BDC Filing Season: Q1 2026 Week 3
BDC Filing Season Q1 2026 Week 3
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 16 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 16.3 Billion USD which is approximately 3% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| North Haven Private Income Fund LLC | 681 | 100.00% | 6,681,559 | -1.941% | 6,364,876 | 6,551,842 | 10.30% | 8.99% | 9.03% |
| Capital Southwest Corp. | 423 | 100.00% | 2,119,485 | -1.040% | 1,999,078 | 2,097,446 | — | — | — |
| APS BDC LLC | 131 | 100.00% | 1,824,865 | -0.756% | 1,972,242 | 1,811,075 | — | — | — |
| CCS IX Portfolio Holdings LLC | 40 | 100.00% | 1,273,097 | 0.139% | 680,714 | 1,274,865 | — | — | — |
| Crescent Private Credit Income Corp | 384 | 100.00% | 964,912 | 0.159% | 863,186 | 966,445 | — | — | — |
| Golub Capital Direct Lending Corp | 1,144 | 100.00% | 866,684 | -0.547% | 847,681 | 861,939 | — | — | — |
| Partners Group Lending Fund LLC | 148 | 100.00% | 520,045 | -0.590% | 596,892 | 516,979 | — | — | — |
| Golub Capital Private Income Fund I | 279 | 100.00% | 425,330 | -1.640% | 405,758 | 418,355 | — | — | — |
| PGIM Private Credit Fund | 152 | 100.00% | 399,167 | 0.774% | 462,396 | 402,258 | — | — | — |
| AB Private Lending Fund | 383 | 100.00% | 392,418 | -0.877% | 374,616 | 388,975 | — | — | — |
| Star Mountain Lower Middle-Market Capital Corp. | 124 | 100.00% | 385,644 | -0.942% | 329,725 | 382,010 | — | — | — |
| Golub Capital Private Income Fund S | 279 | 100.00% | 261,544 | -1.663% | 243,832 | 257,194 | — | — | — |
| Sound Point Direct Lending BDC | 101 | 100.00% | 233,307 | -0.223% | 308,125 | 232,787 | — | — | — |
| Eagle Point Trinity Senior Secured Lending Co | 211 | 100.00% | 129,376 | 1.528% | 126,083 | 131,353 | — | — | — |
| Equus Total Return Inc. | 4 | 100.00% | 11,696 | 86.406% | 10,500 | 21,802 | — | — | — |
| Princeton Capital Corp. | 14 | 100.00% | 34,111 | -59.232% | 21,855 | 13,906 | — | — | — |
| Grand Total | 4,498 | 100% | 16,523,240 | -1.174% | 15,607,559 | 16,329,231 | 10.300% | 8.99% | 9.03% |
Non-Accruals
At least 6 BDCs that filed this week have reported Non–Accruals amounting to 234 Million USD at Cost. North Haven Private Income Fund LLC and Capital Southwest 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 |
|---|---|---|---|---|---|---|---|---|---|
| North Haven Private Income Fund LLC | 8 | 1.22% | 117,896 | -32.423% | 120,232 | 79,670 | 42.0% | — | 12.2% |
| Capital Southwest Corp. | 9 | 1.08% | 51,922 | -56.290% | 52,275 | 22,695 | — | — | — |
| Star Mountain Lower Middle-Market Capital Corp. | 12 | 5.35% | 36,728 | -44.323% | 37,999 | 20,449 | — | — | — |
| Princeton Capital Corp. | 3 | 75.33% | 18,088 | -42.084% | 18,088 | 10,476 | — | — | — |
| Crescent Private Credit Income Corp | 2 | 0.62% | 7,826 | -23.946% | 8,073 | 5,952 | — | — | — |
| Golub Capital Direct Lending Corp | 11 | 0.12% | 1,856 | -42.726% | 1,919 | 1,063 | — | — | — |
| Grand Total | 45 | 1.29% | 234,316 | -40.12% | 238,586 | 140,305 | 42.00% | — | 12.19% |
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 10% of BDCs’ portfolios, amounting to 1.6 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| North Haven Private Income Fund LLC | 60 | 9.11% | 660,581 | -9.665% | 617,633 | 596,736 | 16.86% | 9.74% | 10.23% |
| Capital Southwest Corp. | 43 | 10.64% | 272,161 | -18.008% | 274,586 | 223,149 | — | — | — |
| APS BDC LLC | 8 | 10.02% | 184,918 | -1.883% | 190,135 | 181,436 | — | — | — |
| Star Mountain Lower Middle-Market Capital Corp. | 44 | 36.23% | 130,485 | 6.054% | 93,917 | 138,384 | — | — | — |
| Golub Capital Direct Lending Corp | 137 | 15.22% | 134,079 | -2.160% | 135,777 | 131,183 | — | — | — |
| CCS IX Portfolio Holdings LLC | 1 | 5.59% | 70,323 | 1.266% | 71,213 | 71,213 | — | — | — |
| Golub Capital Private Income Fund I | 10 | 10.35% | 43,935 | -1.459% | 44,008 | 43,294 | — | — | — |
| Golub Capital Private Income Fund S | 10 | 11.33% | 29,584 | -1.474% | 29,617 | 29,148 | — | — | — |
| Crescent Private Credit Income Corp | 5 | 1.99% | 19,113 | 0.806% | 19,281 | 19,267 | — | — | — |
| AB Private Lending Fund | 7 | 4.81% | 19,240 | -2.691% | 19,307 | 18,723 | — | — | — |
| PGIM Private Credit Fund | 5 | 1.85% | 7,454 | 0.027% | 7,872 | 7,456 | — | — | — |
| Princeton Capital Corp. | 2 | 50.64% | 13,588 | -48.174% | 13,588 | 7,042 | — | — | — |
| Eagle Point Trinity Senior Secured Lending Co | 8 | 4.95% | 6,536 | -0.597% | 6,525 | 6,497 | — | — | — |
| Grand Total | 340 | 9.47% | 1,591,996 | -7.44% | 1,523,459 | 1,473,527 | 16.86% | 9.74% | 10.23% |
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 442 Million USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Capital Southwest Corp. | 249,699 | 244,014 |
| North Haven Private Income Fund LLC | 108,230 | 98,220 |
| Star Mountain Lower Middle-Market Capital Corp. | 59,660 | 57,235 |
| AB Private Lending Fund | 9,687 | 9,621 |
| Princeton Capital Corp. | 7,246 | 1,829 |
| Eagle Point Trinity Senior Secured Lending Co | 5,597 | 5,621 |
| Golub Capital Direct Lending Corp | 1,134 | 1,128 |
| Golub Capital Private Income Fund I | 906 | 951 |
| Golub Capital Private Income Fund S | 415 | 436 |
| Grand Total | 442,574 | 419,055 |
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 4.5 Billion USD (Cost) accounting for 27.34% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| APS BDC LLC | 1,238,089 | 1,221,495 |
| North Haven Private Income Fund LLC | 883,640 | 885,427 |
| CCS IX Portfolio Holdings LLC | 688,525 | 690,532 |
| Capital Southwest Corp. | 434,290 | 459,634 |
| Crescent Private Credit Income Corp | 291,445 | 293,636 |
| Partners Group Lending Fund LLC | 160,977 | 161,071 |
| Star Mountain Lower Middle-Market Capital Corp. | 158,130 | 161,331 |
| Golub Capital Direct Lending Corp | 126,385 | 124,293 |
| Sound Point Direct Lending BDC | 126,248 | 126,118 |
| PGIM Private Credit Fund | 113,481 | 113,719 |
| Golub Capital Private Income Fund I | 88,144 | 87,485 |
| AB Private Lending Fund | 65,227 | 65,031 |
| Golub Capital Private Income Fund S | 58,298 | 57,551 |
| Eagle Point Trinity Senior Secured Lending Co | 39,238 | 39,539 |
| Princeton Capital Corp. | 34,111 | 13,906 |
| Equus Total Return Inc. | 11,696 | 21,802 |
| Grand Total | 4,517,924 | 4,522,571 |
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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