BDC Filing Season: Q3 2025 Week 2
BDC Filing Season Q3 2025 Week 2
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 the 38 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 139.4 Billion USD which is approximately 29% 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. | 516 | 100.00% | 33,810,984 | -0.255% | 32,344,827 | 33,724,823 | 4.00% | 4.00% | 5.51% |
| Blue Owl Capital Corp. | 356 | 100.00% | 17,054,876 | 0.506% | 14,738,535 | 17,141,244 | 14.01% | 9.60% | 10.56% |
| FS KKR Capital Corp. | 578 | 100.00% | 14,038,200 | -4.441% | 14,098,853 | 13,414,700 | 18.85% | 11.70% | 15.50% |
| Blue Owl Technology Finance Corp. | 267 | 100.00% | 12,744,350 | 1.130% | 10,905,210 | 12,888,344 | 11.63% | 5.78% | 6.13% |
| Sixth Street Lending Partners | 113 | 100.00% | 7,440,176 | 3.815% | 7,524,116 | 7,724,052 | 9.30% | 9.19% | 9.94% |
| Prospect Capital | 199 | 100.00% | 6,532,842 | -0.297% | 6,496,158 | 6,513,456 | 19.18% | 11.18% | 20.69% |
| Barings Private Credit Corp | 706 | 100.00% | 4,478,081 | 0.039% | 18,082,272 | 4,479,835 | 11.22% | 9.82% | 10.13% |
| Sixth Street Specialty Lending Inc. | 219 | 100.00% | 3,343,972 | 0.967% | 3,241,669 | 3,376,311 | 54.48% | 10.52% | 12.49% |
| Goldman Sachs BDC | 548 | 100.00% | 3,348,192 | -3.541% | 4,006,956 | 3,229,626 | 11.26% | 10.98% | 10.82% |
| MidCap Financial Investment Corp. | 628 | 100.00% | 3,338,332 | -4.708% | 3,132,829 | 3,181,148 | 35.75% | 7.45% | 18.94% |
| New Mountain Finance | 403 | 100.00% | 3,062,321 | -3.876% | 2,539,119 | 2,943,619 | 12.18% | 10.05% | 10.69% |
| T. Rowe Price OHA Private Credit Fund | 336 | 100.00% | 2,687,435 | -0.429% | 3,140,958 | 2,675,904 | 24.36% | 9.69% | 24.00% |
| Barings BDC | 657 | 100.00% | 2,564,002 | -1.080% | – | 2,536,315 | 11.59% | 10.08% | 10.27% |
| SLR Investment Corp. | 118 | 100.00% | 2,511,268 | -1.312% | 1,662,974 | 2,478,323 | 10.00% | 9.91% | 10.12% |
| Carlyle Secured Lending Inc. | 221 | 100.00% | 2,442,191 | -0.801% | 2,366,805 | 2,422,630 | 11.02% | 9.67% | 10.02% |
| Trinity Capital Inc. | 519 | 100.00% | 2,214,230 | -0.560% | 2,045,244 | 2,201,827 | 12.32% | 11.00% | 10.35% |
| Nuveen Churchill Direct Lending Corp. | 500 | 100.00% | 2,041,155 | -1.531% | 2,165,130 | 2,009,911 | 10.77% | 9.94% | 10.21% |
| Capital Southwest Corp. | 388 | 100.00% | 1,896,526 | -0.982% | 1,783,297 | 1,877,908 | 13.90% | 11.51% | 11.70% |
| Cion Investment Corp. | 236 | 100.00% | 1,910,155 | -3.642% | 1,630,637 | 1,840,584 | – | 13.53% | 33.26% |
| BlackRock TCP Capital Corp. | 350 | 100.00% | 1,795,013 | -0.965% | 1,673,457 | 1,777,686 | – | 11.05% | 19.08% |
| Blue Owl Capital Corp. II | 283 | 100.00% | 1,737,959 | -1.172% | 1,619,081 | 1,717,588 | 42.45% | 10.73% | 11.13% |
| Barings Capital Investment Corp | 587 | 100.00% | 1,367,220 | 0.348% | – | 1,371,978 | 10.48% | 9.73% | 9.87% |
| Palmer Square Capital BDC Inc. | 262 | 100.00% | 1,331,847 | -5.471% | 1,306,471 | 1,258,988 | 13.97% | 8.86% | 8.99% |
| Fidus Investment Corp | 232 | 100.00% | 1,227,243 | 1.903% | 1,081,231 | 1,250,601 | 20.70% | 11.65% | 11.81% |
| Gladstone Investment Corp. | 66 | 100.00% | 1,038,417 | 9.019% | 738,715 | 1,132,076 | 37.00% | 13.43% | 12.64% |
| TriplePoint Venture Growth BDC Corp. | 311 | 100.00% | 831,979 | -3.633% | 742,077 | 801,750 | 17.05% | 11.71% | 8.83% |
| BCP Investment Corp | 186 | 100.00% | 592,862 | -8.967% | – | 539,701 | 17.54% | 11.54% | 15.68% |
| 5C Lending Partners Corp. | 37 | 100.00% | 505,637 | 0.208% | 510,598 | 506,691 | 9.28% | 9.28% | 9.32% |
| OHA Senior Private Lending Fund (U) LLC | 198 | 100.00% | 432,846 | 0.328% | 499,023 | 434,267 | 19.45% | 9.89% | 23.55% |
| Great Elm Capital Corp. | 87 | 100.00% | 462,921 | -10.610% | 266,544 | 413,804 | 13.17% | 10.03% | 10.92% |
| Monroe Capital | 267 | 100.00% | 408,331 | -11.677% | 353,170 | 360,650 | 26.11% | 11.77% | 15.13% |
| Oxford Square Capital Corp. | 57 | 100.00% | 433,387 | -28.301% | 628,051 | 310,735 | 33.49% | 9.41% | 16.62% |
| SuRo Capital Corp. | 62 | 100.00% | 246,223 | 2.426% | 2,520 | 252,196 | 4.12% | 4.12% | 4.12% |
| SCP Private Credit Income BDC LLC | 30 | 100.00% | 250,433 | -5.227% | 217,350 | 237,343 | 10.91% | 10.05% | 10.26% |
| BC Partners Lending Corp. | 129 | 100.00% | 205,120 | -3.239% | 204,672 | 198,477 | 15.40% | 10.49% | 10.97% |
| LAGO Evergreen Credit | 49 | 100.00% | 139,209 | 0.895% | 120,999 | 140,455 | 21.00% | 11.25% | 21.00% |
| SLR HC BDC LLC | 38 | 100.00% | 82,873 | 0.642% | 80,640 | 83,405 | 9.83% | 9.83% | 9.98% |
| Grand Total | 10,739 | 100% | 140,548,807 | -0.783% | – | 139,448,949 | – | 10.14% | 13.18% |
Non-Accruals
At least 26 BDCs that filed this week have reported Non–Accruals amounting to 2.9 Billion USD at Cost. Blue Owl Credit Income Corp and MidCap Financial Investment 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 |
|---|---|---|---|---|---|---|---|---|---|
| Blue Owl Credit Income Corp. | 8 | 0.49% | 313,036 | -47.154% | 335,713 | 165,428 | — | — | — |
| MidCap Financial Investment Corp. | 23 | 3.09% | 146,677 | -32.942% | 166,401 | 98,358 | 45.8% | — | 24.7% |
| BlackRock TCP Capital Corp. | 13 | 3.35% | 124,944 | -52.360% | 166,669 | 59,523 | — | — | 87.5% |
| Goldman Sachs BDC | 10 | 1.52% | 83,559 | -41.198% | 149,720 | 49,134 | — | — | — |
| Prospect Capital | 10 | 0.74% | 396,168 | -87.827% | 769,855 | 48,226 | 232.1% | — | 193.3% |
| Blue Owl Capital Corp. II | 12 | 1.94% | 72,111 | -53.787% | 80,759 | 33,325 | 1385.5% | — | 11.1% |
| Cion Investment Corp. | 9 | 1.65% | 73,404 | -58.549% | 118,215 | 30,427 | — | — | 104.7% |
| TriplePoint Venture Growth BDC Corp. | 10 | 3.07% | 48,779 | -49.470% | 54,074 | 24,648 | 106.2% | — | 18.9% |
| Carlyle Secured Lending Inc. | 6 | 0.97% | 38,167 | -38.408% | 44,086 | 23,508 | 56.9% | 11.0% | 15.5% |
| BCP Investment Corp | 10 | 3.85% | 37,197 | -44.197% | 54,990 | 20,757 | — | — | — |
| Trinity Capital Inc. | 14 | 0.94% | 56,238 | -63.123% | 52,839 | 20,739 | 91.5% | — | -3.5% |
| Barings BDC | 12 | 0.80% | 45,406 | -55.052% | 47,561 | 20,409 | 64.9% | — | 9.5% |
| Barings Private Credit Corp | 9 | 0.46% | 45,465 | -55.159% | 50,939 | 20,387 | 67.4% | — | 8.2% |
| Sixth Street Specialty Lending Inc. | 4 | 0.60% | 67,263 | -69.875% | 72,871 | 20,263 | 1897.7% | — | 65.8% |
| New Mountain Finance | 10 | 0.64% | 32,903 | -42.659% | 36,650 | 18,867 | 40.1% | — | 27.9% |
| Gladstone Investment Corp. | 5 | 1.66% | 40,340 | -53.535% | 40,340 | 18,744 | 530.5% | 7.0% | 9.6% |
| Capital Southwest Corp. | 7 | 0.72% | 42,841 | -68.432% | 43,042 | 13,524 | 61.0% | — | 9.0% |
| Monroe Capital | 25 | 3.48% | 23,034 | -45.550% | 25,068 | 12,542 | 100.2% | 14.6% | 28.8% |
| Nuveen Churchill Direct Lending Corp. | 5 | 0.38% | 18,627 | -58.839% | 19,202 | 7,667 | 93.0% | — | 93.0% |
| Barings Capital Investment Corp | 8 | 0.44% | 13,592 | -55.489% | 15,044 | 6,050 | 65.6% | — | 10.1% |
| SLR Investment Corp. | 1 | 0.23% | 10,272 | -43.516% | 18,199 | 5,802 | — | — | — |
| Palmer Square Capital BDC Inc. | 3 | 0.40% | 13,485 | -62.222% | 13,499 | 5,094 | 194.4% | — | 10.5% |
| Great Elm Capital Corp. | 5 | 1.17% | 29,227 | -83.375% | 29,042 | 4,859 | — | — | — |
| Blue Owl Technology Finance Corp. | 3 | 0.03% | 20,032 | -78.405% | 24,232 | 4,326 | 1388.2% | — | 11.1% |
| Fidus Investment Corp | 4 | 0.27% | 32,382 | -89.473% | 32,549 | 3,409 | 330.9% | — | 13.6% |
| SuRo Capital Corp. | 1 | 0.00% | 2,271 | -100.000% | 2,270 | — | — | — | — |
| Grand Total | 258 | 1.04% | 2,957,584 | -55.14% | — | 1,326,882 | — | 9.71% | 75.07% |
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 16.4% of BDCs’ portfolios, amounting to 23 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Prospect Capital | 35 | 34.18% | 2,604,317 | -14.512% | 2,553,683 | 2,226,378 | 14.08% | 10.44% | 10.16% |
| Sixth Street Lending Partners | 18 | 16.51% | 1,227,043 | 3.957% | 1,252,549 | 1,275,592 | 9.27% | 9.06% | 10.04% |
| New Mountain Finance | 52 | 20.94% | 659,603 | -6.556% | 445,508 | 616,359 | 20.85% | 11.37% | 12.89% |
| Goldman Sachs BDC | 58 | 16.14% | 569,235 | -8.455% | 669,080 | 521,104 | 12.97% | 11.83% | 11.61% |
| Carlyle Secured Lending Inc. | 44 | 19.00% | 483,294 | -4.778% | 431,367 | 460,201 | 14.94% | 9.78% | 10.91% |
| Barings Private Credit Corp | 70 | 10.07% | 497,067 | -9.281% | 328,445 | 450,933 | 24.16% | 10.60% | 9.56% |
| Sixth Street Specialty Lending Inc. | 26 | 12.94% | 435,878 | 0.249% | 427,101 | 436,962 | 17.06% | 10.00% | 11.34% |
| Barings BDC | 80 | 16.12% | 457,389 | -10.606% | — | 408,877 | 20.23% | 9.30% | 9.57% |
| MidCap Financial Investment Corp. | 48 | 11.71% | 382,732 | -2.669% | 385,767 | 372,517 | 8.47% | 8.53% | 10.43% |
| T. Rowe Price OHA Private Credit Fund | 38 | 13.38% | 375,802 | -4.747% | 380,779 | 357,961 | 19.78% | 11.38% | 14.68% |
| BlackRock TCP Capital Corp. | 53 | 20.11% | 366,692 | -2.505% | 381,209 | 357,506 | 15.87% | 12.03% | 13.45% |
| Fidus Investment Corp | 31 | 25.43% | 343,401 | -7.392% | 345,043 | 318,017 | 41.92% | 13.03% | 13.23% |
| Blue Owl Capital Corp. II | 51 | 16.78% | 325,591 | -11.458% | 268,818 | 288,285 | — | — | — |
| Barings Capital Investment Corp | 66 | 15.84% | 237,467 | -8.482% | — | 217,324 | 18.76% | 8.52% | 9.15% |
| TriplePoint Venture Growth BDC Corp. | 20 | 22.41% | 213,615 | -15.888% | 214,135 | 179,676 | 15.39% | 14.68% | 12.85% |
| Trinity Capital Inc. | 15 | 6.59% | 144,086 | 0.684% | 144,329 | 145,072 | 1.73% | 1.73% | 1.96% |
| BCP Investment Corp | 31 | 26.56% | 146,697 | -2.269% | 147,698 | 143,369 | 26.54% | 12.53% | 20.33% |
| Capital Southwest Corp. | 31 | 7.50% | 180,759 | -22.090% | 182,391 | 140,829 | 23.93% | 13.73% | 12.43% |
| Nuveen Churchill Direct Lending Corp. | 52 | 6.49% | 147,870 | -11.761% | 155,976 | 130,479 | 20.70% | 13.91% | 17.77% |
| Monroe Capital | 75 | 34.81% | 152,194 | -17.514% | 147,819 | 125,539 | 31.04% | 14.88% | 14.90% |
| SLR Investment Corp. | 8 | 3.43% | 92,145 | -7.719% | 100,973 | 85,032 | 13.03% | 12.63% | 11.87% |
| Palmer Square Capital BDC Inc. | 12 | 3.97% | 59,651 | -16.105% | 59,989 | 50,044 | 29.15% | 9.81% | 10.26% |
| OHA Senior Private Lending Fund (U) LLC | 14 | 9.96% | 44,080 | -1.912% | 44,748 | 43,237 | 11.80% | 11.80% | 11.00% |
| Great Elm Capital Corp. | 12 | 9.70% | 40,194 | -0.087% | 41,078 | 40,159 | 7.17% | 6.47% | 6.75% |
| LAGO Evergreen Credit | 5 | 17.69% | 24,852 | 0.000% | 27,782 | 24,852 | 21.00% | 11.25% | 21.00% |
| SCP Private Credit Income BDC LLC | 2 | 5.11% | 12,876 | -5.747% | 12,928 | 12,136 | 16.05% | 10.76% | 11.35% |
| Oxford Square Capital Corp. | 2 | 2.64% | 12,215 | -32.726% | 19,114 | 8,217 | 146.93% | — | 46.27% |
| SLR HC BDC LLC | 1 | 4.40% | 4,044 | -9.298% | 4,075 | 3,668 | 13.89% | 13.89% | 11.21% |
| Grand Total | 1,186 | 15.91% | 23,045,368 | -6.43% | — | 21,564,043 | 16.60% | 10.08% | 11.71% |
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 5.7 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 43.2 Billion USD (Cost) accounting for 31% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Capital | 5,536,900 | 5,646,000 |
| Blue Owl Credit Income Corp. | 4,445,611 | 4,462,871 |
| FS KKR Capital Corp. | 4,697,000 | 4,275,900 |
| Blue Owl Capital Corp. | 3,290,861 | 3,432,696 |
| Prospect Capital | 3,321,477 | 3,370,754 |
| Sixth Street Lending Partners | 2,437,879 | 2,516,100 |
| Blue Owl Technology Finance Corp. | 2,180,037 | 2,196,781 |
| Hercules Capital Inc. | 1,232,125 | 1,237,274 |
| SLR Investment Corp. | 1,013,096 | 1,020,693 |
| Blue Owl Technology Income Corp. | 1,024,394 | 1,008,791 |
| New Mountain Finance | 1,002,458 | 946,268 |
| Barings Private Credit Corp | 704,980 | 734,566 |
| Sixth Street Specialty Lending, Inc. | 722,182 | 694,254 |
| Gladstone Investment Corp. | 600,676 | 634,116 |
| Barings BDC | 558,031 | 605,656 |
| Goldman Sachs BDC | 611,976 | 602,539 |
| T. Rowe Price OHA Private Credit Fund | 552,104 | 555,764 |
| Morgan Stanley Direct Lending Fund | 558,804 | 546,151 |
| Trinity Capital Inc. | 528,855 | 538,578 |
| AGL Private Credit Income Fund | 535,608 | 537,687 |
| Carlyle Secured Lending Inc. | 545,499 | 533,561 |
| BlackRock TCP Capital Corp. | 495,639 | 512,227 |
| MidCap Financial Investment Corp. | 550,629 | 511,521 |
| Cion Investment Corp. | 531,987 | 478,442 |
| Runway Growth Finance Corp. | 471,078 | 457,827 |
| Capital Southwest Corp. | 406,617 | 450,453 |
| Saratoga Investment Corp. | 454,810 | 431,297 |
| Blue Owl Capital Corp. II | 392,988 | 374,251 |
| Lafayette Square USA, Inc. | 355,880 | 353,877 |
| TriplePoint Venture Growth BDC Corp. | 354,178 | 306,117 |
| Fidus Investment Corp | 302,524 | 305,605 |
| 5C Lending Partners Corp. | 301,550 | 302,484 |
| Barings Capital Investment Corp | 271,282 | 281,381 |
| Nuveen Churchill Direct Lending Corp. | 262,885 | 262,134 |
| Horizon Technology Finance Corp. | 284,837 | 248,832 |
| BCP Investment Corp | 194,455 | 167,207 |
| Monroe Capital | 184,598 | 163,579 |
| SuRo Capital Corp. | 129,255 | 162,931 |
| Great Elm Capital Corp. | 194,407 | 147,352 |
| SCP Private Credit Income BDC LLC | 146,149 | 133,665 |
| OHA Senior Private Lending Fund (U) LLC | 129,737 | 129,865 |
| OFS Capital Corp | 153,116 | 128,048 |
| Palmer Square Capital BDC Inc. | 130,724 | 114,946 |
| Oxford Square Capital Corp. | 185,388 | 96,393 |
| LAGO Evergreen Credit | 86,580 | 87,622 |
| BC Partners Lending Corp. | 57,405 | 55,801 |
| SLR HC BDC LLC | 41,304 | 41,018 |
| Rand Capital Corp. | 44,291 | 34,568 |
| Grand Total | 43,214,847 | 42,836,441 |
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
Senior Vice President
ssrimal@solvefixedincome.com
Andrew Robartes
Data Analyst
arobartes@solvefixedincome.com
Ivan Chestaro
Data Analyst
ichestaro@solvefixedincome.com
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