BDCs

BDC Filing Season Q3 2022: Week 2 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 47 BDCs that have filed as of last week. Aggregate Fair Value reported by these BDCs is 101.5 billion.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
FS KKR Capital Corp. 447 100.00% 16,677,700 -5.312 15,708,787 15,791,800 87.25 10.42 12.44
Owl Rock Core Income Corp. 409 100.00% 10,162,047 -1.56 9,663,872 10,003,504 9.26 8.98 8.56
Blackstone / GSO Secured Lending Fund 227 100.00% 9,836,527 -0.338 9,699,153 9,803,301 9.35 9.32 9.17
Prospect Capital 202 100.00% 7,345,486 3.229 7,352,546 7,582,665 14.87 12.12 14.31
Owl Rock Technology Finance Corp. 214 100.00% 6,330,020 -1.146 5,101,687 6,257,456 10.74 10.58 10.51
Main Street Capital Corp. 484 100.00% 3,689,627 7.694 3,067,204 3,973,490 25.05 10.92 10.66
Owl Rock Capital Corp III 293 100.00% 3,326,555 -0.974 3,137,608 3,294,143 9.71 9.53 9.4
New Mountain Finance 355 100.00% 3,258,903 -0.751 2,828,496 3,234,433 12.54 10.07 10.28
Goldman Sachs Private Middle Market Credit II 292 100.00% 2,826,300 -1.202 3,173,973 2,792,315 15.04 10.17 14.49
Morgan Stanley Direct Lending Fund 349 100.00% 2,795,033 -1.715 2,794,428 2,747,090 9.86 9.8 9.45
Barings BDC 511 100.00% 2,430,904 -4.048 2,122,501 2,332,492 11.07 9.25 10.45
Bain Capital Specialty Finance Inc. 320 100.00% 2,387,392 -2.623 2,106,828 2,324,771 45.58 47.22 42.15
OWL Rock Capital Corp. II 325 100.00% 2,294,807 -0.836 2,204,989 2,275,632 11.74 10.62 10.56
New Mountain Guardian III BDC, L.L.C. 279 100.00% 2,093,421 -1.739 2,280,178 2,057,019 9.87 9.58 9.48
Carlyle Secured Lending Inc. 165 100.00% 2,012,187 -3.142 1,955,765 1,948,957 11.09 10.28 15.69
Barings Private Credit LLC 430 100.00% 1,950,068 -2.287 1,764,045 1,905,462 9.11 9.07 8.33
Cion Investment Corp. 242 100.00% 1,851,977 -2.426 1,897,298 1,807,048 15.23 11.52 11.53
North Haven Private Income Fund LLC 305 100.00% 1,805,140 -3.617 1,807,913 1,739,847 9.54 9.24 8.7
Owl Rock Technology Income Corp. 100 100.00% 1,750,772 -1.017 1,585,230 1,732,970 9.99 9.47 9.44
Owl Rock Technology Finance Corp. II 88 100.00% 1,681,579 -0.953 1,351,081 1,665,552 10.69 10.69 10.94
Stone Point Capital Credit LLC 142 100.00% 1,663,808 -0.959 1,692,732 1,647,844 9.84 9.66 9.68
Crescent Capital BDC Inc. 431 100.00% 1,314,695 -1.66 1,268,590 1,292,873 10.29 9.7 10.59
TCW Direct Lending VII LLC 61 100.00% 1,170,631 1.175 1,180,774 1,184,384 12.82 12.11 12.83
Nuveen Churchill BDC INC. 268 100.00% 1,140,743 -1.587 1,268,012 1,122,643 18.8 9.84 14.11
Barings Capital Investment Corp 359 100.00% 1,132,802 -2.37 973,956 1,105,951 9.42 9.1 8.44
T Series Middle Market Loan Fund LLC 196 100.00% 1,119,866 -2.175 1,129,337 1,095,507 9.79 9.68 9.34
TCW Direct Lending LLC 27 100.00% 1,039,308 -3.088 951,598 1,007,217 13.52 11.88 28.24
Palmer Square Capital BDC Inc. 212 100.00% 1,103,806 -8.905 1,103,334 1,005,513 10.19 8.68 7.74
SL Investment Corp. 288 100.00% 1,019,313 -1.849 1,027,995 1,000,469 9.59 9.53 9.2
Goldman Sachs Private Middle Market Credit Corp. 63 100.00% 726,929 -8.045 652,894 668,445 16.59 11.44 14.36
Portman Ridge Finance Corp. 204 100.00% 630,191 -9.288 508,306 571,656 11.95 10.91 11.45
AGTB Private BDC 83 100.00% 538,320 0.055 721,556 538,615 160.98 9.57 161.38
Monroe Capital 274 100.00% 545,350 -6.846 536,306 508,018 20.54 9.35 20.52
TCW Direct Lending VIII LLC 15 100.00% 437,794 -0.057 445,064 437,543 10.84 10.84 10.81
Onex Falcon Direct Lending BDC Fund 44 100.00% 441,577 -1.721 444,135 433,977 10.59 10.59 10.19
First Eagle Alternative Capital BDC, Inc. 193 100.00% 453,748 -19.957 407,655 363,192 11.9 9.75 15.43
Oxford Square Capital Corp. 59 100.00% 522,344 -32.111 697,047 354,614 14.31 11.27 10.26
Commonwealth Credit Partners BDC I Inc. 53 100.00% 299,847 -0.608 301,891 298,025 10.21 10.2 10.07
SuRo Capital Corp. 65 100.00% 308,223 -16.627 106,031 256,974 9.09 9.09 9.09
BlackRock Direct Lending Corp. 181 100.00% 197,160 1.724 200,918 200,560 10.69 10.66 10.38
Logan Ridge Finance Corp. 86 100.00% 202,743 -4.746 454,673 193,120 10.02 9.81 12.77
AG Twin Brook BDC Inc. 353 100.00% 181,350 1.674 202,368 184,386 28.53 9.87 23.24
BlackRock Private Credit Fund 135 100.00% 171,364 5.251 176,331 180,363 8.8 8.73 8.36
Goldman Sachs Middle Market Lending Corp. II 84 100.00% 171,627 -1.094 246,670 169,750 17.47 9.52 17.2
Muzinich BDC Inc. 19 100.00% 129,727 1.452 123,360 131,611 11.43 11.43 11.47
Steele Creek Capital Corp 158 100.00% 137,353 -7.172 138,924 127,502 11.32 8.44 7.64
Stellus Private Credit BDC 62 100.00% 128,200 -0.638 125,678 127,383 9.82 9.82 9.64
Total 10,152 100.00% 103,435,264 -1.88% 98,689,717 101,478,082 24.28 11 13.02

Non-Accruals

At least 24 BDCs that have filed as of last week reported Non–Accruals amounting to 1.78 Billion USD at Cost. FS KKR Capital Corp. and Prospect Capital are leading the Non-Accruals.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
FS KKR Capital Corp. 17 2.48% 828,500 -52.71 680,500 391,800 2,211.52 58.51
Prospect Capital 3 0.31% 169,948 -86.095 300,664 23,631
Main Street Capital Corp. 18 0.82% 129,849 -74.838 132,179 32,672 601.08 12.13
New Mountain Finance 20 1.68% 119,549 -54.635 131,070 54,233 54.93 10.93
Bain Capital Specialty Finance Inc. 4 1.70% 72,110 -45.278 73,090 39,460 48.31 10.74
Barings BDC 12 0.73% 69,143 -75.235 117,648 17,123 111.46 124.51
Carlyle Secured Lending Inc. 2 1.92% 45,698 -18.15 59,490 37,404 154.09
Oxford Square Capital Corp. 6 0.75% 39,819 -93.328 27,834 2,657 23.3
First Eagle Alternative Capital BDC, Inc. 6 1.85% 34,187 -80.329 47,847 6,725 306.61 71.07
Owl Rock Technology Finance Corp. 1 0.38% 33,945 -30.47 34,206 23,602 22.07 9.72
TCW Direct Lending VII LLC 1 2.50% 33,109 -10.552 34,437 29,616 17.6 13.93
Cion Investment Corp. 9 0.42% 30,907 -75.368 47,054 7,613 208.86 15.09
Monroe Capital 7 0.69% 27,847 -87.489 28,128 3,484 11.9 11.9 19.03
Goldman Sachs Private Middle Market Credit Corp. 3 0.53% 26,859 -86.857 37,866 3,530 217.75 222.39
Crescent Capital BDC Inc. 6 1.21% 25,246 -37.994 26,899 15,654 50.91 16.34
Owl Rock Capital Corp III 1 0.53% 24,667 -29.039 25,369 17,504 22.07 10.3
OWL Rock Capital Corp. II 3 0.60% 21,469 -35.977 28,494 13,745 79.36 25.02
Princeton Capital Corp. 3 38.32% 12,817 21.9 12,817 15,624
Logan Ridge Finance Corp. 2 4.62% 12,109 -26.394 12,933 8,913
Owl Rock Core Income Corp. 1 0.07% 9,867 -29.036 10,147 7,002 22.07 10.3
SuRo Capital Corp. 3 0.76% 3,807 -48.566 3,281 1,958
Morgan Stanley Direct Lending Fund 1 0.02% 1,777 -71.975 1,800 498
Portman Ridge Finance Corp. 3 0.04% 1,735 -86.282 2,044 238
SL Investment Corp. 1 0.02% 593 -72.007 600 166
Total 133 0.01 1,775,557.00 -0.57 1,876,396.00 754,851.00 1,113.10 0 46.97

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 2.32 Billion USD at cost.

BDC Cost(1000) FV(1000)

Main Street Capital Corp.

356126 297302
FS KKR Capital Corp. 201200 100300
Bain Capital Specialty Finance Inc. 199954 193502
Cion Investment Corp. 194316 171282
Carlyle Secured Lending Inc. 158851 141992
Owl Rock Core Income Corp. 157082 156426
TCW Direct Lending VII LLC 113298 116778
SuRo Capital Corp. 100182 100226
Barings BDC 94538 39458
New Mountain Finance 92482 88355
Goldman Sachs Private Middle Market Credit Corp. 71892 71560
First Eagle Alternative Capital BDC, Inc. 66157 38993
Portman Ridge Finance Corp. 64696 60848
Crescent Capital BDC Inc. 52691 48205
Prospect Capital 45360 41662
Morgan Stanley Direct Lending Fund 43913 44110
Barings Private Credit LLC 43617 42606
Monroe Capital 38324 40329
New Mountain Guardian III BDC, L.L.C. 35105 33745
OWL Rock Capital Corp. II 34383 34017
Owl Rock Technology Finance Corp. 28136 27593
Logan Ridge Finance Corp. 26791 22759
Owl Rock Capital Corp III 24689 24613
Goldman Sachs Private Middle Market Credit II 21488 21248
SL Investment Corp. 18822 18905
Oxford Square Capital Corp. 13849 466
Barings Capital Investment Corp 10217 7715
T Series Middle Market Loan Fund LLC 6269 6320
BlackRock Direct Lending Corp. 3909 4248
Nuveen Churchill BDC INC. 3825 3787
TCW Direct Lending LLC 1927 2537
Onex Falcon Direct Lending BDC Fund -25 0
Total 2,324,064.00 2,001,887.00

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 filed last week amount to 29.47 billion USD (Cost), accounting for 28.5% of their aggregate holdings (Cost).

BDC Cost(1000) FV(1000)

FS KKR Capital Corp.

4246300 4122100
Blackstone / GSO Secured Lending Fund 2904234 2918082
Prospect Capital 2762030 3924909
Owl Rock Core Income Corp. 1993529 1995801
Owl Rock Technology Finance Corp. 1645840 1648858
Owl Rock Technology Finance Corp. II 1033855 1027621
TCW Direct Lending LLC 995427.76 994177.37
New Mountain Finance 904933 1003646
Owl Rock Technology Income Corp. 874205 873463
Owl Rock Capital Corp III 786219 785659
Bain Capital Specialty Finance Inc. 737272 730560
Goldman Sachs Private Middle Market Credit II 637433 634109
Morgan Stanley Direct Lending Fund 633573 629916
Stone Point Capital Credit LLC 626007.36 629510.42
Carlyle Secured Lending Inc. 595372 583163
Main Street Capital Corp. 569412 855501
TCW Direct Lending VII LLC 567192.48 572669.27
OWL Rock Capital Corp. II 522025 517796
Barings BDC 490767 530029
New Mountain Guardian III BDC, L.L.C. 469259 465544
Goldman Sachs Private Middle Market Credit Corp. 457494 445208
TCW Direct Lending VIII LLC 413764 413591.75
Cion Investment Corp. 403689 402206
North Haven Private Income Fund LLC 396632 393163
Barings Private Credit LLC 355239 377018
T Series Middle Market Loan Fund LLC 302127 299934
AGTB Private BDC 274682 274814
SL Investment Corp. 248600 246958
Onex Falcon Direct Lending BDC Fund 237840.84 236248.98
Crescent Capital BDC Inc. 231960 232786
Barings Capital Investment Corp 229331 240243
Commonwealth Credit Partners BDC I Inc. 194661 192813
Oxford Square Capital Corp. 189803.13 165230.02
Monroe Capital 186041 178256
SuRo Capital Corp. 180816.02 221386.39
Portman Ridge Finance Corp. 177738 166950
First Eagle Alternative Capital BDC, Inc. 173287 123851
Nuveen Churchill BDC INC. 151935 153549
Muzinich BDC Inc. 129570.37 131453.77
Palmer Square Capital BDC Inc. 129001.66 122607.06
Goldman Sachs Middle Market Lending Corp. II 101982 100806
Logan Ridge Finance Corp. 86003 82217
Stellus Private Credit BDC 84476.38 83791.86
BlackRock Direct Lending Corp. 45324.5 46185.1
BlackRock Private Credit Fund 36529.15 36127.67
AG Twin Brook BDC Inc. 34705 37825
Steele Creek Capital Corp 17812 17099
Grand Total 29,465,929.65 30,865,432.66

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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