BDCs
BDC Filing Season Q1 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.
Filing Recap
This report will analyze the 37 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 108.8 Billion USD which is approximately 26% 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. | 357 | 100.00% | 17,457,766 | 1.342% | 15,344,624 | 17,692,006 | 5.96% | 5.95% | 6.55% |
| FS KKR Capital Corp. | 567 | 100.00% | 14,690,000 | -3.870% | 14,329,913 | 14,121,500 | 11.34% | 6.23% | 10.09% |
| Blackstone Secured Lending Fund | 584 | 100.00% | 13,917,040 | -0.840% | 19,368,625 | 13,800,095 | 10.57% | 10.02% | 9.95% |
| Golub Capital | 1,659 | 100.00% | 8,853,953 | -0.581% | 8,138,704 | 8,802,553 | 10.22% | 9.83% | 10.00% |
| Sixth Street Lending Partners | 114 | 100.00% | 7,172,247 | 2.562% | 7,173,501 | 7,356,032 | 10.14% | 10.07% | 10.62% |
| Prospect Capital | 215 | 100.00% | 6,955,011 | -0.771% | 7,532,631 | 6,901,364 | 47.68% | 11.27% | 27.87% |
| Morgan Stanley Direct Lending Fund | 559 | 100.00% | 3,896,131 | -0.990% | 3,820,576 | 3,857,578 | 11.18% | 10.29% | 10.32% |
| Goldman Sachs BDC | 515 | 100.00% | 3,555,515 | -4.804% | 4,086,012 | 3,384,698 | 11.99% | 11.34% | 11.03% |
| New Mountain Finance | 379 | 100.00% | 3,092,943 | -1.899% | 2,555,379 | 3,034,211 | 11.54% | 10.33% | 10.71% |
| Barings BDC | 634 | 100.00% | 2,610,675 | -1.511% | — | 2,571,228 | 11.31% | 10.40% | 9.99% |
| Bain Capital Specialty Finance Inc. | 479 | 100.00% | 2,514,333 | 0.353% | 2,128,808 | 2,523,214 | 11.63% | 11.17% | 11.32% |
| SLR Investment Corp. | 125 | 100.00% | 2,487,162 | -1.435% | 1,642,340 | 2,451,473 | 10.16% | 10.11% | 10.66% |
| Carlyle Secured Lending Inc. | 195 | 100.00% | 2,273,998 | -1.248% | 2,196,585 | 2,245,626 | 11.62% | 10.46% | 10.73% |
| T. Rowe Price OHA Private Credit Fund | 286 | 100.00% | 2,178,843 | -0.372% | 2,523,061 | 2,170,738 | 23.58% | 10.01% | 22.51% |
| Nuveen Churchill BDC INC. | 492 | 100.00% | 2,155,586 | -1.427% | — | 2,124,817 | 10.85% | 10.08% | 10.04% |
| BlackRock TCP Capital Corp. | 335 | 100.00% | 1,964,188 | -4.877% | 1,846,249 | 1,868,389 | 58.83% | 11.34% | 14.15% |
| Cion Investment Corp. | 250 | 100.00% | 1,964,916 | -6.069% | 1,794,031 | 1,845,660 | 38.99% | 13.29% | 26.57% |
| Trinity Capital Inc. | 467 | 100.00% | 1,838,873 | -2.055% | 1,704,282 | 1,801,075 | 12.44% | 11.34% | 9.86% |
| BlackRock Private Credit Fund | 380 | 100.00% | 1,342,480 | 3.596% | 1,354,338 | 1,390,761 | 9.30% | 9.18% | 9.25% |
| Palmer Square Capital BDC Inc. | 262 | 100.00% | 1,397,203 | -4.501% | 1,424,472 | 1,334,314 | 12.50% | 9.47% | 9.29% |
| Fidus Investment Corp | 223 | 100.00% | 1,211,468 | 0.459% | 1,066,688 | 1,217,024 | 14.95% | 11.54% | 11.76% |
| Saratoga Investment Corp. | 114 | 100.00% | 1,148,312 | -1.917% | 1,022,848 | 1,126,296 | 12.26% | 11.65% | 11.59% |
| 26North BDC Inc. | 84 | 100.00% | 922,170 | 0.027% | 938,534 | 922,418 | 10.55% | 10.54% | 10.55% |
| Gladstone Capital Corp. | 117 | 100.00% | 789,193 | -3.365% | 721,084 | 762,636 | 32.29% | 12.21% | 12.18% |
| TriplePoint Venture Growth BDC Corp. | 304 | 100.00% | 754,065 | -5.011% | 638,081 | 716,279 | 14.30% | 12.67% | 10.95% |
| Monroe Capital | 303 | 100.00% | 472,436 | -8.862% | 428,177 | 430,571 | 25.34% | 11.84% | 21.41% |
| OHA Senior Private Lending Fund LLC | 161 | 100.00% | 425,249 | 0.658% | 491,237 | 428,048 | 14.78% | 9.85% | 14.66% |
| Great Elm Capital Corp. | 76 | 100.00% | 365,805 | -6.532% | — | 341,910 | 12.87% | 12.21% | 11.90% |
| SCP Private Credit Income BDC LLC | 33 | 100.00% | 313,352 | -3.812% | — | 301,408 | 10.51% | 10.51% | 10.46% |
| PhenixFIN Corp. | 60 | 100.00% | 320,485 | -10.497% | 166,018 | 286,843 | 16.41% | 17.68% | 21.82% |
| BlackRock Direct Lending Corp. | 274 | 100.00% | 240,111 | 9.452% | 259,315 | 262,808 | 51.08% | 10.85% | 12.17% |
| SuRo Capital Corp. | 61 | 100.00% | 258,117 | -17.256% | 2,270 | 213,577 | — | — | — |
| Logan Ridge Finance Corp. | 88 | 100.00% | 197,510 | -14.124% | 191,617 | 169,613 | 14.88% | 11.54% | 12.00% |
| BC Partners Lending Corp. | 102 | 100.00% | 145,675 | -4.321% | 146,232 | 139,381 | 14.89% | 12.14% | 11.74% |
| 5C Lending Partners Corp. | 11 | 100.00% | 118,897 | -0.024% | 119,741 | 118,869 | 9.33% | 9.33% | 9.32% |
| SLR HC BDC LLC | 34 | 100.00% | 72,616 | 1.081% | 70,584 | 73,401 | 9.86% | 9.86% | 10.24% |
| Rand Capital Corp. | 50 | 100.00% | 60,758 | 2.303% | 43,599 | 62,157 | 20.36% | 11.35% | 11.55% |
| Grand Total | 10,949 | 100% | 110,135,081 | -1.166% | — | 108,850,572 | 16.840% | 10.36% | 12.88% |
Non-Accruals
At least 27 BDCs that filed this week have reported Non–Accruals amounting to 1.9 Billion USD at Cost. Blue Owl Capital Corp. and FS KKR 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 |
| Blue Owl Capital Corp. | 7 | 0.83% | 243,490 | -39.675% | 287,137 | 146,885 | — | — | — |
| FS KKR Capital Corp. | 9 | 0.96% | 266,600 | -49.287% | 333,200 | 135,200 | 18.5% | — | 18.5% |
| BlackRock TCP Capital Corp. | 15 | 4.19% | 224,302 | -65.116% | 271,535 | 78,246 | 336.7% | — | 23.6% |
| Goldman Sachs BDC | 10 | 1.91% | 162,852 | -60.239% | 231,349 | 64,752 | — | — | — |
| Golub Capital | 16 | 0.68% | 107,559 | -44.321% | 120,937 | 59,888 | 46.1% | — | 14.8% |
| Prospect Capital | 8 | 0.66% | 326,599 | -86.144% | 711,365 | 45,252 | 1272.9% | — | 168.5% |
| Carlyle Secured Lending Inc. | 5 | 1.63% | 50,655 | -27.703% | 54,073 | 36,622 | 32.7% | 11.3% | 13.1% |
| Cion Investment Corp. | 7 | 1.17% | 60,381 | -64.380% | 64,237 | 21,508 | 131.4% | — | 15.9% |
| New Mountain Finance | 7 | 0.69% | 39,241 | -46.487% | 48,573 | 20,999 | 57.7% | — | 13.2% |
| TriplePoint Venture Growth BDC Corp. | 8 | 2.88% | 38,095 | -45.922% | 42,103 | 20,601 | 27.0% | — | 22.9% |
| Blackstone Secured Lending Fund | 5 | 0.14% | 36,906 | -48.504% | 55,748 | 19,005 | 63.2% | — | 20.9% |
| Gladstone Capital Corp. | 5 | 2.49% | 31,079 | -38.985% | 31,079 | 18,963 | 398.0% | — | 11.6% |
| Bain Capital Specialty Finance Inc. | 12 | 0.71% | 35,251 | -49.028% | 36,508 | 17,968 | 22.4% | 11.2% | 11.2% |
| Trinity Capital Inc. | 16 | 0.84% | 49,682 | -69.496% | 46,785 | 15,155 | 82.0% | — | -6.3% |
| Barings BDC | 15 | 0.56% | 47,625 | -69.673% | 79,603 | 14,443 | 147.2% | — | 13.1% |
| Monroe Capital | 25 | 2.83% | 32,725 | -62.778% | 26,998 | 12,181 | 59.0% | — | 19.1% |
| BlackRock Direct Lending Corp. | 16 | 4.18% | 27,745 | -60.413% | 29,652 | 10,983 | 261.0% | — | 13.8% |
| Fidus Investment Corp | 5 | 0.74% | 44,375 | -79.748% | 44,578 | 8,987 | 114.7% | — | 13.8% |
| SLR Investment Corp. | 1 | 0.32% | 12,297 | -36.350% | 18,904 | 7,827 | — | — | — |
| Nuveen Churchill BDC INC. | 4 | 0.34% | 21,799 | -66.654% | 22,229 | 7,269 | 75.1% | — | 9.1% |
| Logan Ridge Finance Corp. | 4 | 2.19% | 17,163 | -78.390% | 17,438 | 3,709 | — | — | — |
| Morgan Stanley Direct Lending Fund | 2 | 0.09% | 7,915 | -58.358% | 7,973 | 3,296 | 68.0% | — | 11.6% |
| Palmer Square Capital BDC Inc. | 3 | 0.24% | 10,107 | -68.204% | 10,228 | 3,214 | 42.3% | — | 13.5% |
| Saratoga Investment Corp. | 4 | 0.23% | 4,261 | -38.214% | 4,261 | 2,633 | 23.0% | — | 4.6% |
| PhenixFIN Corp. | 4 | 0.50% | 18,134 | -92.094% | 31,132 | 1,434 | — | — | — |
| BlackRock Private Credit Fund | 1 | 0.01% | 313 | -68.571% | 343 | 98 | 86.4% | — | 14.5% |
| SuRo Capital Corp. | 1 | 0.00% | 2,271 | -100.000% | 2,270 | — | — | — | — |
| Grand Total | 215 | 0.80% | 1,919,423 | -59.51% | 2,630,239 | 777,118 | 363.44% | 11.29% | 60.46% |
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 14.3% of BDCs’ portfolios, amounting to 15.7 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Blue Owl Capital Corp. | 50 | 14.63% | 2,696,623 | -4.028% | 2,278,759 | 2,587,991 | 3.68% | 3.68% | 4.48% |
| Blackstone Secured Lending Fund | 68 | 17.81% | 2,555,500 | -3.848% | 2,583,475 | 2,457,158 | 11.95% | 9.94% | 10.28% |
| Prospect Capital | 34 | 32.61% | 2,659,775 | -15.391% | 2,621,162 | 2,250,422 | 10.83% | 10.37% | 10.31% |
| Sixth Street Lending Partners | 23 | 19.83% | 1,439,958 | 1.316% | 1,461,813 | 1,458,910 | 10.09% | 9.94% | 10.38% |
| Golub Capital | 166 | 13.39% | 1,248,227 | -5.569% | 1,269,704 | 1,178,709 | 13.42% | 10.96% | 12.27% |
| New Mountain Finance | 52 | 22.47% | 730,329 | -6.659% | 444,999 | 681,693 | 16.99% | 11.93% | 12.88% |
| Goldman Sachs BDC | 57 | 14.79% | 605,091 | -17.264% | 716,279 | 500,630 | 12.39% | 11.57% | 11.29% |
| BlackRock TCP Capital Corp. | 68 | 22.79% | 548,701 | -22.396% | 574,318 | 425,816 | 35.96% | 11.65% | 14.23% |
| Bain Capital Specialty Finance Inc. | 72 | 16.59% | 445,282 | -5.992% | 450,952 | 418,599 | 15.21% | 13.66% | 14.07% |
| Barings BDC | 76 | 14.09% | 413,873 | -12.486% | — | 362,196 | 15.33% | 10.74% | 9.14% |
| Morgan Stanley Direct Lending Fund | 53 | 8.94% | 380,118 | -9.324% | 380,029 | 344,677 | 17.72% | 13.71% | 11.46% |
| Fidus Investment Corp | 29 | 21.90% | 285,425 | -6.603% | 286,857 | 266,577 | 22.60% | 12.40% | 12.93% |
| T. Rowe Price OHA Private Credit Fund | 29 | 11.70% | 268,177 | -5.334% | 293,657 | 253,872 | 20.61% | 11.93% | 16.30% |
| Carlyle Secured Lending Inc. | 23 | 10.47% | 249,178 | -5.615% | 256,736 | 235,187 | 15.01% | 11.81% | 11.82% |
| TriplePoint Venture Growth BDC Corp. | 16 | 20.70% | 171,479 | -13.528% | 173,939 | 148,282 | 16.64% | 12.92% | 15.19% |
| Nuveen Churchill BDC INC. | 54 | 6.71% | 155,399 | -8.279% | 167,141 | 142,534 | 15.01% | 14.00% | 13.44% |
| Monroe Capital | 79 | 32.12% | 163,078 | -15.190% | 158,483 | 138,306 | 24.83% | 15.53% | 19.72% |
| Trinity Capital Inc. | 12 | 7.15% | 127,581 | 0.994% | 129,356 | 128,849 | 2.12% | 2.12% | 2.47% |
| Gladstone Capital Corp. | 12 | 14.10% | 118,520 | -9.302% | 118,686 | 107,495 | 21.84% | 14.87% | 13.30% |
| 26North BDC Inc. | 3 | 7.20% | 66,395 | -0.008% | 67,060 | 66,390 | 10.06% | 10.06% | 10.06% |
| BlackRock Private Credit Fund | 23 | 4.39% | 62,532 | -2.323% | 63,445 | 61,079 | 12.08% | 10.77% | 10.90% |
| Palmer Square Capital BDC Inc. | 13 | 4.28% | 66,727 | -14.364% | 67,142 | 57,143 | 22.16% | 10.02% | 9.90% |
| BlackRock Direct Lending Corp. | 64 | 19.63% | 64,914 | -20.509% | 67,499 | 51,600 | 33.67% | 11.60% | 11.88% |
| OHA Senior Private Lending Fund LLC | 15 | 10.91% | 47,025 | -0.683% | 49,705 | 46,704 | 12.81% | 11.31% | 12.48% |
| Great Elm Capital Corp. | 10 | 13.59% | 48,370 | -3.971% | 48,933 | 46,449 | 12.61% | 11.78% | 10.97% |
| Rand Capital Corp. | 13 | 54.51% | 38,259 | -11.440% | 32,731 | 33,882 | 29.46% | 11.48% | 11.15% |
| Saratoga Investment Corp. | 8 | 2.99% | 35,955 | -6.379% | 35,993 | 33,661 | 20.35% | — | 12.85% |
| Logan Ridge Finance Corp. | 11 | 14.24% | 28,600 | -15.556% | 27,477 | 24,151 | 26.64% | 11.75% | 15.01% |
| PhenixFIN Corp. | 6 | 5.83% | 33,433 | -50.022% | 46,408 | 16,709 | — | — | — |
| SCP Private Credit Income BDC LLC | 1 | 3.47% | 10,021 | 4.311% | — | 10,453 | — | — | — |
| SLR HC BDC LLC | 2 | 8.87% | 6,524 | -0.215% | 3,989 | 6,510 | 12.27% | 12.27% | 11.51% |
| Grand Total | 1,142 | 16.17% | 15,771,069 | -7.79% | — | 14,542,635 | 14.11% | 10.71% | 11.37% |
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 5.2 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Prospect Capital | 1,402,495 | 1,337,066 |
| Blue Owl Capital Corp. | 521,886 | 482,899 |
| FS KKR Capital Corp. | 534,300 | 434,600 |
| Golub Capital | 398,006 | 369,233 |
| Blackstone Secured Lending Fund | 318,814 | 319,117 |
| Cion Investment Corp. | 264,562 | 244,678 |
| BlackRock TCP Capital Corp. | 256,898 | 222,101 |
| TriplePoint Venture Growth BDC Corp. | 221,688 | 196,209 |
| SLR Investment Corp. | 169,854 | 165,784 |
| Goldman Sachs BDC | 183,338 | 160,942 |
| Saratoga Investment Corp. | 112,281 | 110,976 |
| Trinity Capital Inc. | 129,211 | 107,423 |
| Morgan Stanley Direct Lending Fund | 102,956 | 98,325 |
| Bain Capital Specialty Finance Inc. | 90,807 | 88,762 |
| Gladstone Capital Corp. | 78,385 | 78,379 |
| Fidus Investment Corp | 76,286 | 75,645 |
| Barings BDC | 96,688 | 75,627 |
| Nuveen Churchill BDC INC. | 49,553 | 47,032 |
| Monroe Capital | 41,889 | 43,046 |
| SCP Private Credit Income BDC LLC | 23,694 | 23,799 |
| Carlyle Secured Lending Inc. | 22,748 | 22,487 |
| BlackRock Private Credit Fund | 20,854 | 21,072 |
| Rand Capital Corp. | 19,683 | 19,683 |
| BlackRock Direct Lending Corp. | 12,670 | 11,817 |
| Logan Ridge Finance Corp. | 14,524 | 11,601 |
| BC Partners Lending Corp. | 10,270 | 9,445 |
| PhenixFIN Corp. | 6,203 | 6,725 |
| Palmer Square Capital BDC Inc. | 12,151 | 6,449 |
| New Mountain Finance | 7,846 | 2,884 |
| SLR HC BDC LLC | 1,393 | 1,402 |
| Grand Total | 5,201,933 | 4,795,208 |
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 28.6 Billion USD (Cost) accounting for 26% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| FS KKR Capital Corp. | 4,552,700 | 4,286,600 |
| Blue Owl Capital Corp. | 3,429,461 | 3,544,027 |
| Prospect Capital | 3,284,074 | 3,498,523 |
| Blackstone Secured Lending Fund | 2,870,122 | 2,797,701 |
| Sixth Street Lending Partners | 2,310,901 | 2,356,583 |
| Golub Capital | 1,060,534 | 1,045,813 |
| SLR Investment Corp. | 1,017,079 | 1,017,762 |
| New Mountain Finance | 996,498 | 966,618 |
| Bain Capital Specialty Finance Inc. | 797,632 | 801,640 |
| Goldman Sachs BDC | 786,229 | 711,964 |
| Barings BDC | 539,752 | 591,609 |
| Morgan Stanley Direct Lending Fund | 575,505 | 575,276 |
| T. Rowe Price OHA Private Credit Fund | 550,798 | 551,514 |
| Carlyle Secured Lending Inc. | 533,459 | 514,732 |
| BlackRock TCP Capital Corp. | 544,211 | 507,823 |
| Trinity Capital Inc. | 481,805 | 479,982 |
| 26North BDC, Inc. | 458,813 | 459,061 |
| Cion Investment Corp. | 507,783 | 432,810 |
| Saratoga Investment Corp. | 441,108 | 417,075 |
| Gladstone Capital Corp. | 315,306 | 307,871 |
| Fidus Investment Corp | 280,075 | 289,949 |
| TriplePoint Venture Growth BDC Corp. | 353,960 | 285,646 |
| Nuveen Churchill BDC INC. | 261,726 | 261,522 |
| BlackRock Private Credit Fund | 234,127 | 235,241 |
| PhenixFIN Corp. | 212,470 | 183,552 |
| Monroe Capital | 187,817 | 172,547 |
| Great Elm Capital Corp. | 196,294 | 172,006 |
| SCP Private Credit Income BDC LLC | 149,993 | 137,882 |
| OHA Senior Private Lending Fund LLC | 128,477 | 129,298 |
| Palmer Square Capital BDC Inc. | 135,697 | 127,303 |
| SuRo Capital Corp. | 131,552 | 122,017 |
| Logan Ridge Finance Corp. | 88,037 | 63,255 |
| Rand Capital Corp. | 51,480 | 52,846 |
| 5C Lending Partners Corp. | 51,555 | 51,530 |
| BC Partners Lending Corp. | 50,624 | 48,538 |
| BlackRock Direct Lending Corp. | 50,074 | 39,863 |
| SLR HC BDC LLC | 38,397 | 38,621 |
| Grand Total | 28,656,124 | 28,276,598 |
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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