BDCs
BDC Filing Season Q4 2024 Week 5
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 36 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 91.7 Billion USD which is approximately 23.7% 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 Credit Income Corp. | 494 | 100.00% | 26,398,402 | -0.037% | 25,180,320 | 26,388,731 | — | — | — |
| Goldman Sachs Private Credit Corp. | 453 | 100.00% | 7,730,640 | -0.157% | 8,586,790 | 7,718,533 | — | — | — |
| Blue Owl Technology Finance Corp. | 212 | 100.00% | 6,435,704 | -0.409% | 5,106,783 | 6,409,409 | — | — | — |
| North Haven Private Income Fund LLC | 642 | 100.00% | 6,321,564 | -0.388% | 6,137,956 | 6,297,023 | — | — | — |
| Blue Owl Technology Finance Corp. II | 168 | 100.00% | 5,371,409 | 0.204% | 4,916,996 | 5,382,391 | — | — | — |
| Blue Owl Technology Income Corp. | 226 | 100.00% | 5,189,925 | 0.294% | 4,992,766 | 5,205,172 | — | — | — |
| Main Street Capital Corp. | 573 | 100.00% | 4,243,786 | 16.385% | 3,462,948 | 4,939,143 | — | — | — |
| Monroe Capital Income Plus Corp | 722 | 100.00% | 4,002,785 | 0.155% | 4,729,884 | 4,008,973 | — | — | — |
| Goldman Sachs Private Middle Market Credit II | 244 | 100.00% | 2,209,057 | -1.690% | 2,288,006 | 2,171,728 | — | — | — |
| T Series Middle Market Loan Fund LLC | 451 | 100.00% | 2,097,191 | -0.899% | 2,058,863 | 2,078,346 | — | — | — |
| Kayne Anderson BDC LLC | 282 | 100.00% | 2,020,738 | 1.143% | 1,984,672 | 2,043,826 | — | — | — |
| Blue Owl Capital Corp. II | 275 | 100.00% | 1,938,893 | -0.137% | 1,826,625 | 1,936,232 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 479 | 100.00% | 1,750,904 | -0.347% | 5,972,668 | 1,744,832 | — | — | — |
| New Mountain Guardian IV BDC LLC | 327 | 100.00% | 1,503,719 | 0.858% | 1,773,870 | 1,516,623 | — | — | — |
| New Mountain Private Credit Fund | 186 | 100.00% | 1,524,545 | -1.901% | 1,527,880 | 1,495,564 | — | — | — |
| NMF SLF I Inc. | 354 | 100.00% | 1,451,005 | -0.369% | 1,642,777 | 1,445,655 | — | — | — |
| Fidus Investment Corp | 213 | 100.00% | 1,123,872 | 1.366% | 1,003,171 | 1,139,221 | — | — | — |
| BlackRock Private Credit Fund | 337 | 100.00% | 1,035,051 | 4.485% | 1,047,520 | 1,081,472 | — | — | — |
| Stellus Capital Investment Corp. | 324 | 100.00% | 961,789 | -0.862% | 908,811 | 953,498 | — | — | — |
| Goldman Sachs Middle Market Lending Corp. II | 243 | 100.00% | 866,358 | -0.009% | 1,064,296 | 866,282 | — | — | — |
| Horizon Technology Finance Corp. | 310 | 100.00% | 797,378 | -8.639% | 691,576 | 728,495 | — | — | — |
| TriplePoint Venture Growth BDC Corp. | 303 | 100.00% | 757,396 | -4.949% | 633,540 | 719,913 | — | — | — |
| 26North BDC Inc. | 66 | 100.00% | 665,676 | 0.070% | 678,056 | 666,141 | — | — | — |
| WhiteHorse Finance | 148 | 100.00% | 708,489 | -7.485% | 673,247 | 655,462 | — | — | — |
| Phillip Street Middle Market Lending Fund LLC | 174 | 100.00% | 613,771 | -0.020% | 779,597 | 613,648 | — | — | — |
| Goldman Sachs Private Middle Market Credit Corp. | 87 | 100.00% | 663,949 | -12.225% | 1,028,956 | 582,783 | — | — | — |
| Monroe Capital | 311 | 100.00% | 495,797 | -7.815% | 452,815 | 457,048 | — | — | — |
| OFS Capital | 103 | 100.00% | 363,551 | 12.684% | 397,743 | 409,664 | — | — | — |
| New Mountain Guardian IV Unlevered BDC LLC | 268 | 100.00% | 375,695 | 0.559% | 452,490 | 377,794 | — | — | — |
| Stellus Private Credit BDC | 242 | 100.00% | 297,791 | 0.988% | 287,840 | 300,732 | — | — | — |
| Oxford Square Capital Corp. | 60 | 100.00% | 409,626 | -27.913% | 554,067 | 295,286 | — | — | — |
| Kayne DL 2021 Inc. | 172 | 100.00% | 270,860 | 1.629% | 262,361 | 275,273 | — | — | — |
| North Haven Private Income Fund A LLC | 277 | 100.00% | 268,579 | 0.487% | 364,088 | 269,888 | — | — | — |
| BlackRock Direct Lending Corp. | 249 | 100.00% | 248,985 | 3.499% | 250,589 | 257,696 | 74.61% | — | 13.61% |
| LGAM Private Credit LLC | 212 | 100.00% | 248,504 | 0.327% | 243,104 | 249,316 | — | — | — |
| West Bay BDC LLC | 9 | 100.00% | 103,108 | -0.007% | 51,894 | 103,101 | — | — | — |
| Grand Total | 10,196 | 100% | 91,466,492 | 0.348% | 94,015,564 | 91,784,894 | 74.610% | — | 13.61% |
Non-Accruals
At least 26 BDCs that filed this week have reported Non–Accruals amounting to 945.6 Million USD at Cost. Main Street Capital Corp. and Goldman Sachs Private Middle Market Credit 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 |
| Stellus Capital Investment Corp. | 22 | 4.93% | 74,540 | -36.986% | 74,920 | 46,971 | — | — | — |
| Main Street Capital Corp. | 33 | 0.92% | 150,365 | -69.845% | 167,551 | 45,343 | — | — | — |
| WhiteHorse Finance | 15 | 5.65% | 69,576 | -46.793% | 77,431 | 37,019 | — | — | — |
| New Mountain Private Credit Fund | 2 | 2.46% | 45,323 | -18.717% | 45,538 | 36,840 | — | — | — |
| Goldman Sachs Private Middle Market Credit II | 3 | 1.47% | 30,202 | 5.430% | 37,073 | 31,842 | — | — | — |
| Blue Owl Credit Income Corp. | 4 | 0.12% | 42,616 | -26.049% | 44,037 | 31,515 | — | — | — |
| Monroe Capital Income Plus Corp | 37 | 0.72% | 50,522 | -43.241% | 52,844 | 28,676 | — | — | — |
| Goldman Sachs Private Middle Market Credit Corp. | 5 | 4.88% | 89,063 | -68.083% | 124,661 | 28,426 | — | — | — |
| North Haven Private Income Fund LLC | 4 | 0.35% | 29,237 | -25.235% | 29,866 | 21,859 | — | — | — |
| Kayne Anderson BDC LLC | 3 | 1.04% | 26,723 | -20.480% | 26,725 | 21,250 | — | — | — |
| OFS Capital | 8 | 5.08% | 39,124 | -46.825% | 45,486 | 20,804 | — | — | — |
| TriplePoint Venture Growth BDC Corp. | 8 | 2.86% | 38,095 | -45.961% | 41,331 | 20,586 | — | — | — |
| NMF SLF I Inc. | 2 | 1.13% | 20,160 | -18.715% | 20,256 | 16,387 | — | — | — |
| T Series Middle Market Loan Fund LLC | 3 | 0.67% | 18,727 | -25.733% | 18,941 | 13,908 | — | — | — |
| Monroe Capital | 23 | 2.91% | 22,409 | -40.604% | 24,008 | 13,310 | — | — | — |
| BlackRock Direct Lending Corp. | 10 | 4.47% | 26,046 | -55.750% | 27,185 | 11,526 | 74.6% | — | 13.6% |
| Horizon Technology Finance Corp. | 23 | 1.44% | 44,754 | -76.641% | 48,646 | 10,454 | — | — | — |
| Fidus Investment Corp | 5 | 0.90% | 44,379 | -76.858% | 53,306 | 10,270 | — | — | — |
| Oxford Square Capital Corp. | 4 | 1.73% | 18,531 | -72.471% | 9,388 | 5,101 | — | — | — |
| Blue Owl Technology Finance Corp. | 3 | 0.08% | 17,330 | -71.489% | 20,112 | 4,941 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 1 | 0.19% | 7,455 | -54.393% | 7,455 | 3,400 | — | — | — |
| Stellus Private Credit BDC | 6 | 1.13% | 5,140 | -33.936% | 5,176 | 3,396 | — | — | — |
| Blue Owl Capital Corp. II | 5 | 0.17% | 29,627 | -89.051% | 39,750 | 3,244 | — | — | — |
| LGAM Private Credit LLC | 1 | 0.88% | 2,981 | -26.568% | 2,981 | 2,189 | — | — | — |
| New Mountain Guardian IV BDC LLC | 2 | 0.13% | 2,449 | -18.702% | 2,461 | 1,991 | — | — | — |
| BlackRock Private Credit Fund | 1 | 0.01% | 318 | -62.543% | 338 | 119 | — | — | — |
| Grand Total | 233 | 0.67% | 945,692 | -50.16% | 1,047,467 | 471,366 | 74.61% | — | 13.61% |
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 11.1% of BDCs’ portfolios, amounting to 10.1 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Blue Owl Credit Income Corp. | 42 | 8.56% | 2,296,311 | -1.678% | 1,951,195 | 2,257,787 | — | — | — |
| Blue Owl Technology Finance Corp. | 34 | 19.07% | 1,259,568 | -2.937% | 818,952 | 1,222,576 | — | — | — |
| Blue Owl Technology Finance Corp. II | 23 | 13.53% | 746,724 | -2.450% | 500,867 | 728,432 | — | — | — |
| Goldman Sachs Private Credit Corp. | 20 | 8.55% | 669,540 | -1.449% | 758,257 | 659,836 | — | — | — |
| Blue Owl Technology Income Corp. | 20 | 9.75% | 513,266 | -1.089% | 359,316 | 507,677 | — | — | — |
| North Haven Private Income Fund LLC | 39 | 7.34% | 493,166 | -6.218% | 496,431 | 462,500 | — | — | — |
| Main Street Capital Corp. | 83 | 8.22% | 514,075 | -21.024% | 475,140 | 405,996 | — | — | — |
| Blue Owl Capital Corp. II | 44 | 19.28% | 395,083 | -5.522% | 344,217 | 373,268 | — | — | — |
| Monroe Capital Income Plus Corp | 106 | 8.47% | 357,402 | -4.957% | 389,266 | 339,686 | — | — | — |
| Goldman Sachs Private Middle Market Credit II | 36 | 13.74% | 312,219 | -4.436% | 336,050 | 298,370 | — | — | — |
| New Mountain Private Credit Fund | 26 | 19.19% | 301,325 | -4.741% | 214,028 | 287,040 | — | — | — |
| Fidus Investment Corp | 26 | 21.03% | 256,239 | -6.512% | 267,601 | 239,553 | — | — | — |
| T Series Middle Market Loan Fund LLC | 33 | 9.72% | 222,917 | -9.396% | 222,169 | 201,971 | — | — | — |
| TriplePoint Venture Growth BDC Corp. | 19 | 23.09% | 198,869 | -16.413% | 200,283 | 166,228 | — | — | — |
| NMF SLF I Inc. | 24 | 10.52% | 158,762 | -4.242% | 153,788 | 152,027 | — | — | — |
| Monroe Capital | 84 | 31.70% | 167,364 | -13.440% | 163,673 | 144,871 | — | — | — |
| Kayne Anderson BDC LLC | 22 | 6.71% | 140,203 | -2.206% | 142,488 | 137,110 | — | — | — |
| WhiteHorse Finance | 42 | 20.58% | 167,363 | -19.389% | 166,424 | 134,913 | — | — | — |
| Goldman Sachs Private Middle Market Credit Corp. | 18 | 22.69% | 203,706 | -35.085% | 239,529 | 132,236 | — | — | — |
| Goldman Sachs Middle Market Lending Corp. II | 19 | 13.73% | 120,329 | -1.179% | 135,580 | 118,910 | — | — | — |
| New Mountain Guardian IV BDC LLC | 13 | 7.42% | 112,164 | 0.315% | 84,789 | 112,517 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 26 | 5.10% | 90,914 | -2.156% | 95,711 | 88,954 | — | — | — |
| BlackRock Private Credit Fund | 31 | 7.16% | 79,948 | -3.128% | 81,349 | 77,447 | — | — | — |
| OFS Capital | 14 | 18.28% | 80,352 | -6.779% | 72,872 | 74,905 | — | — | — |
| 26North BDC Inc. | 3 | 9.89% | 65,857 | 0.043% | 66,550 | 65,885 | — | — | — |
| Phillip Street Middle Market Lending Fund LLC | 8 | 8.85% | 54,765 | -0.855% | 63,641 | 54,297 | — | — | — |
| BlackRock Direct Lending Corp. | 54 | 18.30% | 59,997 | -21.404% | 61,034 | 47,155 | 74.61% | — | 13.61% |
| New Mountain Guardian IV Unlevered BDC LLC | 9 | 5.98% | 22,527 | 0.297% | 18,445 | 22,594 | — | — | — |
| Stellus Private Credit BDC | 18 | 5.81% | 19,423 | -10.050% | 19,582 | 17,471 | — | — | — |
| Kayne DL 2021 Inc. | 11 | 5.41% | 15,421 | -3.515% | 15,699 | 14,879 | — | — | — |
| North Haven Private Income Fund A LLC | 8 | 2.70% | 7,199 | 1.292% | 7,192 | 7,292 | — | — | — |
| Oxford Square Capital Corp. | 4 | 1.72% | 7,851 | -35.278% | 18,542 | 5,081 | — | — | — |
| LGAM Private Credit LLC | 5 | 1.98% | 4,888 | 0.777% | 4,787 | 4,926 | — | — | — |
| Grand Total | 964 | 10.63% | 10,115,737 | -5.45% | 8,945,447 | 9,564,390 | 74.61% | — | 13.61% |
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 1.8 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Blue Owl Technology Finance Corp. | 304,409 | 304,203 |
| Main Street Capital Corp. | 255,363 | 240,238 |
| Goldman Sachs Private Middle Market Credit II | 194,038 | 183,092 |
| TriplePoint Venture Growth BDC Corp. | 202,277 | 176,574 |
| Kayne Anderson BDC, LLC | 115,066 | 113,319 |
| Stellus Capital Investment Corp. | 102,607 | 100,894 |
| Fidus Investment Corp | 87,608 | 86,207 |
| Monroe Capital Income Plus Corp | 79,207 | 78,687 |
| WhiteHorse Finance | 79,106 | 77,945 |
| Nuveen Churchill Private Capital Income Fund | 79,641 | 73,588 |
| Blue Owl Capital Corp. II | 87,908 | 71,492 |
| Goldman Sachs Private Middle Market Credit Corp. | 62,092 | 51,789 |
| Monroe Capital | 48,143 | 49,709 |
| OFS Capital | 33,206 | 28,768 |
| Oxford Square Capital Corp. | 33,113 | 26,640 |
| North Haven Private Income Fund LLC | 22,901 | 22,766 |
| BlackRock Private Credit Fund | 22,540 | 21,397 |
| Goldman Sachs Private Credit Corp. | 16,449 | 16,355 |
| BlackRock Direct Lending Corp. | 16,930 | 15,018 |
| Horizon Technology Finance Corp. | 17,545 | 14,936 |
| Kayne DL 2021 Inc. | 4,831 | 4,887 |
| Blue Owl Technology Finance Corp. II | 3,029 | 3,029 |
| North Haven Private Income Fund A LLC | 1,795 | 1,746 |
| T Series Middle Market Loan Fund LLC | 1,599 | 1,530 |
| Blue Owl Credit Income Corp. | 811 | 801 |
| Stellus Private Credit BDC | 96 | 90 |
| New Mountain Private Credit Fund | (3) | – |
| New Mountain Guardian IV Unlevered BDC LLC | (1) | (26) |
| New Mountain Guardian IV BDC LLC | (10) | (50) |
| Grand Total | 1,872,296 | 1,765,624 |
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 17.9 Billion USD (Cost) accounting for 19.6% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| Blue Owl Credit Income Corp. | 3,603,651 | 3,620,477 |
| Blue Owl Technology Finance Corp. | 1,587,852 | 1,578,286 |
| Goldman Sachs Private Credit Corp. | 1,516,935 | 1,506,919 |
| Blue Owl Technology Finance Corp. II | 1,220,360 | 1,229,491 |
| Blue Owl Technology Income Corp. | 980,227 | 974,284 |
| Main Street Capital Corp. | 777,342 | 933,088 |
| North Haven Private Income Fund LLC | 890,917 | 899,454 |
| Goldman Sachs Private Middle Market Credit II | 619,071 | 618,668 |
| Monroe Capital Income Plus Corp | 584,504 | 599,155 |
| New Mountain Private Credit Fund | 470,299 | 457,162 |
| Blue Owl Capital Corp. II | 449,084 | 446,137 |
| 26North BDC, Inc. | 392,392 | 392,349 |
| Kayne Anderson BDC, LLC | 375,695 | 382,828 |
| New Mountain Guardian IV BDC LLC | 371,223 | 375,868 |
| T Series Middle Market Loan Fund LLC | 324,402 | 327,657 |
| Goldman Sachs Private Middle Market Credit Corp. | 366,229 | 312,265 |
| NMF SLF I, Inc. | 290,830 | 288,656 |
| Fidus Investment Corp | 272,906 | 280,621 |
| TriplePoint Venture Growth BDC Corp. | 329,306 | 262,443 |
| WhiteHorse Finance | 277,654 | 248,118 |
| Horizon Technology Finance Corp. | 278,009 | 236,235 |
| BlackRock Private Credit Fund | 215,480 | 217,115 |
| Goldman Sachs Middle Market Lending Corp. II | 204,211 | 203,585 |
| Nuveen Churchill Private Capital Income Fund | 194,582 | 195,044 |
| Monroe Capital | 190,863 | 175,985 |
| Phillip Street Middle Market Lending Fund LLC | 171,513 | 171,073 |
| Stellus Capital Investment Corp. | 173,792 | 144,518 |
| OFS Capital | 156,967 | 132,046 |
| Oxford Square Capital Corp. | 187,949 | 105,502 |
| Stellus Private Credit BDC | 95,738 | 96,232 |
| New Mountain Guardian IV Unlevered BDC LLC | 88,378 | 89,396 |
| North Haven Private Income Fund A LLC | 68,511 | 68,849 |
| Kayne DL 2021 Inc. | 62,752 | 63,955 |
| LGAM Private Credit LLC | 62,438 | 62,760 |
| BlackRock Direct Lending Corp. | 48,375 | 39,293 |
| West Bay BDC LLC | 34,111 | 34,104 |
| Grand Total | 17,934,547 | 17,769,617 |
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
Nayan Raj
Data Analyst
nraj@solvefixedincome.com
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