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@solvefixedincome.com.
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@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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