华利安（Houlihan Lokey）：2026业务发展公司（BDC）市场春季更新报告（英文版）（19页）.pdf

1、Spring 2026BDC MonitorFIRST LIENSOFR+475 bpsMedian Coupon for Newly Issued Loans in Q4 202599.3%Weighted AverageLoan Price9.29%Average Yield1.4%Nonaccrual Rate51.8%Implied Recovery Rate for Loans on Nonaccrual Status-25 bps QoQ-6 bps QoQ-37 bps QoQ+28 bps QoQ-914 bps QoQSECOND LIENSOFR+725 bpsMedian

2、 Coupon for Newly Issued Loans in Q4 202597.8%Weighted AverageLoan Price11.99%Average Yield$550.9BAggregate Fair Valueof Investments Held inBDC Portfolios10,229Aggregate Numberof Unique Portfolio Companies Held in BDC Portfolios+75 bps QoQ-30 bps QoQ-35 bps QoQ+$37.7B QoQ+383 QoQSource:Advantage Dat

3、a.Note:10,229 aggregate number of unique portfolio companies held in BDC portfolios excludes cross-held investments.Houlihan Lokeys Portfolio Valuation and Fund Advisory Services and Asset Management teams are pleased to present the Spring 2026 edition of the BDC Monitor,which includes key trends fo

4、r more than 170 BDCs to help you stay ahead in this constantly evolving industry.We hope you will find this update to be informative and a valuable resource to you in staying abreast of the market.If there is additional content you would find useful for future updates,please do not hesitate to call

5、or email us with your suggestions.We look forward to staying in touch with you.2Portfolio Valuation and Fund Advisory Services TeamPortfolio Valuation and Fund Advisory Services TeamAsset Management TeamAsset Management TeamPublic Mid BDCsPublic Large BDCsBDC Market Landscape 3 The top 10 managers r

6、epresent 16%of the BDCs by fund count and 60%of the BDCs by total assets.Direct lending positions continued to grow in number and size in Q4 2025.The total fair value of BDC public and private investments reached$550.9 billion in Q4 2025(up from$513.2 billion in Q3 2025),driven by approximately 130