BDC Filing Season: Q3 2026 Week 1
BDC Filing Season Q3 2026 Week 1
BDC data provided by the Workstation BDC Data, 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 26 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 80.6 Billion USD which is approximately 14% 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 Technology Finance Corp. | 305 | 100.00% | 15,111,620 | -1.889% | 13,101,413 | 14,826,149 | — | — | — |
| Blackstone Secured Lending Fund | 701 | 100.00% | 13,392,649 | -2.269% | 11,955,558 | 13,088,763 | 10.24% | 10.24% | 36.87% |
| FS KKR Capital Corp. | 627 | 100.00% | 12,512,200 | -9.532% | 11,152,000 | 11,319,500 | 39.37% | 6.50% | 13.19% |
| Sixth Street Lending Partners | 130 | 100.00% | 9,214,253 | -0.012% | 7,462,676 | 9,213,180 | — | — | — |
| Prospect Capital | 194 | 100.00% | 5,944,293 | 0.003% | 7,450,802 | 5,944,452 | — | — | — |
| Sixth Street Specialty Lending Inc. | 212 | 100.00% | 3,407,640 | -0.429% | 2,778,236 | 3,393,035 | 9.05% | — | 5.50% |
| Trinity Capital Inc. | 555 | 100.00% | 2,859,956 | 0.645% | 2,515,795 | 2,878,396 | — | — | — |
| MidCap Financial Investment Corp. | 572 | 100.00% | 2,852,220 | -10.760% | 2,530,401 | 2,545,332 | 11.80% | 9.48% | 7.13% |
| SLR Investment Corp. | 86 | 100.00% | 2,546,496 | -1.984% | 1,657,690 | 2,495,983 | — | — | — |
| Capital Southwest Corp. | 497 | 100.00% | 2,459,106 | -1.992% | 2,284,556 | 2,410,129 | 15.61% | 15.61% | 12.86% |
| New Mountain Finance Corp | 356 | 100.00% | 2,453,990 | -7.907% | 2,135,983 | 2,259,962 | 13.98% | 13.98% | 14.11% |
| Nuveen Churchill Direct Lending Corp. | 601 | 100.00% | 1,949,671 | -2.673% | 2,014,410 | 1,897,550 | 29.06% | 10.09% | 19.35% |
| AGL Private Credit Income Fund | 129 | 100.00% | 1,505,813 | 0.287% | 1,458,539 | 1,510,132 | — | — | — |
| Cion Investment Corp. | 216 | 100.00% | 1,638,824 | -8.370% | 1,334,179 | 1,501,652 | 158.57% | — | 18.95% |
| Palmer Square Capital BDC Inc. | 278 | 100.00% | 1,209,376 | -10.071% | 1,171,067 | 1,087,583 | 28.65% | 9.50% | 8.91% |
| 5C Lending Partners Corp. | 76 | 100.00% | 1,001,540 | -1.217% | 886,318 | 989,347 | — | — | — |
| BlackRock TCP Capital Corp. | 294 | 100.00% | 693,368 | 14.899% | 564,489 | 796,671 | 687.59% | 13.09% | 19.50% |
| TriplePoint Venture Growth BDC Corp. | 310 | 100.00% | 749,313 | -4.267% | 670,772 | 717,341 | — | — | — |
| SuRo Capital Corp. | 53 | 100.00% | 243,564 | 54.865% | 4,520 | 377,196 | 4.12% | 4.12% | 3.85% |
| Oxford Square Capital Corp. | 70 | 100.00% | 428,514 | -29.313% | 642,662 | 302,904 | — | — | — |
| Advanced Flower Capital Inc. | 18 | 100.00% | 351,042 | -17.512% | 361,062 | 289,567 | — | — | — |
| Onex Direct Lending BDC Fund | 75 | 100.00% | 280,966 | -6.903% | 274,940 | 261,571 | — | — | — |
| Great Elm Capital Corp. | 82 | 100.00% | 327,970 | -23.460% | 260,593 | 251,028 | 12.89% | 12.63% | 12.73% |
| SCP Private Credit Income BDC LLC | 22 | 100.00% | 205,554 | -8.677% | 160,445 | 187,719 | — | — | — |
| SLR HC BDC LLC | 36 | 100.00% | 94,006 | -0.683% | 90,017 | 93,364 | — | — | — |
| Rand Capital Corp. | 46 | 100.00% | 65,276 | -13.078% | 41,325 | 56,739 | 15.54% | 12.04% | 12.00% |
| Grand Total | 6,541 | 100% | 83,499,220 | -3.358% | 74,960,449 | 80,695,245 | 82.770% | 12.01% | 15.13% |
Non-Accruals
At least 22 BDCs that filed this week have reported Non–Accruals amounting to 2.3 Billion USD at Cost. FS KKR Capital Corp. and Blackstone Secured Lending Fund 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. | 27 | 3.31% | 770,700 | -51.317% | 933,000 | 375,200 | 39.6% | — | 13.2% |
| Blackstone Secured Lending Fund | 11 | 2.05% | 377,177 | -29.023% | 405,919 | 267,710 | — | — | — |
| MidCap Financial Investment Corp. | 32 | 5.69% | 226,202 | -35.967% | 235,059 | 144,843 | 26.3% | — | 11.1% |
| Sixth Street Lending Partners | 7 | 0.81% | 163,701 | -54.623% | 73,663 | 74,282 | — | — | — |
| Sixth Street Specialty Lending Inc. | 8 | 1.12% | 62,362 | -38.928% | 67,985 | 38,086 | — | — | — |
| Capital Southwest Corp. | 17 | 1.44% | 85,529 | -59.353% | 86,100 | 34,765 | — | — | — |
| Nuveen Churchill Direct Lending Corp. | 17 | 1.46% | 49,197 | -43.757% | 62,388 | 27,670 | 308.1% | — | 178.1% |
| Blue Owl Technology Finance Corp. | 2 | 0.17% | 64,840 | -60.964% | 69,808 | 25,311 | — | — | — |
| SLR Investment Corp. | 2 | 0.99% | 61,387 | -59.635% | 61,756 | 24,779 | — | — | — |
| Cion Investment Corp. | 9 | 1.60% | 77,980 | -69.236% | 121,589 | 23,990 | 169.2% | — | 19.5% |
| New Mountain Finance Corp | 11 | 0.93% | 50,638 | -58.600% | 65,865 | 20,964 | — | — | — |
| BlackRock TCP Capital Corp. | 17 | 2.23% | 92,385 | -80.748% | 131,828 | 17,786 | 712.1% | — | 19.7% |
| Trinity Capital Inc. | 4 | 0.60% | 34,148 | -49.675% | 33,311 | 17,185 | — | — | — |
| TriplePoint Venture Growth BDC Corp. | 9 | 2.27% | 38,028 | -57.247% | 43,106 | 16,258 | — | — | — |
| SCP Private Credit Income BDC LLC | 1 | 6.25% | 16,958 | -30.794% | 18,055 | 11,736 | — | — | — |
| Prospect Capital | 10 | 0.16% | 107,345 | -91.286% | 630,892 | 9,354 | — | — | — |
| Rand Capital Corp. | 6 | 15.31% | 20,700 | -58.031% | 8,637 | 8,688 | 44.9% | — | 9.7% |
| SLR HC BDC LLC | 1 | 3.23% | 4,361 | -30.796% | 4,643 | 3,018 | — | — | — |
| Great Elm Capital Corp. | 9 | 0.55% | 32,039 | -95.687% | 31,921 | 1,382 | — | — | — |
| Onex Direct Lending BDC Fund | 1 | 0.16% | 2,560 | -83.160% | 2,560 | 431 | — | — | — |
| Palmer Square Capital BDC Inc. | 3 | 0.00% | 11,581 | -99.989% | 13,278 | 1 | — | — | — |
| SuRo Capital Corp. | 1 | 0.00% | 2,271 | -100.000% | 2,270 | — | — | — | — |
| Grand Total | 205 | 1.47% | 2,352,090 | -51.39% | 3,103,634 | 1,143,439 | 189.61% | — | 21.10% |
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 15.52% of BDCs’ portfolios, amounting to 12.9 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blue Owl Technology Finance Corp. | 42 | 17.70% | 2,851,734 | -7.973% | 1,943,777 | 2,624,364 | — | — | — |
| FS KKR Capital Corp. | 72 | 20.90% | 2,714,700 | -12.834% | 2,026,000 | 2,366,300 | 39.55% | — | 13.19% |
| Blackstone Secured Lending Fund | 77 | 13.10% | 1,865,408 | -8.051% | 1,709,124 | 1,715,221 | — | — | — |
| Sixth Street Lending Partners | 21 | 15.24% | 1,406,009 | -0.117% | 789,135 | 1,404,370 | — | — | — |
| Prospect Capital | 32 | 20.16% | 1,207,454 | -0.747% | 1,634,241 | 1,198,433 | — | — | — |
| New Mountain Finance Corp | 50 | 19.96% | 510,917 | -11.724% | 413,794 | 451,015 | 14.14% | 14.14% | 14.26% |
| Sixth Street Specialty Lending Inc. | 27 | 12.30% | 436,030 | -4.251% | 262,976 | 417,495 | 9.05% | — | 5.50% |
| Capital Southwest Corp. | 46 | 11.14% | 338,605 | -20.690% | 341,197 | 268,546 | — | — | 5.96% |
| Trinity Capital Inc. | 13 | 7.93% | 232,724 | -1.901% | 235,061 | 228,300 | — | — | — |
| Nuveen Churchill Direct Lending Corp. | 74 | 9.77% | 203,265 | -8.796% | 221,938 | 185,385 | 32.37% | 9.58% | 20.74% |
| 5C Lending Partners Corp. | 3 | 14.57% | 145,569 | -0.960% | 86,861 | 144,172 | — | — | — |
| TriplePoint Venture Growth BDC Corp. | 19 | 18.40% | 164,192 | -19.592% | 165,026 | 132,023 | — | — | — |
| MidCap Financial Investment Corp. | 23 | 4.84% | 142,453 | -13.604% | 139,978 | 123,073 | — | — | — |
| BlackRock TCP Capital Corp. | 43 | 13.52% | 153,049 | -29.645% | 156,283 | 107,678 | 18.11% | 13.09% | 16.43% |
| SLR Investment Corp. | 8 | 4.23% | 106,090 | -0.571% | 66,576 | 105,484 | — | — | — |
| AGL Private Credit Income Fund | 4 | 6.80% | 102,283 | 0.363% | 103,007 | 102,654 | — | — | — |
| Advanced Flower Capital Inc. | 6 | 25.51% | 97,341 | -24.113% | 101,905 | 73,870 | — | — | — |
| Palmer Square Capital BDC Inc. | 19 | 6.47% | 92,656 | -24.104% | 94,565 | 70,322 | — | — | — |
| SCP Private Credit Income BDC LLC | 6 | 23.48% | 50,185 | -12.187% | 29,098 | 44,069 | — | — | — |
| Great Elm Capital Corp. | 12 | 13.23% | 35,589 | -6.657% | 36,031 | 33,220 | — | — | — |
| Rand Capital Corp. | 13 | 51.06% | 38,468 | -24.683% | 24,729 | 28,973 | 5.30% | 11.90% | 12.46% |
| Oxford Square Capital Corp. | 6 | 8.84% | 28,860 | -7.210% | 33,489 | 26,779 | — | — | — |
| Onex Direct Lending BDC Fund | 5 | 8.16% | 25,667 | -16.831% | 27,288 | 21,347 | — | — | — |
| SLR HC BDC LLC | 3 | 8.17% | 8,928 | -14.516% | 4,643 | 7,632 | — | — | — |
| Grand Total | 624 | 15.07% | 12,958,176 | -8.32% | 10,646,722 | 11,880,725 | 28.36% | 12.16% | 15.53% |
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 4.5 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| FS KKR Capital Corp. | 800,900 | 712,500 |
| Prospect Capital | 649,532 | 582,309 |
| Capital Southwest Corp. | 464,636 | 451,449 |
| MidCap Financial Investment Corp. | 372,768 | 345,032 |
| Blackstone Secured Lending Fund | 367,631 | 324,964 |
| Sixth Street Specialty Lending, Inc. | 311,420 | 289,380 |
| SLR Investment Corp. | 286,193 | 257,691 |
| Blue Owl Technology Finance Corp. | 238,941 | 241,019 |
| Cion Investment Corp. | 240,617 | 199,923 |
| Nuveen Churchill Direct Lending Corp. | 152,794 | 142,709 |
| Sixth Street Lending Partners | 120,264 | 120,492 |
| Trinity Capital Inc. | 124,793 | 106,203 |
| TriplePoint Venture Growth BDC Corp. | 112,860 | 104,844 |
| Advanced Flower Capital Inc. | 70,152 | 64,170 |
| New Mountain Finance Corp | 68,409 | 50,180 |
| BlackRock TCP Capital Corp. | 42,123 | 36,801 |
| SCP Private Credit Income BDC LLC | 23,073 | 22,209 |
| Onex Direct Lending BDC Fund | 20,372 | 20,344 |
| Great Elm Capital Corp. | 25,664 | 18,801 |
| SLR HC BDC LLC | 17,077 | 17,137 |
| Rand Capital Corp. | 10,548 | 9,025 |
| Palmer Square Capital BDC Inc. | 5,010 | 2,999 |
| Oxford Square Capital Corp. | 333 | – |
| Grand Total | 4,526,110 | 4,120,181 |
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 23.9 Billion USD (Cost) accounting for 28.63% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| FS KKR Capital Corp. | 4,548,800 | 3,760,800 |
| Prospect Capital | 3,413,429 | 3,358,906 |
| Sixth Street Lending Partners | 2,848,975 | 2,892,930 |
| Blackstone Secured Lending Fund | 2,757,721 | 2,609,622 |
| Blue Owl Technology Finance Corp. | 2,300,007 | 2,272,920 |
| SLR Investment Corp. | 1,096,439 | 1,112,163 |
| New Mountain Finance Corp | 832,427 | 741,591 |
| Sixth Street Specialty Lending, Inc. | 730,219 | 716,755 |
| Trinity Capital Inc. | 626,627 | 654,430 |
| Cion Investment Corp. | 622,409 | 541,959 |
| AGL Private Credit Income Fund | 515,413 | 518,454 |
| 5C Lending Partners Corp. | 506,912 | 496,310 |
| Capital Southwest Corp. | 438,171 | 450,442 |
| MidCap Financial Investment Corp. | 456,656 | 338,187 |
| SuRo Capital Corp. | 131,955 | 296,555 |
| Nuveen Churchill Direct Lending Corp. | 253,219 | 251,070 |
| Advanced Flower Capital Inc. | 303,954 | 248,203 |
| TriplePoint Venture Growth BDC Corp. | 317,279 | 236,469 |
| BlackRock TCP Capital Corp. | 332,894 | 231,088 |
| Onex Direct Lending BDC Fund | 145,502 | 138,234 |
| Great Elm Capital Corp. | 192,777 | 124,708 |
| SCP Private Credit Income BDC LLC | 129,072 | 111,423 |
| Oxford Square Capital Corp. | 172,762 | 89,366 |
| Palmer Square Capital BDC Inc. | 126,596 | 88,206 |
| SLR HC BDC LLC | 52,492 | 51,468 |
| Rand Capital Corp. | 50,177 | 36,878 |
| Grand Total | 23,902,884 | 22,369,138 |
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
Chief Growth Officer
ssrimal@solvefixedincome.com
Andrew Robartes
Data Analyst
arobartes@solvefixedincome.com
Ivan Chestaro
Data Analyst
ichestaro@solvefixedincome.com
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