BDCs,NEWS ROOM

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@solveadvisors.com.

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Filing Recap
Non-Accruals
Industry
Asset Class
Inv Maturing
Top 10 BDCs

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@solveadvisors.com.

Sourav Srimal
Senior Vice President
ssrimal@solveadvisors.com

Nikhil Thadaney
Data Analyst
nthadaney@solveadvisors.com

Nayan Raj
Data Analyst
nraj@solveadvisors.com

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