BDCs
August 2025
BDC Filing Season: Q2 2025 Week 3
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 45 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 237.3 Billion USD which is approximately 52.6% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blackstone Private Credit Fund | 1,188 | 100.00% | 75,390,464 | -0.307% | 71,151,577 | 75,158,740 | 10.68% | 9.57% | 9.74% |
| HPS Corporate Lending Fund | 770 | 100.00% | 20,729,896 | 1.411% | 32,053,393 | 21,022,343 | 12.77% | 12.67% | 13.51% |
| Apollo Debt Solutions BDC | 705 | 100.00% | 20,456,126 | 1.105% | 22,513,528 | 20,682,078 | 7.22% | 6.64% | 7.57% |
| ARES STRATEGIC INCOME FUND | 1,019 | 100.00% | 15,824,569 | 1.071% | 15,658,249 | 15,994,025 | 8.69% | 8.68% | 8.79% |
| Goldman Sachs Private Credit Corp. | 560 | 100.00% | 9,877,823 | -0.138% | 9,864,205 | 9.48% | 9.41% | 9.44% | |
| Oaktree Strategic Credit Fund | 369 | 100.00% | 6,786,436 | 0.704% | 8,642,146 | 6,834,225 | 9.33% | ||
| North Haven Private Income Fund LLC | 671 | 100.00% | 6,826,818 | -0.761% | 6,668,642 | 6,774,882 | 11.29% | 9.62% | 9.78% |
| Golub Capital Private Credit Fund | 754 | 100.00% | 6,617,822 | 1.062% | 6,652,315 | 6,688,077 | 8.40% | 8.36% | 9.09% |
| MSD Investment Corp. | 178 | 100.00% | 5,163,272 | 0.352% | 5,143,284 | 5,181,452 | 10.14% | 9.98% | 10.19% |
| Main Street Capital Corp. | 576 | 100.00% | 4,371,746 | 16.935% | 3,590,966 | 5,112,111 | 26.49% | 11.93% | 35.84% |
| Monroe Capital Income Plus Corp | 820 | 100.00% | 5,092,024 | -0.086% | 5,931,032 | 5,087,652 | 22.51% | 10.42% | 22.17% |
| Franklin BSP Capital Corp. | 345 | 100.00% | 4,191,923 | -2.588% | 3,757,862 | 4,083,453 | 62.54% | 20.39% | 29.25% |
| AG Twin Brook Capital Income Fund | 711 | 100.00% | 3,599,611 | 0.133% | 4,480,741 | 3,604,404 | 56.67% | 10.28% | 59.31% |
| MidCap Financial Investment Corp. | 633 | 100.00% | 3,495,666 | -4.795% | 3,309,008 | 3,328,037 | |||
| Antares Strategic Credit Fund | 878 | 100.00% | 3,159,607 | 0.030% | 3,893,251 | 3,160,570 | 46.35% | 9.40% | 47.70% |
| Stone Point Capital Credit LLC | 292 | 100.00% | 2,649,172 | 0.170% | 2,628,088 | 2,653,666 | 10.04% | 9.93% | 10.01% |
| PennantPark Floating Rate Capital | 490 | 100.00% | 2,557,536 | -2.005% | 2,763,842 | 2,506,245 | 10.57% | 10.35% | 10.42% |
| Carlyle Credit Solutions Inc. | 227 | 100.00% | 2,292,211 | -1.891% | 2,244,830 | 2,248,876 | 15.30% | 10.16% | 10.17% |
| Kayne Anderson BDC LLC | 309 | 100.00% | 2,191,900 | 0.598% | 2,175,246 | 2,205,007 | 10.03% | 10.03% | 10.52% |
| T Series Middle Market Loan Fund LLC | 480 | 100.00% | 2,156,951 | -1.504% | 2,096,720 | 2,124,512 | 11.36% | 9.95% | 10.02% |
| Nuveen Churchill Private Capital Income Fund | 528 | 100.00% | 1,997,651 | -0.880% | 1,980,075 | 9.36% | |||
| Goldman Sachs Private Middle Market Credit II | 210 | 100.00% | 1,991,148 | -1.828% | 1,954,756 | 11.47% | 11.14% | 10.65% | |
| Capital Southwest Corp. | 377 | 100.00% | 1,798,436 | -1.014% | 1,688,506 | 1,780,198 | 13.57% | 11.68% | 11.84% |
| Diameter Credit Co. | 109 | 100.00% | 1,758,529 | 1.099% | 1,595,137 | 1,777,848 | 10.17% | 10.17% | 10.50% |
| BlackRock Private Credit Fund | 423 | 100.00% | 1,743,970 | 1.739% | 1,761,731 | 1,774,296 | 9.44% | 9.33% | 9.64% |
| Blue Owl Capital Corp. II | 282 | 100.00% | 1,704,524 | -0.261% | 1,589,602 | 1,700,074 | 4.12% | 4.09% | 6.01% |
| New Mountain Guardian IV BDC LLC | 369 | 100.00% | 1,613,402 | 0.336% | 1,890,116 | 1,618,819 | 9.74% | 9.74% | 9.84% |
| Crescent Capital BDC Inc. | 610 | 100.00% | 1,617,282 | -0.956% | 1,595,972 | 1,601,824 | 11.21% | 10.51% | 10.57% |
| New Mountain Private Credit Fund | 241 | 100.00% | 1,547,646 | -2.891% | 1,624,748 | 1,502,908 | 11.62% | 10.03% | 10.19% |
| NMF SLF I Inc. | 384 | 100.00% | 1,426,974 | -1.078% | 1,601,174 | 1,411,585 | 10.90% | 9.87% | 10.02% |
| TCW Direct Lending VIII LLC | 73 | 100.00% | 1,319,455 | -2.357% | 1,294,102 | 1,288,355 | 28.81% | 28.43% | 26.90% |
| Antares Private Credit Fund | 759 | 100.00% | 1,282,904 | -0.142% | 1,586,684 | 1,281,081 | 43.13% | 9.21% | 29.07% |
| Franklin BSP Real Estate Credit BDC | 66 | 100.00% | 1,266,301 | 0.760% | 1,276,012 | 1,275,931 | — | — | 16.02% |
| Pennant Park Investment | 444 | 100.00% | 1,201,671 | 3.370% | 1,177,567 | 1,242,170 | 10.16% | 9.86% | 9.85% |
| Apollo Origination II (L) Capital Trust | 102 | 100.00% | 1,189,154 | -0.026% | 1,615,831 | 1,188,850 | 11.92% | 11.93% | 13.05% |
| TCW Direct Lending VII LLC | 62 | 100.00% | 1,246,113 | -12.246% | 1,139,186 | 1,093,518 | 97.01% | 11.72% | 24.70% |
| Ares Core Infrastructure Fund | 40 | 100.00% | 1,005,464 | 3.412% | 258,039 | 1,039,770 | 7.48% | 7.48% | 7.50% |
| Kennedy Lewis Capital Co | 116 | 100.00% | 1,030,723 | 0.585% | 1,040,714 | 1,036,748 | 9.45% | 9.45% | 10.85% |
| Gladstone Investment Corp. | 66 | 100.00% | 997,538 | 3.930% | 718,936 | 1,036,745 | 51.04% | 13.69% | 12.76% |
| Silver Point Specialty Credit Fund LP | 165 | 100.00% | 1,061,092 | -2.591% | 1,091,050 | 1,033,604 | — | — | — |
| Oaktree Gardens OLP LLC | 73 | 100.00% | 969,211 | 0.330% | 972,413 | 9.84% | |||
| KKR Enhanced US Direct Lending Fund-L | 236 | 100.00% | — | — | 1,143,012 | 952,653 | 2.73% | 2.73% | — |
| Middle Market Apollo Institutional Private Lending | 247 | 100.00% | 946,386 | -1.795% | 954,783 | 929,399 | 4.08% | 4.08% | 12.82% |
| Goldman Sachs Middle Market Lending Corp. II | 254 | 100.00% | 884,230 | 0.114% | 885,240 | 11.01% | 10.83% | 10.95% | |
| Commonwealth Credit Partners BDC I Inc. | 145 | 100.00% | 666,265 | -3.543% | 674,200 | 642,656 | 21.52% | 10.96% | 12.19% |
| Grand Total | 18,356 | 100% | 235,697,642 | 0.687% | 237,316,077 | 36.22% |
Non-Accruals
At least 28 BDCs that filed this week have reported Non–Accruals amounting to 1.76 Billion USD at Cost. Blackstone Private Credit Fund and Main Street 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 |
|---|---|---|---|---|---|---|---|---|---|
| HPS Corporate Lending Fund | 24 | 0.55% | 157,819 | -26.421% | 181,450 | 116,122 | 13.3% | — | 100.3% |
| Blackstone Private Credit Fund | 10 | 0.14% | 282,668 | -61.557% | 405,536 | 108,666 | 170.3% | — | 16.4% |
| Main Street Capital Corp. | 36 | 2.06% | 217,146 | -51.436% | 333,658 | 105,455 | 203.7% | 11.0% | 314.9% |
| Franklin BSP Capital Corp. | 16 | 1.99% | 140,424 | -42.117% | 246,934 | 81,281 | 1708.5% | — | 255.3% |
| MidCap Financial Investment Corp. | 16 | 1.98% | 98,878 | -33.502% | 113,564 | 65,752 | — | ||
| Gladstone Investment Corp. | 9 | 4.99% | 90,278 | -42.739% | 90,278 | 51,694 | 333.8% | 7.0% | 11.3% |
| Carlyle Credit Solutions Inc. | 6 | 2.07% | 74,703 | -37.610% | 77,057 | 46,607 | 43.5% | 11.3% | 11.2% |
| North Haven Private Income Fund LLC | 8 | 0.53% | 73,050 | -50.862% | 76,680 | 35,895 | 118.5% | 11.0% | 12.2% |
| Crescent Capital BDC Inc. | 27 | 2.20% | 59,630 | -40.894% | 68,778 | 35,245 | — | — | — |
| Monroe Capital Income Plus Corp | 37 | 0.68% | 66,579 | -48.126% | 70,807 | 34,537 | 67.4% | 10.7% | 18.4% |
| Apollo Debt Solutions BDC | 9 | 0.15% | 96,386 | -67.294% | 72,939 | 31,524 | 43.5% | — | 10.0% |
| Kayne Anderson BDC LLC | 5 | 1.25% | 46,697 | -40.964% | 46,938 | 27,568 | — | — | — |
| Goldman Sachs Private Middle Market Credit II | 3 | 1.16% | 23,904 | -5.196% | 32,203 | 22,662 | — | — | — |
| Commonwealth Credit Partners BDC I Inc. | 11 | 3.51% | 44,441 | -49.247% | 54,132 | 22,555 | 140.3% | — | 25.8% |
| Silver Point Specialty Credit Fund LP | 8 | 2.13% | 34,522 | -36.363% | 37,362 | 21,969 | — | — | — |
| T Series Middle Market Loan Fund LLC | 5 | 1.02% | 46,438 | -53.138% | 46,887 | 21,762 | 60.7% | 11.0% | 11.0% |
| Blue Owl Capital Corp. II | 5 | 0.98% | 43,037 | -61.366% | 48,305 | 16,627 | — | — | — |
| Capital Southwest Corp. | 6 | 0.83% | 47,400 | -68.989% | 47,579 | 14,699 | 88.2% | — | 14.5% |
| PennantPark Floating Rate Capital | 5 | 0.46% | 23,379 | -51.213% | 25,059 | 11,406 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 3 | 0.57% | 20,266 | -44.113% | 20,458 | 11,326 | 47.9% | — | 11.1% |
| Middle Market Apollo Institutional Private Lending | 3 | 0.73% | 16,437 | -58.600% | 17,518 | 6,805 | — | — | 13.7% |
| MSD Investment Corp. | 1 | 0.11% | 9,605 | -42.874% | 16,217 | 5,487 | — | — | — |
| Pennant Park Investment | 6 | 0.43% | 25,580 | -79.023% | 33,196 | 5,366 | — | — | — |
| BlackRock Private Credit Fund | 2 | 0.20% | 5,108 | -29.898% | 5,228 | 3,581 | 20.9% | — | 11.0% |
| Oaktree Strategic Credit Fund | 2 | 0.05% | 12,758 | -72.684% | 15,653 | 3,485 | — | — | — |
| KKR Enhanced US Direct Lending Fund-L | 3 | 0.28% | — | — | 4,431 | 2,699 | — | — | — |
| AG Twin Brook Capital Income Fund | 6 | 0.07% | 6,558 | -63.678% | 7,685 | 2,382 | — | — | 41.1% |
| TCW Direct Lending VIII LLC | 1 | 0.00% | 5,346 | -100.000% | 6,180 | — | — | — | — |
| Grand Total | 273 | 0.50% | 1,769,037 | -48.38% | 2,202,711 | 913,157 | 10.37% |
Payment in-Kind
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% of BDCs’ portfolios, amounting to 26 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blackstone Private Credit Fund | 89 | 15.05% | 11,784,418 | -4.001% | 11,883,287 | 11,312,979 | 15.01% | 10.02% | 10.34% |
| HPS Corporate Lending Fund | 82 | 14.61% | 3,068,593 | 0.072% | 3,165,185 | 3,070,812 | 12.00% | 11.13% | 11.95% |
| ARES STRATEGIC INCOME FUND | 54 | 8.86% | 1,400,682 | 1.131% | 1,336,471 | 1,416,524 | 11.29% | 11.14% | 11.23% |
| Goldman Sachs Private Credit Corp. | 29 | 9.82% | 979,222 | -1.120% | 1,138,645 | 968,250 | 10.37% | 9.88% | 9.75% |
| Apollo Debt Solutions BDC | 34 | 4.26% | 918,349 | -4.138% | 913,202 | 880,348 | 5.76% | 5.76% | 5.62% |
| Golub Capital Private Credit Fund | 30 | 9.09% | 606,934 | 0.202% | 612,803 | 608,158 | 3.76% | 3.76% | 3.79% |
| North Haven Private Income Fund LLC | 52 | 7.44% | 533,313 | -5.503% | 531,968 | 503,967 | 16.05% | 10.57% | 11.17% |
| MSD Investment Corp. | 22 | 8.41% | 454,545 | -4.137% | 438,127 | 435,742 | 13.58% | 11.47% | 11.29% |
| MidCap Financial Investment Corp. | 51 | 12.75% | 431,504 | -1.686% | 436,162 | 424,228 | |||
| TCW Direct Lending VII LLC | 35 | 36.86% | 503,355 | -19.934% | 539,433 | 403,018 | 124.61% | 11.94% | 29.83% |
| Franklin BSP Capital Corp. | 49 | 9.27% | 435,249 | -13.035% | 560,911 | 378,513 | 361.26% | 46.25% | 112.98% |
| Carlyle Credit Solutions Inc. | 35 | 15.66% | 372,862 | -5.533% | 331,711 | 352,232 | 21.81% | 11.65% | 11.71% |
| Goldman Sachs Private Middle Market Credit II | 35 | 16.38% | 333,235 | -3.892% | 363,811 | 320,266 | 13.55% | 12.55% | 11.45% |
| Monroe Capital Income Plus Corp | 97 | 6.21% | 349,539 | -9.667% | 353,950 | 315,750 | 25.83% | 11.99% | 18.31% |
| Main Street Capital Corp. | 76 | 6.12% | 421,355 | -25.739% | 478,453 | 312,904 | 130.40% | 13.15% | 204.57% |
| New Mountain Private Credit Fund | 29 | 19.59% | 326,328 | -9.765% | 246,242 | 294,463 | 17.80% | 11.24% | 11.50% |
| Blue Owl Capital Corp. II | 46 | 16.10% | 309,427 | -11.546% | 250,880 | 273,701 | — | — | — |
| T Series Middle Market Loan Fund LLC | 41 | 9.39% | 219,890 | -9.252% | 216,791 | 199,545 | 20.19% | 10.81% | 11.09% |
| Oaktree Strategic Credit Fund | 12 | 2.67% | 182,990 | -0.379% | 184,771 | 182,296 | 7.95% | 7.86% | 7.50% |
| TCW Direct Lending VIII LLC | 15 | 14.03% | 219,330 | -17.560% | 223,113 | 180,817 | 50.95% | 61.78% | 42.43% |
| Crescent Capital BDC Inc. | 67 | 10.95% | 187,593 | -6.481% | 196,627 | 175,436 | 15.90% | 13.07% | 11.94% |
| Diameter Credit Co. | 5 | 9.76% | 172,897 | 0.407% | 136,970 | 173,601 | 12.39% | 12.39% | 12.84% |
| Capital Southwest Corp. | 37 | 9.24% | 209,063 | -21.314% | 210,842 | 164,503 | 25.45% | 14.55% | 13.42% |
| Silver Point Specialty Credit Fund LP | 20 | 15.61% | 159,613 | 1.112% | 166,899 | 161,388 | — | — | — |
| Kennedy Lewis Capital Co | 10 | 15.21% | 156,282 | 0.884% | 159,760 | 157,664 | 8.98% | 8.98% | 8.76% |
| AG Twin Brook Capital Income Fund | 52 | 3.79% | 143,484 | -4.709% | 150,378 | 136,727 | 15.76% | 12.57% | 13.94% |
| NMF SLF I Inc. | 27 | 9.38% | 145,998 | -9.299% | 138,280 | 132,422 | 20.11% | 12.49% | 11.63% |
| KKR Enhanced US Direct Lending Fund-L | 16 | 11.88% | — | — | 122,301 | 113,177 | — | — | — |
| Goldman Sachs Middle Market Lending Corp. II | 15 | 12.04% | 107,365 | -0.745% | 118,003 | 106,565 | 11.04% | 9.50% | 9.77% |
| Kayne Anderson BDC LLC | 20 | 4.82% | 108,325 | -1.873% | 110,022 | 106,296 | 13.67% | 13.67% | 14.15% |
| Commonwealth Credit Partners BDC I Inc. | 19 | 14.75% | 111,009 | -14.602% | 122,254 | 94,799 | 58.68% | 14.95% | 18.98% |
| BlackRock Private Credit Fund | 21 | 5.32% | 94,465 | -0.005% | 95,567 | 94,460 | 10.61% | 10.61% | 10.63% |
| Nuveen Churchill Private Capital Income Fund | 27 | 4.66% | 95,695 | -3.631% | 98,341 | 92,220 | 13.56% | 13.44% | 13.19% |
| New Mountain Guardian IV BDC LLC | 17 | 5.21% | 83,981 | 0.374% | 78,553 | 84,295 | 11.25% | 11.25% | 11.33% |
| Middle Market Apollo Institutional Private Lending | 15 | 9.01% | 89,240 | -6.183% | 90,587 | 83,722 | 2.31% | 2.31% | 3.08% |
| Antares Strategic Credit Fund | 33 | 2.32% | 73,644 | -0.299% | 64,851 | 73,424 | 7.04% | 6.76% | 6.45% |
| Pennant Park Investment | 19 | 5.85% | 76,479 | -5.064% | 77,167 | 72,606 | 18.45% | 15.54% | 12.92% |
| Apollo Origination II (L) Capital Trust | 2 | 5.77% | 68,027 | 0.835% | 69,645 | 68,595 | — | — | — |
| PennantPark Floating Rate Capital | 15 | 2.47% | 67,963 | -9.042% | 68,080 | 61,818 | 21.59% | 14.73% | 12.74% |
| Antares Private Credit Fund | 13 | 1.50% | 19,277 | -0.462% | 13,147 | 19,188 | 8.51% | 8.51% | 8.35% |
| Oaktree Gardens OLP LLC | 1 | 1.92% | 18,323 | 1.796% | 18,680 | 18,652 | 7.10% | 7.10% | 7.48% |
| Grand Total | 1,364 | 10.82% | 26,039,842 | -3.89% | 26,512,871 | 25,026,070 |
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 3.6 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| TCW Direct Lending VII LLC | 650,700 | 570,114 |
| MidCap Financial Investment Corp. | 369,566 | 357,647 |
| Main Street Capital Corp. | 309,833 | 288,174 |
| Golub Capital | 219,732 | 220,534 |
| Franklin BSP Capital Corp. | 206,777 | 172,488 |
| Carlyle Credit Solutions, Inc. | 203,666 | 192,327 |
| MSD Investment Corp. | 160,553 | 157,575 |
| Goldman Sachs Private Middle Market Credit II | 159,326 | 145,097 |
| Monroe Capital Income Plus Corp | 146,246 | 139,349 |
| PennantPark Floating Rate Capital | 111,108 | 108,231 |
| Crescent Capital BDC Inc. | 101,701 | 89,703 |
| Ares Core Infrastructure Fund | 99,074 | 99,074 |
| Blue Owl Capital Corp. II | 98,574 | 84,910 |
| Blackstone Private Credit Fund | 81,329 | 72,517 |
| Capital Southwest Corp. | 80,658 | 74,331 |
| Oaktree Strategic Credit Fund | 69,150 | 68,887 |
| AG Twin Brook BDC Inc. | 67,979 | 67,658 |
| Gladstone Investment Corp. | 64,938 | 45,834 |
| Kayne Anderson BDC, LLC | 62,932 | 62,480 |
| Middle Market Apollo Institutional Private Lending | 62,189 | 59,843 |
| Apollo Debt Solutions BDC | 60,684 | 61,541 |
| HPS Corporate Lending Fund | 58,605 | 56,959 |
| Stone Point Capital Credit LLC | 47,529 | 42,743 |
| Nuveen Churchill Private Capital Income Fund | 44,168 | 40,516 |
| TCW Direct Lending VIII LLC | 38,295 | 37,821 |
| Antares Strategic Credit Fund | 35,764 | 35,775 |
| North Haven Private Income Fund LLC | 18,866 | 18,674 |
| Antares Private Credit Fund | 16,632 | 16,611 |
| Pennant Park Investment | 8,137 | 7,856 |
| NMF SLF I, Inc. | 4,618 | 4,429 |
| BlackRock Private Credit Fund | 2,097 | 2,073 |
| New Mountain Private Credit Fund | 1,220 | 1,201 |
| T Series Middle Market Loan Fund LLC | 972 | 944 |
| KKR Enhanced US Direct Lending Fund-L | – | 1,936 |
| New Mountain Guardian IV BDC LLC | (37) | (250) |
| Grand Total | 3,663,581 | 3,405,602 |
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 41.3 Billion USD (Cost) accounting for 17.5% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Blackstone Private Credit Fund | 11,928,447 | 11,814,817 |
| HPS Corporate Lending Fund | 2,673,984 | 2,718,247 |
| Apollo Debt Solutions BDC | 2,239,261 | 2,274,127 |
| Goldman Sachs Private Credit Corp. | 1,944,936 | 1,932,312 |
| ARES STRATEGIC INCOME FUND | 1,602,418 | 1,651,870 |
| MSD Investment Corp. | 1,448,846 | 1,471,475 |
| Franklin BSP Capital Corp. | 1,133,601 | 1,120,025 |
| Golub Capital Private Credit Fund | 1,042,030 | 1,051,065 |
| Oaktree Strategic Credit Fund | 1,034,487 | 1,049,400 |
| North Haven Private Income Fund LLC | 870,458 | 877,730 |
| PennantPark Floating Rate Capital | 853,823 | 786,142 |
| Ares Core Infrastructure Fund | 817,359 | 851,581 |
| Main Street Capital Corp. | 795,450 | 960,911 |
| MidCap Financial Investment Corp. | 653,986 | 612,399 |
| Stone Point Capital Credit LLC | 644,113 | 647,034 |
| Monroe Capital Income Plus Corp | 643,110 | 648,560 |
| TCW Direct Lending VII LLC | 624,113 | 504,319 |
| AG Twin Brook Capital Income Fund | 602,708 | 614,599 |
| Gladstone Investment Corp. | 591,934 | 566,899 |
| Diameter Credit Co. | 587,569 | 597,684 |
| Goldman Sachs Private Middle Market Credit II | 558,795 | 556,574 |
| Kennedy Lewis Capital Co | 545,153 | 545,055 |
| TCW Direct Lending VIII LLC | 544,984 | 538,696 |
| Oaktree Gardens OLP LLC | 533,531 | 533,628 |
| Pennant Park Investment | 477,771 | 444,303 |
| Franklin BSP Real Estate Credit BDC | 473,237 | 476,309 |
| New Mountain Private Credit Fund | 453,546 | 432,804 |
| Carlyle Credit Solutions, Inc. | 435,429 | 406,119 |
| Apollo Origination II (L) Capital Trust | 428,923 | 430,363 |
| Blue Owl Capital Corp. II | 393,903 | 382,904 |
| Capital Southwest Corp. | 389,009 | 423,403 |
| New Mountain Guardian IV BDC LLC | 383,309 | 384,142 |
| Kayne Anderson BDC, LLC | 375,066 | 381,801 |
| BlackRock Private Credit Fund | 340,478 | 341,592 |
| Antares Strategic Credit Fund | 333,246 | 334,142 |
| T Series Middle Market Loan Fund LLC | 320,641 | 319,798 |
| NMF SLF I, Inc. | 280,478 | 276,856 |
| Crescent Capital BDC Inc. | 268,527 | 265,312 |
| Commonwealth Credit Partners BDC I Inc. | 235,749 | 235,285 |
| Goldman Sachs Middle Market Lending Corp. II | 214,184 | 215,408 |
| Nuveen Churchill Private Capital Income Fund | 213,892 | 212,741 |
| Silver Point Specialty Credit Fund LP | 190,963 | 174,747 |
| Antares Private Credit Fund | 124,663 | 124,343 |
| Middle Market Apollo Institutional Private Lending | 107,471 | 107,195 |
| Grand Total | 41,355,580 | 41,294,716 |
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 marketpulse@solvefixedincome.com
Sourav Srimal Senior Vice President ssrimal@solvefixedincome.com
Andrew Robartes Data Analyst arobartes@solvefixedincome.com
Ivan Chestaro Data Analyst ichestaro@solvefixedincome.com
SOLVE’s BDC Data & Analytics empowers businesses like yours with detailed and standardized BDC portfolio and position data within minutes of filing with the SEC. Why Choose SOLVE’s BDC Data & Analytics solution?
Related Resources
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.
