BDCs

BDC Filing Season Q2 2022: Week of 8/19/2022 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@solveadvisors.com.

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

Filing Recap

BDC Filing season is wrapping up. This report will analyze 14 BDCs that filed as of last week. Aggregate Fair Value reported by these BDCs is 6.48 billion USD which is approximately 2.9% of aggregate AUM of all BDCs.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Barings Private Credit LLC 390 100.00% 1,798,369 -1.339 1,650,399 1,774,296 8.28 7.78 7.24
MSC Income Fund Inc. 262 100.00% 1,105,231 0.266 963,632 1,108,175 33.63 9.85 9.1
AB Private Credit Investors Corp. 425 100.00% 1,040,022 0.189 1,035,457 1,041,985 11.9 7.74 8.23
MSD Investment Corp. 44 100.00% 833,639 -3.754 787,971 802,346 10.2 10.02 9.24
Kayne Anderson BDC, LLC 134 100.00% 714,731 1.628 718,290 726,369 7.88 7.88 8.51
Redwood Enhanced Income Corp. 26 100.00% 219,914 -3.382 216,144 212,476 12.69 10.49 74.28
Star Mountain Lower Middle-Market Capital Corp. 63 100.00% 198,011 1.595 180,478 201,170 11.61 11.13 11.23
Carlyle Secured Lending III 44 100.00% 167,671 -2.406 169,826 163,637 9.12 9.11 8.95
Steele Creek Capital Corp 160 100.00% 139,722 -5.827 141,444 131,581 6.48 5.91 4.99
Golub Capital Direct Lending Corp 320 100.00% 130,592 -0.613 122,114 129,792 7.65 7.64 7.47
NexPoint Capital Inc. 39 100.00% 54,172 10.438 22,604 59,826 23.31 9.91 10.44
Firsthand Technology Value Fund Inc. 108 100.00% 140,181 -64.803 109,384 49,340 142.97
Kayne DL 2021 Inc. 47 100.00% 42,818 1.658 36,904 43,528 7.73 7.73 8.35
New Mountain Guardian IV BDC LLC 26 100.00% 34,580 -0.677 58,481 34,346 7.57 7.57 7.55
TOTAL 2088 100.00% 6,619,653 -0.0213 6,213,127 6,478,866 13.28 8.48 11.68

Non-Accruals

At least 3 BDC’s that filed last week have reported Non–Accruals amounting to 39 Million USD at Cost. MSC Income Fund Inc. is leading the Non-Accruals list.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
MSC Income Fund Inc. 5 0.57% 29,962 -79.067 30,722 6,272 1062.26 10.3
AB Private Credit Investors Corp. 3 0.09% 6,569 -85.388 7,123 960 582.9 12.86
Barings Private Credit LLC 1 0.03% 2,456 -76.669 2,481 573 294.94 11.17
TOTAL 9 0.20% 38,987 -0.7998 40,326 7,805 876.51 0 11.01

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 240.07 Million USD at cost.

BDC Cost (1000) Fair Value (1000)
Kayne Anderson BDC, LLC                           71,273.00                        72,469.00
MSC Income Fund Inc.                           72,435.00                        48,790.00
Firsthand Technology Value Fund Inc.                           55,900.00                        35,294.00
Redwood Enhanced Income Corp.                           17,336.00                        16,571.00
AB Private Credit Investors Corp.                           11,674.00                        11,530.00
Star Mountain Lower Middle-Market Capital Corp.                              3,485.00                          3,517.00
MSD Investment Corp.                              3,177.00                          3,140.00
Steele Creek Capital Corp                              2,877.00                          2,870.00
Kayne DL 2021 Inc.                              1,903.00                          1,958.00
Golub Capital Direct Lending Corp                                    12.00                                12.00
Grand Total                         240,072.00                      196,151.00

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 BDCs that filed last week amount to 1.69 billion USD (Cost) accounting for 25% of their aggregate holdings (Cost).

BDC Cost (1000) Fair Value (1000)
MSD Investment Corp. 443,476.00 432,382.00
Kayne Anderson BDC, LLC 252,576.00 257,879.00
MSC Income Fund Inc. 201,343.00 229,927.00
AB Private Credit Investors Corp. 167,374.37 169,231.68
Firsthand Technology Value Fund Inc. 140,080.84 49,239.82
Redwood Enhanced Income Corp. 118,117.00 115,428.00
Carlyle Secured Lending III 98,787.68 95,831.68
Star Mountain Lower Middle-Market Capital Corp. 97,734.01 97,642.72
Golub Capital Direct Lending Corp 52,598.54 52,236.96
NexPoint Capital Inc. 36,554.46 42,595.37
Kayne DL 2021 Inc. 30,106.00 30,525.00
BlackRock Private Credit Fund 28,632.78 28,115.71
Steele Creek Capital Corp 17,723.00 17,191.00
Grand Total 1,685,103.68 1,618,225.94

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@solveadvisors.com.

Sourav Srimal
Senior Vice President
ssrimal@solveadvisors.com

Nikhil Thadaney
Data Analyst
nthadaney@solveadvisors.com

Andrew Robartes
Data Analyst
arobartes@solveadvisors.com

Nayan Raj
Data Analyst
nraj@solveadvisors.com

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