BDC Filing Season: Q1 2026 Week 2
BDC Filing Season Q1 2026 Week 2
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 45 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 197.7 Billion USD which is approximately 36% 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. | 526 | 100.00% | 36,037,820 | -1.397% | 33,804,156 | 35,534,240 | 3.91% | 3.86% | 5.42% |
| HPS Corporate Lending Fund | 815 | 100.00% | 25,766,559 | -0.215% | 28,150,113 | 25,711,266 | 17.82% | 11.77% | 16.51% |
| ARES STRATEGIC INCOME FUND | 1,260 | 100.00% | 21,446,648 | -0.530% | 20,876,277 | 21,332,904 | 9.04% | 8.52% | 8.59% |
| Goldman Sachs Private Credit Corp. | 779 | 100.00% | 17,021,299 | -0.994% | 22,107,269 | 16,852,129 | 9.11% | 9.04% | 8.94% |
| Golub Capital Private Credit Fund | 1,049 | 100.00% | 10,122,123 | -1.205% | 10,067,791 | 10,000,112 | 8.01% | 7.72% | 7.60% |
| Oaktree Strategic Credit Fund | 371 | 100.00% | 7,263,908 | -1.315% | 9,347,313 | 7,168,375 | — | — | — |
| MSD Investment Corp. | 220 | 100.00% | 6,992,541 | -0.587% | 6,992,417 | 6,951,490 | — | — | — |
| Blue Owl Technology Income Corp. | 238 | 100.00% | 5,390,314 | -3.073% | 5,037,933 | 5,224,691 | 5.98% | 5.94% | 6.88% |
| Antares Strategic Credit Fund | 1,017 | 100.00% | 4,537,269 | -0.959% | 5,533,537 | 4,493,774 | 8.71% | 8.60% | 8.44% |
| TPG Twin Brook Capital Income Fund | 791 | 100.00% | 4,486,705 | 0.029% | 5,632,589 | 4,488,024 | 45.86% | 9.81% | 47.20% |
| Franklin BSP Capital Corp. | 364 | 100.00% | 4,146,165 | -2.308% | 3,761,093 | 4,050,457 | 10.85% | 9.41% | 9.49% |
| StepStone Private Credit Fund LLC | 1,311 | 100.00% | 3,412,573 | -0.206% | 3,333,291 | 3,405,548 | — | — | — |
| Diameter Credit Co. | 179 | 100.00% | 2,946,555 | 0.415% | 2,659,181 | 2,958,773 | 9.35% | 9.35% | 9.47% |
| KKR FS Income Trust | 455 | 100.00% | 2,681,301 | -0.111% | 4,835,597 | 2,678,325 | — | — | — |
| Carlyle Credit Solutions Inc. | 278 | 100.00% | 2,654,430 | -1.897% | 2,577,354 | 2,604,080 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 662 | 100.00% | 2,517,236 | -0.963% | 2,780,841 | 2,492,984 | 14.28% | 9.42% | 13.47% |
| Bain Capital Specialty Finance Inc. | 580 | 100.00% | 2,496,449 | -0.483% | 2,200,040 | 2,484,389 | 16.51% | 10.41% | 11.06% |
| T Series Middle Market Loan Fund LLC | 541 | 100.00% | 2,287,321 | -2.485% | 2,204,253 | 2,230,485 | 10.69% | 9.21% | 9.25% |
| Kayne Anderson BDC LLC | 321 | 100.00% | 2,220,753 | -0.365% | — | 2,212,652 | 9.71% | 9.62% | 10.00% |
| New Mountain Guardian IV BDC LLC | 431 | 100.00% | 2,047,310 | -1.227% | 2,398,724 | 2,022,193 | 10.20% | 8.94% | 9.74% |
| Grand Total | 18,639 | 100% | 198,355,373 | -0.302% | 207,428,855 | 197,756,018 | 13.100% | 9.46% | 11.87% |
Non-Accruals
At least 33 BDCs that filed this week have reported Non–Accruals amounting to 1.5 Billion USD at Cost. HPS Corporate Lending Fund and TCW Direct Lending VII 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 |
|---|---|---|---|---|---|---|---|---|---|
| HPS Corporate Lending Fund | 16 | 0.77% | 335,523 | -40.940% | — | 198,160 | 48.6% | — | 7.6% |
| TCW Direct Lending VII LLC | 8 | 9.59% | 210,700 | -43.613% | 256,769 | 118,807 | — | — | — |
| Blue Owl Credit Income Corp. | 7 | 0.22% | 127,460 | -37.360% | 138,566 | 79,841 | — | — | — |
| Goldman Sachs Private Middle Market Credit II LLC | 10 | 4.19% | 86,841 | -23.180% | 99,227 | 66,711 | — | — | — |
| ARES STRATEGIC INCOME FUND | 4 | 0.29% | 102,689 | -40.100% | 107,419 | 61,511 | — | — | — |
| Crescent Capital BDC Inc. | 34 | 3.27% | 86,830 | -40.231% | 98,346 | 51,897 | — | — | — |
| Kayne Anderson BDC LLC | 6 | 1.92% | 73,489 | -42.051% | 77,434 | 42,586 | — | — | — |
| T Series Middle Market Loan Fund LLC | 7 | 1.66% | 55,600 | -33.263% | 56,051 | 37,106 | 43.4% | — | 11.6% |
| Franklin BSP Capital Corp. | 11 | 0.76% | 59,537 | -48.041% | — | 30,935 | 276.3% | — | 12.3% |
| Stellus Capital Investment Corp. | 16 | 2.08% | 46,588 | -55.695% | 49,722 | 20,641 | — | — | 50.8% |
| Carlyle Credit Solutions Inc. | 6 | 0.76% | 21,954 | -9.670% | 25,353 | 19,831 | — | — | — |
| Silver Point Specialty Lending Fund | 11 | 1.55% | 42,775 | -57.170% | 48,201 | 18,321 | — | — | — |
| TCW Direct Lending VIII LLC | 4 | 1.20% | 39,717 | -60.324% | 44,945 | 15,758 | — | — | — |
| NMF SLF I Inc. | 9 | 1.08% | 21,447 | -26.717% | 21,516 | 15,717 | 27.2% | — | 10.6% |
| Bain Capital Specialty Finance Inc. | 11 | 0.61% | 35,981 | -57.753% | 39,690 | 15,201 | 298.7% | 13.9% | 15.3% |
| Goldman Sachs Private Credit Corp. | 1 | 0.08% | 27,212 | -48.949% | 31,574 | 13,892 | — | — | — |
| Blue Owl Technology Income Corp. | 4 | 0.23% | 19,200 | -37.276% | 20,883 | 12,043 | — | — | — |
| KKR Enhanced US Direct Lending Fund-L Inc. | 7 | 0.80% | — | — | 13,927 | 10,662 | — | — | — |
| Gladstone Investment Corp. | 5 | 0.69% | 40,340 | -77.524% | 40,340 | 9,067 | 2922.0% | — | 9.3% |
| Varagon Capital Corp. | 14 | 1.04% | 10,983 | -20.550% | 11,360 | 8,726 | 20.0% | — | 11.4% |
| Phillip Street Middle Market Lending Fund LLC | 2 | 0.92% | 9,983 | -13.573% | 11,732 | 8,628 | — | — | — |
| Golub Capital Private Credit Fund | 5 | 0.09% | 16,544 | -48.338% | 20,336 | 8,547 | 69.6% | — | 9.6% |
| StepStone Private Credit Fund LLC | 4 | 0.25% | 10,413 | -18.525% | 10,530 | 8,484 | — | — | — |
| Brightwood Capital Corp I | 1 | 0.83% | 9,631 | -27.650% | 9,631 | 6,968 | 35.2% | — | 7.5% |
| KKR FS Income Trust Select | 1 | 0.40% | 8,578 | -27.279% | 8,637 | 6,238 | — | — | — |
| Antares Strategic Credit Fund | 6 | 0.14% | 7,935 | -23.176% | 8,054 | 6,096 | 25.2% | — | 11.4% |
| MSD Investment Corp. | 1 | 0.08% | 8,763 | -38.765% | 16,697 | 5,366 | — | — | — |
| TPG Twin Brook Capital Income Fund | 25 | 0.08% | 9,121 | -62.000% | 9,955 | 3,466 | 192.5% | — | 41.5% |
| John Hancock Comvest Private Income Fund | 1 | 0.17% | 1,485 | 1.549% | 1,508 | 1,508 | — | — | — |
| KKR FS Income Trust | 2 | 0.05% | 1,773 | -29.667% | 1,805 | 1,247 | — | — | — |
| Antares Private Credit Fund | 4 | 0.03% | 591 | -22.504% | 609 | 458 | 24.3% | — | 11.5% |
| Oaktree Strategic Credit Fund | 1 | 0.00% | 5,563 | -94.589% | 6,018 | 301 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 1 | 0.00% | 153 | -100.000% | 2,415 | — | — | — | — |
| Grand Total | 245 | 0.51% | 1,535,398 | -41.08% | 1,289,250 | 904,719 | 234.35% | 13.93% | 16.98% |
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 10% of BDCs’ portfolios, amounting to 19.7 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| HPS Corporate Lending Fund | 101 | 13.12% | 3,451,353 | -2.251% | 3,606,154 | 3,373,669 | 15.54% | 9.00% | 15.31% |
| Blue Owl Credit Income Corp. | 60 | 9.31% | 3,447,463 | -3.989% | 3,019,148 | 3,309,934 | — | — | — |
| ARES STRATEGIC INCOME FUND | 85 | 10.11% | 2,159,114 | -0.112% | 1,928,660 | 2,156,702 | 10.22% | 10.15% | 10.13% |
| Goldman Sachs Private Credit Corp. | 51 | 9.38% | 1,610,314 | -1.865% | 1,775,491 | 1,580,274 | 9.30% | 9.23% | 8.98% |
| Golub Capital Private Credit Fund | 55 | 13.16% | 1,331,531 | -1.187% | 1,356,608 | 1,315,723 | 3.44% | 3.32% | 3.23% |
| Blue Owl Technology Income Corp. | 30 | 15.48% | 853,375 | -5.248% | 708,055 | 808,588 | — | — | — |
| MSD Investment Corp. | 26 | 7.11% | 519,249 | -4.848% | 528,412 | 494,077 | — | — | — |
| Carlyle Credit Solutions Inc. | 47 | 18.21% | 507,239 | -6.494% | 462,999 | 474,297 | — | — | — |
| Bain Capital Specialty Finance Inc. | 93 | 18.75% | 510,218 | -8.690% | 505,025 | 465,880 | 38.03% | 12.34% | 14.35% |
| TCW Direct Lending VII LLC | 35 | 35.86% | 557,845 | -20.326% | 608,548 | 444,458 | — | — | — |
| Diameter Credit Co. | 15 | 14.07% | 420,560 | -1.033% | 323,433 | 416,215 | — | — | — |
| Goldman Sachs Private Middle Market Credit II LLC | 43 | 22.15% | 402,566 | -12.409% | 429,198 | 352,610 | 15.95% | 12.08% | 10.40% |
| Franklin BSP Capital Corp. | 46 | 7.86% | 369,063 | -13.764% | 490,505 | 318,267 | 20.37% | 10.36% | 9.87% |
| New Mountain Private Credit Fund | 35 | 13.82% | 316,691 | -13.439% | 231,992 | 274,131 | 16.31% | 11.04% | 11.24% |
| Oaktree Strategic Credit Fund | 10 | 3.43% | 243,586 | 0.995% | 246,168 | 246,009 | — | — | — |
| T Series Middle Market Loan Fund LLC | 57 | 10.69% | 274,988 | -13.331% | 260,147 | 238,330 | 18.54% | 9.95% | 10.39% |
| Bain Capital Private Credit | 29 | 11.24% | 219,987 | -3.579% | 192,692 | 212,113 | — | — | — |
| TCW Direct Lending VIII LLC | 15 | 15.60% | 256,428 | -20.281% | 264,503 | 204,422 | — | — | — |
| Apollo Origination II (L) Capital Trust | 9 | 12.04% | 186,592 | -1.493% | 191,989 | 183,807 | — | — | — |
| Silver Point Specialty Lending Fund | 22 | 14.48% | 172,543 | -0.481% | 181,045 | 171,713 | — | — | — |
| Grand Total | 1,391 | 9.93% | 19,772,529 | -3.53% | 19,440,544 | 19,074,848 | 14.87% | 8.90% | 11.10% |
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 3.6 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| TCW Direct Lending VII LLC | 717,017 | 645,880 |
| TCW Steel City Perpetual Levered Fund LP | 380,463 | 380,463 |
| Goldman Sachs Private Middle Market Credit II LLC | 255,298 | 246,301 |
| Franklin BSP Capital Corp. | 234,785 | 215,811 |
| Stellus Capital Investment Corp. | 207,420 | 166,025 |
| Blue Owl Credit Income Corp. | 174,996 | 171,433 |
| Carlyle Credit Solutions, Inc. | 167,647 | 151,720 |
| Bain Capital Specialty Finance Inc. | 166,364 | 165,442 |
| Kayne Anderson BDC, LLC | 165,958 | 160,777 |
| Goldman Sachs Private Credit Corp. | 156,464 | 141,945 |
| HPS Corporate Lending Fund | 148,984 | 148,186 |
| StepStone Private Credit Fund LLC | 141,525 | 140,799 |
| TCW Direct Lending VIII LLC | 84,533 | 83,862 |
| MSD Investment Corp. | 82,561 | 73,159 |
| KKR FS Income Trust | 57,816 | 58,653 |
| Crescent Capital BDC Inc. | 55,056 | 50,642 |
| Gladstone Investment Corp. | 46,490 | 15,217 |
| Brightwood Capital Corp I | 43,662 | 43,800 |
| Oaktree Strategic Credit Fund | 41,932 | 41,621 |
| T Series Middle Market Loan Fund LLC | 41,405 | 37,775 |
| Bain Capital Private Credit | 40,599 | 40,997 |
| Nuveen Churchill Private Capital Income Fund | 38,535 | 33,720 |
| Antares Strategic Credit Fund | 38,444 | 36,935 |
| New Mountain Private Credit Fund | 36,064 | 31,611 |
| Varagon Capital Corp. | 20,470 | 20,304 |
| Antares Private Credit Fund | 20,085 | 19,346 |
| NMF SLF I, Inc. | 17,594 | 15,728 |
| Blackstone Private Real Estate Credit & Income Fund | 16,170 | 16,225 |
| Blue Owl Technology Income Corp. | 8,873 | 8,886 |
| KKR FS Income Trust Select | 5,109 | 5,176 |
| Willow Tree Capital Corp. | 4,943 | 4,938 |
| KKR Enhanced US Direct Lending Fund-L Inc. | — | 25,200 |
| New Mountain Guardian IV BDC LLC | (1) | (311) |
| Grand Total | 3,617,261 | 3,398,266 |
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 35.1 Billion USD (Cost) accounting for 17.72% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Blue Owl Credit Income Corp. | 4,994,771 | 4,997,083 |
| HPS Corporate Lending Fund | 3,441,518 | 3,466,870 |
| Goldman Sachs Private Credit Corp. | 2,816,711 | 2,804,783 |
| ARES STRATEGIC INCOME FUND | 2,289,022 | 2,281,714 |
| MSD Investment Corp. | 1,782,543 | 1,787,671 |
| Golub Capital Private Credit Fund | 1,375,799 | 1,369,647 |
| Blackstone Private Real Estate Credit & Income Fund | 1,152,012 | 1,157,492 |
| Franklin BSP Capital Corp. | 1,116,286 | 1,102,607 |
| Blue Owl Technology Income Corp. | 1,077,560 | 994,591 |
| Oaktree Strategic Credit Fund | 1,064,577 | 1,072,879 |
| Overland Advantage | 874,190 | 872,522 |
| Bain Capital Specialty Finance Inc. | 880,266 | 846,915 |
| Diameter Credit Co. | 739,173 | 738,508 |
| Gladstone Investment Corp. | 600,476 | 736,011 |
| TPG Twin Brook Capital Income Fund | 605,769 | 616,472 |
| TCW Direct Lending VIII LLC | 575,644 | 605,350 |
| TCW Direct Lending VII LLC | 678,858 | 544,244 |
| KKR FS Income Trust | 554,119 | 550,476 |
| Goldman Sachs Private Middle Market Credit II LLC | 547,173 | 528,477 |
| Oaktree Gardens OLP LLC | 528,299 | 522,441 |
| New Mountain Private Credit Fund | 475,634 | 466,367 |
| Kayne Anderson BDC, LLC | 439,753 | 441,513 |
| Apollo Origination II (L) Capital Trust | 439,055 | 431,182 |
| Antares Strategic Credit Fund | 436,698 | 433,787 |
| Bain Capital Private Credit | 417,501 | 419,095 |
| Carlyle Credit Solutions, Inc. | 400,284 | 385,920 |
| New Mountain Guardian IV BDC LLC | 384,732 | 382,707 |
| TCW Steel City Perpetual Levered Fund LP | 377,101 | 380,136 |
| Willow Tree Capital Corp. | 370,071 | 373,705 |
| Jefferies Credit Partners BDC Inc. | 342,069 | 342,277 |
| KKR FS Income Trust Select | 335,788 | 332,488 |
| Varagon Capital Corp. | 299,595 | 285,462 |
| T Series Middle Market Loan Fund LLC | 296,314 | 289,224 |
| NMF SLF I, Inc. | 277,392 | 269,747 |
| Crescent Capital BDC Inc. | 262,172 | 252,245 |
| Nuveen Churchill Private Capital Income Fund | 259,220 | 259,241 |
| Brightwood Capital Corp I | 238,772 | 226,589 |
| John Hancock Comvest Private Income Fund | 225,945 | 225,925 |
| Silver Point Specialty Lending Fund | 217,220 | 195,857 |
| Phillip Street Middle Market Lending Fund LLC | 210,195 | 210,337 |
| StepStone Private Credit Fund LLC | 208,182 | 212,035 |
| Apollo Origination II (UL) Capital Trust | 190,913 | 188,082 |
| Stellus Capital Investment Corp. | 181,686 | 138,924 |
| Antares Private Credit Fund | 166,809 | 165,998 |
| Grand Total | 35,147,868 | 34,905,595 |
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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