BDC Filing Season Q4 2025 Week 4

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 15 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 51.6 Billion USD which is approximately 10% 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 Secured Lending Fund	674	100.00%	14,677,572	-1.231%	14,485,097	14,496,899	10.10%	9.17%	9.17%
FS KKR Capital Corp.	608	100.00%	13,740,800	-5.329%	13,104,741	13,008,600	27.70%	8.89%	21.46%
Morgan Stanley Direct Lending Fund	611	100.00%	3,933,449	-1.716%	—	3,865,956	10.73%	9.23%	9.40%
MidCap Financial Investment Corp.	633	100.00%	3,357,153	-5.628%	3,132,769	3,168,221	40.83%	8.98%	15.78%
New Mountain Finance Corp	368	100.00%	2,912,115	-5.841%	2,319,610	2,742,013	11.00%	9.63%	9.78%
SLR Investment Corp.	108	100.00%	2,503,324	-1.195%	1,635,363	2,473,397	9.78%	9.77%	9.52%
Carlyle Secured Lending Inc.	229	100.00%	2,469,396	-0.222%	2,386,877	2,463,922	10.25%	9.22%	9.46%
Trinity Capital Inc.	517	100.00%	2,415,993	0.877%	2,223,757	2,437,184	11.79%	10.93%	10.53%
Nuveen Churchill Direct Lending Corp.	530	100.00%	2,055,134	-1.886%	8,343,415	2,016,376	10.25%	9.53%	9.44%
Crescent Capital BDC Inc.	626	100.00%	1,635,267	-2.082%	1,559,906	1,601,216	10.21%	9.50%	9.75%
Fidus Investment Corp	242	100.00%	1,368,268	1.861%	1,226,323	1,393,727	24.40%	11.19%	11.77%
Palmer Square Capital BDC Inc.	264	100.00%	1,294,556	-7.023%	1,251,397	1,203,640	67.95%	8.61%	8.79%
Manulife Private Credit Fund	266	100.00%	16,403	2,459.351%	406,608	419,814	9.25%	9.25%	—
SCP Private Credit Income BDC LLC	24	100.00%	248,998	-5.917%	215,204	234,264	11.40%	10.54%	9.82%
SLR HC BDC LLC	35	100.00%	85,269	0.577%	82,935	85,761	9.42%	9.26%	9.50%
Grand Total	5,735	100%	52,713,697	-2.092%	52,374,002	51,610,991	13.85%	9.42%	10.05%

Non-Accruals

At least 11 BDCs that filed this week have reported Non–Accruals amounting to 1.24 Billion USD at Cost. FS KKR Capital Corp. and MidCap Financial Investment 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
FS KKR Capital Corp.	18	3.14%	706,200	-42.198%	778,700	408,200	80.4%	—	54.1%
MidCap Financial Investment Corp.	25	2.57%	131,506	-38.183%	149,207	81,293	57.7%	—	18.1%
Blackstone Secured Lending Fund	8	0.47%	91,971	-26.497%	113,952	67,601	35.0%	—	18.5%
Morgan Stanley Direct Lending Fund	7	0.95%	60,392	-39.416%	60,964	36,588	36.3%	—	11.8%
Carlyle Secured Lending Inc.	7	1.24%	43,366	-29.574%	49,300	30,541	29.3%	12.3%	13.4%
Crescent Capital BDC Inc.	29	1.80%	61,808	-53.446%	74,533	28,774	—	—	—
New Mountain Finance Corp	10	0.93%	63,178	-59.557%	52,237	25,551	46.7%	—	11.4%
Trinity Capital Inc.	5	0.62%	20,724	-26.520%	20,609	15,228	32.2%	19.3%	7.8%
Nuveen Churchill Direct Lending Corp.	7	0.48%	24,410	-60.082%	24,894	9,744	78.4%	—	9.0%
Fidus Investment Corp	3	0.12%	27,148	-93.797%	41,327	1,684	623.9%	—	32.7%
Palmer Square Capital BDC Inc.	6	0.09%	17,333	-93.977%	18,367	1,044	8957.5%	—	21.9%
Grand Total	125	1.46%	1,248,036	-43.41%	1,384,090	706,248	184.14%	14.86%	31.23%

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 15.6% of BDCs’ portfolios, amounting to 8.2 billion USD at Cost.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
FS KKR Capital Corp.	60	21.18%	3,089,500	-10.801%	2,475,171	2,755,800	40.67%	4.48%	29.63%
Blackstone Secured Lending Fund	88	15.63%	2,382,083	-4.862%	2,421,143	2,266,271	11.62%	9.61%	9.71%
New Mountain Finance Corp	48	21.83%	654,626	-8.545%	432,030	598,691	18.69%	12.14%	11.69%
Morgan Stanley Direct Lending Fund	59	9.20%	396,118	-10.251%	4,721,799	355,511	17.15%	10.14%	10.75%
Fidus Investment Corp	33	23.92%	360,454	-7.499%	377,359	333,423	59.27%	12.87%	14.55%
Carlyle Secured Lending Inc.	33	12.70%	321,459	-2.619%	331,727	313,039	12.46%	9.59%	10.43%
MidCap Financial Investment Corp.	37	9.46%	331,084	-9.466%	315,928	299,744	9.34%	9.34%	7.59%
Crescent Capital BDC Inc.	61	10.96%	187,437	-6.369%	196,073	175,500	15.60%	13.01%	11.64%
Nuveen Churchill Direct Lending Corp.	69	8.18%	186,580	-11.629%	193,649	164,883	16.71%	13.58%	12.56%
Trinity Capital Inc.	11	5.30%	127,759	1.140%	127,853	129,215	1.69%	1.69%	2.03%
SLR Investment Corp.	7	3.28%	83,532	-3.023%	84,361	81,007	13.09%	11.94%	11.48%
Palmer Square Capital BDC Inc.	17	4.64%	69,155	-19.279%	70,093	55,823	28.77%	9.67%	12.47%
SCP Private Credit Income BDC LLC	3	9.79%	23,763	-3.522%	12,942	22,926	26.16%	—	11.00%
SLR HC BDC LLC	2	7.67%	6,880	-4.390%	4,125	6,578	13.73%	—	10.88%
Manulife Private Credit Fund	4	0.75%	—	—	3,303	3,153	14.08%	14.08%	—
Grand Total	532	14.65%	8,220,430	-8.02%	11,767,555	7,561,564	20.40%	9.81%	13.48%

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 2.6 Billion USD at cost.

BDC	Cost (1000)	FV (1000)
FS KKR Capital Corp.	657,800	582,700
Blackstone Secured Lending Fund	510,717	488,692
MidCap Financial Investment Corp.	454,613	415,794
Trinity Capital Inc.	228,287	224,531
Morgan Stanley Direct Lending Fund	173,238	164,522
SLR Investment Corp.	160,977	156,345
Fidus Investment Corp	147,518	146,861
Carlyle Secured Lending Inc.	105,742	105,149
Nuveen Churchill Direct Lending Corp.	95,404	91,701
Crescent Capital BDC Inc.	67,264	59,741
SCP Private Credit Income BDC LLC	28,988	27,644
Palmer Square Capital BDC Inc.	18,940	10,255
New Mountain Finance Corp	16,807	14,852
SLR HC BDC LLC	4,317	4,333
Manulife Private Credit Fund	–	10,333
Grand Total	2,670,612	2,503,453

Top 10 BDC Investments

BBDCs’ 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 12.6 Billion USD (Cost) accounting for 23.9% of their aggregate holdings (Cost).

BDC	Cost (1000)	FV (1000)
FS KKR Capital Corp.	4,702,400	4,274,400
Blackstone Secured Lending Fund	2,908,911	2,769,525
SLR Investment Corp.	1,071,370	1,070,576
New Mountain Finance Corp	1,074,929	981,244
Trinity Capital Inc.	618,346	638,963
Morgan Stanley Direct Lending Fund	560,045	545,566
Carlyle Secured Lending Inc.	538,438	538,890
Fidus Investment Corp	317,900	316,265
Crescent Capital BDC Inc.	261,766	259,819
Nuveen Churchill Direct Lending Corp.	251,243	250,576
SCP Private Credit Income BDC LLC	146,154	132,776
Palmer Square Capital BDC Inc.	129,830	107,036
SLR HC BDC LLC	46,518	46,267
Grand Total	12,627,850	11,931,903

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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