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.
This report will analyze 40 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 92.8 Billion USD which is approximately 17% 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 STRATEGIC INCOME FUND | 1,250 | 100.00% | 21,511,938 | -0.726% | 21,511,938 | 21,355,776 | 885.99% | 8.78% | 8.62% |
| Ares Core Infrastructure Fund | 91 | 100.00% | 10,299,565 | 2.643% | 2,029,378 | 10,571,736 | 8.64% | 8.64% | 8.42% |
| North Haven Private Income Fund LLC | 676 | 100.00% | 6,131,321 | -2.816% | 5,714,660 | 5,958,645 | 30.97% | — | 11.68% |
| Main Street Capital Corp. | 609 | 100.00% | 4,974,320 | 16.916% | 3,965,445 | 5,815,764 | 12.93% | 11.46% | 11.88% |
| Monroe Capital Income Plus Corp | 897 | 100.00% | 5,609,167 | -1.694% | 5,999,932 | 5,514,173 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 732 | 100.00% | 3,381,258 | -1.138% | 3,609,564 | 3,342,774 | 14.29% | 13.31% | 13.15% |
| BlackRock Private Credit Fund | 496 | 100.00% | 2,529,310 | 3.623% | 2,384,543 | 2,620,956 | — | — | — |
| Bain Capital Specialty Finance Inc. | 588 | 100.00% | 2,314,101 | -0.600% | 1,882,367 | 2,300,214 | 11.84% | 11.84% | 10.88% |
| T Series Middle Market Loan Fund LLC | 575 | 100.00% | 2,381,771 | -3.489% | 2,303,201 | 2,298,680 | 30.98% | — | 11.70% |
| APS BDC LLC | 139 | 100.00% | 2,263,107 | -1.095% | 2,307,642 | 2,238,318 | — | — | — |
| New Mountain Guardian IV BDC LLC | 462 | 100.00% | 2,162,059 | -1.365% | 2,451,837 | 2,132,541 | — | — | — |
| Fortress Private Lending Fund | 172 | 100.00% | 2,050,734 | -0.361% | 1,968,832 | 2,043,340 | 17.00% | 17.00% | 17.00% |
| Vista Credit Strategic Lending Corp. | 78 | 100.00% | 1,998,273 | -0.236% | 1,884,051 | 1,993,562 | — | — | — |
| New Mountain Private Credit Fund | 388 | 100.00% | 1,968,049 | -3.531% | 1,746,011 | 1,898,561 | 11.73% | 11.73% | 11.87% |
| 26North BDC Inc. | 155 | 100.00% | 1,875,128 | -1.140% | 1,793,660 | 1,853,758 | — | — | — |
| Overland Advantage | 51 | 100.00% | 1,787,344 | -0.449% | 1,809,217 | 1,779,315 | — | — | — |
| Apollo Origination II (L) Capital Trust | 161 | 100.00% | 1,626,984 | -0.664% | 1,597,708 | 1,616,179 | -2.90% | — | 1.92% |
| Crescent Capital BDC Inc. | 652 | 100.00% | 1,647,221 | -3.391% | 1,415,112 | 1,591,356 | 12.51% | 12.51% | 13.50% |
| Gladstone Investment Corp. | 71 | 100.00% | 1,181,079 | 21.151% | 2,213,358 | 1,430,890 | — | — | — |
| MSC Income Fund Inc. | 460 | 100.00% | 1,305,919 | 6.974% | 1,103,717 | 1,396,998 | — | — | — |
| Goldman Sachs Private Middle Market Credit II LLC | 155 | 100.00% | 1,480,673 | -7.923% | 1,407,224 | 1,363,356 | — | — | — |
| Silver Point Specialty Lending Fund | 207 | 100.00% | 1,252,020 | -4.261% | 1,216,064 | 1,198,677 | 7.59% | 7.94% | 5.78% |
| Lafayette Square USA Inc. | 126 | 100.00% | 1,171,277 | -1.866% | 993,012 | 1,149,416 | 12.31% | 12.31% | 12.87% |
| Phillip Street Middle Market Lending Fund LLC | 285 | 100.00% | 1,021,905 | -0.855% | 1,191,539 | 1,013,167 | — | — | — |
| Stellus Capital Investment Corp. | 403 | 100.00% | 988,991 | -2.310% | 902,567 | 966,146 | 33.95% | 14.98% | 14.96% |
| MidCap Apollo Institutional Private Lending | 348 | 100.00% | 975,372 | -4.360% | 957,274 | 932,843 | — | — | — |
| Brightwood Capital Corp I | 143 | 100.00% | 887,957 | -2.009% | 879,838 | 870,120 | — | — | — |
| Macquarie Infrastructure Income Opportunities Fund | 115 | 100.00% | 793,831 | -1.143% | 921,442 | 784,759 | 7.19% | 7.12% | 6.50% |
| West Bay BDC LLC | 164 | 100.00% | 721,590 | -0.786% | 876,366 | 715,918 | — | — | — |
| Apollo Origination II (UL) Capital Trust | 161 | 100.00% | 712,122 | -0.633% | 686,717 | 707,617 | -2.90% | — | 1.92% |
| Blue Owl Capital Corp. II | 213 | 100.00% | 670,429 | -10.838% | 610,481 | 597,766 | — | — | — |
| North Haven Private Income Fund A LLC | 408 | 100.00% | 601,436 | -1.374% | 602,297 | 593,174 | — | — | — |
| WhiteHorse Finance Inc. | 141 | 100.00% | 608,478 | -3.174% | 595,502 | 589,162 | — | — | — |
| BCP Investment Corp | 191 | 100.00% | 526,944 | -17.592% | 2,742,830 | 434,243 | 19.21% | 19.21% | 19.21% |
| Chicago Atlantic BDC Inc. | 52 | 100.00% | 401,761 | -0.533% | 402,601 | 399,618 | 12.96% | 12.96% | 12.96% |
| Silver Capital Holdings LLC | 38 | 100.00% | 331,321 | -17.776% | 350,634 | 272,427 | — | — | — |
| Monroe Capital Enhanced Corporate Lending Fund | 149 | 100.00% | 207,716 | 1.806% | 243,832 | 211,467 | — | — | — |
| BIP Ventures Evergreen BDC | 27 | 100.00% | 136,680 | 26.324% | 69,625 | 172,660 | 4.72% | 5.84% | 10.03% |
| Investcorp Credit Management BDC Inc. | 49 | 100.00% | 160,906 | -17.511% | 145,209 | 132,730 | — | — | — |
| Princeton Capital Corp. | 14 | 100.00% | 34,111 | -61.553% | 31,178 | 13,115 | — | — | — |
| Grand Total | 12,092 | 100% | 92,684,169 | 0.203% | 85,518,405 | 92,871,916 | 414.750% | 11.23% | 10.29% |
At least 27 BDCs that filed this week have reported Non–Accruals amounting to 1.3 Billion USD at Cost. Goldman Sachs Private Middle Market Credit II LLC. and Main Street Capital 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 |
|---|---|---|---|---|---|---|---|---|---|
| Goldman Sachs Private Middle Market Credit II LLC | 17 | 6.38% | 133,337 | -34.716% | 147,751 | 87,048 | — | — | — |
| Main Street Capital Corp. | 34 | 0.94% | 175,103 | -68.761% | 208,726 | 54,700 | 64.8% | — | 24.7% |
| Bain Capital Specialty Finance Inc. | 16 | 2.21% | 74,373 | -31.748% | 78,260 | 50,761 | — | — | — |
| Monroe Capital Income Plus Corp | 50 | 0.88% | 148,893 | -67.256% | 182,363 | 48,754 | — | — | — |
| ARES STRATEGIC INCOME FUND | 5 | 0.23% | 93,909 | -48.576% | 105,961 | 48,292 | — | — | — |
| Silver Capital Holdings LLC | 13 | 15.91% | 87,264 | -50.316% | 138,285 | 43,356 | — | — | — |
| North Haven Private Income Fund LLC | 11 | 0.64% | 91,546 | -58.167% | 93,775 | 38,296 | — | — | — |
| Crescent Capital BDC Inc. | 26 | 2.05% | 71,108 | -54.095% | 82,749 | 32,642 | — | — | — |
| Brightwood Capital Corp I | 4 | 3.60% | 36,194 | -13.569% | 36,459 | 31,283 | — | — | — |
| Lafayette Square USA Inc. | 10 | 2.47% | 30,252 | -6.267% | 39,872 | 28,356 | — | — | — |
| MidCap Apollo Institutional Private Lending | 8 | 2.38% | 37,121 | -40.196% | 39,036 | 22,200 | — | — | — |
| MSC Income Fund Inc. | 25 | 1.38% | 66,869 | -71.172% | 76,329 | 19,277 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 11 | 0.57% | 31,643 | -39.475% | 34,751 | 19,152 | — | — | — |
| Blue Owl Capital Corp. II | 15 | 2.78% | 69,778 | -76.144% | 80,204 | 16,646 | — | — | — |
| Silver Point Specialty Lending Fund | 9 | 1.19% | 37,942 | -62.377% | 45,073 | 14,275 | — | — | — |
| Stellus Capital Investment Corp. | 14 | 1.44% | 30,774 | -54.654% | 33,874 | 13,955 | — | — | — |
| T Series Middle Market Loan Fund LLC | 7 | 0.57% | 36,312 | -64.017% | 36,813 | 13,066 | — | — | — |
| BCP Investment Corp | 10 | 2.82% | 31,445 | -61.123% | 47,811 | 12,225 | — | — | — |
| Investcorp Credit Management BDC Inc. | 5 | 6.81% | 16,666 | -45.792% | 12,105 | 9,034 | — | — | — |
| Phillip Street Middle Market Lending Fund LLC | 2 | 0.85% | 9,466 | -8.694% | 11,750 | 8,643 | — | — | — |
| WhiteHorse Finance Inc. | 5 | 1.37% | 18,221 | -55.573% | 26,191 | 8,095 | — | — | — |
| Gladstone Investment Corp. | 5 | 0.50% | 40,340 | -82.310% | 40,340 | 7,136 | — | — | — |
| Princeton Capital Corp. | 2 | 51.22% | 13,588 | -50.565% | 13,185 | 6,717 | — | — | — |
| New Mountain Guardian IV BDC LLC | 1 | 0.16% | 4,180 | -17.368% | 4,231 | 3,454 | — | — | — |
| New Mountain Private Credit Fund | 1 | 0.17% | 5,413 | -41.751% | — | 3,153 | — | — | — |
| North Haven Private Income Fund A LLC | 4 | 0.19% | 2,170 | -49.217% | 2,212 | 1,102 | — | — | — |
| BlackRock Private Credit Fund | 3 | 0.01% | 2,997 | -95.196% | 3,208 | 144 | — | — | — |
| Grand Total | 313 | 0.95% | 1,396,903 | -54.06% | 1,621,314 | 641,762 | 64.77% | — | 24.71% |
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 10.2% of BDCs’ portfolios, amounting to 9.4 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 | 85 | 10.64% | 2,303,633 | -1.389% | 2,303,633 | 2,271,629 | — | — | — |
| Ares Core Infrastructure Fund | 1 | 9.91% | 1,047,597 | 0.000% | — | 1,047,597 | — | — | — |
| North Haven Private Income Fund LLC | 60 | 9.32% | 645,581 | -13.987% | 585,949 | 555,285 | 30.97% | — | 11.68% |
| Monroe Capital Income Plus Corp | 119 | 8.56% | 581,307 | -18.783% | 640,498 | 472,123 | — | — | — |
| Main Street Capital Corp. | 95 | 7.74% | 576,130 | -21.917% | 539,578 | 449,858 | 22.96% | 11.98% | 14.02% |
| Bain Capital Specialty Finance Inc. | 89 | 19.03% | 484,415 | -9.630% | 436,552 | 437,768 | — | — | — |
| Goldman Sachs Private Middle Market Credit II LLC | 47 | 26.10% | 438,531 | -18.856% | 451,813 | 355,841 | — | — | — |
| APS BDC LLC | 12 | 13.21% | 305,399 | -3.181% | 317,605 | 295,683 | — | — | — |
| New Mountain Private Credit Fund | 33 | 14.46% | 309,901 | -11.403% | 227,151 | 274,562 | 11.88% | 11.88% | 11.94% |
| T Series Middle Market Loan Fund LLC | 61 | 8.96% | 257,992 | -20.183% | 238,375 | 205,921 | 30.98% | — | 11.70% |
| Blue Owl Capital Corp. II | 46 | 32.24% | 224,085 | -14.010% | 208,563 | 192,691 | — | — | — |
| MSC Income Fund Inc. | 84 | 13.32% | 243,055 | -23.427% | 240,458 | 186,114 | — | — | — |
| Apollo Origination II (L) Capital Trust | 11 | 11.10% | 186,885 | -3.986% | 195,882 | 179,436 | — | — | — |
| Nuveen Churchill Private Capital Income Fund | 43 | 5.09% | 179,091 | -4.959% | 199,746 | 170,210 | 14.87% | 13.57% | 13.88% |
| Crescent Capital BDC Inc. | 65 | 10.41% | 177,436 | -6.619% | 171,589 | 165,691 | 13.23% | 13.23% | 14.50% |
| Silver Point Specialty Lending Fund | 21 | 11.09% | 142,397 | -6.629% | 149,587 | 132,958 | 6.58% | — | -1.28% |
| 26North BDC Inc. | 6 | 6.05% | 124,034 | -9.643% | 103,126 | 112,074 | — | — | — |
| New Mountain Guardian IV BDC LLC | 24 | 4.83% | 105,369 | -2.192% | 100,666 | 103,059 | — | — | — |
| Chicago Atlantic BDC Inc. | 16 | 25.34% | 100,979 | 0.275% | 101,971 | 101,257 | 12.96% | 12.96% | 12.96% |
| Stellus Capital Investment Corp. | 32 | 9.98% | 98,942 | -2.518% | 99,066 | 96,450 | 33.95% | 14.98% | 14.96% |
| BCP Investment Corp | 31 | 19.52% | 95,843 | -11.538% | 97,931 | 84,785 | — | — | — |
| Brightwood Capital Corp I | 9 | 9.53% | 89,560 | -7.370% | 90,355 | 82,959 | — | — | — |
| Apollo Origination II (UL) Capital Trust | 11 | 10.87% | 80,098 | -3.944% | 83,939 | 76,939 | — | — | — |
| Phillip Street Middle Market Lending Fund LLC | 16 | 7.31% | 75,869 | -2.444% | 89,545 | 74,015 | — | — | — |
| BlackRock Private Credit Fund | 22 | 2.68% | 73,762 | -4.802% | 74,534 | 70,220 | — | — | — |
| WhiteHorse Finance Inc. | 22 | 11.10% | 74,592 | -12.310% | 73,380 | 65,410 | — | — | — |
| Silver Capital Holdings LLC | 12 | 21.34% | 95,200 | -38.935% | 147,700 | 58,134 | — | — | — |
| North Haven Private Income Fund A LLC | 33 | 9.58% | 60,455 | -6.004% | 58,434 | 56,825 | — | — | — |
| West Bay BDC LLC | 12 | 7.91% | 57,597 | -1.642% | 71,984 | 56,651 | — | — | — |
| Vista Credit Strategic Lending Corp. | 2 | 2.68% | 49,990 | 6.779% | 53,858 | 53,379 | — | — | — |
| Fortress Private Lending Fund | 2 | 2.38% | 49,475 | -1.500% | 50,195 | 48,733 | 17.00% | 17.00% | 17.00% |
| MidCap Apollo Institutional Private Lending | 12 | 4.42% | 47,095 | -12.400% | 47,499 | 41,255 | — | — | — |
| Investcorp Credit Management BDC Inc. | 11 | 14.57% | 31,526 | -38.667% | 20,824 | 19,336 | — | — | — |
| Princeton Capital Corp. | 2 | 51.22% | 13,588 | -50.565% | 13,185 | 6,717 | — | — | — |
| Lafayette Square USA Inc. | 1 | 0.17% | 1,999 | 0.000% | 1,999 | 1,999 | — | — | 13.87% |
| Monroe Capital Enhanced Corporate Lending Fund | 2 | 0.56% | 1,233 | -3.487% | — | 1,190 | — | — | — |
| Grand Total | 1,150 | 9.70% | 9,430,640 | -8.76% | 8,287,170 | 8,604,754 | 20.43% | 12.42% | 13.76% |
The chart below is a bird’s-eye view of the BDCs aggregate Industry Diversification.

The chart below is an overview of the BDCs aggregate Diversification by Asset Class.

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 3.2 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Main Street Capital Corp. | 463,260 | 492,071 |
| Monroe Capital Income Plus Corp | 391,726 | 410,063 |
| Goldman Sachs Private Middle Market Credit II LLC | 362,236 | 379,750 |
| North Haven Private Income Fund LLC | 231,412 | 254,662 |
| Nuveen Churchill Private Capital Income Fund | 189,027 | 196,870 |
| Bain Capital Specialty Finance Inc. | 177,252 | 193,048 |
| Crescent Capital BDC Inc. | 130,133 | 140,930 |
| Stellus Capital Investment Corp. | 125,640 | 161,674 |
| Silver Capital Holdings LLC | 123,593 | 135,347 |
| T Series Middle Market Loan Fund LLC | 108,163 | 117,376 |
| MidCap Apollo Institutional Private Lending | 102,150 | 112,629 |
| BCP Investment Corp | 81,733 | 102,460 |
| MSC Income Fund Inc. | 76,726 | 80,864 |
| Gladstone Investment Corp. | 73,865 | 103,840 |
| Overland Advantage | 64,978 | 64,985 |
| Brightwood Capital Corp I | 64,890 | 71,490 |
| 26North BDC, Inc. | 60,868 | 61,679 |
| WhiteHorse Finance Inc. | 56,398 | 56,989 |
| Ares Core Infrastructure Fund | 55,320 | 55,256 |
| Lafayette Square USA, Inc. | 53,791 | 53,393 |
| Blue Owl Capital Corp. II | 49,992 | 84,552 |
| BlackRock Private Credit Fund | 43,901 | 45,986 |
| New Mountain Guardian IV BDC LLC | 26,361 | 28,197 |
| Chicago Atlantic BDC Inc. | 22,961 | 22,464 |
| Vista Credit Strategic Lending Corp. | 17,012 | 17,012 |
| Monroe Capital Enhanced Corporate Lending Fund | 15,757 | 15,887 |
| Fortress Private Lending Fund | 12,450 | 12,503 |
| BIP Ventures Evergreen BDC | 12,247 | 10,969 |
| Investcorp Credit Management BDC Inc. | 10,735 | 11,359 |
| North Haven Private Income Fund A LLC | 7,999 | 8,016 |
| New Mountain Private Credit Fund | 7,367 | 7,960 |
| West Bay BDC LLC | 7,024 | 7,070 |
| Silver Point Private Credit Fund | 5,760 | 5,776 |
| Princeton Capital Corp. | 1,199 | 7,246 |
| Grand Total | 3,233,926 | 3,530,373 |
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 24.6 Billion USD (Cost) accounting for 26.56% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Core Infrastructure Fund | 7,466,144 | 7,673,747 |
| ARES STRATEGIC INCOME FUND | 2,724,669 | 2,617,719 |
| APS BDC LLC | 1,305,346 | 1,295,064 |
| Main Street Capital Corp. | 945,785 | 1,173,010 |
| North Haven Private Income Fund LLC | 905,561 | 900,073 |
| Bain Capital Specialty Finance Inc. | 852,555 | 797,346 |
| Overland Advantage | 805,245 | 800,368 |
| Vista Credit Strategic Lending Corp. | 701,014 | 702,397 |
| Gladstone Investment Corp. | 671,145 | 697,599 |
| Fortress Private Lending Fund | 610,419 | 611,400 |
| 26North BDC, Inc. | 574,671 | 561,609 |
| Goldman Sachs Private Middle Market Credit II LLC | 548,673 | 532,198 |
| New Mountain Private Credit Fund | 458,787 | 439,276 |
| Apollo Origination II (L) Capital Trust | 449,620 | 438,188 |
| BlackRock Private Credit Fund | 447,298 | 447,898 |
| Lafayette Square USA, Inc. | 438,377 | 414,832 |
| New Mountain Guardian IV BDC LLC | 385,725 | 386,260 |
| Nuveen Churchill Private Capital Income Fund | 307,412 | 305,860 |
| T Series Middle Market Loan Fund LLC | 294,011 | 285,852 |
| MSC Income Fund Inc. | 273,836 | 336,673 |
| WhiteHorse Finance Inc. | 263,738 | 255,406 |
| Crescent Capital BDC Inc. | 258,586 | 250,667 |
| Silver Capital Holdings LLC | 255,394 | 203,574 |
| Chicago Atlantic BDC Inc. | 253,904 | 251,916 |
| Brightwood Capital Corp I | 237,160 | 224,595 |
| Blue Owl Capital Corp. II | 232,299 | 170,263 |
| West Bay BDC LLC | 231,061 | 228,555 |
| Silver Point Specialty Lending Fund | 218,569 | 203,141 |
| Phillip Street Middle Market Lending Fund LLC | 214,497 | 213,713 |
| BCP Investment Corp | 193,801 | 145,790 |
| Apollo Origination II (UL) Capital Trust | 192,923 | 188,153 |
| Stellus Capital Investment Corp. | 188,500 | 141,687 |
| Macquarie Infrastructure Income Opportunities Fund | 183,298 | 183,097 |
| BIP Ventures Evergreen BDC | 125,856 | 161,836 |
| MidCap Apollo Institutional Private Lending | 99,687 | 96,766 |
| Monroe Capital Enhanced Corporate Lending Fund | 91,032 | 94,814 |
| North Haven Private Income Fund A LLC | 89,704 | 88,099 |
| Investcorp Credit Management BDC Inc. | 87,712 | 68,784 |
| Princeton Capital Corp. | 34,111 | 13,115 |
| Grand Total | 24,618,125 | 24,601,339 |
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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