华利安：2025业务发展公司（BDC）市场夏季更新报告（英文版）（18页）.pdf

1、BDC MonitorSummer 2025FIRST LIENSOFR+500 bpsMedian Coupon for Newly Issued Loans in Q1 202598.8%Weighted AverageLoan Price10.16%Average Yield1.3%Nonaccrual Rate49.6%Implied Recovery Rate for Loans on Nonaccrual StatusUnchanged QoQ-48 bps QoQ-22 bps QoQ+8 bps QoQ+389 bps QoQSECOND LIENSOFR+740 bpsMed

2、ian Coupon for Newly Issued Loans in Q1 202597.2%Weighted AverageLoan Price13.24%Average Yield$451.1BAggregate Fair Valueof Investments Held inBDC Portfolios9,466Aggregate Numberof Unique Investments Held in BDC Portfolios+164 bps QoQ-18 bps QoQ+18 bps QoQ+$32.6B QoQ+469 QoQSource:Advantage Data.(i)

3、9,466 aggregate number of unique investments 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 Summer 2025 edition of the BDC Monitor,which includes key trends for more than 160

4、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 or email us with

5、 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 TeamBDC Market Landscape 3 The top 10 managers represent 20%of the BDCs by fund count and 64%of

6、the BDCs by total assets.Direct lending positions continued to grow in number and size in Q1 2025.The total fair value of BDC public and private investments reached$451.1 billion in Q1 2025(up from$418.5 billion in Q4 2024),driven by approximately 469 net additional investments.Private BDCs comprise