BDCs
BDC Filing Season Q2 2022: Week of 8/12/2022 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.
Filing Recap
BDC Filing season is in full swing. This report will analyze the top 47 BDCs by Fair Value AUM that have filed as of last week. Aggregate Fair Value reported by these BDCs is 150.4 billion USD which is approximately 67.9% 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 | 715 | 100.00% | 48,785,436 | -1.876 | 46,462,984 | 47,870,343 | 7.61 | 7.49 | 7.18 |
FS KKR Capital Corp. | 450 | 100.00% | 16,612,700 | -2.615 | 15,962,952 | 16,178,200 | 19.6 | 9.03 | 11.31 |
Blackstone / GSO Secured Lending Fund | 221 | 100.00% | 10,189,785 | 0.626 | 10,045,901 | 10,253,561 | 7.81 | 7.75 | 7.82 |
Owl Rock Core Income Corp. | 368 | 100.00% | 8,646,873 | -2.263 | 8,210,818 | 8,451,228 | 8.85 | 8.71 | 8.17 |
Owl Rock Technology Finance Corp. | 199 | 100.00% | 6,148,744 | -2.42 | 4,982,862 | 5,999,946 | 9.24 | 9.2 | 8.95 |
Golub Capital | 1,548 | 100.00% | 5,667,007 | -0.753 | 5,471,480 | 5,624,355 | 9.22 | 7.69 | 80.11 |
Apollo Debt Solutions BDC | 180 | 100.00% | 3,838,925 | -3.649 | 4,084,872 | 3,698,828 | 8.32 | 7.76 | 7.08 |
New Mountain Finance | 328 | 100.00% | 2,908,322 | 0.164 | 2,485,220 | 2,913,085 | 10.12 | 8.65 | 8.86 |
Franklin BSP Lending Corp. | 266 | 100.00% | 2,781,684 | -0.889 | 2,323,183 | 2,756,955 | 9.08 | 8.41 | 10.82 |
Morgan Stanley Direct Lending Fund | 318 | 100.00% | 2,705,519 | -0.87 | 2,707,814 | 2,681,979 | 8.26 | 8.2 | 8.03 |
Goldman Sachs Private Middle Market Credit II | 290 | 100.00% | 2,652,444 | -0.454 | 3,158,014 | 2,640,392 | 26.34 | 8.53 | 17.39 |
FS Energy & Power Fund | 103 | 100.00% | 2,237,968 | 8.64 | 1,556,789 | 2,431,336 | 19.49 | 8.92 | 32.98 |
Barings BDC | 476 | 100.00% | 2,439,067 | -2.05 | 2,162,455 | 2,389,076 | 8.36 | 8.1 | 7.84 |
OWL Rock Capital Corp. II | 328 | 100.00% | 2,321,919 | -1.38 | 2,242,252 | 2,289,875 | 10.26 | 9.35 | 9.14 |
Golub Capital BDC 3 Inc. | 1265 | 100.00% | 2,267,583 | -0.023 | 2,163,735 | 2,267,056 | 7.94 | 7.76 | 7.68 |
TCG BDC II Inc. | 137 | 100.00% | 2,032,235 | -2.241 | 2,004,898 | 1,986,690 | 8.98 | 8.56 | 9.5 |
Carlyle Secured Lending Inc. | 160 | 100.00% | 1,958,301 | -3.525 | 1,911,865 | 1,889,276 | 10.39 | 8.81 | 12.81 |
New Mountain Guardian III BDC, L.L.C. | 257 | 100.00% | 1,832,623 | -0.892 | 2,060,147 | 1,816,280 | 8.13 | 8.01 | 7.97 |
Cion Investment Corp. | 238 | 100.00% | 1,875,973 | -3.759 | 1,938,545 | 1,805,452 | 14.34 | 10.23 | 10.38 |
Barings Private Credit LLC | 390 | 100.00% | 1,798,369 | -1.339 | 1,650,399 | 1,774,296 | 8.28 | 7.78 | 7.24 |
Stone Point Capital Credit LLC | 116 | 100.00% | 1,456,696 | -0.092 | 1,484,744 | 1,455,350 | 8.32 | 8.01 | 8.33 |
North Haven Private Income Fund LLC | 276 | 100.00% | 1,433,414 | -3.098 | 1,441,107 | 1,389,012 | 7.99 | 7.69 | 7.19 |
TCW Direct Lending VII LLC | 62 | 100.00% | 1,281,477 | 1.287 | 1,294,639 | 1,297,967 | 11.29 | 10.91 | 11.21 |
Crescent Capital BDC Inc. | 414 | 100.00% | 1,284,686 | 0.046 | 1,231,772 | 1,285,280 | 8.49 | 8.15 | 8.88 |
Palmer Square Capital BDC Inc. | 241 | 100.00% | 1,189,714 | 0.382 | 1,125,957 | 1,194,258 | 5.06 | 4.99 | 5.14 |
Barings Capital Investment Corp | 317 | 100.00% | 1,139,302 | -1.246 | 998,977 | 1,125,101 | 8.14 | 7.98 | 7.56 |
MSC Income Fund Inc. | 261 | 100.00% | 1,104,039 | 0.375 | 963,632 | 1,108,175 | 33.63 | 9.85 | 9.1 |
NMF SLF I, Inc. | 237 | 100.00% | 1,041,358 | -0.357 | 1,205,773 | 1,037,636 | 7.69 | 7.67 | 7.71 |
Nuveen Churchill BDC INC. | 229 | 100.00% | 1,011,329 | -1.204 | 1,128,889 | 999,153 | 339.65 | 8.29 | 17.73 |
TCW Direct Lending LLC | 25 | 100.00% | 1,002,865 | -0.789 | 907,316 | 994,954 | 66.87 | 9.9 | 20.52 |
Owl Rock Technology Income Corp. | 76 | 100.00% | 995,684 | -1.208 | 907,672 | 983,655 | 9.01 | 8.75 | 8.56 |
SL Investment Corp. | 267 | 100.00% | 980,430 | -1.209 | 990,010 | 968,572 | 8.11 | 8.03 | 7.84 |
Monroe Capital Income Plus Corp | 291 | 100.00% | 864,482 | 0.645 | 1,022,093 | 870,059 | 21.38 | 8.41 | 21.06 |
T Series Middle Market Loan Fund LLC | 159 | 100.00% | 843,869 | -1.417 | 851,800 | 831,909 | 8.34 | 8.1 | 7.88 |
Owl Rock Technology Finance Corp. II | 55 | 100.00% | 780,854 | -1.501 | 585,144 | 769,134 | 9.65 | 9.65 | 9.68 |
WhiteHorse Finance | 119 | 100.00% | 767,809 | -0.173 | 758,896 | 766,479 | 10.36 | 9.76 | 9.96 |
Goldman Sachs Private Middle Market Credit Corp. | 66 | 100.00% | 733,250 | -4.894 | 822165 | 697,367 | 10.71 | 9.59 | 14.58 |
Franklin BSP Capital L.L.C. | 107 | 100.00% | 661,179 | -0.37 | 637,209 | 658,732 | 8.02 | 8.01 | 7.95 |
Oaktree Strategic Income II Inc. | 189 | 100.00% | 611,959 | -2.335 | 576,180 | 597,666 | 9.63 | 9.35 | 8.82 |
Portman Ridge Finance Corp. | 200 | 100.00% | 637,048 | -8.723 | 499,029 | 581,481 | 10.16 | 9.5 | 10.37 |
Kayne Anderson BDC, LLC | 95 | 100.00% | 544,077 | 1.533 | 553,992 | 552,418 | 7.84 | 7.84 | 8.39 |
Venture Lending & Leasing IX Inc. | 305 | 100.00% | 501,824 | -3.221 | 533,839 | 485,663 | 14.58 | 13.64 | 14.47 |
Oaktree Strategic Credit Fund | 96 | 100.00% | 495,718 | -2.414 | 336,458 | 483,750 | 9.15 | 8.65 | 8.49 |
Audax Credit BDC Inc. | 284 | 100.00% | 442,723 | -1.335 | 444,868 | 436,813 | 6.8 | 6.59 | 6.3 |
Onex Falcon Direct Lending BDC Fund | 43 | 100.00% | 400,674 | -1.195 | 439,467 | 395,887 | 9 | 8.87 | 8.81 |
TCW Direct Lending VIII LLC | 11 | 100.00% | 369,577 | 0.31 | 374,134 | 370,723 | 9.41 | 9.41 | 9.56 |
First Eagle Alternative Capital BDC, Inc. | 183 | 100.00% | 451,717 | -18.802 | 390,580 | 366,785 | 10.26 | 8.11 | 11.12 |
TOTAL | 12,961 | 100.00% | 152,729,231 | -0.0146 | 146,093,527 | 150,422,188 | 11.98 | 8.21 | 11.2 |
Non-Accruals
At least 28 BDC’s that filed as of last week have reported Non–Accruals amounting to 1.92 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. | 20 | 2.90% | 809,400 | -42.006 | 665,645 | 469,400 | 313.68 | 3 | 65.59 |
FS Energy & Power Fund | 4 | 9.49% | 276,826 | -16.627 | 7,500 | 230,799 | 28.8 | — | 15.24 |
TCW Direct Lending LLC | 3 | 9.79% | 103,346 | -5.712 | 121,309 | 97,443 | 29.03 | 9.5 | 47.17 |
Carlyle Secured Lending Inc. | 3 | 4.01% | 86,517 | -12.365 | 93,358 | 75,819 | 27.44 | — | 81.63 |
Golub Capital | 29 | 1.07% | 80,791 | -25.409 | 121,220 | 60,263 | 93.47 | 8.5 | 4141.58 |
New Mountain Finance | 17 | 1.14% | 77,497 | -56.973 | 88,785 | 33,345 | 39.94 | — | 10.04 |
Cion Investment Corp. | 10 | 1.48% | 66,125 | -59.649 | 69,041 | 26,682 | 116.31 | — | 20.1 |
TCW Direct Lending VII LLC | 3 | 1.87% | 29,896 | -18.773 | 30,158 | 24,283 | 31.56 | — | 10.82 |
Barings BDC | 12 | 0.84% | 71,131 | -71.881 | 132,465 | 20,001 | — | — | — |
Crescent Capital BDC Inc. | 6 | 1.02% | 15,990 | -18.068 | 17,399 | 13,101 | — | — | — |
TCG BDC II Inc. | 1 | 0.66% | 14,549 | -10.523 | 16,139 | 13,018 | — | — | 144.8 |
PhenixFIN Corp. | 9 | 6.77% | 58,257 | -78.76 | 66,324 | 12,374 | 256.59 | 7 | 17.3 |
Franklin BSP Lending Corp. | 10 | 0.36% | 44,657 | -77.526 | 71,207 | 10,036 | 104.03 | — | 101.24 |
Princeton Capital Corp. | 3 | 28.26% | 12,817 | -26.101 | 12,817 | 9,471 | — | — | — |
Venture Lending & Leasing IX Inc. | 11 | 1.94% | 24,774 | -61.934 | 30,329 | 9,430 | — | — | — |
First Eagle Alternative Capital BDC, Inc. | 6 | 2.32% | 33,286 | -74.419 | 45,980 | 8,515 | 280.33 | — | 60.76 |
Logan Ridge Finance Corp. | 2 | 3.63% | 12,106 | -47.258 | 12,933 | 6,385 | — | — | — |
MSC Income Fund Inc. | 5 | 0.57% | 29,962 | -79.067 | 30,722 | 6,272 | 1062.26 | — | 10.3 |
Goldman Sachs Private Middle Market Credit Corp. | 2 | 0.83% | 25,157 | -76.969 | 30,607 | 5,794 | — | — | — |
Venture Lending & Leasing VIII Inc. | 19 | 9.42% | 25,054 | -76.947 | 32,800 | 5,776 | — | — | — |
OWL Rock Capital Corp. II | 2 | 0.08% | 4,838 | -59.818 | 11,391 | 1,944 | 156.86 | — | 47.03 |
Golub Capital BDC 3 Inc. | 3 | 0.07% | 2,450 | -34.571 | 2,470 | 1,603 | 28.72 | — | 10.13 |
Rand Capital Corp. | 1 | 2.52% | 1,488 | 0 | 1,500 | 1,488 | 12.44 | 12.44 | 12.44 |
Barings Private Credit LLC | 1 | 0.03% | 2,456 | -76.669 | 2,481 | 573 | 294.94 | — | 11.17 |
Morgan Stanley Direct Lending Fund | 1 | 0.02% | 1,777 | -70.568 | 1,800 | 523 | — | — | — |
Portman Ridge Finance Corp. | 3 | 0.04% | 1,693 | -85.588 | 2,017 | 244 | — | — | — |
Guggenheim Credit Income Fund | 1 | 0.19% | 1,619 | -88.944 | 4,475 | 179 | — | — | — |
SL Investment Corp. | 1 | 0.02% | 592 | -70.608 | 600 | 174 | — | — | — |
TOTAL | 188 | 2.07% | 1,915,050 | -0.4021 | 1,723,472 | 1,144,935 | 205.53 | 5.5 | 480.21 |
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 3.46 Billion USD at cost.
BDC | Cost (1000) | Fair Value (1000) |
Golub Capital | 446,955.00 | 419,972.00 |
Prospect Capital | 274,587.00 | 270,552.00 |
FS KKR Capital Corp. II | 231,600.00 | 191,900.00 |
FS KKR Capital Corp. | 257,200.00 | 185,200.00 |
Apollo Investment Corp | 176,178.00 | 169,217.00 |
Goldman Sachs Private Middle Market Credit Corp. | 153,720.00 | 152,117.00 |
Goldman Sachs Middle Market Lending Corp. | 139,314.00 | 136,419.00 |
Cion Investment Corp. | 133,618.00 | 109,853.00 |
Sierra Income Corp. | 115,341.00 | 109,356.00 |
TCW Direct Lending LLC | 124,798.00 | 92,772.00 |
Guggenheim Credit Income Fund 2019 | 85,672.00 | 79,240.00 |
Carlyle Secured Lending Inc. | 86,020.00 | 72,145.00 |
Owl Rock Core Income Corp. | 70,498.00 | 69,212.00 |
Portman Ridge Finance Corp. | 69,709.00 | 66,967.00 |
Golub Capital BDC 3 Inc. | 65,801.00 | 64,441.00 |
Garrison Capital | 70,654.00 | 63,348.00 |
Crescent Capital BDC Inc. | 58,455.00 | 52,845.00 |
New Mountain Finance | 53,208.00 | 51,542.00 |
WhiteHorse Finance | 50,838.00 | 49,013.00 |
MSC Income Fund Inc. | 72,435.00 | 48,790.00 |
Firsthand Technology Value Fund Inc. | 53,345.00 | 42,645.00 |
Kayne Anderson BDC, LLC | 38,077.00 | 38,669.00 |
Terra Income Fund 6 Inc. | 37,723.00 | 37,388.00 |
Venture Lending & Leasing VIII Inc. | 37,182.00 | 37,172.00 |
Barings Private Credit LLC | 36,532.00 | 34,977.00 |
Franklin BSP Lending Corp. | 56,004.00 | 29,453.00 |
Venture Lending & Leasing IX Inc. | 27,614.00 | 27,614.00 |
AB Private Credit Investors Corp. | 27,442.00 | 27,466.00 |
SLR Senior Investment Corp. | 26,675.00 | 25,548.00 |
OWL Rock Capital Corp. II | 24,527.00 | 24,081.00 |
Medallion Financial Corp. | 23,957.00 | 23,964.00 |
First Eagle Alternative Capital BDC, Inc. | 37,013.00 | 21,970.00 |
Investcorp Credit Management BDC Inc. | 36,777.00 | 21,569.00 |
Harvest Capital Credit | 24,032.00 | 21,251.00 |
Barings BDC | 71,926.00 | 20,857.00 |
TCW Direct Lending VII LLC | 20,732.00 | 20,657.00 |
Oaktree Strategic Income Corp. | 19,563.00 | 19,361.00 |
Oaktree Strategic Income II Inc. | 17,809.00 | 17,717.00 |
Owl Rock Technology Finance Corp. | 17,296.00 | 16,653.00 |
PhenixFIN Corp. | 27,339.00 | 16,564.00 |
Logan Ridge Finance Corp. | 15,037.00 | 14,261.00 |
TCG BDC II Inc. | 10,103.00 | 9,972.00 |
NMF SLF I, Inc. | 9,596.00 | 9,650.00 |
Palmer Square Capital BDC Inc. | 8,422.00 | 8,444.00 |
Flat Rock Capital Corp. | 8,345.00 | 8,345.00 |
Monroe Capital Income Plus Corp | 7,137.00 | 7,155.00 |
Audax Credit BDC Inc. | 7,112.00 | 7,075.00 |
Grand Total | 3,463,918.00 | 3,045,379.00 |
Top 10 BDC Investments
BDCs portfolio quality can be measured by taking a deeper dive into the BDC’s top 10 investments. While these investments are small in number, they are the primary determinant of a BDC’s portfolio performance. Top 10 Investments of the leading 47 BDCs by AUM amount to 50.9 billion USD (Cost) accounting for 25% of their aggregate holdings (Cost).
BDC | Cost (1000) | Fair Value (1000) |
Blackstone Private Credit Fund | 9,060,103.00 | 9,058,973.00 |
Ares Capital | 4,764,400.00 | 4,863,300.00 |
FS KKR Capital Corp. | 4,202,100.00 | 4,168,400.00 |
Blackstone / GSO Secured Lending Fund | 2,944,870.00 | 2,982,147.00 |
Owl Rock Capital Corp. | 2,712,089.00 | 2,716,570.00 |
Owl Rock Core Income Corp. | 1,794,898.00 | 1,767,068.00 |
Owl Rock Technology Finance Corp. | 1,640,618.00 | 1,628,265.00 |
SLR Investment Corp. | 1,246,788.00 | 1,253,168.00 |
Apollo Debt Solutions BDC | 1,171,051.00 | 1,165,517.00 |
TCW Direct Lending LLC | 960,674.05 | 981,063.78 |
FS Energy & Power Fund | 903,103.00 | 1,160,055.00 |
Franklin BSP Lending Corp. | 881,886.00 | 917,855.00 |
Golub Capital | 864,997.00 | 865,189.00 |
Hercules Capital Inc. | 848,753.00 | 852,786.00 |
New Mountain Finance | 797,491.00 | 911,054.00 |
Goldman Sachs BDC | 796,106.00 | 797,771.00 |
Owl Rock Capital Corp III | 784,789.00 | 777,586.00 |
Sixth Street Specialty Lending, Inc. | 697,856.00 | 715,577.00 |
Oaktree Specialty Lending Corp. | 692,702.00 | 662,507.00 |
Bain Capital Specialty Finance Inc. | 657,185.00 | 672,216.00 |
Stone Point Capital Credit LLC | 634,617.27 | 640,254.87 |
Morgan Stanley Direct Lending Fund | 616,160.00 | 611,286.00 |
TCW Direct Lending VII LLC | 600,885.93 | 606,015.52 |
Pennant Park Investment | 594,500.00 | 541,651.00 |
Carlyle Secured Lending Inc. | 593,273.00 | 575,532.00 |
Goldman Sachs Private Middle Market Credit II | 586,653.00 | 586,217.00 |
Owl Rock Technology Income Corp. | 545,567.00 | 539,731.00 |
Owl Rock Technology Finance Corp. II | 525,560.00 | 518,275.00 |
OWL Rock Capital Corp. II | 523,504.00 | 517,256.00 |
PennantPark Floating Rate Capital | 508,065.00 | 494,748.00 |
Barings BDC | 497,067.00 | 545,546.00 |
Saratoga Investment Corp. | 485,101.15 | 499,713.38 |
Runway Growth Credit Fund Inc. | 480,544.25 | 484,635.36 |
BlackRock TCP Capital Corp. | 472,109.20 | 543,743.42 |
TCG BDC II Inc. | 464,645.00 | 456,692.00 |
Main Street Capital Corp. | 457,653.00 | 743,469.00 |
New Mountain Guardian III BDC, L.L.C. | 443,753.00 | 443,048.00 |
Goldman Sachs Private Middle Market Credit Corp. | 437,725.00 | 429,751.00 |
Golub Capital BDC 3 Inc. | 404,042.00 | 405,261.00 |
Cion Investment Corp. | 387,630.00 | 389,692.00 |
Gladstone Investment Corporation | 339,812.00 | 468,455.00 |
North Haven Private Income Fund LLC | 339,498.00 | 339,047.00 |
Barings Private Credit LLC | 328,876.00 | 343,568.00 |
Trinity Capital Inc. | 324,412.00 | 329,393.00 |
TCW Direct Lending VIII LLC | 317,331.51 | 318,555.61 |
Capital Southwest Corporation | 311,664.00 | 313,583.00 |
Gladstone Capital Corp. | 293,673.00 | 287,641.00 |
Grand Total | 50,936,780.36 | 51,889,827.94 |
BDC Filing Season Recaps are written by Sourav Srimal, Nikhil Thadaney, Andrew Robartes, 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
Andrew Robartes
Data Analyst
arobartes@solvefixedincome.com
Nayan Raj
Data Analyst
nraj@solvefixedincome.com
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