BDCs
November 2026

BDC Filing Season: Q3 2026 Week 2

BDC Filing Season Q3 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 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%

Non-Accruals

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%

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 10.2% 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%

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 3.2 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

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 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


SOLVE’s BDC Data & Analytics empowers businesses like yours with detailed and standardized BDC portfolio and position data within minutes of filing with the SEC. Why Choose SOLVE’s BDC Data & Analytics solution?


Stay up-to-date with weekly summaries.


Subscribe
SHARE

Related Resources

About SOLVE

SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.