BDC Filing Season Q4 2025 Week 2

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 10 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 23.6 Billion USD which is approximately 4.61% of aggregate AUM of all BDCs.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Oaktree Strategic Credit Fund	389	100.00%	7,610,522	0.062%	9,703,792	7,615,217	9.49%	8.91%	9.09%
Prospect Capital	200	100.00%	6,389,615	0.813%	6,500,792	6,441,536	148.78%	10.98%	33.57%
Sixth Street Specialty Lending Inc.	222	100.00%	3,323,282	0.723%	3,214,487	3,347,317	9.93%	9.72%	12.06%
PennantPark Floating Rate Capital Ltd.	515	100.00%	2,778,964	-2.819%	2,970,087	2,700,615	10.28%	9.77%	9.83%
Pennant Park Investment	467	100.00%	1,270,957	-0.521%	1,318,030	1,264,334	9.90%	9.01%	8.97%
Oaktree Gardens OLP LLC	75	100.00%	998,909	0.128%	1,959,874	1,000,190	–	9.28%	1308.69%
Golub Capital Direct Lending Corp	1,126	100.00%	852,561	1.175%	835,550	862,581	8.67%	8.61%	8.82%
PhenixFIN Corp.	61	100.00%	324,911	-9.009%	149,651	295,640	16.00%	10.77%	15.04%
Prospect Floating Rate & Alternative Income Fund Inc.	62	100.00%	71,950	-11.163%	77,156	63,919	–	11.74%	11.96%
X1 Capital Inc.	33	100.00%	48,155	1.970%	48,155	49,104	11.44%	11.44%	11.61%
Grand Total	3,150	100%	23,669,826	-0.124%	26,777,572	23,640,452	–	9.85%	175.32%

Non-Accruals

At least 8 BDCs that filed this week have reported Non–Accruals amounting to 0.43 Billion USD at Cost. Prospect Capital and Sixth Street Specialty Lending Inc. BDC are leading the Non-Accruals list.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Prospect Capital	12	0.66%	292,657	-85.402%	826,896	42,722	4847.3%	—	413.7%
Sixth Street Specialty Lending Inc.	5	0.60%	68,768	-70.848%	74,839	20,047	222.4%	—	154.5%
Pennant Park Investment	8	1.08%	27,175	-49.568%	32,904	13,705	—	—	—
Oaktree Strategic Credit Fund	3	0.09%	18,400	-62.011%	21,446	6,990	—	—	—
PennantPark Floating Rate Capital Ltd.	7	0.14%	13,758	-71.813%	18,338	3,878	—	—	—
Golub Capital Direct Lending Corp	7	0.10%	1,359	-34.879%	1,406	885	44.9%	—	9.4%
Prospect Floating Rate & Alternative Income Fund Inc.	3	0.11%	5,870	-98.763%	6,123	73	14818.7%	—	15.3%
PhenixFIN Corp.	1	0.00%	7,570	-100.000%	11,506	—	—	—	—
Grand Total	46	0.39%	435,558	-79.73%	993,458	88,300	4955.98%	—	377.98%

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 14.8% of BDCs’ portfolios, amounting to 3.5 billion USD at Cost.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Prospect Capital	44	34.29%	2,551,400	-13.417%	2,645,873	2,209,082	331.51%	10.25%	10.75%
Sixth Street Specialty Lending Inc.	25	13.21%	441,409	0.196%	427,644	442,276	11.19%	9.99%	11.19%
Oaktree Strategic Credit Fund	11	2.96%	224,011	0.620%	227,189	225,399	6.53%	6.53%	6.70%
Golub Capital Direct Lending Corp	123	12.60%	108,089	0.577%	110,166	108,713	6.77%	6.70%	6.92%
Pennant Park Investment	16	4.92%	65,090	-4.458%	65,570	62,188	30.16%	12.56%	11.51%
PennantPark Floating Rate Capital Ltd.	10	2.03%	60,594	-9.687%	61,451	54,724	20.05%	12.52%	11.60%
Oaktree Gardens OLP LLC	3	3.63%	35,803	1.533%	36,297	36,352	7.03%	7.03%	7.39%
PhenixFIN Corp.	3	3.91%	19,146	-39.573%	23,422	11,569	—	—	—
Prospect Floating Rate & Alternative Income Fund Inc.	11	2.39%	7,703	-80.147%	7,609	1,529	–	—	16.32%
Grand Total	246	13.36%	3,513,244	-10.29%	3,605,221	3,151,832	–	9.83%	10.48%

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 1 Billion USD at cost.

BDC	Cost (1000)	FV (1000)
Prospect Capital	624,108	523,975
PennantPark Floating Rate Capital Ltd.	176,465	170,998
Sixth Street Specialty Lending, Inc.	170,590	164,567
Pennant Park Investment	53,613	49,590
Oaktree Strategic Credit Fund	37,085	37,117
Prospect Floating Rate & Alternative Income Fund, Inc.	4,514	475
PhenixFIN Corp.	4,023	3,914
X1 Capital Inc.	577	583
Golub Capital Direct Lending Corp	537	535
Grand Total	1,071,512	951,754

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 7.5 Billion USD (Cost) accounting for 32% of their aggregate holdings (Cost).

BDC	Cost (1000)	FV (1000)
Prospect Capital	3,326,741	3,360,492
Oaktree Strategic Credit Fund	1,095,362	1,109,598
PennantPark Floating Rate Capital Ltd.	932,067	845,619
Sixth Street Specialty Lending, Inc.	716,602	703,765
Oaktree Gardens OLP LLC	539,052	537,296
Pennant Park Investment	491,336	491,947
PhenixFIN Corp.	217,785	185,141
Golub Capital Direct Lending Corp	123,589	124,015
Prospect Floating Rate & Alternative Income Fund, Inc.	44,883	37,919
X1 Capital Inc.	36,961	37,654
Grand Total	7,524,377	7,433,446

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.

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