BDCs
BDC Filing Season Q2 2022: Week of 8/5/2022 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.
BDC Filing season is in full swing. This report will analyse 35 BDCs that have filed as of last week. Aggregate Fair Value reported by these BDCs is 72.85 billion USD which is approximately 33% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Ares Capital | 973 | 100.00% | 21,111,700 | 0.277 | 16,780,700 | 21,170,200 | 0.97 | 0.5 | 0.54 |
| Owl Rock Capital Corp. | 349 | 100.00% | 12,836,641 | -1.469 | 11,734,552 | 12,648,126 | 10.38 | 9.33 | 9.11 |
| Main Street Capital Corp. | 389 | 100.00% | 3,423,392 | 8.599 | 2,804,455 | 3,717,770 | 22.65 | 9.85 | 9.62 |
| Goldman Sachs BDC | 358 | 100.00% | 3,659,299 | -1.843 | 4,202,752 | 3,591,876 | 24.03 | 8.79 | 16.9 |
| Owl Rock Capital Corp III | 257 | 98.91% | 3,039,957 | -1.941 | 2,919,707 | 2,980,965 | 9.1 | 9.02 | 8.67 |
| Hercules Capital Inc. | 321 | 100.00% | 2,853,327 | -1.557 | 2,581,158 | 2,808,891 | 10.09 | 9.77 | 8.6 |
| Oaktree Specialty Lending Corp. | 249 | 100.00% | 2,701,802 | -3.705 | 2,549,563 | 2,601,704 | 9.94 | 9.63 | 9.43 |
| Sixth Street Specialty Lending, Inc. | 140 | 100.00% | 2,511,333 | 0.998 | 2,428,889 | 2,536,390 | 12.95 | 9.58 | 10.09 |
| SLR Investment Corp. | 135 | 100.00% | 2,416,780 | -3.072 | 1,745,746 | 2,342,529 | 9.35 | 8.14 | 9.13 |
| Bain Capital Specialty Finance Inc. | 302 | 100.00% | 2,355,276 | -1.386 | 2,084,501 | 2,322,639 | 10.47 | 8.69 | 8.1 |
| BlackRock TCP Capital Corp. | 231 | 100.00% | 1,788,078 | 3.256 | 1,652,161 | 1,846,305 | 10.38 | 9.69 | 9.74 |
| Pennant Park Investment | 288 | 100.00% | 1,409,326 | -4.609 | 1,174,542 | 1,344,375 | 8.97 | 8.79 | 8.49 |
| PennantPark Floating Rate Capital | 313 | 100.00% | 1,245,902 | 0.637 | 1,232,653 | 1,253,843 | 8.69 | 8.64 | 8.67 |
| Trinity Capital Inc. | 353 | 100.00% | 1,079,824 | -1.438 | 1,011,999 | 1,064,300 | 16.2 | 11.1 | 10.88 |
| Capital Southwest Corporation | 192 | 100.00% | 1,019,496 | -1.261 | 894,656 | 1,006,640 | 21.24 | 9.88 | 9.86 |
| Saratoga Investment Corp. | 101 | 100.00% | 984,037 | 1.218 | 908,048 | 996,023 | 9.6 | 8.82 | 8.83 |
| TriplePoint Venture Growth BDC Corp. | 293 | 100.00% | 880,287 | -0.405 | 816,104 | 876,718 | 17.34 | 11.44 | 11.1 |
| Stellus Capital Investment Corp. | 192 | 100.00% | 873,576 | -2.47 | 830,466 | 852,000 | 42.98 | 9.8 | 9.49 |
| Fidus Investment Corp | 163 | 100.00% | 739,714 | 9.572 | 686,583 | 810,520 | 10 | 9.69 | 10.07 |
| Runway Growth Credit Fund Inc. | 93 | 100.00% | 830,971 | -2.797 | 790,402 | 807,729 | 10.86 | 10.86 | 10.62 |
| Gladstone Investment Corporation | 65 | 100.00% | 644,153 | 7.042 | 469,417 | 689,513 | 13 | 11.5 | 11.54 |
| Horizon Technology Finance Corp. | 257 | 100.00% | 599,068 | 0.328 | 573,375 | 601,034 | 15.82 | 11.09 | 11.22 |
| Gladstone Capital Corp. | 104 | 100.00% | 590,621 | -0.704 | 532,315 | 586,462 | 11.45 | 10.93 | 10.39 |
| BlackRock Capital Investment Corporation | 174 | 100.00% | 630,717 | -11.625 | 580,481 | 557,394 | 10.18 | 9.67 | 9.73 |
| Monroe Capital | 277 | 100.00% | 567,129 | -5.482 | 550,379 | 536,039 | 18.21 | 8.93 | 17.22 |
| SCP Private Credit Income BDC LLC | 57 | 100.00% | 475,248 | 0.879 | 480,493 | 479,424 | 7.62 | 7.62 | 7.86 |
| TriplePoint Private Venture Credit | 366 | 100.00% | 396,196 | 1.679 | 376,162 | 402,847 | 11.52 | 11.44 | 11.22 |
| Oxford Square Capital Corp. | 59 | 100.00% | 542,719 | -27.817 | 711,840 | 391,749 | 10.87 | 9.68 | 8.88 |
| Great Elm Capital Corp. | 167 | 100.00% | 350,229 | -3.804 | 32,696,014 | 336,908 | 90.25 | 11.16 | 11.24 |
| SuRo Capital Corp. | 65 | 100.00% | 214,382 | -6.677 | 5,281 | 200,067 | 23.52 | 11.37 | 23.52 |
| NC SLF Inc. | 34 | 100.00% | 196,066 | -2.308 | 223,911 | 191,541 | 11.46 | 7.46 | 10.6 |
| BlackRock Direct Lending Corp. | 147 | 100.00% | 157,750 | 2.385 | 160,667 | 161,512 | 9.12 | 9.16 | 8.91 |
| Stellus Private Credit BDC | 32 | 100.00% | 78,821 | -0.242 | 78,230 | 78,630 | 8.31 | 8.31 | 8.24 |
| SLR HC BDC LLC | 17 | 100.00% | 54,171 | 0.299 | 54,502 | 54,333 | 7.96 | 7.96 | 8.1 |
| OFS Capital | 137 | 100.00% | 507 | 7.92 | 525 | 548 | 105.71 | 8.88 | 10.85 |
| TOTAL | 7650 | 99.96% | 73,258,496 | -0.0056 | 97,323,229 | 72,847,543 | 10.21 | 6.95 | 7.5 |
Non-Accruals
At least 22 BDC’s that filed as of last week have reported Non–Accruals amounting to 1.03 Billion USD at Cost. Ares Capital and Gladstone Investment Corporation are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Ares Capital | 15 | 0.85% | 328,000 | -45.152 | 501,300 | 179,900 | 182.94 | — | 49.78 |
| Gladstone Investment Corporation | 9 | 7.70% | 77,302 | -31.288 | 77,302 | 53,116 | 19.9 | 9 | 9.93 |
| Bain Capital Specialty Finance Inc. | 3 | 1.40% | 51,473 | -36.643 | 51,499 | 32,612 | 31.68 | — | 8.1 |
| Main Street Capital Corp. | 14 | 0.72% | 108,062 | -75.365 | 109,591 | 26,621 | 1001.9 | — | 18.35 |
| Stellus Capital Investment Corp. | 5 | 2.57% | 46,749 | -53.244 | 47,064 | 21,858 | 554.13 | — | 11.02 |
| BlackRock Capital Investment Corporation | 2 | 3.47% | 38,622 | -49.924 | 39,836 | 19,341 | 74.23 | — | 54.52 |
| Capital Southwest Corporation | 6 | 1.60% | 27,256 | -40.762 | 27,456 | 16,146 | 461.04 | 21 | 17.53 |
| Great Elm Capital Corp. | 6 | 3.96% | 20,278 | -34.279 | 21,455 | 13,327 | 600.22 | 14.36 | 14.36 |
| TriplePoint Venture Growth BDC Corp. | 3 | 1.30% | 44,937 | -74.627 | 50,492 | 11,402 | 302.05 | — | 9.8 |
| SLR Investment Corp. | 4 | 0.48% | 81,942 | -86.172 | 93,072 | 11,331 | 125.29 | — | 17 |
| Owl Rock Capital Corp. | 2 | 0.09% | 27,361 | -59.746 | 64,552 | 11,014 | 154.42 | — | 44.66 |
| Monroe Capital | 15 | 2.01% | 41,593 | -74.092 | 37,009 | 10,776 | 10.11 | 10.11 | 15.88 |
| Fidus Investment Corp | 3 | 0.96% | 16,928 | -54.064 | 16,945 | 7,776 | — | — | 13.41 |
| Trinity Capital Inc. | 8 | 0.55% | 20,546 | -71.493 | 20,094 | 5,857 | 265.95 | 13.3 | 9.95 |
| Horizon Technology Finance Corp. | 7 | 0.81% | 14,837 | -67.305 | 14,928 | 4,851 | 198.1 | — | 14.98 |
| BlackRock TCP Capital Corp. | 3 | 0.25% | 8,218 | -44.749 | 9,400 | 4,540 | 83.27 | — | 21.13 |
| Oxford Square Capital Corp. | 6 | 0.54% | 39,819 | -94.688 | 27,500 | 2,115 | — | — | 20.93 |
| Hercules Capital Inc. | 3 | 0.07% | 19,721 | -90.68 | 28,999 | 1,838 | 140.72 | — | -1.57 |
| PennantPark Floating Rate Capital | 3 | 0.12% | 10,522 | -85.687 | 10,607 | 1,506 | — | — | — |
| SuRo Capital Corp. | 2 | 0.25% | 3,301 | -84.699 | 3,281 | 505 | 47.57 | — | 47.57 |
| Sixth Street Specialty Lending, Inc. | 3 | 0.01% | 3,409 | -95.307 | 7,606 | 160 | 1280.17 | — | 145.36 |
| OFS Capital | 1 | 0.00% | 5 | -96.56 | 8 | 0 | 4656.1 | — | 81.19 |
| TOTAL | 123 | 0.75% | 1,030,880 | -0.5765 | 1,259,996 | 436,592 | 292.31 | 0 | 25.57 |
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 3.56 Billion USD at cost.
| BDC | Cost (1000) | Fair Value (1000) |
| Ares Capital | 724,000.00 | 590,900.00 |
| SLR Investment Corp. | 498,593.00 | 450,989.00 |
| Owl Rock Capital Corp. | 411,502.00 | 395,379.00 |
| Hercules Capital Inc. | 261,615.00 | 263,045.00 |
| Goldman Sachs BDC | 228,785.00 | 224,396.00 |
| BlackRock TCP Capital Corp. | 205,350.00 | 183,342.00 |
| Sixth Street Specialty Lending, Inc. | 162,496.00 | 162,218.00 |
| Main Street Capital Corp. | 164,494.00 | 120,522.00 |
| Great Elm Capital Corp. | 120,308.00 | 119,457.00 |
| Oaktree Specialty Lending Corp. | 101,572.00 | 100,546.00 |
| Gladstone Investment Corporation | 93,780.00 | 91,468.00 |
| Capital Southwest Corporation | 76,648.00 | 69,996.00 |
| Monroe Capital | 65,041.00 | 65,942.00 |
| Bain Capital Specialty Finance Inc. | 67,284.00 | 63,865.00 |
| Runway Growth Credit Fund Inc. | 66,616.00 | 48,254.00 |
| Trinity Capital Inc. | 40,400.00 | 38,805.00 |
| Fidus Investment Corp | 36,696.00 | 32,776.00 |
| Pennant Park Investment | 32,613.00 | 31,062.00 |
| Stellus Capital Investment Corp. | 31,009.00 | 29,512.00 |
| BlackRock Capital Investment Corporation | 27,691.00 | 26,053.00 |
| SLR HC BDC LLC | 24,921.00 | 24,916.00 |
| TriplePoint Private Venture Credit | 20,270.00 | 20,250.00 |
| SCP Private Credit Income BDC LLC | 18,679.00 | 18,746.00 |
| PennantPark Floating Rate Capital | 27,039.00 | 18,408.00 |
| Gladstone Capital Corp. | 18,786.00 | 17,476.00 |
| TriplePoint Venture Growth BDC Corp. | 9,474.00 | 9,413.00 |
| Horizon Technology Finance Corp. | 8,591.00 | 8,591.00 |
| Owl Rock Capital Corp III | 3,283.00 | 2,831.00 |
| Oxford Square Capital Corp. | 13,849.00 | 539.00 |
| OFS Capital | 29.00 | 15.00 |
| Grand Total | 3,561,414.00 | 3,229,712.00 |
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 as of last week amount to 19.8 billion USD (Cost) accounting for 27% of their aggregate holdings (Cost).
| BDC | Cost (1000) | Fair Value (1000) |
| Ares Capital | 4,764,400.00 | 4,863,300.00 |
| Owl Rock Capital Corp. | 2,712,089.00 | 2,716,570.00 |
| SLR Investment Corp. | 1,246,788.00 | 1,253,168.00 |
| Hercules Capital Inc. | 848,753.00 | 852,786.00 |
| 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 |
| Pennant Park Investment | 594,500.00 | 541,651.00 |
| PennantPark Floating Rate Capital | 508,065.00 | 494,748.00 |
| 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 |
| Main Street Capital Corp. | 457,653.00 | 743,469.00 |
| Gladstone Investment Corporation | 339,812.00 | 468,455.00 |
| Trinity Capital Inc. | 324,412.00 | 329,393.00 |
| Capital Southwest Corporation | 311,664.00 | 313,583.00 |
| Gladstone Capital Corp. | 293,673.00 | 287,641.00 |
| TriplePoint Venture Growth BDC Corp. | 284,954.00 | 292,796.00 |
| Great Elm Capital Corp. | 221,284.00 | 227,766.00 |
| Horizon Technology Finance Corp. | 219,099.00 | 220,462.00 |
| Oxford Square Capital Corp. | 205,907.13 | 185,789.19 |
| Fidus Investment Corp | 199,535.00 | 261,760.00 |
| BlackRock Capital Investment Corporation | 187,242.44 | 168,496.77 |
| Monroe Capital | 187,109.00 | 182,975.00 |
| Stellus Capital Investment Corp. | 175,772.94 | 174,914.15 |
| SCP Private Credit Income BDC LLC | 162,153.00 | 163,337.00 |
| TriplePoint Private Venture Credit | 130,030.00 | 131,188.00 |
| NC SLF Inc. | 97,163.00 | 94,102.00 |
| SuRo Capital Corp. | 87,725.24 | 158,576.89 |
| Stellus Private Credit BDC | 65,076.67 | 64,933.03 |
| SLR HC BDC LLC | 50,370.00 | 50,552.00 |
| BlackRock Direct Lending Corp. | 44,202.07 | 45,151.46 |
| OFS Capital | 151.48 | 230.55 |
| Grand Total | 19,785,976.57 | 20,441,543.20 |
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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