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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