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Brightwood Capital Corp I

MD
Private creditNon-traded BDC
Peers (…)All funds
Compared against all funds.
1Y return
+11.7%
79th pctile · ahead of most peersas of 2026-03-30
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$416.6M
as of 2026-03-30
Net expenses
10.1%
81th pctile · pricier than median
Repurchase
not stated yet
Level 3
100%
76th pctile · more model-priced than peers
Last offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 0.8% management fee)10.10%
Minus interest on borrowings, the cost of portfolio leverage7.51%
Ongoing cost, determined from the filings2.59%
Ongoing costs run about 2.6% of net assets a year. The 0.80% management fee is charged on gross assets, so with roughly $412 million of borrowings standing behind $401 million of equity it lands at 1.65% of net assets, and administration, professional, overhead, director and custody costs add another 0.94%. The 30.1 million of borrowing cost is excluded.
Sales loadnone
Total drag per year2.59%
This is the cost for common Stock (single class, par $0.01).
Based on fiscal year2025 full year (annual report, year ended 12/31/2025). Dollar expenses divided by average net assets of $415.0M, derived from the filing's .
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (No incentive or performance fee; the adviser is paid only a base management fee of 0.80% of average gross assets on commitments up to $350 million and 0.70% on commitments above that, payable quarterly in arrears.) apply only to returns earned. How this is calculated
Against all funds
Total drag
71th pctile · pricier than most
1Y return
79th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 full year (annual report, year ended 12/31/2025). Dollar expenses divided by average net assets of $415.0M, derived from the filing's own stated 10.10% net-expense ratio and 13.31% net investment income ratio. The H1 2026 interim implies 2.49% annualized on the same basis, and no fee schedule change occurred, so the annual figure is used..
Open the filing on sec.gov (0001104659-26-036905)
Size and leverage
Net assets$416.6M?
Borrowings$429.0M?
Leveragedebt to equity1.03x?
Asset coverage197.00%?
Investments held60?
Started2022-09-26?
What the manager charges
Management feeof gross assets0.80%?
The same fee against your equitybecause it is charged on borrowed assets too1.62%
Getting your money back
Repurchase offersnone; shares are generally not redeemable except in limited circumstances for legal or regulatory purposes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
What it holds
Floating rate100.00%?
Priced by the managerno market price available100.00%?
MostlyTransportation & Logistics (29.4% of portfolio at fair value)?
Who is involved
AdviserBrightwood Capital Advisors, LLC?
AuditorRSM US LLP?
Valuedquarterly?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
  • No incentive or performance fee: none (The manager is paid only a base fee, so there is no contingent carry layered on top of the 2.6% ongoing cost and no incentive to reach for yield to trigger a fee.)
  • Management fee is charged on gross assets, not net assets: 0.8 % of average gross assets (With about 1.03x debt to equity, a 0.80% gross-asset fee costs equity holders roughly 1.65% of net assets, more than double the headline rate.)
  • Loans on non-accrual status at June 30, 2026: YNWA Finco LLC, Legacy Restoration LLC (term loan and revolver), Subsea Global Solutions LLC senior secured term loan (Non-accruals grew from one issuer at year end 2025 to three at mid-2026, and interest previously accrued was reversed, which directly reduces investment income and distributable cash.)
  • Investment income decline year over year: -8.9 % change in six-month total investment income (42,859 vs 47,048) (Falling base rates plus new non-accruals cut revenue while the fee base (gross assets) stayed flat, so the cost burden per dollar of income rose.)
  • Unfunded commitments versus cash on hand: 37,785 unfunded vs 20,945 cash USD thousands (Delayed draw and revolver commitments exceed cash, so funding them depends on undrawn credit facility capacity of $71.0 million at SPV-1.)
  • Credit facility capacity and undrawn amounts: SPV-1 $350,000 committed with $71,040 undrawn; SPV-2 $150,000 fully drawn USD thousands (SPV-2 has no remaining capacity and SPV-1 headroom is the only committed liquidity source behind unfunded commitments.)
  • Borrowing spread reduced and maturities extended: SOFR plus 2.15% (A lower spread and longer maturities cut interest cost, which is why the interest ratio fell from 7.0% in Q2 2025 to 5.8% in Q2 2026.)
  • Capital commitments fully called: 0 USD unfunded investor capital commitment (There is no remaining investor capital to draw, so growth must come from leverage or repayments; the fee base is unlikely to grow from new subscriptions.)
Fees
Management fee0.8%
Incentive fee
No incentive or performance fee; the adviser is paid only a base management fee of 0.80% of average gross assets on commitments up to $350 million and 0.70% on commitments above that, payable quarterly in arrears.
Sales load0%
Interest on borrowings7.51%
Incentive fees accrued0%
Total annual expenses, gross10.1%
Liquidity terms
Repurchase frequency
none; shares are generally not redeemable except in limited circumstances for legal or regulatory purposes
Notice period, days10
Minimum investmentunchanged, 2 filings$10,000
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 2 filingsEngaged, name in filing
Valuation frequencychanged from At least quarterly · Mar 2026at least quarterly
Structure
Legal structurechanged · Mar 2026
Business development company organized as a corporation
Share classes
Single class of common stock issued to private investors through capital drawdowns
Leverage limitchanged · Mar 2026
At least 150% asset coverage for indebtedness (200% for preferred equity); will not utilize leverage or borrow in excess of 125% of stockholders capital commitments
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.