BDC Filing Season: Q4 2025 Week 1
BDC Filing Season Q4 2025 Week 1
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
BDC Filing season is in full swing. This report will analyze 6 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 45.3 Billion USD which is approximately 8.8% 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 | 1,408 | 100.00% | 29,249,900 | 0.803% | 23,186,200 | 29,484,800 | 10.01% | 9.64% | 9.55% |
| Golub Capital BDC Inc. | 1,794 | 100.00% | 8,714,018 | -0.166% | 8,151,088 | 8,699,521 | 9.45% | 9.19% | 9.33% |
| Oaktree Specialty Lending Corp. | 379 | 100.00% | 3,289,782 | -7.900% | 3,812,455 | 3,029,905 | 608.54% | 9.38% | 590.76% |
| Capital Southwest Corp. | 411 | 100.00% | 2,031,166 | -0.884% | 1,916,515 | 2,013,205 | 13.00% | 11.26% | 11.28% |
| Gladstone Investment Corp. | 65 | 100.00% | 1,058,923 | 15.477% | 751,898 | 1,222,817 | 21.44% | 13.32% | 12.50% |
| Gladstone Capital Corp. | 122 | 100.00% | 927,293 | -2.494% | 844,213 | 904,165 | 15.18% | 11.45% | 11.62% |
| Grand Total | 4,179 | 100% | 45,271,082 | 0.184% | 38,662,369 | 45,354,413 | 66.970% | 9.71% | 64.72% |
Non-Accruals
At least 6 BDCs that filed this week have reported Non–Accruals amounting to 0.93 Billion USD at Cost. Ares Capital and Oaktree Specialty Lending Corp. 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 |
|---|---|---|---|---|---|---|---|---|---|
| Ares Capital | 19 | 1.19% | 524,500 | -33.213% | 593,000 | 350,300 | — | — | — |
| Oaktree Specialty Lending Corp. | 39 | 2.88% | 190,458 | -54.208% | 237,175 | 87,215 | — | — | — |
| Golub Capital BDC Inc. | 25 | 0.61% | 90,978 | -41.977% | 113,963 | 52,788 | 41.0% | — | 10.4% |
| Capital Southwest Corp. | 13 | 1.45% | 65,685 | -55.512% | 66,165 | 29,222 | 50.5% | 8.0% | 11.4% |
| Gladstone Investment Corp. | 5 | 1.54% | 40,340 | -53.205% | 40,340 | 18,877 | 192.8% | 7.0% | 7.7% |
| Gladstone Capital Corp. | 2 | 1.66% | 20,640 | -27.481% | 20,640 | 14,968 | 10.7% | 10.7% | 10.3% |
| Grand Total | 103 | 1.22% | 932,601 | -40.66% | 1,071,283 | 553,370 | 65.50% | 9.87% | 10.19% |
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 18.3% 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 |
|---|---|---|---|---|---|---|---|---|---|
| Ares Capital | 177 | 20.16% | 6,089,100 | -2.399% | 3,750,500 | 5,943,000 | 10.90% | 10.77% | 10.54% |
| Golub Capital BDC Inc. | 211 | 16.20% | 1,456,821 | -3.270% | 1,506,827 | 1,409,176 | 10.98% | 10.33% | 10.49% |
| Oaktree Specialty Lending Corp. | 42 | 10.59% | 345,861 | -7.245% | 370,173 | 320,803 | 8.24% | 8.24% | 8.02% |
| Capital Southwest Corp. | 41 | 9.04% | 232,151 | -21.622% | 234,209 | 181,956 | 22.34% | 14.41% | 12.23% |
| Gladstone Capital Corp. | 16 | 15.38% | 148,691 | -6.488% | 148,769 | 139,044 | 21.17% | 15.20% | 14.08% |
| Grand Total | 487 | 18.11% | 8,272,624 | -3.37% | 6,010,478 | 7,993,979 | 11.59% | 10.71% | 10.59% |
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 1.8 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Golub Capital BDC Inc. | 665,915 | 641,498 |
| Ares Capital | 648,200 | 568,300 |
| Capital Southwest Corp. | 266,300 | 256,233 |
| Oaktree Specialty Lending Corp. | 121,922 | 78,884 |
| Gladstone Capital Corp. | 90,087 | 68,746 |
| Gladstone Investment Corp. | 36,340 | 17,734 |
| Grand Total | 1,828,764 | 1,631,395 |
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 9.5 Billion USD (Cost) accounting for 21% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Capital | 5,970,400 | 6,056,900 |
| Golub Capital BDC Inc. | 1,074,339 | 1,064,226 |
| Gladstone Investment Corp. | 601,526 | 647,007 |
| Oaktree Specialty Lending Corp. | 677,573 | 557,560 |
| Capital Southwest Corp. | 420,797 | 459,325 |
| Saratoga Investment Corp. | 460,668 | 444,602 |
| Gladstone Capital Corp. | 361,756 | 363,917 |
| Grand Total | 9,567,059 | 9,593,537 |
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
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?
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