BDC Filing Season Q3 2025 Week 1

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

BDC Filing season is in full swing. This report will analyze the 5 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 35.01 Billion USD which is approximately 7.3% of aggregate AUM of all BDCs.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Ares Capital	1,382	100.00%	28,566,400	0.441%	22,515,800	28,692,500	10.39%	10.10%	9.97%
Hercules Capital Inc.	334	100.00%	4,290,863	0.356%	4,082,179	4,306,154	8.38%	8.38%	8.62%
Saratoga Investment Corp.	126	100.00%	1,012,639	-1.713%	1,044,356	995,295	12.36%	11.31%	11.18%
Horizon Technology Finance Corp.	266	100.00%	732,438	-11.288%	617,944	649,759	15.73%	11.96%	148.48%
OFS Capital Corp	100	100.00%	344,035	7.597%	363,643	370,171	23.12%	11.48%	11.86%
Grand Total	2,208	100%	34,946,375	0.193%	28,623,922	35,013,879	10.400%	9.94%	12.92%

Non-Accruals

Five BDCs that filed this week have reported Non–Accruals amounting to 644.2 million USD at Cost. Ares Capital and Hercules Capital are leading the Non-Accruals list.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Ares Capital	21	1.01%	508,500	-43.127%	578,300	289,200	29.6%	—	13.9%
Hercules Capital Inc.	5	1.10%	52,191	-9.550%	51,676	47,207	13.4%	13.4%	9.8%
OFS Capital Corp	9	6.24%	43,503	-46.914%	50,860	23,094	88.9%	—	18.1%
Horizon Technology Finance Corp.	16	1.36%	36,615	-75.898%	43,571	8,825	169.1%	—	17.6%
Saratoga Investment Corp.	3	0.19%	3,400	-45.690%	3,400	1,847	—	—	—
Grand Total	54	1%	644,209	-42.538%	727,807	370,173	46.010%	13.39%	13.81%

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 25.07% of BDCs’ portfolios, amounting to 8.8 billion USD at Cost.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Ares Capital	187	21.96%	6,461,200	-2.461%	4,165,200	6,302,200	11.87%	11.08%	10.80%
Hercules Capital Inc.	56	51.20%	2,190,602	0.654%	2,187,412	2,204,933	7.60%	7.60%	7.89%
OFS Capital Corp	18	18.12%	84,420	-20.537%	75,672	67,083	26.01%	13.87%	11.56%
Saratoga Investment Corp.	8	2.77%	30,238	-8.775%	30,285	27,585	4.30%	4.30%	4.55%
Grand Total	269	25%	8,766,460	-1.878%	6,458,569	8,601,801	10.390%	9.71%	9.72%

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 1.12 Billion USD at cost.

BDC	Cost (1000)	FV (1000)
Ares Capital	567,600	554,100
Hercules Capital Inc.	314,555	314,783
Horizon Technology Finance Corp.	58,813	55,636
OFS Capital Corp	36,258	34,018
Saratoga Investment Corp.	138,173	137,812
Grand Total	1,115,399	1,096,349

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 7.66 Billion USD (Cost) accounting for 21.9% of their aggregate holdings (Cost).

BDC	Cost (1000)	FV (1000)
Ares Capital	5,536,900	5,646,000
Hercules Capital Inc.	1,232,125	1,237,274
Horizon Technology Finance Corp.	284,837	248,832
OFS Capital Corp	153,116	128,048
Saratoga Investment Corp.	454,810	431,297
Grand Total	7,661,788	7,691,451

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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