BDCs

BDC Filing Season Q3 2022: Week 1 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 in full swing. This report will analyze the 23 BDCs that have filed as of last week. Aggregate Fair Value reported by these BDCs is 60.71 billion USD which is approximately 24.9% of aggregate AUM of all BDCs.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Ares Capital 991 100.00% 21,468,500 -0.606 16,559,400 21,338,500 11.19 10.39 10.09
Owl Rock Capital Corp. 369 100.00% 12,931,859 -0.742 11,697,331 12,835,918 11.79 10.53 10.47
Goldman Sachs BDC 367 100.00% 3,757,766 -3.718 4,170,653 3,618,060 14.66 10.42 14.06
Hercules Capital Inc. 330 100.00% 2,894,469 -1.511 2,690,119 2,850,738 10.85 10.79 10.38
Sixth Street Specialty Lending, Inc. 168 100.00% 2,792,773 0.476 2,718,341 2,806,063 14.49 11.24 11.67
MidCap Financial Investment Corp. 285 100.00% 2,718,770 -9.388 2,777,291 2,463,519 28.69 10.49 32.63
SLR Investment Corp. 144 100.00% 2,467,745 -1.761 1,521,588 2,424,292 9.01 9.1 9.83
BlackRock TCP Capital Corp. 250 100.00% 1,668,767 6.945 1,530,636 1,784,670 12.24 11.24 -5.3
Trinity Capital Inc. 364 100.00% 1,121,868 -4.06 1,026,784 1,076,316 22 12.22 11.24
Capital Southwest Corporation 202 100.00% 1,064,644 -0.724 939,174 1,056,931 11.5 10.8 10.93
Saratoga Investment Corp. 111 100.00% 968,584 -0.131 975,760 967,311 11.5 10.44 10.23
TriplePoint Venture Growth BDC Corp. 318 100.00% 969,235 -0.702 899,853 962,430 12.68 12.5 11.89
Runway Growth Credit Fund Inc. 98 100.00% 936,594 -2.821 897,601 910,169 12.44 12.44 9.64
Fidus Investment Corp 173 100.00% 857,574 3.443 775,720 887,098 11.26 10.75 11.07
Stellus Capital Investment Corp. 221 100.00% 899,060 -3.039 853,902 871,733 11.38 11.08 10.54
Gladstone Investment Corporation 67 100.00% 703,218 4.937 538,567 737,935 16.23 12.79 12.42
Horizon Technology Finance Corp. 266 100.00% 638,565 0.847 623,167 643,973 12.66 12.45 12.42
BlackRock Capital Investment Corporation 199 100.00% 649,315 -6.911 600,520 604,441 11.36 11.09 11.1
SCP Private Credit Income BDC LLC 62 100.00% 537,541 0.846 542,966 542,089 8.89 8.89 9.18
OFS Capital 127 100.00% 489,848 5.464 507,688 516,615 15.81 10.79 12.85
TriplePoint Private Venture Credit 414 100.00% 458,112 -0.533 435,560 455,670 13.03 12.74 12.01
Great Elm Capital Corp. 172 100.00% 300,913 -4.727 289,080 286,689 22.97 12.21 24.42
SLR HC BDC LLC 21 100.00% 69,917 0.435 70,342 70,221 9.38 9.38 9.57
Total 5,719 100.00% 61,365,637 -1.07% 53,642,042 60,711,381 12.86 10.68 11.22

Non-Accruals

At least 19 BDCs that have filed as of last week reported Non–Accruals amounting to 982.6 Million USD at Cost. Ares Capital and Owl Rock Capital Corp. 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 13 0.91% 338,000 -42.751 383,900 193,500 50.63 15.8
Owl Rock Capital Corp. 3 0.55% 110,543 -36.633 150,109 70,048 83.70 26.17
Gladstone Investment Corporation 8 4.44% 63,438 -48.364 63,438 32,757 30.21 11.36
Great Elm Capital Corp. 9 9.53% 34,623 -21.093 36,409 27,320 70.46 15.99 15.47
MidCap Financial Investment Corp. 6 0.96% 49,858 -52.68 60,669 23,593 66.36 211.36
Stellus Capital Investment Corp. 5 2.35% 46,765 -56.116 47,064 20,522 15.17 9.21
BlackRock Capital Investment Corporation 3 3.16% 75,247 -74.624 39,936 19,094 83.37 59.96
Goldman Sachs BDC 8 0.35% 53,392 -75.981 57,079 12,824 44.67 14.17
OFS Capital 4 2.36% 34,666 -64.868 41,255 12,179 109.08 40.07
Saratoga Investment Corp. 1 1.00% 15,879 -38.84 15,879 9,712 50.65 13.08
Capital Southwest Corporation 5 0.89% 24,112 -60.932 24,322 9,420 49.38 12.66
TriplePoint Venture Growth BDC Corp. 1 0.87% 29,530 -71.592 35,492 8,389
SLR Investment Corp. 3 0.32% 44,143 -82.473 55,616 7,737 21.85
Fidus Investment Corp 3 0.52% 16,924 -72.843 16,945 4,596 13.73
Runway Growth Credit Fund Inc. 1 0.49% 19,172 -76.701 18,598 4,467 -13.23
BlackRock TCP Capital Corp. 3 0.25% 8,307 -46.667 9,400 4,430 148.03 20.7
TriplePoint Private Venture Credit 3 0.11% 2,863 -81.732 2,689 523 -6.51
Sixth Street Specialty Lending, Inc. 2 0.01% 1,909 -91.985 6,104 153 1369.3 155.58
Hercules Capital Inc. 2 0.00% 13,263 -99.487 23,703 68
Total 83 0.01 982,634.00 -0.53 1,088,608.00 461,333.00 76.35 0.00 37.20

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 3.342 Billion USD at cost.

BDC Cost(1000) FV(1000)
Ares Capital 1,208,900.00 1,163,700.00
SLR Investment Corp. 384,618.00 368,491.00
Owl Rock Capital Corp. 296,328.00 296,212.00
Sixth Street Specialty Lending, Inc. 200,196.00 205,257.00
MidCap Financial Investment Corp. 191,636.00 185,739.00
Goldman Sachs BDC 172,146.00 154,690.00
Hercules Capital Inc. 141,269.00 140,918.00
BlackRock TCP Capital Corp. 125,336.00 101,688.00
Saratoga Investment Corp. 97,852.00 97,755.00
Capital Southwest Corporation 77,347.00 69,621.00
Great Elm Capital Corp. 68,884.00 68,507.00
Gladstone Investment Corporation 67,596.00 65,711.00
Runway Growth Credit Fund Inc. 62,949.00 43,627.00
TriplePoint Private Venture Credit 41,138.00 39,793.00
TriplePoint Venture Growth BDC Corp. 32,193.00 31,969.00
Trinity Capital Inc. 31,702.00 30,122.00
SLR HC BDC LLC 29,881.00 29,881.00
Stellus Capital Investment Corp. 31,331.00 29,830.00
Fidus Investment Corp 36,696.00 29,378.00
SCP Private Credit Income BDC LLC 20,380.00 20,441.00
BlackRock Capital Investment Corporation 4,969.00 6,018.00
OFS Capital 15,347.00 5,454.00
Horizon Technology Finance Corp. 3,563.00 3,563.00
Total 3,342,257.00 3,188,365.00

Top 10 BDC Investments

BDC 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 have filed as of last week amount to 16.21 billion USD (Cost), accounting for 26.4% of their aggregate holdings (Cost).

BDC Cost(1000) FV(1000)
Ares Capital 4,907,600.00 4,951,700.00
Owl Rock Capital Corp. 2,769,550.00 2,798,721.00
SLR Investment Corp. 1,198,103.00 1,201,265.00
Hercules Capital Inc. 847,256.00 851,268.00
Goldman Sachs BDC 789,894.00 782,620.00
MidCap Financial Investment Corp. 737,971.00 683,768.00
Sixth Street Specialty Lending, Inc. 702,262.00 718,845.00
Runway Growth Credit Fund Inc. 521,294.88 525,578.52
BlackRock TCP Capital Corp. 462,264.49 545,708.53
Saratoga Investment Corp. 440,411.74 440,298.71
Gladstone Investment Corporation 374,844.00 518,508.00
Trinity Capital Inc. 342,230.00 345,492.00
TriplePoint Venture Growth BDC Corp. 309,745.00 308,996.00
Capital Southwest Corporation 303,759.00 310,566.00
Horizon Technology Finance Corp. 231,080.00 231,607.00
Fidus Investment Corp 224,960.00 269,637.00
BlackRock Capital Investment Corporation 183,366.54 166,036.44
SCP Private Credit Income BDC LLC 176,547.00 177,506.00
Stellus Capital Investment Corp. 170,885.42 172,820.90
Great Elm Capital Corp. 163,172.00 166,068.00
OFS Capital 155,612.00 236,433.00
TriplePoint Private Venture Credit 140,528.00 138,673.00
SLR HC BDC LLC 61,997.00 62,262.00
Total 16,215,333.07 16,604,378.10

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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