3Q 2025 Mark Up/Mark Down Analysis: BDC Filings and Pre-Trade Observable Data in Private Credit
A transparent view into Private Credit using BDC filings and pre-trade observable data
At the end of 4Q 2025, SOLVE compared pre-trade observable data for BDC-held portfolio companies to assess conditions in the Private Credit market. As a reminder, BDC filings provide one of the few transparent windows into this otherwise opaque asset class.
Our analysis covered 468 BDC-held portfolio companies with 1,147 investments that had pre-trade observable data. The results were notably stronger as of December 30th, 2025: 43% of investments showed price deterioration relative to BDC marks as of September 30, 2025.
For context, we conducted the same analysis at the end of 3Q 2025, comparing observable market levels to BDC marks as of June 30, 2025 and found the opposite trend: 65% of investments showed price deterioration.
This result contrasts with what has been reported in the press and even more surprising especially after noticeable bankruptcies in the latter part of the year.
Comingling SOLVE’s data with the SEC filings data, we can say there is some underlying stress in private credit but nothing very alarming. SOLVE’s pre-trade observable data provides the visibility needed to stay ahead of developing risks.
These movements provide a timely and valuable lens into market sentiment and emerging credit stress:
Methodology on Data Collection Process
Source: BDC data is from SEC filings as of Q3 2025.
SOLVE Price: SOLVE Price is derived from dealer runs accessible to SOLVE, aggregated and presented as SOLVE Px, which represents pre-trade observable market data.
Loan Mapping Methodology: SOLVE assigns unique Loan IDs to all Corporate Private Credit instruments reported by BDCs in their Schedules of Investments. Loan is mapped on a best-effort basis, utilizing:
Terms and conditions from SEC filings
Terms and conditions from dealer runs
Inclusion Criteria: Only BDC-held investments with at least one pre-trade observable data quote during 3Q 2025 are included in the analysis.
Discover All the BDC-Held Investments With at Least One Pre-Trade Observable Data Quote During 3Q 2025
Sourav Srimal
Chief Growth Officer, SOLVE
How Can SOLVE Help?
SOLVE is a leading provider of data and analytics solutions for the fixed income market. Our SOLVE BDC Data and Analytics platform provides unparalleled transparency into the traditionally opaque Private Credit market. By aggregating and analyzing data from 160 BDCs, encompassing over 50,000 investments across ~10,000 portfolio companies and $450 billion in AUM, we empower users with actionable insights and comprehensive market visibility. SOLVE enables institutional investors, analysts, and asset managers to make data-driven decisions with confidence. With a commitment to innovation and accuracy, SOLVE is reshaping how financial professionals access and utilize BDC market intelligence. Learn more about our Private Credit and BDC capabilities.
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About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
