BDCs,NEWSROOM
BDC Filing Season Q1 2022: Week of 5/9/22 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.
BDC Filing season is in full swing. This report will analyse 65 BDCs that have filed as of last week. Aggregate Fair Value reported by these BDCs is 141.15 billion USD which is approximately 70% 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 | 584 | 98.22% | 37,410,668 | -0.057 | 35,561,165 | 37,389,223 | — | — | — |
| FS KKR Capital Corp. | 442 | 100.00% | 16,483,200 | 0.43 | 14,940,695 | 16,554,000 | 11.87 | 7.6 | 9.77 |
| Blackstone / GSO Secured Lending Fund | 197 | 100.00% | 10,057,309 | 1.075 | 9,966,921 | 10,165,411 | 7.08 | 7.04 | 7.19 |
| Prospect Capital | 195 | 100.00% | 6,887,937 | 7.869 | 6,866,158 | 7,429,931 | 12.53 | 10.47 | 12.21 |
| Owl Rock Technology Finance Corp. | 179 | 100.00% | 5,981,582 | 1.951 | 4,802,868 | 6,098,311 | 7.63 | 7.63 | 7.64 |
| Owl Rock Core Income Corp. | 279 | 100.00% | 5,582,786 | -0.342 | 5,400,377 | 5,563,670 | 6.84 | 6.83 | 6.73 |
| Golub Capital | 1,413 | 100.00% | 5,429,002 | 0.389 | 5,253,037 | 5,450,142 | 7.62 | 6.95 | 7.92 |
| Goldman Sachs BDC | 334 | 100.00% | 3,514,206 | -1.067 | 3,974,930 | 3,476,704 | 30.33 | 8.06 | 11.83 |
| New Mountain Finance | 333 | 100.00% | 3,219,709 | 1.157 | 2,770,813 | 3,256,965 | 12.17 | 7.66 | 8.12 |
| Hercules Capital Inc. | 301 | 100.00% | 2,586,402 | 0.229 | 2,409,715 | 2,592,334 | 9 | 8.76 | 7.95 |
| Morgan Stanley Direct Lending Fund | 279 | 100.00% | 2,524,939 | 0.38 | 2,529,437 | 2,534,536 | 7.04 | 7.01 | 7.12 |
| FS Energy & Power Fund | 103 | 100.00% | 2,214,925 | 11.623 | 1,481,948 | 2,472,372 | 15.65 | 6.73 | 26.05 |
| Goldman Sachs Private Middle Market Credit II | 265 | 100.00% | 2,454,027 | -0.042 | 2,884,453 | 2,452,988 | 36.18 | 7.71 | 9.76 |
| Barings BDC | 445 | 100.00% | 2,391,601 | 0.494 | 2,134,235 | 2,403,425 | 12.78 | 7.34 | 17.17 |
| OWL Rock Capital Corp. II | 303 | 100.00% | 2,380,044 | 0.195 | 2,318,836 | 2,384,686 | 7.75 | 7.62 | 7.58 |
| Bain Capital Specialty Finance Inc. | 277 | 100.00% | 2,230,779 | -0.649 | 1,958,493 | 2,216,309 | 8.72 | 7.69 | 6.69 |
| TCG BDC II Inc. | 130 | 100.00% | 1,980,691 | -0.976 | 1,955,547 | 1,961,355 | 8.07 | 7.78 | 8.19 |
| New Mountain Guardian III BDC, L.L.C. | 264 | 100.00% | 1,850,836 | -0.119 | 2,141,314 | 1,848,635 | 7.12 | 7.05 | 7.1 |
| Cion Investment Corp. | 232 | 100.00% | 1,805,085 | -2.758 | 1,863,924 | 1,755,297 | 15.56 | 9.18 | 9.5 |
| Barings Private Credit LLC | 340 | 100.00% | 1,608,988 | 0.587 | 1,498,507 | 1,618,433 | 7.05 | 6.96 | 6.88 |
| TCW Direct Lending VII LLC | 63 | 100.00% | 1,379,585 | 2.112 | 1,399,755 | 1,408,717 | 10.44 | 10.05 | 10.46 |
| Crescent Capital BDC Inc. | 385 | 100.00% | 1,267,678 | 1.65 | 1,201,733 | 1,288,601 | 7.29 | 7.09 | 7.76 |
| Stone Point Capital Credit LLC | 90 | 100.00% | 1,220,639 | 0.111 | 1,240,393 | 1,222,000 | — | — | — |
| Barings Capital Investment Corp | 275 | 100.00% | 1,004,222 | 1.289 | 889,851 | 1,017,165 | 7.12 | 7.15 | 7.12 |
| TCW Direct Lending LLC | 25 | 100.00% | 1,010,193 | -3.884 | 911,054 | 970,953 | 35.97 | 9.72 | 15.8 |
| Trinity Capital Inc. | 321 | 100.00% | 949,735 | -0.179 | 870,118 | 948,032 | 13.5 | 10.72 | 10.78 |
| SL Investment Corp. | 231 | 100.00% | 939,210 | 0.26 | 949,874 | 941,649 | 6.85 | 6.82 | 6.91 |
| Nuveen Churchill BDC INC. | 194 | 100.00% | 850,494 | 0.039 | 924,039 | 850,827 | 27.22 | 6.83 | 26.63 |
| Stellus Capital Investment Corp. | 179 | 100.00% | 853,846 | -1.857 | 814,837 | 837,991 | 29.98 | 8.28 | 8.15 |
| Fidus Investment Corp | 161 | 100.00% | 719,976 | 12.781 | 662,087 | 811,995 | 9.85 | 9.75 | 9.63 |
| WhiteHorse Finance | 122 | 100.00% | 798,251 | 0.266 | 769,348 | 800,371 | 9.34 | 8.95 | 9.29 |
| Goldman Sachs Private Middle Market Credit Corp. | 67 | 100.00% | 796,756 | -2.568 | 822,165 | 776,299 | 33.67 | 8.57 | 5.15 |
| North Haven Private Income Fund LLC | 207 | 100.00% | 781,384 | -0.777 | 787,955 | 775,312 | 5.74 | 5.73 | 5.59 |
| Monroe Capital Income Plus Corp | 279 | 100.00% | 754,817 | 1.573 | 859,869 | 766,694 | 16.81 | 7.66 | 17 |
| Runway Growth Credit Fund Inc. | 93 | 100.00% | 761,333 | -0.925 | 717,825 | 754,289 | 9.63 | 9.63 | 9.33 |
| Gladstone Investment Corporation | 67 | 100.00% | 669,248 | 6.746 | 510,617 | 714,396 | 27.46 | 11.94 | 11.34 |
| Oaktree Strategic Income II Inc. | 182 | 100.00% | 622,115 | 0.3 | 592,280 | 623,984 | 8.33 | 8.15 | 8.26 |
| Portman Ridge Finance Corp. | 196 | 100.00% | 623,690 | -8.927 | 483,269 | 568,011 | 10.01 | 8.05 | 9.3 |
| Franklin BSP Capital L.L.C. | 97 | 100.00% | 545,536 | 0.27 | 521,356 | 547,009 | — | — | — |
| T Series Middle Market Loan Fund LLC | 94 | 100.00% | 531,565 | 0.032 | 536,714 | 531,733 | 7 | 6.98 | 7 |
Non-Accruals
At least 32 BDC’s that have filed last week have reported Non–Accruals amounting to 1.94 billion USD at Cost. FS KKR Capital Corp. and FS Energy & Power Fund are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| FS KKR Capital Corp. | 19 | 1.45% | 525,900 | -54.326 | 693,033 | 240,200 | 148.03 | 3 | 59.78 |
| FS Energy & Power Fund | 3 | 8.55% | 264,519 | -20.122 | 7,500 | 211,293 | 44.51 | — | 12.38 |
| TCW Direct Lending LLC | 3 | 8.24% | 103,726 | -22.851 | 124,567 | 80,023 | 76.03 | — | 30.24 |
| Goldman Sachs BDC | 5 | 2.17% | 99,367 | -24.155 | 112,516 | 75,365 | 20.38 | 12.31 | 15.64 |
| Gladstone Investment Corporation | 9 | 8.40% | 77,202 | -22.31 | 77,202 | 59,978 | 112.65 | 13.64 | 9.36 |
| Golub Capital | 27 | 1.03% | 76,284 | -26.759 | 98,605 | 55,871 | 41.39 | — | 100.1 |
| Barings BDC | 11 | 1.79% | 71,131 | -39.63 | 130,243 | 42,942 | 2,295.55 | — | 646.9 |
| Goldman Sachs Private Middle Market Credit II | 2 | 1.31% | 38,333 | -15.984 | 40,510 | 32,206 | 21.59 | — | 11.77 |
| Prospect Capital | 3 | 0.41% | 169,949 | -82.23 | 290,820 | 30,200 | — | — | — |
| Princeton Capital Corp. | 4 | 63.30% | 19,170 | 10.719 | 19,170 | 21,224 | — | — | — |
| New Mountain Finance | 15 | 0.54% | 30,317 | -42.098 | 39,310 | 17,554 | 20.31 | — | 7.29 |
| SL Investment Corp. | 5 | 1.84% | 17,605 | -1.806 | 17,795 | 17,287 | 6.83 | 6.83 | 7.14 |
| Runway Growth Credit Fund Inc. | 1 | 1.94% | 19,172 | -23.589 | 18,598 | 14,650 | — | — | 5.97 |
| Crescent Capital BDC Inc. | 5 | 1.00% | 16,596 | -22.523 | 19,976 | 12,858 | — | — | — |
| PhenixFIN Corp. | 9 | 6.78% | 58,257 | -78.022 | 66,324 | 12,804 | 5.7 | 5.7 | 5 |
| TCG BDC II Inc. | 1 | 0.61% | 14,730 | -19.355 | 16,139 | 11,879 | — | — | 64.49 |
| Great Elm Capital Corp. | 7 | 3.62% | 76,367 | -85.799 | 78,481 | 10,845 | 13.78 | 13.77 | 13.14 |
| Cion Investment Corp. | 8 | 0.60% | 41,904 | -74.664 | 43,757 | 10,617 | 265.51 | — | 12.78 |
| Venture Lending & Leasing IX Inc. | 10 | 1.72% | 24,604 | -65.092 | 30,263 | 8,589 | — | — | — |
| First Eagle Alternative Capital BDC, Inc. | 6 | 2.05% | 21,016 | -60.996 | 31,990 | 8,197 | 65.18 | — | 45.53 |
| Venture Lending & Leasing VIII Inc. | 20 | 8.98% | 28,148 | -71.405 | 36,606 | 8,049 | 17.99 | 17.99 | 17.99 |
| Logan Ridge Finance Corp. | 2 | 3.41% | 12,693 | -44.458 | 13,448 | 7,050 | — | — | — |
| Stellus Capital Investment Corp. | 6 | 0.64% | 31,196 | -82.938 | 31,240 | 5,323 | 755.07 | — | 9.17 |
| Investcorp Credit Management BDC Inc. | 6 | 1.41% | 35,774 | -90.472 | 36,158 | 3,409 | 2,425.56 | — | 10.42 |
| Trinity Capital Inc. | 2 | 0.31% | 12,863 | -76.926 | 12,391 | 2,968 | 177.83 | 16.17 | 10.24 |
| OWL Rock Capital Corp. II | 2 | 0.10% | 4,829 | -50.404 | 11,388 | 2,395 | 32.93 | — | 20.08 |
| Fidus Investment Corp | 2 | 0.27% | 7,591 | -70.689 | 7,594 | 2,225 | — | — | — |
| Goldman Sachs Private Middle Market Credit Corp. | 1 | 0.23% | 11,531 | -84.399 | 12,850 | 1,799 | — | — | — |
| Morgan Stanley Direct Lending Fund | 3 | 0.07% | 2,902 | -41.351 | 2,995 | 1,702 | 8.82 | 8.82 | 9.75 |
| Rand Capital Corp. | 1 | 2.38% | 1,484 | 0% | 1,500 | 1,484 | 12.46 | 12.46 | 12.46 |
| Portman Ridge Finance Corp. | 6 | 0.18% | 11,730 | -91.151 | 12,107 | 1,038 | — | — | 10.5 |
| Hercules Capital Inc. | 2 | 0.00% | 13,263 | -99.269 | 23,703 | 97 | — | — | — |
| TOTAL | 206 | 1.55% | 1,940,153 | -47.83% | 2,158,780 | 1,012,119 | 163.97 | 9.05 | 55.97 |
Portfolio Composition By Industry
The chart below is a bird’s-eye view of the BDC’s aggregate Industry Diversification. The service sector dwarfs all other industries.
Portfolio Composition By Asset Class
The chart below is a bird’s-eye view of the BDC’s aggregate Diversification by Asset Class. Senior Secured First Lien is leading this category.
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 2.62 billion USD at cost.
| BDC | Cost (1000) | Fair Value (1000) |
| Prospect Capital | 267,629.00 | 267,682.00 |
| Golub Capital | 247,657.00 | 227,544.00 |
| Hercules Capital Inc. | 208,771.00 | 208,857.00 |
| FS KKR Capital Corp. | 192,500.00 | 156,500.00 |
| Gladstone Investment Corporation | 140,875.00 | 140,669.00 |
| Great Elm Capital Corp. | 175,443.00 | 109,322.00 |
| Goldman Sachs BDC | 121,348.00 | 107,517.00 |
| Bain Capital Specialty Finance Inc. | 101,414.00 | 97,251.00 |
| Goldman Sachs Private Middle Market Credit Corp. | 86,037.00 | 85,253.00 |
| Barings BDC | 83,096.00 | 82,938.00 |
| Cion Investment Corp. | 87,223.00 | 79,304.00 |
| TCW Direct Lending LLC | 116,322.00 | 77,638.00 |
| Crescent Capital BDC Inc. | 74,072.00 | 69,650.00 |
| Franklin BSP Lending Corp. | 68,825.00 | 65,969.00 |
| Portman Ridge Finance Corp. | 51,021.00 | 48,528.00 |
| New Mountain Finance | 50,412.00 | 46,252.00 |
| Terra Income Fund 6 Inc. | 42,384.00 | 42,102.00 |
| Stellus Capital Investment Corp. | 39,563.00 | 37,953.00 |
| Runway Growth Credit Fund Inc. | 44,538.00 | 35,437.00 |
| Fidus Investment Corp | 36,689.00 | 34,431.00 |
| Venture Lending & Leasing IX Inc. | 32,775.00 | 32,731.00 |
| WhiteHorse Finance | 31,485.00 | 30,848.00 |
| OWL Rock Capital Corp. II | 29,265.00 | 29,005.00 |
| Barings Private Credit LLC | 28,465.00 | 28,466.00 |
| TCG BDC II Inc. | 28,561.00 | 25,500.00 |
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 40.09.78 billion USD (Cost) accounting for 26% of their aggregate holdings (Cost).
| BDC | Cost (1000) | Fair Value (1000) |
| Blackstone Private Credit Fund | 7,220,205.00 | 7,245,962.00 |
| FS KKR Capital Corp. | 4,266,200.00 | 4,360,400.00 |
| Blackstone / GSO Secured Lending Fund | 2,918,700.00 | 2,957,832.00 |
| Prospect Capital | 2,595,676.00 | 3,964,520.00 |
| Owl Rock Technology Finance Corp. | 1,613,670.00 | 1,616,299.00 |
| Owl Rock Core Income Corp. | 1,221,471.00 | 1,218,779.00 |
| TCW Direct Lending LLC | 966,263.23 | 952,919.69 |
| FS Energy & Power Fund | 921,967.00 | 1,208,617.00 |
| New Mountain Finance | 870,628.00 | 980,972.00 |
| Golub Capital | 859,496.00 | 871,552.00 |
| Hercules Capital Inc. | 812,723.00 | 818,275.00 |
| Goldman Sachs BDC | 794,727.00 | 796,571.00 |
| Bain Capital Specialty Finance Inc. | 678,820.00 | 665,757.00 |
| TCW Direct Lending VII LLC | 613,410.49 | 626,490.55 |
| Morgan Stanley Direct Lending Fund | 602,600.00 | 604,496.00 |
| Stone Point Capital Credit LLC | 591,812.98 | 593,002.74 |
| Goldman Sachs Private Middle Market Credit II | 567,403.00 | 570,018.00 |
| Barings BDC | 529,875.00 | 559,925.00 |
| OWL Rock Capital Corp. II | 529,860.00 | 530,747.00 |
| TCG BDC II Inc. | 494,079.00 | 490,160.00 |
| Goldman Sachs Private Middle Market Credit Corp. | 473,617.00 | 470,974.00 |
| Runway Growth Credit Fund Inc. | 464,655.09 | 473,932.52 |
| New Mountain Guardian III BDC, L.L.C. | 435,854.00 | 435,589.00 |
| Cion Investment Corp. | 397,521.00 | 396,017.00 |
| MSD Investment Corp. | 352,527.00 | 351,861.00 |
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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