BDCs,NEWS ROOM

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.

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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 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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