BDC Filing Season: Q4 2025 Week 6
BDC Filing Season Q4 2025 Week 6
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
This report will analyze 20 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 74.2 Billion USD which is approximately 14.4% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Apollo Debt Solutions BDC | 794 | 100.00% | 24,641,927 | 0.411% | 27,111,134 | 24,743,130 | 20.99% | 5.69% | 8.05% |
| ARES STRATEGIC INCOME FUND | 1,223 | 100.00% | 21,360,914 | 0.691% | 20,944,711 | 21,508,598 | 8.73% | 8.30% | 8.53% |
| Monroe Capital Income Plus Corp | 924 | 100.00% | 5,913,363 | -1.583% | 6,774,998 | 5,819,755 | 43.17% | 9.98% | 33.77% |
| T. Rowe Price OHA Private Credit Fund | 377 | 100.00% | 2,905,803 | -0.421% | 1,127,971 | 2,893,559 | 16.81% | 9.90% | 14.08% |
| Stone Point Credit Corp. | 329 | 100.00% | 2,883,469 | -0.018% | 2,856,326 | 2,882,954 | 9.43% | 9.25% | 9.35% |
| KKR FS Income Trust | 448 | 100.00% | 2,596,924 | 1.085% | 4,533,631 | 2,625,095 | — | 9.94% | — |
| Nuveen Churchill Private Capital Income Fund | 611 | 100.00% | 2,211,171 | -0.396% | 2,494,820 | 2,202,406 | 17.60% | 9.37% | 17.12% |
| Cion Investment Corp. | 231 | 100.00% | 1,942,096 | -6.648% | 1,626,896 | 1,812,990 | 59.75% | 13.80% | 27.03% |
| KKR FS Income Trust Select | 387 | 100.00% | 1,521,693 | 0.964% | 2,502,084 | 1,536,368 | 8.40% | 8.40% | 8.54% |
| Vista Credit Strategic Lending Corp. | 58 | 100.00% | 1,509,798 | 0.535% | 1,444,545 | 1,517,870 | 10.01% | 9.88% | 10.12% |
| Stellus Capital Investment Corp. | 389 | 100.00% | 1,026,140 | -1.804% | 971,828 | 1,007,623 | 9.72% | 3.80% | 4.10% |
| CCS IX Portfolio Holdings LLC | 26 | 100.00% | 999,715 | 0.503% | 432,588 | 1,004,740 | 8.73% | 8.73% | 8.93% |
| Crescent Private Credit Income Corp | 402 | 100.00% | 968,641 | 0.920% | 871,126 | 977,557 | 8.20% | 8.13% | 8.26% |
| Runway Growth Finance Corp. | 116 | 100.00% | 997,605 | -5.215% | 887,890 | 945,577 | 10.50% | 10.50% | 11.34% |
| MidCap Apollo Institutional Private Lending | 283 | 100.00% | 962,490 | -2.046% | 966,892 | 942,796 | 40.52% | 9.56% | 13.02% |
| WhiteHorse Finance Inc. | 147 | 100.00% | 628,622 | -4.601% | 548,033 | 599,697 | 11.96% | 10.82% | 11.56% |
| Onex Direct Lending BDC Fund | 93 | 100.00% | 438,840 | -9.904% | 432,956 | 395,375 | 48.44% | 9.56% | 9.90% |
| TriplePoint Private Venture Credit Inc. | 461 | 100.00% | 384,370 | -2.106% | 328,902 | 376,274 | 13.77% | 11.30% | 9.31% |
| SuRo Capital Corp. | 60 | 100.00% | 240,826 | -6.359% | 2,520 | 225,512 | 4.12% | 4.12% | 4.12% |
| Monroe Capital Enhanced Corporate Lending Fund | 142 | 100.00% | 189,428 | 0.847% | 219,167 | 191,033 | 11.21% | 9.61% | 16.97% |
| Grand Total | 7,501 | 100% | 74,323,834 | -0.155% | 77,079,018 | 74,208,909 | 19.060% | 8.68% | 12.32% |
Non-Accruals
At least 11 BDCs that filed this week have reported Non–Accruals amounting to 636 Million USD at Cost. Apollo Debt Solutions BDC and Monroe Capital Income Plus 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 |
|---|---|---|---|---|---|---|---|---|---|
| Apollo Debt Solutions BDC | 18 | 0.34% | 204,736 | -58.867% | 192,067 | 84,214 | 71.5% | 9.5% | 8.2% |
| Monroe Capital Income Plus Corp | 53 | 1.16% | 166,188 | -59.267% | 189,462 | 67,693 | 574.2% | 9.4% | 33.6% |
| Stellus Capital Investment Corp. | 34 | 4.13% | 76,803 | -45.782% | 80,012 | 41,641 | 182.7% | — | 11.2% |
| Cion Investment Corp. | 9 | 1.66% | 78,924 | -61.795% | 116,874 | 30,153 | 172.7% | — | 69.3% |
| MidCap Apollo Institutional Private Lending | 3 | 1.49% | 23,646 | -40.692% | 24,816 | 14,024 | 67.3% | — | 14.9% |
| TriplePoint Private Venture Credit Inc. | 39 | 3.36% | 32,155 | -60.700% | 33,211 | 12,637 | 71.5% | — | 12.1% |
| WhiteHorse Finance Inc. | 6 | 1.76% | 19,665 | -46.295% | 25,738 | 10,561 | 19.5% | — | 28.1% |
| Onex Direct Lending BDC Fund | 3 | 0.93% | 27,163 | -86.467% | 28,524 | 3,676 | 601.0% | — | 14.3% |
| Runway Growth Finance Corp. | 1 | 0.25% | 4,757 | -50.368% | 4,127 | 2,361 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 1 | 0.00% | 153 | -100.000% | 2,415 | — | — | — | — |
| SuRo Capital Corp. | 1 | 0.00% | 2,271 | -100.000% | 2,270 | — | — | — | — |
| Grand Total | 168 | 0.68% | 636,461 | -58.06% | 699,516 | 266,960 | 244.43% | 9.44% | 25.68% |
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 8.1% of BDCs’ portfolios, amounting to 6 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| ARES STRATEGIC INCOME FUND | 72 | 10.09% | 2,162,908 | 0.311% | 1,962,373 | 2,169,632 | 10.28% | 10.10% | 10.26% |
| Apollo Debt Solutions BDC | 27 | 5.85% | 1,457,636 | -0.667% | 1,492,197 | 1,447,920 | — | — | — |
| Monroe Capital Income Plus Corp | 118 | 7.85% | 563,397 | -18.903% | 620,929 | 456,898 | 130.89% | 10.77% | 19.50% |
| T. Rowe Price OHA Private Credit Fund | 44 | 14.14% | 431,890 | -5.237% | 214,876 | 409,274 | 22.95% | 11.09% | 15.62% |
| Runway Growth Finance Corp. | 14 | 25.29% | 254,003 | -5.864% | 256,457 | 239,107 | 5.97% | 5.97% | 8.08% |
| Stone Point Credit Corp. | 19 | 7.85% | 232,680 | -2.758% | 198,583 | 226,263 | 12.36% | 10.14% | 10.20% |
| KKR FS Income Trust | 17 | 5.91% | 155,143 | -0.014% | 154,818 | 155,121 | 15.40% | 15.40% | 16.42% |
| Nuveen Churchill Private Capital Income Fund | 37 | 5.52% | 126,524 | -3.828% | 135,546 | 121,681 | 14.58% | 13.98% | 13.31% |
| Stellus Capital Investment Corp. | 27 | 9.36% | 99,502 | -5.229% | 99,728 | 94,299 | 12.23% | 10.63% | 8.32% |
| KKR FS Income Trust Select | 10 | 5.44% | 83,313 | 0.343% | 83,069 | 83,599 | 13.24% | 13.24% | 13.24% |
| MidCap Apollo Institutional Private Lending | 15 | 7.46% | 73,834 | -4.681% | 74,636 | 70,378 | 2.69% | 2.69% | 3.54% |
| CCS IX Portfolio Holdings LLC | 1 | 6.96% | 69,400 | 0.769% | 70,330 | 69,934 | 10.06% | 10.06% | 10.19% |
| WhiteHorse Finance Inc. | 24 | 10.97% | 79,187 | -16.941% | 75,116 | 65,772 | 12.18% | 12.01% | 11.08% |
| Vista Credit Strategic Lending Corp. | 2 | 4.25% | 61,449 | 4.968% | 66,103 | 64,502 | 12.44% | 12.44% | 13.69% |
| TriplePoint Private Venture Credit Inc. | 43 | 13.76% | 64,581 | -19.808% | 64,800 | 51,789 | 30.26% | 13.94% | 11.28% |
| Onex Direct Lending BDC Fund | 7 | 10.51% | 74,131 | -43.952% | 76,807 | 41,549 | 230.13% | 10.12% | 12.11% |
| Crescent Private Credit Income Corp | 8 | 3.00% | 29,592 | -0.950% | 29,918 | 29,311 | 11.10% | 11.10% | 10.48% |
| Monroe Capital Enhanced Corporate Lending Fund | 15 | 11.02% | 20,821 | 1.100% | 24,902 | 21,050 | 10.95% | 10.95% | 10.87% |
| Grand Total | 500 | 8.06% | 6,039,991 | -3.67% | 5,701,187 | 5,818,080 | 34.07% | 10.44% | 12.31% |
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 1.88 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Monroe Capital Income Plus Corp | 457,385 | 395,438 |
| Cion Investment Corp. | 397,531 | 344,563 |
| Apollo Debt Solutions BDC | 270,243 | 271,480 |
| Stellus Capital Investment Corp. | 220,483 | 181,991 |
| Runway Growth Finance Corp. | 140,694 | 121,535 |
| MidCap Apollo Institutional Private Lending | 87,520 | 83,981 |
| WhiteHorse Finance Inc. | 60,758 | 56,292 |
| TriplePoint Private Venture Credit Inc. | 59,905 | 57,071 |
| Onex Direct Lending BDC Fund | 44,019 | 25,401 |
| Nuveen Churchill Private Capital Income Fund | 38,504 | 36,734 |
| Monroe Capital Enhanced Corporate Lending Fund | 34,748 | 34,753 |
| KKR FS Income Trust | 30,635 | 31,710 |
| Stone Point Credit Corp. | 30,266 | 26,379 |
| Vista Credit Strategic Lending Corp. | 9,375 | 9,375 |
| KKR FS Income Trust Select | 5,097 | 5,176 |
| SuRo Capital Corp. | 140 | 259 |
| Grand Total | 1,887,303 | 1,682,138 |
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 11.3 Billion USD (Cost) accounting for 15.19% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Apollo Debt Solutions BDC | 2,719,240 | 2,716,701 |
| ARES STRATEGIC INCOME FUND | 2,132,639 | 2,182,825 |
| Monroe Capital Income Plus Corp | 713,904 | 667,453 |
| Vista Credit Strategic Lending Corp. | 642,077 | 651,749 |
| Stone Point Credit Corp. | 628,900 | 629,705 |
| Cion Investment Corp. | 562,611 | 481,641 |
| KKR FS Income Trust | 554,799 | 557,746 |
| T. Rowe Price OHA Private Credit Fund | 545,257 | 544,828 |
| Runway Growth Finance Corp. | 478,535 | 448,072 |
| CCS IX Portfolio Holdings LLC | 453,171 | 458,141 |
| KKR FS Income Trust Select | 333,887 | 335,386 |
| WhiteHorse Finance Inc. | 257,203 | 247,361 |
| Nuveen Churchill Private Capital Income Fund | 237,418 | 237,565 |
| Crescent Private Credit Income Corp | 224,667 | 227,384 |
| Onex Direct Lending BDC Fund | 193,305 | 168,306 |
| Stellus Capital Investment Corp. | 178,233 | 138,251 |
| SuRo Capital Corp. | 126,958 | 149,940 |
| TriplePoint Private Venture Credit Inc. | 113,192 | 104,578 |
| MidCap Apollo Institutional Private Lending | 111,908 | 112,103 |
| Monroe Capital Enhanced Corporate Lending Fund | 84,669 | 85,715 |
| Grand Total | 11,292,572 | 11,145,450 |
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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