2026年春季BDC监测报告

Houlihan Lokey’s Portfolio Valuation and Fund Advisory Services and Asset Management teams are pleasedto present the Spring 2026 edition of theBDC Monitor,which includeskey trends for more than170BDCsto help you stay ahead in this constantly evolving industry. Portfolio Valuation and FundAdvisory Services Team We hope you will find this update to be informative and a valuable resource to you in staying abreast of the market. If thereisadditionalcontent you would find useful for future updates, please do not hesitate to call or email us with your suggestions. We look forward to BDC MarketLandscape Total BDC Net Equity Capital Raised •The top 10 managers represent16% of the BDCs by fund count and60% of the BDCs by total assets. •Direct lending positions continuedto grow in number and size in Q42025. The total fair value of BDCpublic and private investmentsreached $550.9 billion in Q4 2025(up from $513.2 billion in Q3 2025), $551 BillionTotal Assets •Private BDCscomprise a substantialportion of the market, accountingfor more than two-thirds of the170+ active funds. Since 2020, theirportfolio fair value has risen from Private BDCs:The Fundraising Total BDC Net Equity Capital Raised •In the past few years, the vastmajority of BDC capital has beenraised in the private and nontradedchannels; managers can raise new •Debt-to-equity climbed steadily from0.93x in 2020 to a cycle high of 1.09xby year-end2022. Facing higherborrowing costs, BDCs deleveraged •The gap between gross portfolioyields and fixed-rate debt costswidened from approximately 4.1% in2020 to a peak of 4.8% in 2023. It has Management FeeRates andSelected Operating trends drove an increasein public BDC fee levels through2023, followed by a reversion to 2020levels. Private and nontraded BDC Merger Considerations •Related-party BDC mergers aretypically structured near or at1.00x NAV-to-NAV. •To help ensure net investmentincome accretion toshareholders, managers havebeen willing to (i) waive certainparts of the management and/or •Other manager benefits havealso included reimbursingtransaction-related fees or first BDC Portfolio Composition BDC PortfolioOverlap and ●Q4 2025 cross-holdings universe: 4,802unique portfolio companies are heldby two or more BDCs, with an averageof 3.7 BDCs per name and a range ●Most cross-held names skew towardsoftware andinsurance services. ●Approximately 84% of the portfoliocompanies by count and 53% by fairvalue are cross-held by two to fiveBDCs, while 12% by count and 26% byfair value are cross-held by six to tenBDCs; only 3% of the portfoliocompanies by count and 21% by fairvalue are cross-held by more than 10 ●Businessservices (23.7%) andsoftware(21.0%) account for the largest sharesof cross-held FV;software andfinancialinstitutions are the most concentratedin the heavilysyndicated tail, with 7.1% Yields and SpreadsCompress AmidHeightened Average Yields ●Q4 2025 saw a strong rebound in transaction volumeas pent-up demand surfaced, with deal processesaccelerating into year-end and many managersreporting record originations for the quarter or fullyear. Origination flow remained anchored byincumbent relationships and add-on financings, with ●Q4 2025 saw continued credit spread compressiondriven by an intensely competitive landscape and asustained oversupply of capital chasing quality assets.Despite declining base rates, borrower-friendlyconditions persisted, with managers respondingthrough more selective deployment, tighter ●Average first lien yields across BDC portfoliosdecreased from 9.66% in Q3 2025 to 9.29% in Q4 2025.On a year-over-year basis, first lien yields decreased by ●Average second lien yields decreased from 12.34% inQ3 2025 to 11.99% in Q4 2025. On a year-over-yearbasis, second lien yields decreased by 107 bps inQ4 2025. ●The Q4 2025 first lien spread distribution remainstightly clustered; roughly 51% of loans price at S+450or S+500, and 77% sit inside the S+400 to S+600 band.The second lien distribution is meaningfully wider, with71% of loans priced between S+500 and S+800. Inboth liens, the share of loans priced above S+1,000 Loan Pricing ●The weighted average price for first lienloans decreased from 99.40% of par in Q32025 to 99.34% of par in Q4 2025. ●The weighted average price for second lienloans decreased from 98.10% of par to ●Several BDCs categorize their portfolios byrisk level. As of Q4 2025, an average of6.9% of BDC portfolios were deemed riskierthan at underwriting, 7.4% were consideredless risky, and 85.8% matched the original ●An alternative approach to risk-levelcategorization is to categorize loanportfolios based on pricing tiers. Althoughvarious factors influence loan pricing, thistype of tiered analysis aims to provide a ●As of Q4 2025, 3.0% of BDC loans werepriced below 80.0% of par, 9.4% were inthe range of 80.0%–97.0% of par, and87.6% were priced above 97.0% of par.Using loans priced below 80.0% as anindicator of distress, BDC portfolios Credit Metrics