BDC Filing Season: Q4 2025 Week 5
BDC Filing Season Q4 2025 Week 5
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
BDC Filing season is in full swing. This report will analyze 34 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 99.2 Billion USD which is approximately 19% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blue Owl Credit Income Corp. | 542 | 100.00% | 35,999,282 | -0.192% | 34,244,413 | 35,930,176 | 6.20% | 6.19% | 7.28% |
| Goldman Sachs Private Credit Corp. | 768 | 100.00% | 15,977,866 | -0.185% | 21,338,427 | 15,948,253 | 22.51% | 9.02% | 18.61% |
| North Haven Private Income Fund LLC | 691 | 100.00% | 6,937,741 | -1.281% | 6,627,968 | 6,848,878 | 10.10% | 8.94% | 9.11% |
| Blue Owl Technology Income Corp. | 263 | 100.00% | 6,209,484 | -0.006% | 5,894,314 | 6,209,082 | 5.69% | 5.69% | 6.96% |
| Main Street Capital Corp. | 608 | 100.00% | 4,727,776 | 16.786% | 3,778,456 | 5,521,365 | 16.14% | 11.28% | 12.39% |
| BlackRock Private Credit Fund | 441 | 100.00% | 2,254,647 | 9.371% | 2,284,713 | 2,465,923 | 8.85% | 8.57% | 8.67% |
| T Series Middle Market Loan Fund LLC | 533 | 100.00% | 2,304,877 | -2.084% | 2,235,604 | 2,256,841 | 10.62% | 9.25% | 9.33% |
| Kayne Anderson BDC LLC | 318 | 100.00% | 2,222,909 | 0.041% | 2,196,232 | 2,223,830 | 9.75% | 9.54% | 10.12% |
| New Mountain Private Credit Fund | 380 | 100.00% | 2,109,430 | -2.144% | 2,665,271 | 2,064,201 | 9.83% | 9.08% | 9.34% |
| New Mountain Guardian IV BDC LLC | 427 | 100.00% | 2,006,365 | 0.026% | 2,397,516 | 2,006,885 | 9.06% | 8.87% | 8.97% |
| Goldman Sachs Private Middle Market Credit II LLC | 178 | 100.00% | 1,721,452 | -3.609% | 1,813,403 | 1,659,319 | 10.98% | 10.55% | 9.93% |
| BlackRock TCP Capital Corp. | 325 | 100.00% | 1,678,046 | -4.986% | 1,587,242 | 1,594,378 | 10.76% | 23.30% | — |
| Blackstone Private Real Estate Credit & Income Fund | 115 | 100.00% | 1,554,503 | 0.781% | 1,666,605 | 1,566,647 | 6.09% | 6.09% | 6.51% |
| NMF SLF I Inc. | 421 | 100.00% | 1,525,141 | -0.855% | 1,731,611 | 1,512,098 | 9.48% | 8.95% | 9.14% |
| 26North BDC Inc. | 124 | 100.00% | 1,418,136 | -0.024% | 1,348,809 | 1,417,789 | 9.69% | 9.68% | 9.68% |
| MSC Income Fund Inc. | 460 | 100.00% | 1,271,034 | 5.937% | 1,194,163 | 1,346,498 | — | — | — |
| Phillip Street Middle Market Lending Fund LLC | 281 | 100.00% | 922,928 | -0.290% | 920,249 | — | 9.16% | 9.03% | 9.07% |
| Nuveen Churchill BDC V | 182 | 100.00% | 815,813 | -0.060% | 827,922 | 815,326 | 23.32% | 9.15% | 17.17% |
| TriplePoint Venture Growth BDC Corp. | 303 | 100.00% | 839,287 | -4.387% | 721,929 | 802,468 | 17.66% | 11.02% | 10.34% |
| Horizon Technology Finance Corp. | 247 | 100.00% | 742,443 | -7.815% | 628,553 | 684,418 | 13.86% | 11.90% | 23.36% |
| 5C Lending Partners Corp. | 43 | 100.00% | 589,625 | 0.279% | 540,124 | 591,270 | 9.22% | 9.22% | 9.29% |
| SL Investment Fund II LLC | 201 | 100.00% | 577,207 | 0.219% | 581,520 | 578,470 | 8.70% | 8.69% | 8.74% |
| North Haven Private Income Fund A LLC | 406 | 100.00% | 573,586 | -0.005% | 576,980 | 573,558 | 8.77% | 8.68% | 8.71% |
| BCP Investment Corp | 184 | 100.00% | 565,839 | -11.463% | 500,975 | — | 14.71% | 10.98% | 14.72% |
| New Mountain Guardian IV Income Fund LLC | 344 | 100.00% | 484,787 | -0.439% | 570,788 | 482,659 | 9.22% | 8.91% | 8.91% |
| LGAM Private Credit LLC | 339 | 100.00% | 480,105 | -0.152% | 462,490 | 479,375 | 8.99% | 8.78% | 8.86% |
| Silver Capital Holdings LLC | 51 | 100.00% | 489,209 | -4.111% | 543,928 | 469,099 | 10.28% | 10.28% | 10.00% |
| West Bay BDC LLC | 126 | 100.00% | 444,424 | -0.149% | 607,600 | 443,764 | 12.89% | 8.67% | 12.69% |
| Kayne DL 2021 Inc. | 221 | 100.00% | 349,217 | 0.716% | 319,573 | 351,716 | 9.87% | 9.64% | 10.04% |
| OFS Capital Corp | 103 | 100.00% | 328,709 | 4.143% | 343,744 | 342,326 | 59.50% | 10.86% | 11.09% |
| Great Elm Capital Corp. | 91 | 100.00% | 394,178 | -16.010% | 257,865 | 331,071 | 26.19% | 9.70% | 10.29% |
| BlackRock Direct Lending Corp. | 257 | 100.00% | 222,559 | 15.583% | 221,908 | 257,240 | 15.93% | 10.16% | 10.24% |
| Rand Capital Corp. | 46 | 100.00% | 57,062 | -15.040% | 56,330 | 48,480 | 24.95% | 12.67% | 15.82% |
| Grand Total | 10,019 | 100% | 98,795,667 | 0.454% | 100,266,001 | 99,244,628 | 9.40% | — | — |
Non-Accruals
At least 23 BDCs that filed this week have reported Non–Accruals amounting to 1.14 Billion USD at Cost. Blue Owl Credit Income Corp. and North Haven Private Income Fund LLC are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blue Owl Credit Income Corp. | 10 | 0.35% | 200,913 | -37.713% | 230,691 | 125,142 | — | — | 35.5% |
| North Haven Private Income Fund LLC | 9 | 1.06% | 121,125 | -40.145% | 125,273 | 72,499 | 39.4% | — | 12.3% |
| BlackRock TCP Capital Corp. | 21 | 3.56% | 155,832 | -63.536% | 194,154 | 56,823 | — | 114.0% | |
| Main Street Capital Corp. | 33 | 1.02% | 155,279 | -63.736% | 185,852 | 56,310 | 153.5% | — | 40.4% |
| Goldman Sachs Private Middle Market Credit II LLC | 4 | 2.17% | 38,047 | -5.551% | 49,156 | 35,935 | — | — | — |
| T Series Middle Market Loan Fund LLC | 5 | 1.48% | 58,469 | -42.948% | 59,153 | 33,358 | 41.1% | — | 11.6% |
| Kayne Anderson BDC LLC | 5 | 1.07% | 46,496 | -48.925% | 46,770 | 23,748 | — | — | — |
| Horizon Technology Finance Corp. | 11 | 3.42% | 30,524 | -23.211% | 31,729 | 23,439 | 41.7% | — | 15.0% |
| Silver Capital Holdings LLC | 5 | 4.96% | 34,471 | -32.468% | 73,686 | 23,279 | — | — | — |
| BCP Investment Corp | 13 | 3.99% | 40,399 | -50.501% | 61,315 | 19,997 | — | — | — |
| Goldman Sachs Private Credit Corp. | 1 | 0.12% | 27,212 | -30.913% | 30,694 | 18,800 | — | — | — |
| TriplePoint Venture Growth BDC Corp. | 9 | 2.13% | 39,658 | -56.919% | 44,724 | 17,085 | 241.2% | — | 11.0% |
| Blue Owl Technology Income Corp. | 3 | 0.25% | 18,836 | -17.621% | 20,022 | 15,517 | — | — | — |
| OFS Capital Corp | 6 | 4.21% | 36,567 | -60.623% | 42,636 | 14,399 | 319.6% | — | 15.4% |
| MSC Income Fund Inc. | 24 | 1.02% | 49,026 | -71.976% | 57,987 | 13,739 | — | ||
| Rand Capital Corp. | 4 | 13.74% | 16,346 | -59.257% | 27,508 | 6,660 | 50.5% | — | 20.7% |
| NMF SLF I Inc. | 4 | 0.42% | 7,211 | -11.580% | 7,234 | 6,376 | 18.0% | — | 12.2% |
| BlackRock Direct Lending Corp. | 19 | 2.29% | 15,267 | -61.340% | 16,324 | 5,902 | 86.0% | — | 12.6% |
| LGAM Private Credit LLC | 1 | 1.23% | 7,185 | -18.149% | 7,222 | 5,881 | 22.2% | — | 12.3% |
| BlackRock Private Credit Fund | 3 | 0.13% | 6,379 | -49.618% | 6,554 | 3,214 | 39.4% | — | 10.8% |
| Great Elm Capital Corp. | 9 | 0.81% | 33,633 | -92.005% | 33,490 | 2,689 | — | — | — |
| North Haven Private Income Fund A LLC | 1 | 0.29% | 2,002 | -17.732% | 2,023 | 1,647 | 22.2% | — | 12.5% |
| Kayne DL 2021 Inc. | 1 | 0.39% | 2,330 | -41.202% | 2,341 | 1,370 | — | — | — |
| Grand Total | 201 | 0.66% | 1,143,208 | -48.93% | 1,356,538 | 583,809 | — |
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 9.5% of BDCs’ portfolios, amounting to 9.38 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blue Owl Credit Income Corp. | 57 | 8.58% | 3,168,709 | -2.695% | 2,775,188 | 3,083,325 | — | — | — |
| Goldman Sachs Private Credit Corp. | 56 | 9.77% | 1,580,994 | -1.460% | 1,879,492 | 1,557,910 | 16.70% | 9.43% | 13.27% |
| Blue Owl Technology Income Corp. | 25 | 13.05% | 822,215 | -1.478% | 676,762 | 810,059 | — | — | — |
| North Haven Private Income Fund LLC | 51 | 6.72% | 495,784 | -7.156% | 490,809 | 460,304 | 14.14% | 9.88% | 10.38% |
| Main Street Capital Corp. | 79 | 7.21% | 508,066 | -21.690% | 482,773 | 397,865 | 51.43% | 11.65% | 19.23% |
| Goldman Sachs Private Middle Market Credit II LLC | 40 | 20.19% | 364,329 | -8.033% | 394,460 | 335,062 | 12.56% | 12.11% | 10.35% |
| BlackRock TCP Capital Corp. | 46 | 18.16% | 341,273 | -15.180% | 352,892 | 289,467 | — | 11.45% | 12.82% |
| New Mountain Private Credit Fund | 34 | 13.53% | 316,249 | -11.673% | 232,450 | 279,334 | 14.67% | 10.73% | 11.19% |
| TriplePoint Venture Growth BDC Corp. | 22 | 24.76% | 228,655 | -13.098% | 229,858 | 198,706 | 14.29% | 14.29% | 12.50% |
| T Series Middle Market Loan Fund LLC | 47 | 8.37% | 208,665 | -9.426% | 204,362 | 188,996 | 15.10% | 10.24% | 10.40% |
| MSC Income Fund Inc. | 66 | 10.68% | 190,132 | -24.366% | 190,246 | 143,805 | — | — | — |
| Kayne Anderson BDC LLC | 23 | 6.12% | 141,797 | -4.017% | 143,563 | 136,101 | 13.15% | 7.06% | 11.29% |
| BCP Investment Corp | 28 | 25.97% | 134,489 | -3.277% | 136,178 | 130,082 | 16.55% | 12.40% | 18.51% |
| NMF SLF I Inc. | 28 | 7.28% | 119,024 | -7.522% | 111,217 | 110,071 | 14.18% | 10.77% | 11.16% |
| BlackRock Private Credit Fund | 16 | 3.52% | 87,307 | -0.519% | 88,128 | 86,854 | 10.26% | 9.93% | 10.03% |
| 26North BDC Inc. | 4 | 5.79% | 81,400 | 0.877% | 61,411 | 82,114 | 9.87% | 9.87% | 10.09% |
| 5C Lending Partners Corp. | 2 | 12.92% | 76,273 | 0.127% | 21,287 | 76,370 | 9.31% | 9.31% | 9.40% |
| Phillip Street Middle Market Lending Fund LLC | 12 | 7.86% | 73,471 | -1.490% | 78,255 | 72,376 | 9.61% | 9.61% | 9.22% |
| New Mountain Guardian IV BDC LLC | 16 | 3.59% | 71,705 | 0.343% | 65,686 | 71,951 | 11.27% | 11.27% | 11.22% |
| OFS Capital Corp | 18 | 18.40% | 76,726 | -17.926% | 66,214 | 62,972 | 19.42% | 13.25% | 11.11% |
| Silver Capital Holdings LLC | 10 | 11.16% | 61,359 | -14.671% | 101,097 | 52,357 | 11.51% | 11.51% | 11.78% |
| Great Elm Capital Corp. | 10 | 12.45% | 41,901 | -1.654% | 42,955 | 41,208 | 7.78% | 6.74% | 7.08% |
| Nuveen Churchill BDC V | 9 | 4.36% | 35,901 | -0.880% | 40,031 | 35,585 | 12.58% | 12.58% | 12.67% |
| North Haven Private Income Fund A LLC | 16 | 4.79% | 27,452 | 0.127% | 27,072 | 27,487 | 9.62% | 9.62% | 9.60% |
| Rand Capital Corp. | 13 | 55.07% | 36,386 | -26.621% | 44,562 | 26,700 | 33.40% | 13.79% | 17.76% |
| West Bay BDC LLC | 4 | 5.71% | 25,379 | -0.114% | 28,425 | 25,350 | 8.64% | 8.64% | 8.62% |
| LGAM Private Credit LLC | 19 | 4.18% | 20,070 | -0.159% | 19,280 | 20,038 | 9.76% | 9.76% | 9.86% |
| Kayne DL 2021 Inc. | 15 | 5.24% | 19,078 | -3.402% | 19,353 | 18,429 | 12.67% | 11.06% | 10.33% |
| New Mountain Guardian IV Income Fund LLC | 10 | 3.22% | 15,442 | 0.648% | 14,594 | 15,542 | 10.10% | 10.10% | 10.23% |
| SL Investment Fund II LLC | 6 | 0.98% | 5,622 | 0.356% | 5,411 | 5,642 | 10.57% | 10.57% | 10.37% |
| Grand Total | 782 | 9.14% | 9,375,853 | -5.69% | 9,024,011 | 8,842,061 | — | 10.65% | — |
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 2.1 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Main Street Capital Corp. | 447,960 | 402,826 |
| Goldman Sachs Private Middle Market Credit II LLC | 278,970 | 261,522 |
| Kayne Anderson BDC, LLC | 204,906 | 193,659 |
| BlackRock TCP Capital Corp. | 199,712 | 188,985 |
| Blue Owl Credit Income Corp. | 144,322 | 140,251 |
| MSC Income Fund Inc. | 129,509 | 123,475 |
| TriplePoint Venture Growth BDC Corp. | 102,280 | 73,207 |
| North Haven Private Income Fund LLC | 83,518 | 80,350 |
| BCP Investment Corp | 77,568 | 67,225 |
| Nuveen Churchill BDC V | 61,030 | 60,953 |
| OFS Capital Corp | 56,195 | 52,327 |
| Great Elm Capital Corp. | 48,823 | 44,404 |
| Horizon Technology Finance Corp. | 45,603 | 36,487 |
| Silver Capital Holdings LLC | 36,423 | 36,051 |
| T Series Middle Market Loan Fund LLC | 35,909 | 35,372 |
| New Mountain Private Credit Fund | 35,645 | 31,340 |
| Kayne DL 2021 Inc. | 25,257 | 24,182 |
| Goldman Sachs Private Credit Corp. | 20,086 | 20,022 |
| NMF SLF I, Inc. | 17,446 | 15,799 |
| AFC BDC Inc. | 12,761 | 12,634 |
| Blue Owl Technology Income Corp. | 12,196 | 12,236 |
| BlackRock Direct Lending Corp. | 8,251 | 8,046 |
| Rand Capital Corp. | 6,895 | 2,855 |
| Blackstone Private Real Estate Credit & Income Fund | 6,539 | 6,551 |
| BlackRock Private Credit Fund | 5,860 | 5,934 |
| West Bay BDC LLC | 2,853 | 2,845 |
| North Haven Private Income Fund A LLC | 1,790 | 1,794 |
| New Mountain Guardian IV Income Fund LLC | (5) | (10) |
| New Mountain Guardian IV BDC LLC | (12) | (44) |
| Grand Total | 2,108,290 | 1,941,278 |
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 18 Billion USD (Cost) accounting for 18.25% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Blue Owl Credit Income Corp. | 4,735,716 | 4,743,247 |
| Goldman Sachs Private Credit Corp. | 2,530,793 | 2,530,235 |
| Blue Owl Technology Income Corp. | 1,096,563 | 1,072,974 |
| Blackstone Private Real Estate Credit & Income Fund | 883,743 | 890,486 |
| North Haven Private Income Fund LLC | 868,794 | 873,415 |
| Main Street Capital Corp. | 809,909 | 1,003,668 |
| Goldman Sachs Private Middle Market Credit II LLC | 553,681 | 540,520 |
| 26North BDC, Inc. | 509,572 | 508,745 |
| BlackRock TCP Capital Corp. | 497,859 | 471,407 |
| New Mountain Private Credit Fund | 454,689 | 449,504 |
| Kayne Anderson BDC, LLC | 428,136 | 430,008 |
| BlackRock Private Credit Fund | 426,714 | 427,649 |
| New Mountain Guardian IV BDC LLC | 377,044 | 378,164 |
| TriplePoint Venture Growth BDC Corp. | 354,233 | 278,275 |
| 5C Lending Partners Corp. | 350,142 | 351,188 |
| T Series Middle Market Loan Fund LLC | 312,720 | 290,106 |
| Horizon Technology Finance Corp. | 300,264 | 286,887 |
| NMF SLF I, Inc. | 274,125 | 269,796 |
| MSC Income Fund Inc. | 264,020 | 292,638 |
| Silver Capital Holdings LLC | 258,502 | 235,375 |
| West Bay BDC LLC | 211,824 | 211,329 |
| Phillip Street Middle Market Lending Fund LLC | 205,691 | 206,576 |
| Nuveen Churchill BDC V | 197,751 | 197,238 |
| BCP Investment Corp | 197,686 | 167,418 |
| Great Elm Capital Corp. | 192,336 | 136,034 |
| SL Investment Fund II LLC | 165,871 | 166,392 |
| OFS Capital Corp | 148,928 | 118,443 |
| New Mountain Guardian IV Income Fund LLC | 91,170 | 91,366 |
| North Haven Private Income Fund A LLC | 87,480 | 87,653 |
| LGAM Private Credit LLC | 85,720 | 84,519 |
| Kayne DL 2021 Inc. | 65,159 | 65,790 |
| BlackRock Direct Lending Corp. | 47,442 | 45,490 |
| Rand Capital Corp. | 43,825 | 31,628 |
| Grand Total | 18,028,103 | 17,934,163 |
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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