Marked Down, Not Written Off: BDC Holdings Valued at 50–70 percent of Cost

We pulled the schedules of investments from more than 160 business development companies' filings for fiscal Q2 2026. We then looked for portfolio companies valued between 50% and 70% of cost: names that have lost at least 30% but still carry most of their value. Here's what stood out:

• 237 portfolio companies fall in that band. Together they carry about $10.8 billion at cost, now valued at roughly 60 cents on the dollar, an unrealized loss of about $4.3 billion.
• The biggest names are software. Medallia, Cornerstone OnDemand, Kaseya, Symplr and Barracuda lead the list by cost, each held by eight or more BDCs.
• 84 of these companies are held by more than one BDC, and the BDCs often disagree. Curia Global's debt is marked at about 9% of cost by one lender and over 80% by others. Medallia's debt ranges from 39% to 51% depending on who holds it.
• The same company often appears under many names. Kaseya shows up under 14 different names across filers. Getting to a clean company-level view means reconciling all of them first.

The bottom line: the 50–70% band is where the hard valuation calls in private credit are made, and comparing marks across BDCs shows how much those calls vary. All of the underlying data is available at Calcbench, by holding and by BDC, straight from the filings. Have look at the table below for details.

#	Portfolio company	Cost ($M)	Fair value ($M)	Mark (FV / cost)	Range of BDC marks	Held by (click to expand)
1	Medallia, Inc.	1,912.9	967.0	51%	39% – 61%	8 BDCs Onex Direct Lending BDC Fund: 39% Apollo Debt Solutions BDC: 42% Monroe Capital Income Plus: 44% FS KKR Capital: 50% HPS Corporate Lending Fund: 50% Blackstone Secured Lending Fund: 51% Blackstone Private Credit Fund: 51% Antares Private Credit Fund: 61%
2	Cornerstone OnDemand, Inc.	1,074.6	658.8	61%	54% – 74%	9 BDCs Blue Owl Technology Finance: 54% Blue Owl Capital Corp II: 55% Blue Owl Credit Income: 55% Blue Owl Capital: 56% Ares Capital: 64% Onex Direct Lending BDC Fund: 66% Ares Strategic Income Fund: 67% Blackstone Private Credit Fund: 68% Golub Capital Private Credit Fund: 74%
3	Kaseya Inc.	855.2	590.4	69%	58% – 100%	27 BDCs Blue Owl Capital Corp II: 58% Blue Owl Capital: 58% New Mountain Guardian IV BDC: 65% New Mountain Private Credit Fund: 65% New Mountain Finance: 65% Ares Strategic Income Fund: 66% Blue Owl Technology Finance: 67% Blue Owl Technology Income: 67% Blackstone Private Credit Fund: 67% Blue Owl Credit Income: 68% Ares Capital: 69% Barings Private Credit: 77% Franklin BSP Capital: 77% Goldman Sachs Private Credit: 78% BlackRock Private Credit Fund: 78% HPS Corporate Lending Fund: 78% Oaktree Strategic Credit Fund: 81% Oaktree Specialty Lending: 81% Fidelity Private Credit Fund: 81% AB Private Lending Fund: 81% Morgan Stanley Direct Lending Fund: 87% North Haven Private Income Fund: 87% T Series Middle Market Loan Fund: 87% Golub Capital BDC: 95% Golub Capital Direct Lending Unlevered: 99% Golub Capital BDC 4: 99% Golub Capital Direct Lending: 100%
4	Symplr Software, Inc.	471.7	319.1	68%	64% – 82%	11 BDCs AB Private Lending Fund: 64% Ares Capital: 66% BC Partners Lending: 66% Audax Credit BDC: 66% New Mountain Finance: 71% Sixth Street Lending Partners: 73% Sixth Street Specialty Lending: 73% PennantPark Floating Rate Capital: 75% Golub Capital Private Credit Fund: 76% Ares Strategic Income Fund: 79% Golub Capital BDC: 82%
5	Kellermeyer Bergensons Services LLC	440.9	286.7	65%	60% – 70%	3 BDCs BlackRock TCP Capital: 60% FS KKR Capital: 64% Ares Capital: 70%
6	Barracuda Parent, LLC	427.4	246.7	58%	46% – 84%	9 BDCs Audax Credit BDC: 46% Blue Owl Credit Income: 47% Blue Owl Technology Income: 52% Blue Owl Technology Finance: 57% BlackRock Private Credit Fund: 70% Blue Owl Capital: 71% Prospect Capital: 74% Oaktree Specialty Lending: 84% Oaktree Strategic Credit Fund: 84%
7	Curia Global, Inc.	389.8	252.8	65%	9% – 86%	4 BDCs Blackstone Private Credit Fund: 9% Apollo Debt Solutions BDC: 82% Apollo Origination II (Levered) Capital Trust: 86% Apollo Origination II (UL) Capital Trust: 86%
8	Plasma Buyer LLC (PathGroup)	359.6	207.4	58%	51% – 66%	10 BDCs HPS Corporate Lending Fund: 51% Blackstone Private Credit Fund: 59% Blue Owl Capital Corp II: 60% Blue Owl Technology Income: 60% Blue Owl Credit Income: 61% Blue Owl Capital: 61% Golub Capital Direct Lending Unlevered: 65% Golub Capital BDC 4: 65% Golub Capital Direct Lending: 65% Golub Capital BDC: 66%
9	Project Leopard Holdings, Inc.	203.1	127.3	63%	62% – 94%	7 BDCs Varagon Capital: 62% T Series Middle Market Loan Fund: 62% Morgan Stanley Direct Lending Fund: 62% North Haven Private Income Fund: 62% Blackstone Private Credit Fund: 63% BC Partners Lending: 64% Saratoga Investment: 94%
10	UniTek Global Services, Inc.	158.0	108.4	69%	55% – >150%	4 BDCs PennantPark Floating Rate Capital: 55% Main Street Capital: 56% New Mountain Finance: 67% Oxford Square Capital: >150%
11	ATX Networks Corp	151.1	95.8	63%	50% – 64%	2 BDCs Goldman Sachs BDC: 50% FS KKR Capital: 64%
12	Paramount Global Surfaces, Inc.	144.6	81.9	57%	56% – 57%	2 BDCs Blackstone Private Credit Fund: 56% Blackstone Secured Lending Fund: 57%
13	CDK Global (Central Parent LLC)	141.2	86.7	61%	51% – 85%	11 BDCs Blue Owl Technology Income: 51% Vista Credit Strategic Lending: 52% Antares Strategic Credit Fund: 52% First Eagle Private Credit Fund: 52% Antares Private Credit Fund: 52% HPS Corporate Lending Fund: 66% HPS Corporate Capital Solutions Fund: 66% BlackRock Private Credit Fund: 67% Ares Strategic Income Fund: 69% Blackstone Private Credit Fund: 69% Saratoga Investment: 85%
14	Perforce Software, Inc.	139.6	78.2	56%	52% – 61%	9 BDCs New Mountain Guardian IV Income Fund: 52% Antares Private Credit Fund: 52% NMF SLF I: 52% Barings Private Credit: 54% Blue Owl Technology Income: 54% Blue Owl Credit Income: 54% Blackstone Private Credit Fund: 55% Antares Strategic Credit Fund: 57% Vista Credit Strategic Lending: 61%
15	Altice USA CSC Holdings, LLC	139.1	95.2	68%	68%	1 BDC Apollo Debt Solutions BDC: 68%
16	Aventiv Technologies, LLC	135.0	78.6	58%	58% – 101%	3 BDCs Prospect Capital: 58% Prospect Floating Rate & Alternative Income Fund: 100% Steele Creek Capital: 101%
17	Cast & Crew LLC	130.3	83.5	64%	56% – 100%	4 BDCs Sixth Street Lending Partners: 56% Audax Credit BDC: 69% KKR FS Income Trust: 100% KKR FS Income Trust Select: 100%
18	Lionbridge Technologies Inc	110.3	71.8	65%	65%	1 BDC FS KKR Capital: 65%
19	Halo Buyer, Inc.	99.6	50.9	51%	25% – 101%	5 BDCs Blue Owl Technology Income: 25% Blue Owl Technology Finance: 31% Antares Strategic Credit Fund II: 100% PennantPark Investment: 100% PennantPark Floating Rate Capital: 101%
20	BPG Holdings IV Corp	94.2	65.1	69%	57% – 81%	6 BDCs T Series Middle Market Loan Fund: 57% Morgan Stanley Direct Lending Fund: 57% North Haven Private Income Fund: 57% Barings Capital Investment: 81% Barings BDC: 81% Barings Private Credit: 81%
21	Navistar Defense, LLC	79.9	53.6	67%	67%	1 BDC TCW Direct Lending VII: 67%
22	NVTN LLC	78.1	40.4	52%	52%	1 BDC PhenixFIN: 52%
23	Reliant Rehab Hospital Cincinnati LLC	76.9	53.5	70%	70%	1 BDC FS KKR Capital: 70%
24	Avalign Holdings, Inc.	73.4	41.7	57%	57% – 57%	2 BDCs Ares Capital: 57% Ares Strategic Income Fund: 57%
25	New Era Technology LLC	67.8	47.3	70%	55% – 101%	5 BDCs MidCap Financial Investment: 55% Nuveen Churchill Private Capital Income Fund: 59% FS KKR Capital: 74% HPS Corporate Capital Solutions Fund: 101% HPS Corporate Lending Fund: 101%
26	Enstall Group B.V.	67.7	38.3	57%	57%	1 BDC HPS Corporate Lending Fund: 57%
27	Esdec Solar Group B.V.	66.8	41.9	63%	63%	1 BDC Apollo Debt Solutions BDC: 63%
28	Instant Web, LLC	65.6	41.3	63%	63%	1 BDC CION Investment: 63%
29	Kinetic Purchaser, LLC	60.9	36.6	60%	53% – 103%	4 BDCs PennantPark Investment: 53% PennantPark Floating Rate Capital: 55% Trinity Capital: 103% Eagle Point Trinity Senior Secured Lending: 103%
30	Computer Data Source, LLC	58.4	38.7	66%	66% – 66%	2 BDCs Main Street Capital: 66% MSC Income Fund: 66%
31	Horizon Facilities Services, Inc.	57.7	31.7	55%	55%	1 BDC Gladstone Investment: 55%
32	Congruex Group LLC	57.0	37.4	66%	61% – 66%	4 BDCs Steele Creek Capital: 61% MidCap Financial Investment: 66% Apollo Debt Solutions BDC: 66% MidCap Apollo Institutional Private Lending: 66%
33	AMCP Pet Holdings, Inc.	49.3	28.7	58%	56% – 124%	2 BDCs Morgan Stanley Direct Lending Fund: 56% BC Partners Lending: 124%
34	Wineshipping.com LLC	48.2	32.2	67%	64% – 71%	4 BDCs Carlyle Credit Solutions: 64% Carlyle Secured Lending: 67% Golub Capital Direct Lending: 70% Golub Capital BDC: 71%
35	A&R Logistics Holdings, Inc. (Quantix SCS)	47.5	30.5	64%	56% – 66%	3 BDCs Nuveen Churchill Direct Lending: 56% Varagon Capital: 62% Bain Capital Specialty Finance: 66%
36	Wash & Wax Holdings LLC	47.3	25.9	55%	35% – 95%	5 BDCs PennantPark Floating Rate Capital: 35% PennantPark Investment: 35% HPS Corporate Lending Fund: 40% Capital Southwest: 95% Onex Direct Lending BDC Fund: 95%
37	RD Holdco Inc.	47.2	23.7	50%	0% – 75%	2 BDCs SLR Investment: 0% Ares Capital: 75%
38	Titan Fitness, LLC	46.5	30.8	66%	66%	1 BDC Golub Capital BDC: 66%
39	JumpCloud, Inc.	44.5	26.3	59%	59%	1 BDC Blue Owl Technology Finance: 59%
40	BAART Programs, Inc.	44.1	28.3	64%	60% – 83%	3 BDCs Oaktree Specialty Lending: 60% HPS Corporate Lending Fund: 65% Ares Capital: 83%
41	LaserShip, Inc.	43.4	28.7	66%	8% – 71%	3 BDCs Kennedy Lewis Capital: 8% Franklin BSP Capital: 9% T. Rowe Price OHA Select Private Credit Fund: 71%
42	Aesthetics Australia Group Pty Ltd	43.1	28.5	66%	45% – 67%	2 BDCs Barings Private Credit: 45% HPS Corporate Lending Fund: 67%
43	Image International Intermediate Holdco II, LLC	41.9	25.0	60%	51% – 71%	2 BDCs Barings Private Credit: 51% Nuveen Churchill Private Capital Income Fund: 71%
44	LendingPoint LLC	40.7	22.1	54%	54%	1 BDC MidCap Financial Investment: 54%
45	American Soccer Company, Incorporated	39.1	22.6	58%	58% – 58%	2 BDCs Kayne DL 2021: 58% Kayne Anderson BDC: 58%
46	Trademark Global, LLC	37.9	21.9	58%	43% – 62%	3 BDCs TPG Twin Brook Capital Income Fund: 43% Kayne Anderson BDC: 55% CION Investment: 62%
47	Arcserve Cayman Opco LP	37.7	22.5	60%	54% – 68%	2 BDCs WhiteHorse Finance: 54% Monroe Capital Income Plus: 68%
48	American Clinical Solutions LLC	37.6	24.2	64%	64%	1 BDC CION Investment: 64%
49	Applied Composites Holdings, LLC	37.5	24.3	65%	65%	1 BDC Blue Owl Capital: 65%
50	Galaxy Technologies Holdings, Inc.	37.2	25.7	69%	69%	1 BDC Gladstone Investment: 69%
51	Dynata, LLC	37.2	21.6	58%	57% – 58%	2 BDCs PennantPark Investment: 57% PennantPark Floating Rate Capital: 58%
52	OTG Management, LLC	36.0	20.1	56%	56%	1 BDC Oaktree Specialty Lending: 56%
53	OmniGuide Holdings, Inc.	34.1	19.2	56%	56%	1 BDC SLR Investment: 56%
54	Amplity Parent, Inc.	33.8	22.9	68%	66% – 75%	2 BDCs MidCap Financial Investment: 66% Onex Direct Lending BDC Fund: 75%
55	Slogic Holding Corp.	32.6	21.3	65%	65%	1 BDC TCW Direct Lending VII: 65%
56	Specialty Dental Brands	32.1	16.6	52%	43% – 52%	2 BDCs Goldman Sachs BDC: 43% Goldman Sachs Private Credit: 52%
57	JuicePlus Topco, LLC	31.3	19.0	61%	0% – 61%	2 BDCs BlackRock Direct Lending: 0% CION Investment: 61%
58	Managers, Inc.	30.0	18.7	62%	5% – 127%	7 BDCs Franklin BSP Capital: 5% Saratoga Investment: 62% Blackstone Private Credit Fund: 64% Monroe Capital Income Plus: 68% Steele Creek Capital: 70% Stone Point Credit: 127% Barings BDC: n/a
59	MSM Acquisitions, Inc.	28.5	18.4	65%	56% – 75%	3 BDCs Nuveen Churchill Direct Lending: 56% AB Private Credit Investors: 70% BC Partners Lending: 75%
60	Vita Global FinCo Limited	26.6	13.3	50%	50%	1 BDC Apollo Debt Solutions BDC: 50%
61	FPG Intermediate Holdco, LLC	25.3	16.3	65%	40% – 87%	7 BDCs Morgan Stanley Direct Lending Fund: 40% T Series Middle Market Loan Fund: 41% North Haven Private Income Fund: 41% Golub Capital BDC: 75% Golub Capital Direct Lending: 76% Carlyle Secured Lending: 81% Carlyle Credit Solutions: 87%
62	Cornerstone Building Brands, Inc.	25.3	14.8	59%	56% – 65%	4 BDCs Carlyle Credit Solutions: 56% Carlyle Secured Lending: 58% Blackstone Private Credit Fund: 63% Onex Direct Lending BDC Fund: 65%
63	HOP Energy, LLC	25.0	14.9	60%	43% – 94%	2 BDCs TCW Direct Lending VIII: 43% Tcw Specialty Lending Llc: 94%
64	Essence Communications Inc.	24.7	15.8	64%	64%	1 BDC Brightwood Capital Corp I: 64%
65	Circle Internet Services, Inc.	24.2	14.2	59%	59%	1 BDC Blue Owl Technology Finance: 59%
66	TEAM Technologies	23.9	15.0	63%	63%	1 BDC Horizon Technology Finance: 63%
67	Quoizel, LLC	22.8	13.0	57%	57%	1 BDC FS KKR Capital: 57%
68	Demon Holdco Lux Sarl	22.7	13.5	59%	59%	1 BDC HPS Corporate Lending Fund: 59%
69	Adept AG Holdings, LLC	22.7	12.2	54%	54%	1 BDC Monroe Capital Income Plus: 54%
70	FuseFX, LLC	22.3	13.8	62%	62%	1 BDC CION Investment: 62%
71	Limas Commodities House Limited	22.2	14.2	64%	64%	1 BDC TriLinc Global Impact Fund: 64%
72	Strategic Chemical Solutions Corp.	21.1	10.7	51%	51%	1 BDC Prospect Capital: 51%
73	AEC Parent Holdings, Inc.	21.0	13.4	64%	64%	1 BDC Blackstone Private Credit Fund: 64%
74	Moon Valley Nursery of Arizona Retail, LLC	20.8	11.0	53%	53%	1 BDC Ares Capital: 53%
75	TC Signature Holdings, LLC	20.2	13.0	64%	64%	1 BDC T. Rowe Price OHA Select Private Credit Fund: 64%
76	Advanced Barrier Extrusions, LLC	20.1	10.7	53%	53%	1 BDC Stellus Capital Investment: 53%
77	BCC Jetstream Holdings Aviation (Off I), LLC	19.9	13.0	66%	66%	1 BDC Bain Capital Specialty Finance: 66%
78	GoForward, Inc.	18.3	9.2	50%	50%	1 BDC WTI Fund X: 50%
79	Thrill Holdings LLC	18.2	10.4	57%	57%	1 BDC CION Investment: 57%
80	WB Xcel Holdings, LLC	17.7	9.2	52%	52%	1 BDC Gladstone Capital: 52%
81	Magenta Security Holdings, LLC	17.4	12.1	69%	69%	1 BDC Blackstone Private Credit Fund: 69%
82	Home Concepts Acquisition, Inc.	17.3	11.3	66%	66%	1 BDC Gladstone Investment: 66%
83	American Nuts Operations LLC	16.9	11.0	65%	65%	1 BDC Capital Southwest: 65%
84	Urgent DSO LLC	16.7	11.6	69%	69% – 70%	2 BDCs Main Street Capital: 69% MSC Income Fund: 70%
85	SUP Parent Holdings, LLC	16.1	10.6	66%	53% – 95%	3 BDCs TCW Star Direct Lending: 53% TCW Direct Lending VIII: 53% Tcw Specialty Lending Llc: 95%
86	Alacrity Solutions Group LLC	15.9	10.8	68%	68%	1 BDC FS KKR Capital: 68%
87	Clarion Home Services Group, LLC	15.9	9.4	59%	59%	1 BDC Ares Capital: 59%
88	ORL Holdco, Inc.	15.1	8.9	59%	58% – 59%	2 BDCs PennantPark Investment: 58% PennantPark Floating Rate Capital: 59%
89	The Kyjen Company, LLC	15.1	10.0	66%	65% – 67%	2 BDCs Monroe Capital Income Plus: 65% WhiteHorse Finance: 67%
90	Fortra, LLC	14.9	9.9	67%	62% – 77%	2 BDCs Oxford Square Capital: 62% Monroe Capital Income Plus: 77%
91	International Cruise & Excursion Gallery, Inc.	14.8	8.2	55%	50% – 100%	2 BDCs MidCap Financial Investment: 50% Franklin BSP Capital: 100%
92	Volt Bidco, Inc.	14.1	8.4	60%	23% – 102%	5 BDCs Goldman Sachs Private Middle Market Credit II: 23% Goldman Sachs BDC: 23% Monroe Capital Income Plus: 35% Monroe Capital Enhanced Corporate Lending Fund: 93% Horizon Technology Finance: 102%
93	Research Now Group, LLC	13.0	9.1	70%	51% – 73%	4 BDCs BlackRock Private Credit Fund: 51% Prospect Capital: 73% Ares Capital: n/a Capital Southwest: n/a
94	Biolam Group	12.9	7.2	56%	52% – 61%	3 BDCs Barings BDC: 52% Barings Capital Investment: 52% Barings Private Credit: 61%
95	Colonnade Parent Inc. (Naviga)	12.8	7.1	55%	55%	1 BDC MidCap Financial Investment: 55%
96	Tasty Chick'n LLC	12.0	7.4	62%	62%	1 BDC MidCap Financial Investment: 62%
97	HW Acquisition, LLC	12.0	7.4	61%	61%	1 BDC CION Investment: 61%
98	NewsCycle Solutions, Inc.	11.2	6.4	57%	57%	1 BDC CION Investment: 57%
99	Heritage Grocers Group, LLC	11.2	7.6	68%	66% – 68%	2 BDCs Hancock Park Corporate Income: 66% Crestline Lending Solutions: 68%
100	Victor Technology, LLC	10.8	6.0	55%	55%	1 BDC Prospect Capital: 55%
101	Arrowhead Holdco Company	10.5	7.1	68%	68%	1 BDC Apollo Debt Solutions BDC: 68%
102	Marquis Software Solutions Inc	10.2	6.9	68%	68%	1 BDC Silver Capital Holdings: 68%
103	Lessen LLC	10.1	7.0	69%	69%	1 BDC Monroe Capital Income Plus: 69%
104	Covercraft Parent III, Inc.	10.1	6.6	65%	40% – 70%	3 BDCs Nuveen Churchill Direct Lending: 40% Golub Capital Direct Lending: 69% Golub Capital BDC: 70%
105	MPH Acquisition Holdings LLC	10.0	6.9	69%	67% – 101%	2 BDCs Ares Strategic Income Fund: 67% AB Private Lending Fund: 101%
106	Tungsten Automation Corporation	9.3	5.8	63%	63%	1 BDC Oxford Square Capital: 63%
107	Accupac	9.0	5.3	58%	58%	1 BDC Varagon Capital: 58%
108	Simeio Group Holdings, Inc.	9.0	6.2	69%	69%	1 BDC MidCap Financial Investment: 69%
109	SCA Buyer, LLC	8.8	5.6	63%	40% – 93%	2 BDCs AB Private Credit Investors: 40% TPG Twin Brook Capital Income Fund: 93%
110	Munson Buffalo Restaurant Group LLC	8.7	6.0	69%	69%	1 BDC MidCap Financial Investment: 69%
111	Siegel Egg Co., LLC	8.5	5.0	59%	48% – 66%	2 BDCs Kayne DL 2021: 48% Kayne Anderson BDC: 66%
112	U.S. TelePacific Corp.	8.4	5.5	66%	39% – 79%	3 BDCs Capital Southwest: 39% Main Street Capital: 79% MSC Income Fund: 79%
113	BMP Food Service Supply Holdco, LLC	8.0	4.3	53%	53%	1 BDC Rand Capital: 53%
114	New Insight Holdings, Inc.	7.9	5.2	65%	65% – 65%	2 BDCs PennantPark Investment: 65% PennantPark Floating Rate Capital: 65%
115	Naviga Inc.	7.8	4.9	62%	40% – 66%	4 BDCs Golub Capital Direct Lending: 40% Golub Capital BDC: 54% BC Partners Lending: 60% WhiteHorse Finance: 66%
116	USBid Parent, LLC	7.8	4.4	57%	57%	1 BDC Star Mountain Lower Middle-Market Capital: 57%
117	Chicken Soup For The Soul, LLC	7.6	4.7	62%	62%	1 BDC Star Mountain Lower Middle-Market Capital: 62%
118	Eurofins Digital Testing International LUX Holding SARL	7.5	4.9	65%	62% – 70%	3 BDCs Barings Capital Investment: 62% Barings BDC: 63% Barings Private Credit: 70%
119	Join Digital, Inc.	7.5	5.2	70%	70%	1 BDC TriplePoint Private Venture Credit: 70%
120	MoneyGram International Inc.	7.3	4.9	67%	67%	1 BDC Fidelity Private Credit Fund: 67%
121	Dock Brasil Engenharia e Serviços S.A.	7.2	4.8	66%	66%	1 BDC TriLinc Global Impact Fund: 66%
122	American West AWRG Parent LLC	7.2	4.1	56%	56%	1 BDC MidCap Apollo Institutional Private Lending: 56%
123	New Spartech Holdings LLC	6.9	4.1	59%	59% – 59%	2 BDCs Nuveen Churchill Private Capital Income Fund: 59% Nuveen Churchill Direct Lending: 59%
124	Affinity Hospice Intermediate Holdings, LLC	6.5	4.5	68%	68%	1 BDC Nuveen Churchill Direct Lending: 68%
125	Romaine Empire, Inc.	6.5	3.6	56%	56%	1 BDC WTI Fund X: 56%
126	Mitel Networks MLN US Holdco, LLC	6.1	3.1	51%	51%	1 BDC Apollo Debt Solutions BDC: 51%
127	Everest Transportation Systems, LLC	6.1	4.0	65%	65%	1 BDC Capital Southwest: 65%
128	Caerus Midco 2 S.à r.l.	6.0	3.8	63%	63% – 64%	2 BDCs Blackstone Private Credit Fund: 63% Blackstone Secured Lending Fund: 64%
129	TS-MP / MPUSA, LLC (dba Mission)	5.8	3.5	60%	60%	1 BDC Star Mountain Lower Middle-Market Capital: 60%
130	Abzena Holdings, Inc.	5.7	2.9	51%	51%	1 BDC Ares Capital: 51%
131	Premier Roofing L.L.C.	5.1	2.6	52%	52%	1 BDC Monroe Capital Income Plus: 52%
132	Cardenas Merger Sub LLC	4.7	3.0	64%	64%	1 BDC Fidelity Private Credit Fund: 64%
133	Alita Care, LLC	4.6	3.0	65%	65%	1 BDC Ares Capital: 65%
134	Dollfus Mieg Company, Inc.	4.5	2.8	62%	62%	1 BDC Golub Capital BDC: 62%
135	Worldwide Investments and Representations Winrep SA	4.4	2.4	54%	54%	1 BDC TriLinc Global Impact Fund: 54%
136	Team Air Distributing, LLC	4.4	2.4	53%	53% – 54%	3 BDCs Barings Private Credit: 53% Barings BDC: 54% Barings Capital Investment: 54%
137	Yipit, LLC	3.8	2.6	69%	69%	1 BDC Hercules Capital: 69%
138	Innovative FlexPak, LLC	3.7	1.9	51%	51%	1 BDC TPG Twin Brook Capital Income Fund: 51%
139	NextCar Holding Company, Inc	3.7	2.4	65%	50% – 80%	2 BDCs Horizon Technology Finance: 50% Trinity Capital: 80%
140	Mavenform, Inc.	3.5	2.4	69%	69%	1 BDC WTI Fund X: 69%
141	Catawba River Limited	3.5	2.2	63%	63%	1 BDC Barings BDC: 63%
142	HDT Global	3.5	2.4	68%	68%	1 BDC Audax Credit BDC: 68%
143	Endure Digital, Inc.	3.4	2.1	60%	51% – 81%	2 BDCs Saratoga Investment: 51% North Haven Private Income Fund: 81%
144	New Blackboard, LLC	3.4	2.2	65%	64% – 100%	3 BDCs Oaktree Specialty Lending: 64% Oaktree Strategic Credit Fund: 66% North Haven Private Income Fund: 100%
145	Pepper Palace, Inc	3.4	1.8	54%	54%	1 BDC Saratoga Investment: 54%
146	Online Pharmacy Holdings, LLC	3.3	2.0	60%	60%	1 BDC CION Investment: 60%
147	Polychem Acquisition, LLC	3.3	2.3	69%	69%	1 BDC Monroe Capital Income Plus: 69%
148	Mazen Animal Health Inc.	3.1	2.1	69%	69%	1 BDC WTI Fund X: 69%
149	HI LLC (Kernel)	3.1	2.0	66%	66%	1 BDC TriplePoint Private Venture Credit: 66%
150	Polyconcept North America Inc	3.0	2.0	67%	67%	1 BDC FS KKR Capital: 67%
151	NXOF Holdings, Inc.	3.0	2.0	67%	67% – 67%	2 BDCs PennantPark Investment: 67% PennantPark Floating Rate Capital: 67%
152	Lifestyle Intermediate II, LLC	2.9	1.8	63%	63%	1 BDC Barings BDC: 63%
153	Entertainment Partners EP Purchaser, LLC	2.7	1.6	60%	60%	1 BDC Apollo Debt Solutions BDC: 60%
154	Pendulum Therapeutics, Inc.	2.7	1.6	60%	60%	1 BDC Trinity Capital: 60%
155	Serta Simmons Bedding LLC	2.5	1.3	52%	52% – 52%	2 BDCs Barings Capital Investment: 52% Barings BDC: 52%
156	GoTo Group, Inc.	2.5	1.7	67%	67%	1 BDC Saratoga Investment: 67%
157	Sprinklr, Inc.	2.4	1.5	60%	60%	1 BDC Sixth Street Specialty Lending: 60%
158	Advancing Eyecare	2.4	1.6	66%	66%	1 BDC Audax Credit BDC: 66%
159	Southern Graphics Holdings LLC	2.3	1.5	63%	63%	1 BDC HPS Corporate Lending Fund: 63%
160	Sentrics Inc	2.3	1.2	54%	54%	1 BDC Remora Capital: 54%
161	MAYD Group GmbH	2.3	1.2	51%	51%	1 BDC WTI Fund X: 51%
162	Maverick Gaming LLC	2.2	1.4	62%	62%	1 BDC Great Elm Capital: 62%
163	Infogroup Parent Holdings, Inc.	2.2	1.5	69%	69%	1 BDC PennantPark Investment: 69%
164	Black Mountain Sand, LLC	2.2	1.3	60%	60%	1 BDC Franklin BSP Capital: 60%
165	Stretch Zone Franchising, LLC	2.0	1.1	53%	53%	1 BDC Saratoga Investment: 53%
166	Marmoutier Holding B.V.	1.8	1.0	55%	54% – 55%	3 BDCs Barings BDC: 54% Barings Capital Investment: 55% Barings Private Credit: 55%
167	Glass Resource Label Group	1.8	1.2	68%	68%	1 BDC Audax Credit BDC: 68%
168	Datalink, LLC	1.7	1.2	69%	69%	1 BDC BC Partners Lending: 69%
169	Bryte, Inc.	1.7	1.0	59%	59%	1 BDC WTI Fund X: 59%
170	Supplant, Inc.	1.7	1.0	58%	58%	1 BDC WTI Fund X: 58%
171	Kaizen Auto Care, LLC	1.6	1.1	65%	65%	1 BDC TPG Twin Brook Capital Income Fund: 65%
172	Truck Hero	1.6	1.1	67%	67%	1 BDC Audax Credit BDC: 67%
173	JCFV Holdings, LLC	1.5	0.9	55%	55%	1 BDC Star Mountain Lower Middle-Market Capital: 55%
174	Janus Health Technologies, Inc.	1.5	0.8	55%	55%	1 BDC Fidus Investment: 55%
175	Better Life Health, Inc.	1.4	0.9	64%	64%	1 BDC TriplePoint Venture Growth BDC: 64%
176	Buildout, Inc.	1.4	0.8	55%	55%	1 BDC Saratoga Investment: 55%
177	Canopy Growth Corporation	1.3	0.9	68%	68%	1 BDC Chicago Atlantic BDC: 68%
178	Tolemar Acquisition, Inc.	1.3	0.8	60%	60%	1 BDC Hancock Park Corporate Income: 60%
179	FBG Holdings LLC (Foodservices Brand Group)	1.2	0.8	65%	65% – 65%	2 BDCs Nuveen Churchill Private Capital Income Fund: 65% Nuveen Churchill Direct Lending: 65%
180	Material Technologies Corporation	1.1	0.7	64%	64%	1 BDC TriplePoint Private Venture Credit: 64%
181	KCF Puerto Rico, LLC	1.0	0.7	67%	67%	1 BDC MidCap Financial Investment: 67%
182	Bambino Group Holdings, LLC	1.0	0.7	70%	70%	1 BDC Ares Capital: 70%
183	Axiom Space, Inc	1.0	0.7	70%	51% – 111%	2 BDCs Trinity Capital: 51% Horizon Technology Finance: 111%
184	Vibrantz Technologies Inc.	0.9	0.5	53%	53%	1 BDC Barings Private Credit: 53%
185	Sea Link International IRB, Inc.	0.9	0.5	59%	59%	1 BDC Gladstone Capital: 59%
186	Expedition Holdco, LLC	0.9	0.6	69%	69% – 69%	2 BDCs Blackstone Private Credit Fund: 69% Blackstone Secured Lending Fund: 69%
187	Binswanger Holding Corp.	0.9	0.6	69%	69%	1 BDC Capital Southwest: 69%
188	SWF Holdings I Corp	0.8	0.5	65%	65%	1 BDC HPS Corporate Lending Fund: 65%
189	FWS Parent Holdings, LLC	0.8	0.5	66%	66%	1 BDC CION Investment: 66%
190	Profile Holdings I, LP	0.8	0.5	68%	67% – 68%	2 BDCs Carlyle Secured Lending: 67% Carlyle Credit Solutions: 68%
191	Partner Therapeutics, Inc.	0.7	0.5	65%	65%	1 BDC MidCap Financial Investment: 65%
192	Certamen Ventures Inc.	0.6	0.4	67%	67%	1 BDC TriplePoint Private Venture Credit: 67%
193	True Environmental Inc.	0.6	0.4	68%	68%	1 BDC Fidus Investment: 68%
194	RMH Parent LLC	0.6	0.3	54%	54%	1 BDC Kayne Anderson BDC: 54%
195	Openly Holdings Corp.	0.5	0.3	69%	69%	1 BDC Trinity Capital: 69%
196	PSA Holdings, LLC	0.5	0.3	62%	62%	1 BDC Muzinich Corporate Lending Income Fund: 62%
197	Bedford Precision Parts LLC	0.5	0.3	65%	65%	1 BDC Fidus Investment: 65%
198	Credit Sesame, Inc	0.4	0.3	66%	66%	1 BDC Runway Growth Finance: 66%
199	Banner Industries, Inc.	0.4	0.2	61%	61%	1 BDC WhiteHorse Finance: 61%
200	VERO Biotech LLC	0.4	0.2	60%	31% – >150%	2 BDCs Horizon Technology Finance: 31% Monroe Capital Income Plus: >150%
201	Onsight Industries, LLC	0.4	0.3	68%	68%	1 BDC Fidus Investment: 68%
202	DialPad, Inc.	0.3	0.2	59%	59% – 61%	2 BDCs TriplePoint Venture Growth BDC: 59% TriplePoint Private Venture Credit: 61%
203	Trustaff	0.3	0.2	50%	50%	1 BDC Audax Credit BDC: 50%
204	StellPen Holdings, LLC	0.3	0.2	68%	68% – 68%	2 BDCs PennantPark Floating Rate Capital: 68% PennantPark Investment: 68%
205	ACP Flexibles I LP	0.3	0.2	63%	63%	1 BDC Fidelity Private Credit Fund: 63%
206	HBB Parent, LLC (High Bar Brands)	0.3	0.2	64%	64%	1 BDC Nuveen Churchill Direct Lending: 64%
207	Spectrum Science (KLC Fund 1222-CI LP)	0.3	0.2	69%	69%	1 BDC Nuveen Churchill Private Capital Income Fund: 69%
208	Grey Orange International Inc.	0.3	0.2	67%	66% – >150%	4 BDCs TriplePoint Venture Growth BDC: 66% TriplePoint Private Venture Credit: 66% BlackRock TCP Capital: >150% BlackRock Direct Lending: n/a
209	PAI Pharma (PAI Co-Investor FT Aggregator, LLC)	0.3	0.2	66%	65% – 66%	3 BDCs MidCap Apollo Institutional Private Lending: 65% Apollo Debt Solutions BDC: 66% MidCap Financial Investment: 66%
210	Nutpods Holdings, Inc.	0.2	0.2	69%	69% – 69%	2 BDCs Apollo Debt Solutions BDC: 69% MidCap Financial Investment: 69%
211	Careismatic	0.2	0.1	56%	56%	1 BDC Audax Credit BDC: 56%
212	FCA Partners LLC	0.2	0.1	59%	59%	1 BDC Fidelity Private Credit Fund: 59%
213	Eightfold AI Inc.	0.2	0.1	61%	61%	1 BDC TriplePoint Private Venture Credit: 61%
214	Minute Media, Inc	0.1	0.1	66%	66%	1 BDC Runway Growth Finance: 66%
215	Perry Health, Inc.	0.1	0.0	53%	53%	1 BDC TriplePoint Private Venture Credit: 53%
216	Elutia, Inc	0.0	0.0	53%	53%	1 BDC Runway Growth Finance: 53%
217	MolecuLight, Inc	0.0	0.0	52%	52%	1 BDC Runway Growth Finance: 52%
218	Onapsis, Inc.	0.0	0.0	65%	65%	1 BDC Golub Capital BDC: 65%

Source: Calcbench, from BDC schedules of investments (XBRL), fiscal Q2 2026. Includes portfolio companies whose combined fair value across all BDC holders is above 50% and at or below 70% of combined cost. Cost and fair value are summed across every debt and equity position. A BDC's mark blends all of the instruments it holds in the company, so differences between BDCs can reflect different tranches as well as different valuations. Company names are consolidated across filers' naming variations. Excludes funds, co-investment vehicles, CLOs and asset-backed positions.