -63.565% 222,841 65,875 1323.4% — 23.1%
Golub Capital 16 0.62% 106,947 -47.455% 122,560 56,195 52.9% — 13.9%
Goldman Sachs BDC 9 1.64% 83,037 -35.353% 143,926 53,681 — — —
Carlyle Secured Lending Inc. 6 2.06% 70,447 -31.766% 78,091 48,069 37.3% 11.3% 13.9%
Cion Investment Corp. 8 1.32% 55,342 -56.341% 92,877 24,162 186.7% — 109.2%
WhiteHorse Finance 10 3.65% 39,889 -39.933% 46,295 23,960 389.6% — 19.2%
TriplePoint Venture Growth BDC Corp. 8 2.64% 38,095 -45.872% 42,906 20,620 27.9% — 24.4%
Blackstone Secured Lending Fund 5 0.14% 36,885 -49.793% 56,850 18,519 121.3% — 23.0%
Trinity Capital Inc. 13 0.78% 47,752 -67.329% 44,186 15,601 95.6% — -5.8%
Bain Capital Specialty Finance Inc. 14 0.56% 41,493 -64.671% 44,128 14,659 41.9% 14.4% 12.5%
Barings BDC 11 0.53% 35,763 -61.256% 38,341 13,856 54.3% — 9.2%
Morgan Stanley Direct Lending Fund 6 0.34% 28,434 -53.309% 28,715 13,276 43.3% 11.0% 10.9%
Gladstone Capital Corp. 2 1.73% 18,890 -31.207% 18,890 12,995 679.3% 11.3% 10.8%
Portman Ridge Finance Corp. 6 2.14% 22,344 -62.231% 34,565 8,439 — — —
Barings Capital Investment Corp 9 0.52% 16,660 -56.537% 13,503 7,241 66.3% — 10.0%
SLR Investment Corp. 1 0.23% 10,272 -43.516% 17,545 5,802 — — —
Fidus Investment Corp 4 0.44% 32,389 -83.782% 32,556 5,253 188.5% 13.9% 13.7%
Great Elm Capital Corp. 2 0.96% 7,829 -50.364% 7,217 3,886 12.4% 12.4% 12.4%
Nuveen Churchill BDC INC. 3 0.17% 7,275 -51.533% 7,650 3,526 — — —
Blue Owl Technology Finance Corp. 2 0.03% 19,582 -83.577% 23,180 3,216 — — —
Palmer Square Capital BDC Inc. 1 0.19% 3,623 -33.734% 3,626 2,401 44.9% — 11.0%
Rand Capital Corp. 2 3.82% 5,440 -63.236% 4,173 2,000 — — —
PhenixFIN Corp. 1 0.00% 7,570 -100.000% 11,506 — — — —
SuRo Capital Corp. 1 0.00% 2,271 -100.000% 2,270 — — — —
Grand Total 211 0.97% 2,034,375 -51.81% 2,401,194 980,312 487.11% 11.61% 27.38%

Payment in-Kind (PIK)

BDCs are increasingly using payment-in-kind (PIK) as a credit management tool to preserve liquidity. In the filings from this week, PIK accounted for 16.47% of BDCs’ portfolios, amounting to 18.8 billion USD at Cost.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
FS KKR Capital Corp. 66 21.03% 3,193,900 -10.157% 2,627,254 2,869,500 18.42% 6.57% 17.78%
Blackstone Secured Lending Fund 71 19.13% 2,679,876 -3.458% 2,720,065 2,587,219 12.64% 9.80% 10.21%
Blue Owl Technology Finance Corp. 44 20.19% 2,571,118 -0.027% 1,897,747 2,570,418 — — —
Blue Owl Capital Corp. 57 14.80% 2,699,994 -7.500% 2,250,747 2,497,504 — — —
Golub Capital 178 14.35% 1,365,636 -4.669% 1,403,204 1,301,876 10.84% 8.18% 10.70%
Blue Owl Technology Income Corp. 26 12.69% 750,064 -0.185% 607,031 748,674 — — —
Goldman Sachs BDC 57 15.03% 529,506 -7.309% 631,017 490,805 13.81% 13.06% 13.54%
Bain Capital Specialty Finance Inc. 80 18.07% 506,190 -5.921% 506,503 476,221 16.02% 13.65% 14.35%
Cion Investment Corp. 52 25.90% 554,895 -14.826% 586,330 472,626 47.26% 13.98% 25.24%
Barings BDC 75 13.97% 408,770 -10.343% 279,081 366,489 24.46% 10.38% 10.55%
Morgan Stanley Direct Lending Fund 57 8.97% 381,420 -9.121% 381,047 346,631 21.41% 14.07% 11.64%
Oaktree Specialty Lending Corp. 42 11.82% 366,272 -6.744% 385,878 341,570 9.57% 9.51% 8.72%
BlackRock TCP Capital Corp. 51 17.77% 397,601 -15.085% 411,483 337,624 35.17% 11.67% 12.33%
Fidus Investment Corp 34 27.23% 355,124 -7.567% 357,302 328,252 30.06% 12.83% 13.24%
Carlyle Secured Lending Inc. 30 12.70% 311,161 -4.713% 323,283 296,496 16.41% 10.12% 11.22%
T. Rowe Price OHA Private Credit Fund 35 11.01% 293,140 -7.789% 290,377 270,308 23.16% 12.06% 16.07%
TriplePoint Venture Growth BDC Corp. 26 27.29% 247,097 -13.907% 247,669 212,733 15.57% 12.89% 14.25%
Barings Capital Investment Corp 63 14.17% 214,905 -7.871% 120,655 197,990 16.66% 10.16% 10.20%
Nuveen Churchill BDC INC. 55 7.08% 161,527 -10.802% 169,974 144,079 20.62% 14.11% 18.70%
Trinity Capital Inc. 15 7.13% 141,772 0.829% 143,640 142,947 2.04% 2.04% 2.37%
Gladstone Capital Corp. 14 17.33% 139,093 -6.415% 139,184 130,170 19.34% 15.37% 13.69%
Portman Ridge Finance Corp. 28 24.83% 103,455 -5.174% 101,147 98,102 20.89% 13.27% 13.29%
WhiteHorse Finance 29 13.78% 104,425 -13.246% 100,201 90,593 33.59% 10.17% 13.47%
SLR Investment Corp. 7 2.23% 62,015 -10.578% 69,710 55,455 13.53% 12.89% 12.06%
Palmer Square Capital BDC Inc. 13 4.18% 62,818 -14.907% 63,248 53,454 23.94% 10.26% 10.50%
Great Elm Capital Corp. 12 12.58% 51,027 -0.613% 52,280 50,714 11.35% 10.51% 11.21%
OHA Senior Private Lending Fund LLC 14 10.02% 43,668 -1.289% 44,376 43,105 13.51% 13.51% 12.29%
26North BDC Inc. 2 3.61% 36,382 -0.036% 36,737 36,369 10.42% 10.42% 10.42%
Rand Capital Corp. 12 61.32% 35,552 -9.676% 31,946 32,112 11.53% 11.53% 7.88%
AGL Private Credit Income Fund 1 3.17% 28,450 -0.485% 28,526 28,312 9.40% 9.40% 9.33%
Vista Credit Strategic Lending Corp. 1 2.63% 20,057 1.002% 20,258 20,258 11.28% 11.28% 11.85%
SCP Private Credit Income BDC LLC 2 6.28% 18,156 -1.988% 7,897 17,795 18.39% — 11.74%
SLR HC BDC LLC 1 4.93% 3,993 -7.238% 4,026 3,704 13.43% 13.43% 11.51%
PhenixFIN Corp. 2 0.72% 9,554 -77.704% 13,636 2,130 — — —
Grand Total 1,252 15.67% 18,848,613 -6.29% 17,053,462 17,662,235 17.95% 10.48% 12.62%

Portfolio Composition By Industry

The chart below is a bird’s-eye view of the BDCs aggregate Industry Diversification.

Portfolio Composition By Asset Class

The chart below is an overview of the BDCs aggregate Diversification by Asset Class.

BDC Investments Maturing in the next 12 Months

The table below summarizes aggregate investments of this week’s BDCs that are maturing in the next 12 months, which combined are worth more than 4 Billion USD at cost.

 

 

BDC                  Cost (1000)   FV (1000)
Blue Owl Capital Corp.                                               533,742                                               454,586
FS KKR Capital Corp.                                               531,300                                               425,100
Goldman Sachs BDC                                               293,130                                               275,451
Cion Investment Corp.                                               272,628                                               238,358
BlackRock TCP Capital Corp.                                               236,998                                               225,076
Golub Capital                                               219,732                                               220,534
SLR Investment Corp.                                               209,421                                               207,086
Barings BDC                                               197,138                                               188,710
Blue Owl Technology Finance Corp.                                               172,539                                               169,683
TriplePoint Venture Growth BDC Corp.                                               165,980                                               151,923
Oaktree Specialty Lending Corp.                                               157,834                                               106,115
Blackstone Secured Lending Fund                                               155,825                                               155,501
Trinity Capital Inc.                                               144,567                                               115,620
Carlyle Secured Lending Inc.                                               141,249                                               131,994
Fidus Investment Corp                                               107,767                                               107,483
Bain Capital Specialty Finance Inc.                                               103,574                                                 98,414
WhiteHorse Finance                                                 84,453                                                 78,450
Morgan Stanley Direct Lending Fund                                                 74,088                                                 71,868
Gladstone Capital Corp.                                                 58,831                                                 58,769
Barings Capital Investment Corp                                                 48,624                                                 48,005
Portman Ridge Finance Corp.                                                 32,538                                                 29,932
Rand Capital Corp.                                                 30,074                                                 26,444
Nuveen Churchill BDC INC.                                                 25,790                                                 25,023
Great Elm Capital Corp.                                                 23,925                                                 23,925
SCP Private Credit Income BDC LLC                                                 13,223                                                 13,274
PhenixFIN Corp.                                                   6,176                                                   6,505
Palmer Square Capital BDC Inc.                                                   5,841                                                   5,665
SLR HC BDC LLC                                                   3,612                                                   3,639
SuRo Capital Corp.                                                      140                                                         –
Grand Total                                           4,050,739                                           3,663,133

Top 10 BDC Investments

BDCs’ portfolio quality can be measured by taking a deeper dive into the BDC’s top 10 investments. While these investments are small in number, they are the primary determinant of a BDC’s portfolio performance. Top 10 Investments of BDCs that filed this week amount to 26.04 Billion USD (Cost) accounting for 22.8% of their aggregate holdings (Cost).

 

BDC  Cost (1000) FV (1000)
FS KKR Capital Corp.               4,458,000                       4,023,400
Blue Owl Capital Corp.               3,267,217                       3,406,055
Blackstone Secured Lending Fund               2,876,850                       2,794,416
Blue Owl Technology Finance Corp.               2,041,475                       2,041,956
Golub Capital               1,067,974                       1,057,003
SLR Investment Corp.               1,038,653                       1,045,842
Blue Owl Technology Income Corp.                   987,795                           971,188
Bain Capital Specialty Finance Inc.                   861,398                           842,594
Goldman Sachs BDC                   705,892                           704,767
Oaktree Specialty Lending Corp.                   674,033                           568,396
Morgan Stanley Direct Lending Fund                   576,371                           571,180
Barings BDC                   557,674                           613,639
T. Rowe Price OHA Private Credit Fund                   554,924                           559,144
BlackRock TCP Capital Corp.                   533,326                           511,458
Carlyle Secured Lending Inc.                   533,180                           507,472
Trinity Capital Inc.                   511,942                           512,660
Cion Investment Corp.                   508,012                           453,333
AGL Private Credit Income Fund                   503,582                           503,705
26North BDC, Inc.                   469,119                           469,006
TriplePoint Venture Growth BDC Corp.                   345,754                           293,788
Vista Credit Strategic Lending Corp.                   329,030                           330,920
Gladstone Capital Corp.                   328,347                           322,085
Fidus Investment Corp                   285,783                           290,752
Barings Capital Investment Corp                   269,471                           281,539
WhiteHorse Finance                   268,497                           248,140
Nuveen Churchill BDC INC.                   266,207                           264,945
PhenixFIN Corp.                   214,742                           186,905
Great Elm Capital Corp.                   203,610                           180,444
Portman Ridge Finance Corp.                   174,464                           140,326
SCP Private Credit Income BDC LLC                   145,675                           131,824
Palmer Square Capital BDC Inc.                   133,961                           127,729
OHA Senior Private Lending Fund LLC                   132,068                           133,482
SuRo Capital Corp.                   131,552                           153,064
Rand Capital Corp.                      49,909                              41,498
SLR HC BDC LLC                      39,013                              38,936
Grand Total            26,045,500                    25,323,592

Source: SOLVE; Copyright (c) 2025.Redistribution Strictly Prohibited. Data can not be used in any way to populate a database nor shared with unauthorized users. See ADI Terms. All rights reserved.

+1 (646) 699-5041.

BDC Filing Season Recaps are written by Sourav Srimal, Andrew Robartes, and Nayan Raj. For more information about our BDC data or our other products please contact marketpluse@solvefixedincome.com.

Sourav Srimal
Senior Vice President
ssrimal@solvefixedincome.com

Andrew Robartes
Data Analyst
arobartes@solvefixedincome.com

Ivan Chestaro
Data Analyst
ichestaro@solvefixedincome.com

SOLVE’s BDC Data & Analytics empowers businesses like yours with detailed and standardized BDC portfolio and position data within minutes of filing with the SEC. Why Choose SOLVE’s BDC Data & Analytics solution?

Stay up-to-date with weekly summaries.

SUBSCRIBE

Stay up-to-date with weekly summaries and blogs.

SOLVE Media & Insights Examples

MARKET SUMMARIES

INSIGHTS

NEWS & ANNOUNCEMENTS