BDCs
August 2026

BDC Filing Season: Q2 2026 Week 1

BDC Filing Season Q2 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 36 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 139.7 Billion USD which is approximately 25.32% 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 1,439 100.00% 29,674,600 -1.096% 23,517,900 29,349,300 10.32% 9.72% 9.52%
Blue Owl Capital Corp. 352 100.00% 15,117,245 -1.015% 17,736,460 14,963,793 5.41% 5.40% 6.80%
Blue Owl Technology Finance Corp. 305 100.00% 15,007,544 -2.060% 18,433,454 14,698,441 5.39% 5.38% 6.18%
Blackstone Secured Lending Fund 703 100.00% 14,123,745 -3.486% 13,843,620 13,631,450 11.45% 9.26% 9.10%
Sixth Street Lending Partners 124 100.00% 8,612,475 0.475% 8,597,857 8,653,350 12.24% 9.20% 9.79%
Golub Capital BDC Inc. 1,814 100.00% 8,420,685 -2.147% 7,846,235 8,239,925 13.55% 9.58% 9.75%
Barings Private Credit Corp 874 100.00% 5,498,743 -1.575% 5,412,114 12.15% 9.19% 9.39%
Hercules Capital Inc. 363 100.00% 4,625,566 -0.419% 4,606,170 9.25% 9.14% 8.94%
New Mountain Finance Corp 419 100.00% 4,032,906 -8.498% 3,472,716 3,690,197 15.35% 10.42% 12.07%
Sixth Street Specialty Lending Inc. 213 100.00% 3,316,393 -0.430% 3,142,614 3,302,132 26.20% 10.29% 11.28%
Oaktree Specialty Lending Corp. 369 100.00% 3,036,618 -8.394% 2,793,545 2,781,735 15.33% 15.39% 14.19%
MidCap Financial Investment Corp. 599 100.00% 3,061,994 -9.519% 2,750,976 2,770,527 48.90% 9.66% 29.34%
Trinity Capital Inc. 527 100.00% 2,740,397 0.514% 2,460,692 2,754,478 11.72% 11.42% 10.05%
SLR Investment Corp. 86 100.00% 2,537,382 -1.575% 1,655,615 2,497,416 9.61% 9.70% 9.71%
Barings BDC 700 100.00% 2,500,365 -1.671% 2,458,590 12.75% 10.01% 10.45%
Carlyle Secured Lending Inc. 263 100.00% 2,414,341 -2.250% 2,290,181 2,360,009 12.09% 9.73% 9.56%
Capital Southwest Corp. 455 100.00% 2,234,580 -1.445% 2,088,610 2,202,282 9.62% 1.65% 1.56%
Nuveen Churchill Direct Lending Corp. 571 100.00% 2,012,293 -2.615% 11,524,654 1,959,676 11.09% 9.46% 9.43%
Cion Investment Corp. 233 100.00% 1,930,556 -6.758% 1,585,542 1,800,093 31.56% 13.63% 22.23%
BlackRock TCP Capital Corp. 320 100.00% 1,436,180 0.828% 1,348,259 1,448,070 10.59% 74.86%
Barings Capital Investment Corp 651 100.00% 1,346,733 -1.075% 1,332,254 11.71% 9.45% 9.48%
AGL Private Credit Income Fund 115 100.00% 1,281,067 0.017% 1,240,326 1,281,291 8.72% 8.67% 8.70%
Lafayette Square USA Inc. 133 100.00% 1,150,540 -1.049% 935,778 1,138,471 11.73%
Palmer Square Capital BDC Inc. 282 100.00% 1,242,155 -10.367% 1,228,572 1,113,377 1670.65% 8.73% 8.73%
Gladstone Capital Corp. 141 100.00% 970,802 -1.580% 955,467 12.35% 11.47% 11.57%
TriplePoint Venture Growth BDC Corp. 312 100.00% 844,417 -5.932% 730,345 794,324 11.67% 11.01% 9.59%
Horizon Technology Finance Corp. 265 100.00% 837,882 -12.073% 710,219 736,726 28.31% 11.56% 17.51%
5C Lending Partners Corp. 60 100.00% 744,323 -2.031% 692,425 729,206 10.35% 10.04% 9.90%
BCP Investment Corp 193 100.00% 536,977 -15.687% 452,741 20.59% 10.88% 13.15%
SuRo Capital Corp. 60 100.00% 262,840 54.410% 2,520 405,852 4.12% 4.12% 4.12%
PhenixFIN Corp. 62 100.00% 327,414 -7.873% 158,630 301,637 14.55% 14.55% 18.40%
OFS Capital Corp 96 100.00% 277,204 7.907% 285,074 299,123 10.41% 13.61%
Great Elm Capital Corp. 89 100.00% 344,841 -21.050% 243,132 272,252 19.59% 9.93% 9.87%
SCP Private Credit Income BDC LLC 20 100.00% 221,270 -9.279% 182,669 200,738 10.31% 10.98% 9.17%
SLR HC BDC LLC 37 100.00% 97,168 -0.518% 94,745 96,665 9.51% 9.03% 8.99%
Rand Capital Corp. 48 100.00% 67,464 -16.245% 43,026 56,504 19.71% 12.32% 9.61%
Grand Total 13,293 100% 142,887,705 -2.198% 131,636,391 139,746,377 9.77% 10.71%

Non-Accruals

At least 33 BDCs that filed this week have reported Non–Accruals amounting to 3.1 Billion USD at Cost. Ares Capital 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
Ares Capital 32 1.38% 707,600 -42.849% 811,200 404,400
Blackstone Secured Lending Fund 8 1.81% 496,368 -50.235% 533,333 247,016 52.8% 13.0%
Blue Owl Capital Corp. 15 0.84% 428,716 -70.515% 487,885 126,408
MidCap Financial Investment Corp. 29 2.80% 141,333 -45.074% 164,664 77,629 63.7% 12.1% 34.2%
Golub Capital BDC Inc. 27 0.89% 127,689 -42.575% 160,236 73,326 195.9% 34.0%
Oaktree Specialty Lending Corp. 34 1.69% 113,573 -58.586% 151,627 47,035
Sixth Street Lending Partners 5 0.52% 61,174 -26.959% 61,834 44,682 1049.9% 14.5%
Sixth Street Specialty Lending Inc. 8 1.29% 63,552 -32.890% 69,191 42,650 1144.7% 86.7%
SLR Investment Corp. 2 1.52% 59,812 -36.648% 58,174 37,892
Barings Private Credit Corp 18 0.61% 89,108 -62.787% -554,728 33,160 171.0% 19.5% 9.0%
Horizon Technology Finance Corp. 21 4.25% 56,977 -44.997% 64,722 31,339 220.3% 50.9%
Gladstone Capital Corp. 9 3.20% 50,485 -39.479% 50,485 30,554 28.2% 11.1%
Nuveen Churchill Direct Lending Corp. 19 1.49% 52,444 -44.419% 65,736 29,149 80.4% 17.2%
Cion Investment Corp. 9 1.32% 78,391 -69.767% 120,098 23,700 148.5% 148.5%
Capital Southwest Corp. 17 1.06% 65,631 -64.287% 66,124 23,439 285.8% 1.7% 1.6%
OFS Capital Corp 9 7.15% 43,990 -51.384% 48,287 21,386 2978.1% 23.3%
BlackRock TCP Capital Corp. 17 1.31% 99,759 -80.995% 139,026 18,959 648.7%
Trinity Capital Inc. 6 0.68% 41,006 -54.326% 40,054 18,729 36.3% 9.3%
New Mountain Finance Corp 11 0.49% 46,556 -61.534% 62,845 17,908 137.5% 10.4%
TriplePoint Venture Growth BDC Corp. 9 2.07% 38,632 -57.426% 43,706 16,447 4.9%
BCP Investment Corp 11 3.12% 30,361 -53.529% 49,305 14,109
Carlyle Secured Lending Inc. 6 0.58% 26,978 -48.977% 31,849 13,765 90.1% 12.3% 13.1%
Barings BDC 13 0.56% 38,341 -64.161% 43,234 13,741 203.5% 9.4%
SCP Private Credit Income BDC LLC 1 6.12% 16,958 -27.556% 17,550 12,285
Rand Capital Corp. 7 16.97% 22,488 -57.365% 10,237 9,588 92.4% -5.5%
Barings Capital Investment Corp 10 0.37% 16,851 -70.506% 20,006 4,970 129.7% 11.3%
Hercules Capital Inc. 3 0.07% 10,684 -68.879% 10,683 3,325
Palmer Square Capital BDC Inc. 4 0.29% 18,523 -82.770% 19,733 3,191 188581.7% 16.7%
SLR HC BDC LLC 1 3.27% 4,361 -27.540% 4,514 3,160 21.1% 8.4%
Blue Owl Technology Finance Corp. 1 0.02% 34,645 -91.283% 37,756 3,020
Great Elm Capital Corp. 9 0.62% 32,039 -94.731% 31,921 1,688
PhenixFIN Corp. 1 0.00% 7,570 -100.000% 11,506
SuRo Capital Corp. 1 0.00% 2,271 -100.000% 2,270
Grand Total 373 1.06% 3,124,866 -53.64% 2,935,063 1,448,650 12.11% 80.72%

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 16.84% of BDCs’ portfolios, amounting to 24 billion USD at Cost.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Ares Capital 198 19.76% 6,172,000 -6.042% 3,838,600 5,799,100 11.79% 11.08% 10.67%
Blue Owl Technology Finance Corp. 43 19.05% 3,027,346 -7.492% 2,800,523
Blue Owl Capital Corp. 57 13.76% 2,325,543 -11.445% 6,957,457 2,059,388
Blackstone Secured Lending Fund 92 13.38% 1,996,294 -8.611% 2,028,082 1,824,402 13.81% 10.68% 9.84%
Hercules Capital Inc. 52 38.50% 1,794,367 -1.182% 1,779,218 1,773,150 8.88% 8.45% 7.95%
Golub Capital BDC Inc. 255 19.04% 1,655,907 -5.233% 1,712,263 1,569,250 28.30% 11.04% 12.62%
Sixth Street Lending Partners 19 15.73% 1,360,603 0.059% 1,343,975 1,361,400 19.24% 9.02% 9.47%
New Mountain Finance Corp 63 19.89% 778,995 -5.789% 495,701 733,898 26.43% 12.82% 12.53%
Sixth Street Specialty Lending Inc. 25 12.34% 423,820 -3.866% 398,958 407,435 52.12% 9.81% 10.73%
Barings Private Credit Corp 62 7.15% 462,412 -16.274% -228,457 387,161 36.91% 11.06% 10.09%
Carlyle Secured Lending Inc. 47 16.11% 406,375 -6.464% 415,561 380,106 16.09% 9.77% 9.69%
Oaktree Specialty Lending Corp. 45 13.09% 387,672 -6.069% 414,287 364,144 6.59% 6.59% 6.59%
Cion Investment Corp. 37 19.63% 424,093 -16.688% 462,948 353,320 32.43% 13.77% 22.89%
Barings BDC 70 13.26% 375,776 -13.225% 326,078 25.93% 11.84% 9.32%
BlackRock TCP Capital Corp. 52 17.57% 305,690 -16.758% 316,513 254,463 11.16% 12.77%
Capital Southwest Corp. 46 11.11% 304,460 -19.649% 307,295 244,636 54.29% 2.41% 1.67%
MidCap Financial Investment Corp. 29 8.38% 276,495 -16.016% 256,835 232,212 13.44% 8.95% 7.50%
Trinity Capital Inc. 13 6.39% 178,465 -1.388% 178,258 175,988 10.65% 10.44% 9.86%
Nuveen Churchill Direct Lending Corp. 78 8.76% 195,469 -12.161% 214,446 171,698 20.76% 13.39% 13.94%
TriplePoint Venture Growth BDC Corp. 20 21.09% 205,374 -18.422% 206,493 167,540 15.06% 15.06% 13.03%
Barings Capital Investment Corp 59 11.48% 179,335 -14.686% 152,998 29.38% 8.76% 9.80%
Gladstone Capital Corp. 15 15.93% 159,391 -4.514% 159,536 152,196 15.78% 13.95% 13.30%
5C Lending Partners Corp. 3 19.36% 141,938 -0.537% 84,893 141,176 11.14% 11.14% 11.15%
BCP Investment Corp 31 21.16% 104,297 -8.143% 103,075 95,804 15.65% 12.44% 15.68%
AGL Private Credit Income Fund 4 5.36% 68,710 -0.025% 69,249 68,693 9.15% 9.15% 9.14%
SLR Investment Corp. 6 2.46% 84,715 -27.379% 83,111 61,521 13.23% 13.23% 11.86%
OFS Capital Corp 17 20.25% 75,764 -20.040% 62,464 60,581 40.27% 10.73% 17.01%
Palmer Square Capital BDC Inc. 13 4.41% 57,840 -15.083% 58,045 49,116 39.18% 9.55% 13.61%
Great Elm Capital Corp. 11 12.96% 35,755 -1.348% 36,479 35,273 8.84% 6.73% 6.56%
Rand Capital Corp. 14 53.16% 40,423 -25.685% 26,329 30,040 11.17% 12.34% 7.58%
SCP Private Credit Income BDC LLC 3 11.94% 28,413 -15.644% 17,550 23,968
PhenixFIN Corp. 2 2.73% 16,381 -49.664% 20,457 8,246 16.32% 16.32% 14.43%
SLR HC BDC LLC 2 6.37% 7,299 -15.660% 4,514 6,156 21.08% 8.38%
Lafayette Square USA Inc. 1 0.17% 1,959 0.000% 1,959 1,959 13.93%
Grand Total 1,484 16.07% 24,059,376 -7.42% 21,826,094 22,273,619 10.29% 10.55%

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 7 Billion USD at cost.

BDC Cost (1000) FV (1000)
Golub Capital BDC Inc. 872,773 846,001
Ares Capital 607,200 524,200
Blue Owl Capital Corp. 567,079 424,642
Blackstone Secured Lending Fund 461,006 411,679
Hercules Capital Inc. 458,920 448,473
Capital Southwest Corp. 412,408 404,290
Blue Owl Technology Finance Corp. 409,213 402,117
MidCap Financial Investment Corp. 404,365 356,344
Cion Investment Corp. 353,244 308,821
Sixth Street Specialty Lending, Inc. 279,322 269,074
Barings Private Credit Corp 273,965 253,667
BlackRock TCP Capital Corp. 248,080 236,745
TriplePoint Venture Growth BDC Corp. 217,173 167,712
Barings BDC 178,360 164,962
Oaktree Specialty Lending Corp. 176,738 150,897
SLR Investment Corp. 164,899 164,134
Nuveen Churchill Direct Lending Corp. 147,775 137,547
Trinity Capital Inc. 135,915 126,734
Sixth Street Lending Partners 116,049 116,545
Carlyle Secured Lending Inc. 103,083 97,841
Gladstone Investment Corp. 94,630 75,238
BCP Investment Corp 74,967 61,194
Barings Capital Investment Corp 67,764 63,268
OFS Capital Corp 63,137 54,961
Horizon Technology Finance Corp. 45,022 39,989
New Mountain Finance Corp 41,545 37,866
SCP Private Credit Income BDC LLC 41,282 39,474
Great Elm Capital Corp. 20,906 14,632
Lafayette Square USA, Inc. 20,651 22,589
Rand Capital Corp. 12,303 9,492
Palmer Square Capital BDC Inc. 7,975 3,659
SLR HC BDC LLC 7,727 7,548
PhenixFIN Corp. 4,262 4,210
SuRo Capital Corp. 506 997
Grand Total 7,090,244 6,447,542

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 33.6 Billion USD (Cost) accounting for 23.55% of their aggregate holdings (Cost).

BDC Cost (1000) FV (1000)
Ares Capital 6,610,600 6,463,100
Blue Owl Capital Corp. 3,096,277 3,120,224
Blackstone Secured Lending Fund 2,914,950 2,606,257
Sixth Street Lending Partners 2,781,492 2,835,140
New Mountain Finance Corp 2,395,753 2,169,000
Blue Owl Technology Finance Corp. 2,297,347 2,276,510
Hercules Capital Inc. 1,184,116 1,191,185
SLR Investment Corp. 1,098,926 1,110,692
Golub Capital BDC Inc. 1,075,972 1,044,280
Barings Private Credit Corp 861,794 901,085
Sixth Street Specialty Lending, Inc. 715,799 688,229
Oaktree Specialty Lending Corp. 675,209 531,563
Trinity Capital Inc. 649,144 684,108
Cion Investment Corp. 599,212 514,383
Carlyle Secured Lending Inc. 557,503 541,591
Barings BDC 546,163 586,308
AGL Private Credit Income Fund 504,935 505,151
BlackRock TCP Capital Corp. 500,731 475,160
MidCap Financial Investment Corp. 475,535 396,252
5C Lending Partners Corp. 438,695 426,138
Capital Southwest Corp. 434,136 452,419
Lafayette Square USA, Inc. 429,199 417,959
TriplePoint Venture Growth BDC Corp. 360,950 266,834
Gladstone Capital Corp. 357,225 348,048
Horizon Technology Finance Corp. 306,400 252,652
Barings Capital Investment Corp 265,875 293,647
Nuveen Churchill Direct Lending Corp. 251,203 249,596
PhenixFIN Corp. 233,752 205,738
Great Elm Capital Corp. 193,250 131,678
BCP Investment Corp 192,703 147,887
OFS Capital Corp 143,090 113,002
SuRo Capital Corp. 136,585 309,616
SCP Private Credit Income BDC LLC 134,893 115,460
Palmer Square Capital BDC Inc. 129,769 96,840
SLR HC BDC LLC 50,335 49,233
Rand Capital Corp. 50,118 37,419
Grand Total 33,649,636 32,554,384

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


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?


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