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.
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% |
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% |
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% |
The chart below is a bird’s-eye view of the BDCs aggregate Industry Diversification.

The chart below is an overview of the BDCs aggregate Diversification by Asset Class.

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 |
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
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