BDCs
BDC Filing Season Q4 2024 Week 6
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.
Filing Recap
This report will analyze the 19 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 36.5 Billion USD which is approximately 9.4% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Apollo Debt Solutions BDC | 619 | 100.00% | 14,763,922 | -0.364% | 14,918,956 | 14,710,119 | — | — | — |
| ARES STRATEGIC INCOME FUND | 795 | 100.00% | 11,482,053 | 0.584% | 11,174,961 | 11,549,149 | — | — | — |
| T. Rowe Price OHA Private Credit Fund | 274 | 100.00% | 2,051,457 | 0.096% | 2,440,415 | 2,053,427 | — | — | — |
| Cion Investment Corp. | 246 | 100.00% | 1,943,692 | -2.830% | 1,772,571 | 1,888,688 | — | — | — |
| Diameter Credit Co. | 92 | 100.00% | 1,210,589 | 0.768% | 1,146,937 | 1,219,890 | — | — | — |
| Commonwealth Credit Partners BDC I Inc. | 145 | 100.00% | 668,403 | -2.821% | 673,531 | 649,545 | — | — | — |
| AGL Private Credit Income Fund | 37 | 100.00% | 607,133 | 0.118% | 613,125 | 607,848 | — | — | — |
| Onex Falcon Direct Lending BDC Fund | 82 | 100.00% | 531,320 | -2.524% | 534,110 | 517,910 | — | — | — |
| Lord Abbett Private Credit Fund | 50 | 100.00% | 471,418 | 0.248% | 477,236 | 472,588 | — | — | — |
| KKR FS Income Trust Select | 159 | 100.00% | 440,201 | 0.381% | 524,794 | 441,879 | — | — | — |
| OHA Senior Private Lending Fund LLC | 159 | 100.00% | 420,729 | 0.642% | 492,164 | 423,430 | — | — | — |
| Portman Ridge Finance Corp. | 153 | 100.00% | 476,432 | -14.989% | 5,415,384 | 405,021 | — | — | — |
| TriplePoint Private Venture Credit | 468 | 100.00% | 413,139 | -3.005% | 337,693 | 400,726 | — | — | — |
| Great Elm Capital Corp. | 72 | 100.00% | 352,218 | -5.539% | 10,147,255 | 332,710 | — | — | — |
| SL Investment Fund II LLC | 111 | 100.00% | 278,586 | 0.645% | 281,202 | 280,384 | — | — | — |
| SuRo Capital Corp. | 60 | 100.00% | 256,810 | -18.469% | 2,270 | 209,381 | — | — | — |
| Logan Ridge Finance Corp. | 89 | 100.00% | 191,432 | -9.999% | 183,192 | 172,290 | — | — | — |
| BC Partners Lending Corp. | 99 | 100.00% | 134,450 | -3.721% | 135,209 | 129,447 | — | — | — |
| Rand Capital Corp. | 54 | 100.00% | 68,120 | 3.960% | 53,684 | 70,818 | — | — | — |
| Grand Total | 3,764 | 100% | 36,762,104 | -0.617% | 51,324,690 | 36,535,250 | — | — | — |
Non-Accruals
At least 10 BDCs that filed this week have reported Non–Accruals amounting to 310.7 Million USD at Cost. Apollo Debt Solutions BDC and Cion Investment 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 |
| Apollo Debt Solutions BDC | 10 | 0.21% | 100,620 | -69.042% | 102,368 | 31,150 | — | — | — |
| Commonwealth Credit Partners BDC I Inc. | 7 | 4.17% | 45,594 | -40.586% | 49,424 | 27,089 | — | — | — |
| Cion Investment Corp. | 7 | 1.36% | 60,290 | -57.326% | 63,681 | 25,728 | — | — | — |
| TriplePoint Private Venture Credit | 36 | 4.12% | 28,430 | -41.924% | 27,927 | 16,511 | — | — | — |
| Onex Falcon Direct Lending BDC Fund | 3 | 3.16% | 27,832 | -41.232% | 29,071 | 16,356 | — | — | — |
| Logan Ridge Finance Corp. | 4 | 4.61% | 17,164 | -53.758% | 17,438 | 7,937 | — | — | — |
| Portman Ridge Finance Corp. | 6 | 1.70% | 16,313 | -57.886% | 20,032 | 6,870 | — | — | — |
| ARES STRATEGIC INCOME FUND | 1 | 0.02% | 7,371 | -68.649% | 7,703 | 2,311 | — | — | — |
| Great Elm Capital Corp. | 1 | 0.40% | 4,821 | -72.578% | 4,935 | 1,322 | — | — | — |
| SuRo Capital Corp. | 1 | 0.00% | 2,271 | -100.000% | 2,270 | — | — | — | — |
| Grand Total | 76 | 0.44% | 310,705 | -56.46% | 324,850 | 135,274 | — | — | — |
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 5.6% of BDCs’ portfolios, amounting to 2 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| ARES STRATEGIC INCOME FUND | 33 | 7.00% | 804,240 | 0.499% | 747,649 | 808,249 | — | — | — |
| Apollo Debt Solutions BDC | 20 | 2.51% | 411,779 | -10.206% | 416,201 | 369,753 | — | — | — |
| T. Rowe Price OHA Private Credit Fund | 22 | 9.63% | 203,490 | -2.841% | 222,120 | 197,709 | — | — | — |
| Diameter Credit Co. | 5 | 8.41% | 102,218 | 0.376% | 25,864 | 102,602 | — | — | — |
| Portman Ridge Finance Corp. | 29 | 24.70% | 116,555 | -14.180% | 109,448 | 100,027 | — | — | — |
| Commonwealth Credit Partners BDC I Inc. | 16 | 12.51% | 84,056 | -3.323% | 84,026 | 81,263 | — | — | — |
| Onex Falcon Direct Lending BDC Fund | 8 | 14.68% | 88,441 | -14.014% | 91,769 | 76,047 | — | — | — |
| KKR FS Income Trust Select | 7 | 9.96% | 43,484 | 1.168% | 43,227 | 43,992 | — | — | — |
| Great Elm Capital Corp. | 10 | 13.17% | 45,710 | -4.161% | 46,146 | 43,808 | — | — | — |
| TriplePoint Private Venture Credit | 34 | 10.35% | 47,576 | -12.819% | 47,466 | 41,477 | — | — | — |
| Rand Capital Corp. | 16 | 55.27% | 42,189 | -7.229% | 39,354 | 39,139 | — | — | — |
| OHA Senior Private Lending Fund LLC | 10 | 7.76% | 32,709 | 0.514% | 35,136 | 32,877 | — | — | — |
| Logan Ridge Finance Corp. | 12 | 15.35% | 30,999 | -14.659% | 29,975 | 26,455 | — | — | — |
| SL Investment Fund II LLC | 2 | 0.57% | 1,603 | 0.561% | 1,629 | 1,612 | — | — | — |
| Grand Total | 224 | 5.91% | 2,055,049 | -4.38% | 1,940,010 | 1,965,009 | — | — | — |
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 421.6 Million USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Cion Investment Corp. | 245,042 | 226,578 |
| TriplePoint Private Venture Credit | 64,434 | 60,018 |
| Portman Ridge Finance Corp. | 37,012 | 30,788 |
| Lord Abbett Private Credit Fund | 14,675 | 14,654 |
| Apollo Debt Solutions BDC | 14,724 | 14,078 |
| Great Elm Capital Corp. | 12,487 | 12,552 |
| Rand Capital Corp. | 10,981 | 10,981 |
| Logan Ridge Finance Corp. | 9,254 | 6,715 |
| Onex Falcon Direct Lending BDC Fund | 4,871 | 4,831 |
| KKR FS Income Trust Select | 4,174 | 4,219 |
| BC Partners Lending Corp. | 4,008 | 3,747 |
| Grand Total | 421,662 | 389,161 |
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 7.2 Billion USD (Cost) accounting for 19.58% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| Apollo Debt Solutions BDC | 1,943,749 | 1,942,382 |
| ARES STRATEGIC INCOME FUND | 1,271,279 | 1,270,090 |
| T. Rowe Price OHA Private Credit Fund | 529,976 | 530,343 |
| Diameter Credit Co. | 493,321 | 495,756 |
| Cion Investment Corp. | 489,354 | 455,147 |
| AGL Private Credit Income Fund | 391,416 | 392,131 |
| Lord Abbett Private Credit Fund | 345,744 | 346,826 |
| Commonwealth Credit Partners BDC I Inc. | 237,872 | 243,470 |
| Onex Falcon Direct Lending BDC Fund | 225,940 | 219,147 |
| KKR FS Income Trust Select | 208,527 | 209,153 |
| Great Elm Capital Corp. | 186,979 | 164,670 |
| Portman Ridge Finance Corp. | 181,764 | 147,217 |
| SL Investment Fund II LLC | 127,623 | 128,462 |
| OHA Senior Private Lending Fund LLC | 127,235 | 127,614 |
| TriplePoint Private Venture Credit | 126,412 | 121,788 |
| SuRo Capital Corp. | 130,244 | 114,930 |
| Logan Ridge Finance Corp. | 85,906 | 63,313 |
| Rand Capital Corp. | 52,338 | 46,426 |
| BC Partners Lending Corp. | 45,677 | 43,264 |
| Grand Total | 7,201,356 | 7,062,130 |
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.
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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
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