BDC Filing Season Q4 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 9 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 57.4 Billion USD which is approximately 11.2% 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 Capital Corp.	365	100.00%	16,422,581	0.315%	13,996,248	16,474,285	10.19%	7.21%	9.90%
Blue Owl Technology Finance Corp.	294	100.00%	14,132,756	1.114%	12,160,692	14,290,232	6.70%	5.47%	7.67%
Golub Capital Private Credit Fund	1,022	100.00%	9,921,026	0.747%	9,879,854	9,995,180	7.70%	7.60%	7.77%
Sixth Street Lending Partners	120	100.00%	7,892,866	2.734%	7,937,400	8,108,654	6.92%	6.70%	8.17%
Barings Private Credit Corp	799	100.00%	4,898,459	-0.438%	15,405,312	4,876,989	14.00%	10.37%	13.89%
Barings BDC	659	100.00%	2,424,280	-1.062%	–	2,398,524	11.98%	9.58%	9.94%
Barings Capital Investment Corp	603	100.00%	1,335,077	0.141%	–	1,336,960	10.89%	9.33%	9.64%
Golub Capital Private Income Fund I	148	100.00%	256,432	0.000%	253,049	256,432	8.70%	8.70%	8.70%
Golub Capital Private Income Fund S	148	100.00%	200,438	0.000%	175,848	200,438	8.70%	8.70%	8.70%
Grand Total	4,158	100%	57,483,915	0.789%	59,808,403	57,937,694	8.70%	7.89%	9.26%

Non-Accruals

At least 7 BDCs that filed this week have reported Non–Accruals amounting to 0.53 Billion USD at Cost. Blue Owl Capital Corp. and Blue Owl Technology Finance 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 Capital Corp.	20	1.14%	375,917	-50.058%	458,436	187,741	20.3%	—	26.9%
Blue Owl Technology Finance Corp.	4	0.23%	54,324	-38.188%	60,239	33,579	—	—	29.5%
Barings Private Credit Corp	7	0.39%	46,014	-59.141%	51,024	18,801	226.7%	—	29.1%
Barings BDC	8	0.71%	33,549	-49.435%	35,381	16,964	90.4%	—	9.1%
Golub Capital Private Credit Fund	3	0.10%	14,061	-31.143%	17,507	9,682	44.8%	—	9.9%
Barings Capital Investment Corp	5	0.38%	12,551	-59.055%	13,978	5,139	119.7%	—	8.5%
Sixth Street Lending Partners	1	0.00%	1,559	-85.696%	2,024	223	222.4%	—	15.1%
Grand Total	48	0.47%	537,975	-49.42%	638,589	272,129	122.54%	—	22.14%

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% of BDCs’ portfolios, amounting to 9.18 billion USD at Cost.

Name	Number of Investments	% Portfolio	Cost	% Gain/Loss	Principal Value	Fair Value	FV Yield	Filtered Yield	Cost Yield
Blue Owl Technology Finance Corp.	43	18.04%	2,611,237	-1.279%	1,893,194	2,577,844	—	—	—
Blue Owl Capital Corp.	62	15.56%	2,762,034	-7.186%	2,307,075	2,563,563	—	—	—
Sixth Street Lending Partners	18	16.24%	1,269,076	3.763%	1,270,822	1,316,829	9.11%	8.76%	9.70%
Golub Capital Private Credit Fund	56	12.40%	1,225,973	1.087%	1,248,917	1,239,298	3.43%	3.35%	3.63%
Barings Private Credit Corp	64	9.95%	538,548	-9.862%	368,502	485,436	118.00%	11.53%	19.96%
Barings BDC	73	17.82%	473,227	-9.678%		427,428	21.91%	8.80%	9.81%
Barings Capital Investment Corp	59	16.41%	240,983	-8.986%		219,329	22.85%	8.81%	9.42%
Golub Capital Private Income Fund I	9	15.17%	38,908	0.000%	38,922	38,908	8.82%	8.82%	8.82%
Golub Capital Private Income Fund S	9	13.49%	27,039	0.000%	27,048	27,039	8.82%	8.82%	8.82%
Grand Total	393	15.35%	9,187,025	-3.17%	7,154,480	8,895,674	9.06%	6.33%	8.49%

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 4.4 Billion USD at cost.

BDC	Cost (1000)	FV (1000)
Barings Private Credit Corp	3,369,488	3,323,167
Blue Owl Capital Corp.	412,465	312,226
Blue Owl Technology Finance Corp.	361,049	356,337
Barings BDC	217,451	208,193
Barings Capital Investment Corp	81,076	77,118
Sixth Street Lending Partners	2,429	2,450
Golub Capital Private Income Fund I	312	312
Golub Capital Private Income Fund S	217	217
Grand Total	4,444,487	4,280,020

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 11.2 Billion USD (Cost) accounting for 19.65% of their aggregate holdings (Cost).

BDC	Cost (1000)	FV (1000)
Blue Owl Capital Corp.	3,379,854	3,518,650
Sixth Street Lending Partners	2,570,170	2,669,864
Blue Owl Technology Finance Corp.	2,301,395	2,306,119
Golub Capital Private Credit Fund	1,338,418	1,351,115
Barings Private Credit Corp	778,753	817,232
Barings BDC	523,319	560,401
Barings Capital Investment Corp	260,970	276,878
Golub Capital Private Income Fund I	82,746	82,746
Golub Capital Private Income Fund S	57,889	57,889
Grand Total	11,293,514	11,640,894

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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