A free chapter from North American Private Markets in 2026.
Business development company (BDC) holdings have expanded significantly since 2018.
This free chapter uses Preqin’s BDC holdings data to examine how portfolios have evolved — including the growth of first‑lien lending, sector exposures, and trends in payment‑in‑kind (PIK) features.
The analysis draws on holdings measured primarily by fair value and provides a data‑driven view of the aggregate BDC market, based on the most up‑to‑date information available at the time of publication.
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