BDC Filing Season Q1 2025 Week 1

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

BDC Filing season is in full swing. This report will analyze the 5 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 34.5 Billion USD which is approximately 8.3% of aggregate AUM of all BDCs.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Ares Capital	1,322	100.00%	26,777,500	1.318%	20,649,400	27,130,300	10.69%	10.36%	10.24%
Sixth Street Specialty Lending Inc.	200	100.00%	3,443,590	-0.916%	3,344,326	3,412,032	23.31%	11.09%	12.65%
Oaktree Specialty Lending Corp.	344	100.00%	3,222,464	-6.873%	3,714,132	3,000,979		10.36%
Horizon Technology Finance Corp.	316	100.00%	835,023	-12.100%	716,487	733,984	19.59%	12.96%	14.71%
Oxford Square Capital Corp.	56	100.00%	396,567	-29.354%	555,697	280,160	22.30%	9.06%	16.94%
Grand Total	2,238	100%	34,675,144	-0.339%	28,980,042	34,557,455		10.52%

Non-Accruals

At least 4 BDCs that filed this week have reported Non–Accruals amounting to 821 Million USD at Cost. Ares Capital and Oaktree Specialty Lending 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
Ares Capital	18	0.90%	413,600	-40.861%	466,000	244,600	—	—	—
Oaktree Specialty Lending Corp.	30	4.19%	217,401	-42.207%	244,712	125,643	—	—	—
Sixth Street Specialty Lending Inc.	5	1.23%	129,065	-67.444%	134,679	42,019	526.9%	—	47.1%
Horizon Technology Finance Corp.	35	1.60%	61,529	-80.942%	69,537	11,726	276.3%	—	85.2%
Grand Total	88	1.24%	821,595	-48.40%	914,928	423,988	483.03%	—	54.96%

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 19.1% of BDCs’ portfolios, amounting to 6.6 billion USD at Cost.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Ares Capital	191	21.33%	5,942,600	-2.612%	3,558,100	5,787,400	11.86%	11.84%	10.96%
Sixth Street Specialty Lending Inc.	30	11.06%	381,691	-1.110%	381,692	377,454	16.27%	10.85%	11.79%
Oaktree Specialty Lending Corp.	21	10.16%	307,268	-0.724%	311,721	305,042	10.45%	10.45%	9.83%
Oxford Square Capital Corp.	1	1.08%	2,824	6.725%	10,045	3,013	76.20%	—	82.94%
Grand Total	243	19.14%	6,634,383	-2.43%	4,261,557	6,472,909	12.41%	11.64%	11.15%

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 1.1 Billion USD at cost.

BDC	Cost (1000)	FV (1000)
Ares Capital	904,300	840,200
Oaktree Specialty Lending Corp.	208,506	191,459
Horizon Technology Finance Corp.	64,911	60,540
Grand Total	1,177,717	1,092,199

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 7.3 Billion USD (Cost) accounting for 21.1% of their aggregate holdings (Cost).

BDC	Cost (1000)	FV (1000)
Ares Capital	5,442,400	5,427,200
Sixth Street Specialty Lending, Inc.	737,974	716,959
Oaktree Specialty Lending Corp.	676,804	572,963
Horizon Technology Finance Corp.	281,252	240,633
Oxford Square Capital Corp.	176,761	93,402
Grand Total	7,315,191	7,051,157

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.

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