BDC Filing Season Q3 2025 Week 3

BDC data provided by the Advantage Data Workstation, 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 110.5 Billion USD which is approximately 23% of aggregate AUM of all BDCs.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Apollo Debt Solutions BDC	775	100.00%	22,701,800	0.870%	25,213,222	22,899,330	8.02%	6.30%	7.53%
Blackstone Secured Lending Fund	651	100.00%	14,182,588	-0.868%	14,035,657	14,059,527	11.49%	9.62%	9.58%
Goldman Sachs Private Credit Corp.	642	100.00%	12,157,597	-0.230%	—	12,129,670	19.14%	9.53%	19.55%
North Haven Private Income Fund LLC	675	100.00%	6,899,219	-0.824%	6,742,865	6,842,348	10.70%	9.34%	9.52%
Franklin BSP Capital Corp.	355	100.00%	4,205,613	-2.951%	3,762,848	4,081,496	11.37%	9.89%	10.12%
TPG Twin Brook Capital Income Fund	761	100.00%	4,059,451	-0.155%	4,886,975	4,053,160	138.61%	9.93%	142.32%
Morgan Stanley Direct Lending Fund	586	100.00%	3,913,245	-1.582%	9,497,467	3,851,320	13.19%	9.65%	9.81%
Stone Point Credit Corp.	312	100.00%	2,681,954	0.128%	2,654,111	2,685,388	10.09%	9.76%	9.82%
Bain Capital Specialty Finance Inc.	541	100.00%	2,577,935	0.363%	2,176,269	2,587,296	12.01%	11.02%	11.52%
Carlyle Credit Solutions Inc.	246	100.00%	2,470,518	-1.217%	2,421,119	2,440,440	10.70%	9.55%	9.69%
Kayne Anderson BDC LLC	317	100.00%	2,277,330	0.349%	—	2,285,278	—	—	—
T Series Middle Market Loan Fund LLC	501	100.00%	2,142,616	-1.504%	2,093,726	2,110,396	10.73%	9.73%	9.76%
Fidelity Private Credit Fund	323	100.00%	2,053,094	-0.563%	1,928,633	2,041,534	10.54%	9.85%	9.98%
KKR FS Income Trust	381	100.00%	1,993,912	1.394%	3,403,312	2,021,711	9.91%	9.85%	10.37%
Nuveen Churchill Private Capital Income Fund	555	100.00%	2,029,384	-0.537%	2,230,516	2,018,487	9.17%	-7.11%	—
Goldman Sachs Private Middle Market Credit II	193	100.00%	1,843,781	-2.803%	1,792,102	—	11.45%	10.92%	10.43%
Ares Core Infrastructure Fund	47	100.00%	1,666,021	4.573%	309,435	1,742,201	48.27%	2.79%	48.26%
New Mountain Guardian IV BDC LLC	382	100.00%	1,628,650	0.172%	1,908,815	1,631,454	9.52%	9.46%	9.54%
New Mountain Private Credit Fund	281	100.00%	1,645,863	-3.247%	1,736,562	1,592,430	11.72%	9.69%	9.92%
Crescent Capital BDC Inc.	614	100.00%	1,607,025	-1.395%	1,561,777	1,584,604	10.81%	10.01%	10.18%
Overland Advantage	73	100.00%	1,380,057	-0.197%	1,074,268	1,377,332	7.93%	7.93%	7.66%
TCW Direct Lending VIII LLC	67	100.00%	1,372,545	-0.558%	1,340,054	1,364,884	33.03%	32.54%	30.36%
Apollo Origination II (L) Capital Trust	116	100.00%	1,286,407	0.424%	1,524,800	1,291,857	10.04%	10.04%	10.39%
KKR FS Income Trust Select	312	100.00%	1,117,860	1.179%	1,945,563	1,131,040	8.95%	8.95%	9.33%
TCW Direct Lending VII LLC	62	100.00%	1,284,676	-12.704%	1,182,044	1,121,470	58.32%	26.61%	32.27%
Fortress Private Lending Fund	94	100.00%	1,029,635	-0.071%	1,040,441	1,028,905	—	—	—
KKR Enhanced US Direct Lending Fund-L	246	100.00%	—	—	1,186,955	1,025,231	18.28%	8.69%	—
Stellus Capital Investment Corp.	382	100.00%	1,020,117	-0.971%	965,654	1,010,210	13.21%	3.83%	4.22%
MidCap Apollo Institutional Private Lending	252	100.00%	922,086	-1.465%	923,901	908,573	41.70%	8.03%	10.50%
Phillip Street Middle Market Lending Fund LLC	237	100.00%	775,043	-0.093%	—	774,320	9.59%	9.59%	9.57%
WhiteHorse Finance	139	100.00%	650,778	-6.526%	575,353	608,308	42.93%	11.21%	12.17%
Silver Capital Holdings LLC	55	100.00%	485,013	-4.826%	—	461,605	11.13%	11.13%	10.90%
SL Investment Fund II LLC	164	100.00%	451,852	0.486%	455,454	454,050	8.98%	8.98%	9.06%
North Haven Private Income Fund A LLC	355	100.00%	448,379	0.233%	451,363	449,424	9.14%	9.10%	9.16%
LGAM Private Credit LLC	297	100.00%	361,474	0.180%	353,980	362,126	9.26%	9.24%	9.26%
TriplePoint Private Venture Credit	471	100.00%	378,081	-4.361%	330,384	361,593	15.89%	11.70%	8.71%
Kayne DL 2021 Inc.	218	100.00%	351,156	0.970%	332,298	354,563	9.99%	9.89%	10.34%
Manulife Private Credit Fund	245	100.00%	12,152	2764.248%	338,521	348,068	9.73%	9.73%	—
Andalusian Credit Company LLC	40	100.00%	324,774	-0.043%	257,065	324,632	10.04%	10.04%	10.14%
Chicago Atlantic BDC Inc.	48	100.00%	310,270	0.362%	312,465	311,393	—	—	—
Grand Total	13,346	100%	109,728,824	0.731%	110,531,427	—	—	—	—

Non-Accruals

At least 20 BDCs that filed this week have reported Non–Accruals amounting to 0.87 Billion USD at Cost. Franklin BSP Capital Corp. and Apollo Debt Solutions BDC are leading the Non-Accruals list.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Franklin BSP Capital Corp.	16	1.87%	144,547	-47.212%	250,594	76,303	45.5%	—	12.4%
Apollo Debt Solutions BDC	10	0.28%	164,301	-60.653%	147,348	64,648	51.3%	—	5.8%
North Haven Private Income Fund LLC	9	0.51%	71,436	-51.478%	76,024	34,662	89.1%	—	12.7%
Kayne Anderson BDC LLC	5	1.06%	46,694	-48.021%	—	24,271	—	—	—
Crescent Capital BDC Inc.	25	1.49%	50,024	-52.697%	60,558	23,663	—	—	—
Morgan Stanley Direct Lending Fund	7	0.57%	47,551	-53.749%	47,886	21,993	215.5%	—	11.5%
Goldman Sachs Private Middle Market Credit II	3	1.18%	23,887	-11.538%	32,643	21,131	—	—	—
Silver Capital Holdings LLC	5	4.33%	34,525	-42.123%	71,048	19,982	—	—	—
Carlyle Credit Solutions Inc.	5	0.81%	34,794	-43.266%	38,257	19,740	46.3%	11.0%	11.7%
Stellus Capital Investment Corp.	15	1.90%	45,325	-57.564%	48,492	19,234	254.9%	15.0%	8.7%
Bain Capital Specialty Finance Inc.	12	0.72%	36,690	-49.071%	39,085	18,686	55.0%	14.6%	13.4%
T Series Middle Market Loan Fund LLC	3	0.81%	35,339	-51.926%	35,755	16,989	44.1%	—	10.9%
TriplePoint Private Venture Credit	37	3.67%	34,228	-61.236%	34,759	13,268	80.8%	23.3%	16.3%
WhiteHorse Finance	9	1.88%	31,909	-64.067%	38,261	11,466	670.1%	—	18.3%
MidCap Apollo Institutional Private Lending	2	1.03%	16,331	-42.759%	16,715	9,348	75.5%	—	12.9%
Investcorp Credit Management BDC Inc.	5	4.40%	14,447	-40.333%	10,429	8,620	—	—	—
Blackstone Secured Lending Fund	4	0.05%	18,573	-59.053%	39,128	7,605	593.2%	—	32.7%
Prospect Floating Rate & Alternative Income Fund Inc.	6	9.56%	7,553	-12.033%	7,611	6,644	137.9%	15.3%	11.2%
Nuveen Churchill Private Capital Income Fund	2	0.13%	7,608	-64.656%	9,870	2,689	—	—	9.7%
TPG Twin Brook Capital Income Fund	5	0.06%	4,932	-52.129%	6,030	2,361	129.5%	—	23.2%
Grand Total	185	0.57%	870,694	-51.38%	1,010,492	423,304	136.34%	14.04%	12.22%

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 10.4% of BDCs’ portfolios, amounting to 11.4 billion USD at Cost.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Blackstone Secured Lending Fund	82	21.10%	3,104,785	-4.446%	3,147,452	2,966,736	16.83%	10.15%	10.06%
Apollo Debt Solutions BDC	40	5.86%	1,378,744	-2.663%	1,354,087	1,342,022	4.69%	4.69%	7.23%
Goldman Sachs Private Credit Corp.	27	8.60%	1,061,883	-1.722%	1,183,928	1,043,600	11.62%	9.83%	11.31%
Bain Capital Specialty Finance Inc.	81	19.25%	520,131	-4.266%	521,303	497,944	16.70%	13.14%	14.89%
North Haven Private Income Fund LLC	49	7.20%	522,578	-5.750%	524,432	492,530	20.68%	10.02%	10.89%
TCW Direct Lending VII LLC	38	39.84%	557,050	-19.790%	598,015	446,808	64.23%	23.56%	35.01%
Franklin BSP Capital Corp.	51	10.66%	494,950	-12.099%	620,346	435,066	17.05%	11.08%	11.70%
Carlyle Credit Solutions Inc.	36	16.47%	430,564	-6.629%	439,427	402,023	14.40%	9.86%	10.59%
Morgan Stanley Direct Lending Fund	54	8.49%	368,108	-11.187%	1,048,673	326,929	38.84%	10.36%	11.09%
Goldman Sachs Private Middle Market Credit II	35	17.92%	338,576	-5.125%	367,842	321,225	14.02%	12.46%	11.22%
New Mountain Private Credit Fund	36	18.99%	344,301	-12.185%	264,663	302,349	20.12%	11.45%	11.46%
TCW Direct Lending VIII LLC	18	19.16%	312,259	-16.256%	320,121	261,500	23.51%	15.10%	13.95%
T Series Middle Market Loan Fund LLC	41	8.75%	200,915	-8.096%	197,595	184,648	15.44%	10.28%	10.85%
KKR FS Income Trust	20	8.43%	170,121	0.148%	169,952	170,373	15.50%	15.50%	16.85%
Crescent Capital BDC Inc.	57	10.23%	175,793	-7.773%	184,376	162,128	16.97%	13.87%	12.10%
Kayne Anderson BDC LLC	23	5.90%	140,021	-3.634%	—	134,932	—	—	—
KKR Enhanced US Direct Lending Fund-L	19	12.78%	—	—	130,562	131,000	—	—	—
TPG Twin Brook Capital Income Fund	53	3.15%	145,202	-12.168%	151,225	127,534	20.95%	12.17%	12.58%
Stellus Capital Investment Corp.	34	12.04%	127,840	-4.881%	128,182	121,599	11.56%	10.40%	9.79%
Apollo Origination II (L) Capital Trust	4	7.67%	98,031	1.038%	100,347	99,049	—	—	—
New Mountain Guardian IV BDC LLC	19	5.66%	91,719	0.601%	86,332	92,270	11.23%	11.23%	11.31%
Nuveen Churchill Private Capital Income Fund	22	4.50%	94,497	-3.883%	96,342	90,828	14.04%	13.96%	13.06%
KKR FS Income Trust Select	12	7.72%	86,563	0.914%	86,380	87,354	13.27%	13.27%	13.27%
Chicago Atlantic BDC Inc.	14	24.75%	76,831	0.323%	78,300	77,079	—	—	—
Silver Capital Holdings LLC	11	16.46%	88,660	-14.280%	125,888	75,999	12.52%	12.52%	12.30%
WhiteHorse Finance	25	11.38%	85,253	-18.816%	80,878	69,212	23.22%	10.65%	12.16%
TriplePoint Private Venture Credit	42	16.97%	73,744	-16.800%	73,565	61,355	21.15%	14.08%	12.28%
MidCap Apollo Institutional Private Lending	11	6.68%	63,154	-3.826%	63,964	60,738	6.37%	6.37%	6.42%
Phillip Street Middle Market Lending Fund LLC	7	7.65%	60,091	-1.444%	63,745	59,223	9.89%	9.89%	9.48%
TCW Star Direct Lending LLC	15	24.11%	60,715	-11.917%	61,915	53,480	48.16%	55.94%	41.27%
Investcorp Credit Management BDC Inc.	12	14.70%	33,396	-13.674%	23,325	28,829	—	—	—
North Haven Private Income Fund A LLC	12	5.68%	25,481	0.126%	25,616	25,513	9.98%	9.98%	10.01%
West Bay BDC LLC	3	8.58%	25,372	-0.087%	28,279	25,350	17.02%	9.29%	16.95%
PIMCO Capital Solutions BDC Corp.	3	9.67%	21,416	3.278%	24,025	22,118	16.73%	16.73%	18.83%
LGAM Private Credit LLC	16	5.17%	18,690	0.150%	18,736	18,718	10.19%	10.19%	10.41%
Kayne DL 2021 Inc.	15	5.15%	18,919	-3.483%	19,213	18,260	11.05%	11.05%	10.03%
Fidelity Private Credit Fund	4	0.85%	26,251	-34.235%	26,620	17,264	38.67%	13.58%	11.77%
Prospect Floating Rate & Alternative Income Fund Inc.	7	8.12%	5,755	-2.031%	5,555	5,638	15.01%	15.66%	10.52%
SL Investment Fund II LLC	5	1.07%	4,871	-0.185%	4,916	4,862	10.83%	10.83%	10.78%
Manulife Private Credit Fund	1	0.32%	—	—	1,129	1,124	15.11%	15.11%	—
Grand Total	1,054	10.51%	11,453,230	-5.13%	12,447,249	10,865,209	19.73%	11.50%	12.65%

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 60.1 Billion USD at cost.

BDC	Cost (1000)	FV (1000)
Blue Owl Capital Corp.	883,357	776,870
FS KKR Capital Corp.	585,800	485,100
Prospect Capital	574,169	440,078
Blue Owl Technology Finance Corp.	366,600	362,030
MidCap Financial Investment Corp.	391,248	359,453
Cion Investment Corp.	347,058	317,095
Goldman Sachs BDC	250,384	228,186
SLR Investment Corp.	207,077	200,433
BlackRock TCP Capital Corp.	203,578	195,184
Barings BDC	201,379	188,619
Barings Private Credit Corp	184,318	175,886
TriplePoint Venture Growth BDC Corp.	201,488	159,652
Capital Southwest Corp.	158,747	145,258
New Mountain Finance	163,775	143,760
Blue Owl Capital Corp. II	156,270	138,784
Fidus Investment Corp	131,627	131,115
Trinity Capital Inc.	159,575	130,606
Sixth Street Specialty Lending, Inc.	104,056	87,249
Nuveen Churchill Direct Lending Corp.	61,477	60,023
Barings Capital Investment Corp	59,461	56,645
Monroe Capital	56,799	51,995
Blue Owl Credit Income Corp.	46,688	46,309
BCP Investment Corp	49,020	45,358
Great Elm Capital Corp.	44,760	45,096
Gladstone Investment Corp.	45,056	33,990
BC Partners Lending Corp.	23,527	21,755
SCP Private Credit Income BDC LLC	18,192	18,274
LAGO Evergreen Credit	11,238	11,603
Palmer Square Capital BDC Inc.	8,177	7,001
Oxford Square Capital Corp.	15,000	6,154
Carlyle Secured Lending III	4,376	4,223
SLR HC BDC LLC	4,141	4,164
SuRo Capital Corp.	140	275
Grand Total	5,718,558	5,078,223

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 22.9 Billion USD (Cost) accounting for 21% of their aggregate holdings (Cost).

BDC	Cost (1000)	FV (1000)
Blackstone Secured Lending Fund	2,894,734	2,790,894
Apollo Debt Solutions BDC	2,439,149	2,471,534
Goldman Sachs Private Credit Corp.	1,998,609	1,983,685
Ares Core Infrastructure Fund	1,536,116	1,612,137
Franklin BSP Capital Corp.	1,146,574	1,133,315
Bain Capital Specialty Finance Inc.	884,299	853,674
North Haven Private Income Fund LLC	869,246	875,601
Overland Advantage	751,904	753,400
TCW Direct Lending VII LLC	647,400	518,943
TPG Twin Brook Capital Income Fund	614,898	627,314
Stone Point Credit Corp.	603,658	604,393
TCW Direct Lending VIII LLC	566,332	600,791
Morgan Stanley Direct Lending Fund	558,804	546,151
Goldman Sachs Private Middle Market Credit II	554,889	544,910
KKR FS Income Trust	477,506	479,759
Fidelity Private Credit Fund	476,909	481,704
New Mountain Private Credit Fund	451,532	428,296
Carlyle Credit Solutions, Inc.	444,121	427,750
Kayne Anderson BDC, LLC	438,443	446,890
Apollo Origination II (L) Capital Trust	424,239	426,490
Fortress Private Lending Fund	399,465	399,521
New Mountain Guardian IV BDC LLC	368,056	368,790
T Series Middle Market Loan Fund LLC	316,391	299,898
KKR FS Income Trust Select	289,162	290,954
Crescent Capital BDC Inc.	269,094	266,345
WhiteHorse Finance	265,023	242,975
Silver Capital Holdings LLC	250,651	244,100
Nuveen Churchill Private Capital Income Fund	214,704	214,360
Chicago Atlantic BDC Inc.	197,170	197,797
Phillip Street Middle Market Lending Fund LLC	193,578	194,647
Stellus Capital Investment Corp.	175,542	143,037
Andalusian Credit Company LLC	174,474	174,296
West Bay BDC LLC	164,811	164,548
SL Investment Fund II LLC	153,895	154,606
TriplePoint Private Venture Credit	121,208	110,076
TCW Star Direct Lending LLC	100,744	103,591
MidCap Apollo Institutional Private Lending	99,141	99,240
Investcorp Credit Management BDC Inc.	95,172	86,878
North Haven Private Income Fund A LLC	81,800	82,019
PIMCO Capital Solutions BDC Corp.	78,232	76,133
LGAM Private Credit LLC	67,646	67,414
Kayne DL 2021 Inc.	66,227	67,167
Prospect Floating Rate & Alternative Income Fund, Inc.	43,941	39,817
Grand Total	22,965,489	22,695,839

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.

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