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@solvefixedincome.com.
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@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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