BDC Filing Season Q1 2022: Week of 5/16/2022 Recap
BDC Filing Season Q1 2022: Week of 5/16/22 Recap
BDC data provided by the Advantage Data Workstation, a Solve Advisors’ product. For more information about our BDC data or our other products please contact marketpluse@solvefixedincome.com.
BDC Filing season is in full swing. This report will analyse 28 BDCs that have filed as of last week. Aggregate Fair Value reported by these BDCs is 60.13 billion USD which is approximately 30% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blackstone Private Credit Fund | 634 | 100.00% | 39,419,603 | 0.002 | 37,058,758 | 39,420,454 | 6.51 | 6.5 | 6.48 |
| Franklin BSP Lending Corp. | 266 | 100.00% | 2,715,356 | -0.069 | 2,253,475 | 2,713,470 | 39.56 | 7.7 | 9.73 |
| Apollo Debt Solutions BDC | 112 | 100.00% | 2,632,697 | -0.506 | 2,728,440 | 2,619,369 | 5.56 | 5.52 | 5.38 |
| Apollo Investment Corp | 285 | 100.00% | 2,745,829 | -8.109 | 2,909,441 | 2,523,173 | 32.24 | 8.31 | 33.72 |
| Golub Capital BDC 3 Inc. | 1127 | 100.00% | 2,039,763 | 1.428 | 1,941,914 | 2,068,892 | 6.93 | 6.79 | 6.96 |
| HPS Corporate Lending Fund | 171 | 100.00% | 1,813,954 | -0.174 | 2,111,582 | 1,810,797 | 17.68 | 6.75 | 17.67 |
| Stone Point Capital Credit LLC | 90 | 100.00% | 1,220,639 | 0.111 | 1,240,393 | 1,222,000 | 7.16 | 7.16 | 7.18 |
| Palmer Square Capital BDC Inc. | 221 | 100.00% | 1,169,583 | -0.615 | 1,142,642 | 1,162,395 | 5.45 | 5.4 | 5.31 |
| NMF SLF I, Inc. | 240 | 100.00% | 1,101,782 | 0.479 | 1,290,174 | 1,107,060 | 6.72 | 6.72 | 6.92 |
| MSC Income Fund Inc. | 247 | 100.00% | 1,077,589 | 1.271 | 929,586 | 1,091,281 | 29.18 | 9.06 | 8.87 |
| AB Private Credit Investors Corp. | 410 | 100.00% | 973,944 | 0.39 | 969,919 | 977,738 | 8.42 | 7.03 | 7.22 |
| MSD Investment Corp. | 37 | 100.00% | 736,505 | -0.634 | 703,971 | 731,835 | 8.93 | 8.91 | 8.87 |
| Kayne Anderson BDC, LLC | 109 | 100.00% | 608,754 | 1.859 | 616,811 | 620,071 | 6.99 | 6.99 | 8.84 |
| Franklin BSP Capital L.L.C. | 97 | 100.00% | 545,536 | 0.27 | 521,356 | 547,009 | 7.19 | 7.19 | 7.25 |
| Onex Falcon Direct Lending BDC Fund | 39 | 100.00% | 352,341 | -0.232 | 398,142 | 351,523 | 9.13 | 8 | 9.09 |
| AG Twin Brook BDC Inc. | 315 | 100.00% | 159,929 | 1.416 | 183,572 | 162,193 | 30.7 | 7.39 | 22.09 |
| Star Mountain Lower Middle-Market Capital Corp. | 57 | 100.00% | 129,035 | 2.395 | 112,605 | 132,125 | 10.67 | 10.48 | 10.71 |
| Carlyle Secured Lending III | 32 | 100.00% | 130,099 | -0.843 | 131,110 | 129,002 | 7.87 | 7.87 | 7.67 |
| Steele Creek Capital Corp | 151 | 100.00% | 129,166 | -0.55 | 132,515 | 128,455 | 5.63 | 5.26 | 5.37 |
| Muzinich BDC Inc. | 15 | 100.00% | 116,426 | 3.165 | 111,399 | 120,110 | 11.37 | 11.37 | 11.49 |
| Guggenheim Credit Income Fund | 56 | 100.00% | 110,456 | -1.544 | 115,751 | 108,751 | 8.96 | 8.08 | 8.41 |
| Firsthand Technology Value Fund Inc. | 96 | 100.00% | 145,031 | -43.328 | 113,349 | 82,193 | 9.95 | 9.95 | 52.24 |
| Golub Capital Direct Lending Corp | 222 | 100.00% | 77,573 | 1.183 | 74,232 | 78,491 | 6.65 | 6.65 | 6.75 |
| NexPoint Capital Inc. | 37 | 100.00% | 56,407 | 12.722 | 26,267 | 63,583 | 10 | 7.62 | 8.88 |
| Hancock Park Corporate Income Inc. | 55 | 100.00% | 48,291 | 0.039 | 49,960 | 48,310 | 8.55 | 8.48 | 8.64 |
| Kayne DL 2021 Inc. | 27 | 100.00% | 42,856 | 1.164 | 24,409 | 43,355 | 6.94 | 6.94 | 7.44 |
| Stellus Private Credit BDC | 15 | 100.00% | 37,597 | -0.287 | 36,974 | 37,489 | 7.58 | 7.58 | 7.52 |
| Princeton Capital Corp. | 19 | 100.00% | 46,036 | -27.171 | 29,552 | 33,528 | 5.56 | 5.56 | 9.5 |
| TOTAL | 5182 | 100.00% | 60,382,777 | -0.0041 | 57,958,298 | 60,134,652 | 9.72 | 6.7 | 8.39 |
Non-Accruals
At least 7 BDC’s that have filed last week have reported Non–Accruals amounting to 139.5 Million USD at Cost. Princeton Capital Corp. and Apollo Investment Corp are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Princeton Capital Corp. | 4 | 63.30% | 19,170 | 10.719 | 19,170 | 21,224 | — | — | — |
| Apollo Investment Corp | 6 | 0.58% | 34,554 | -57.944 | 46,321 | 14,532 | 432.58 | — | 140.76 |
| Franklin BSP Lending Corp. | 9 | 0.36% | 43,800 | -77.856 | 67,690 | 9,699 | 1176.89 | — | 76.29 |
| MSC Income Fund Inc. | 5 | 0.63% | 29,965 | -77.037 | 30,735 | 6,881 | 883.32 | — | 10.43 |
| AB Private Credit Investors Corp. | 4 | 0.20% | 7,695 | -74.17 | 8,210 | 1,987 | 157.29 | — | 11.22 |
| Golub Capital BDC 3 Inc. | 3 | 0.08% | 2,450 | -34.571 | 2,470 | 1,603 | 27.63 | — | 8.29 |
| Guggenheim Credit Income Fund | 1 | 0.08% | 1,926 | -95.327 | 4,475 | 90 | — | — | — |
| TOTAL | 32 | 0.59% | 139,559 | -0.5986 | 179,071 | 56,017 | — | — | — |
Portfolio Composition By Industry
The chart below is a bird’s-eye view of the BDC’s aggregate Industry Diversification.
Portfolio Composition By Asset Class
The chart below is a bird’s-eye view of the BDC’s aggregate Diversification by Asset Class.
BDC Investments Maturing in the next 12 Months
The table below summarizes aggregate investments of BDCs that are maturing in the next 12 months, which combined are worth more than 482.82 Million USD at cost.
| BDC | Cost (1000) | Fair Value (1000) |
|---|---|---|
| Apollo Investment Corp | 202,946.00 | 196,743.00 |
| Franklin BSP Lending Corp. | 70,848.00 | 47,457.00 |
| MSC Income Fund Inc. | 47,308.00 | 43,694.00 |
| Firsthand Technology Value Fund Inc. | 53,345.00 | 42,645.00 |
| Kayne Anderson BDC, LLC | 40,053.00 | 40,865.00 |
| AB Private Credit Investors Corp. | 24,639.00 | 24,728.00 |
| Golub Capital BDC 3 Inc. | 22,927.00 | 21,293.00 |
| Guggenheim Credit Income Fund | 6,624.00 | 6,469.00 |
| Palmer Square Capital BDC Inc. | 3,933.00 | 3,914.00 |
| Steele Creek Capital Corp | 2,746.00 | 2,642.00 |
| Hancock Park Corporate Income Inc. | 2,347.00 | 2,304.00 |
| Princeton Capital Corp. | 3,633.00 | 2,251.00 |
| Carlyle Secured Lending III | 1,515.00 | 1,512.00 |
| Golub Capital Direct Lending Corp | 6.00 | 6.00 |
| Kayne DL 2021 Inc. | – | – |
| NMF SLF I, Inc. | (3.00) | (33.00) |
| Onex Falcon Direct Lending BDC Fund | (47.00) | (85.00) |
| TOTAL | 482,820.00 | 436,405.00 |
Top 10 BDC Investments
BDCs portfolio quality can be measured by taking a deeper dive into the BDC’s top ten investments. While these investments are small in number, they are the primary determinant of a BDC’s portfolio performance. Top 10 Investments of BDCs that have filed last week amounts to 15.07 billion USD (Cost) accounting for 25% of their aggregate holdings (Cost).
| BDC | Cost (1000) | Fair Value (1000) |
|---|---|---|
| Blackstone Private Credit Fund | 8,263,622.00 | 8,226,720.00 |
| Franklin BSP Lending Corp. | 915,321.00 | 879,274.00 |
| HPS Corporate Lending Fund | 878,002.00 | 878,365.00 |
| Apollo Debt Solutions BDC | 733,920.00 | 735,794.00 |
| Apollo Investment Corp | 701,608.00 | 721,371.00 |
| Stone Point Capital Credit LLC | 593,002.74 | 591,812.98 |
| Golub Capital BDC 3 Inc. | 400,076.00 | 394,111.00 |
| MSD Investment Corp. | 397,766.00 | 399,697.00 |
| NMF SLF I, Inc. | 282,819.00 | 280,332.00 |
| Kayne Anderson BDC, LLC | 229,397.00 | 224,721.00 |
| MSC Income Fund Inc. | 228,805.00 | 208,803.00 |
| Onex Falcon Direct Lending BDC Fund | 220,047.63 | 220,867.44 |
| Franklin BSP Capital L.L.C. | 217,592.00 | 216,944.00 |
| AB Private Credit Investors Corp. | 172,821.98 | 171,019.07 |
| Palmer Square Capital BDC Inc. | 154,727.57 | 155,692.19 |
| Muzinich BDC Inc. | 120,110.30 | 116,425.69 |
| Carlyle Secured Lending III | 90,180.00 | 91,198.00 |
| Firsthand Technology Value Fund Inc. | 82,186.57 | 114,642.92 |
| Star Mountain Lower Middle-Market Capital Corp. | 64,288.94 | 63,542.11 |
| Guggenheim Credit Income Fund | 59,846.00 | 59,715.00 |
| NexPoint Capital Inc. | 45,265.10 | 38,922.05 |
| Kayne DL 2021 Inc. | 39,538.00 | 39,144.00 |
| Stellus Private Credit BDC | 37,488.86 | 37,596.91 |
| Golub Capital Direct Lending Corp | 35,696.43 | 35,448.16 |
| AG Twin Brook BDC Inc. | 34,821.00 | 32,700.00 |
| Princeton Capital Corp. | 33,527.87 | 39,978.04 |
| Hancock Park Corporate Income Inc. | 25,091.71 | 25,032.17 |
| Steele Creek Capital Corp | 16,480.00 | 16,574.00 |
| TOTAL | 15,074,048.70 | 15,016,442.73 |
BDC Filing Season Recaps are written by Sourav Srimal, Nikhil Thadaney, and Nayan Raj. For more information about our BDC data or our other products please contact marketpluse@solvefixedincome.com.
Sourav Srimal
Senior Vice President
ssrimal@solvefixedincome.com
Nikhil Thadaney
Data Analyst
nthadaney@solvefixedincome.com
Nayan Raj
Data Analyst
nraj@solvefixedincome.com
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