BDCs

BDC Filing Season Q3 2022: Week 3 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 analyse 38 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 83.87 billion USD which is approximately 34.35% of aggregate AUM of all BDCs.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Blackstone Private Credit Fund 724 100%    51,764,608.00 -2.35    47,929,534.00    50,547,996.00 9.49 9.3 8.92
HPS Corporate Lending Fund 331 100%       4,898,169.00 -2.899       5,912,094.00       4,756,165.00 22.47 9.95 20.9
Apollo Debt Solutions BDC 174 100%       4,140,008.00 -3.864       4,476,904.00       3,980,027.00 10.49 9.36 9.35
Franklin BSP Lending Corp. 265 100%       2,819,709.00 -1.331       2,364,788.00       2,782,173.00 10.33 9.58 13.19
Oaktree Specialty Lending Corp. 251 100%       2,644,118.00 -4.676       2,488,882.00       2,520,475.00 11.18 10.87 10.59
FS Energy & Power Fund 99 100%       2,135,965.00 5.747       1,471,232.00       2,258,723.00 27.69 9.7 48.02
TCG BDC II Inc. 148 100%       2,139,002.00 -2.17       2,095,754.00       2,092,584.00 10.27 9.99 11.4
Pennant Park Investment 292 100%       1,354,873.00 -5.602       1,110,792.00       1,278,967.00 10.75 10.32 9.9
PennantPark Floating Rate Capital 323 100%       1,225,273.00 -1.072       1,193,332.00       1,212,134.00 10.51 10.14 10.09
NMF SLF I, Inc. 261 100%       1,177,219.00 -0.955       1,328,534.00       1,165,982.00 9.36 9.26 9.26
MSC Income Fund Inc. 343 100%       1,104,236.00 -0.135           973,187.00       1,102,745.00 23.84 10.89 10.5
AB Private Credit Investors Corp. 426 100%       1,092,728.00 -0.848       1,092,773.00       1,083,466.00 15.26 9.43 9.62
Monroe Capital Income Plus Corp 336 100%       1,075,175.00 0.327       1,300,676.00       1,078,695.00 25.82 9.92 25.45
Kayne Anderson BDC, LLC 149 100%           953,837.00 1.568           963,685.00           968,792.00 9.41 9.41 9.88
MSD Investment Corp. 50 100%           978,562.00 -4.596           923,725.00           933,592.00 12.47 12.17 11.14
WhiteHorse Finance 127 100%           773,406.00 -1.145           768,490.00           764,554.00 11.85 11.01 11.42
Franklin BSP Capital L.L.C. 113 100%           743,003.00 -0.538           720,313.00           739,002.00 9.28 9.25 9.17
Varagon Capital Corp. 203 100%           658,085.00 -0.751           499,610.00           653,145.00 9.2 9.17 8.91
Gladstone Capital Corp. 112 100%           656,053.00 -0.981           596,190.00           649,615.00 12.91 11.88 11.42
Venture Lending & Leasing IX Inc. 320 100%           511,864.00 -5.277           546,103.00           484,854.00 18.57 13.74 14.74
Audax Credit BDC Inc. 288 100%           443,479.00 -1.316           445,301.00           437,642.00 9.36 8.93 8.62
PIMCO Capital Solutions BDC Corp. 33 100%           334,944.00 -3.423           341,597.00           323,478.00 10.15 9.4 9.11
Nuveen Churchill Private Capital Income Fund 83 100%           324,670.00 -0.697           347,669.00           322,408.00 10.26 9.93 10.04
Star Mountain Lower Middle-Market Capital Corp. 70 100%           244,905.00 0.838           226,712.00           246,957.00 13.64 12.08 12.42
Redwood Enhanced Income Corp. 33 100%           257,432.00 -4.468           277,607.00           245,930.00 12.56 10.54 68.72
Investcorp Credit Management BDC Inc. 61 100%           283,740.00 -15.705           260,775.00           239,178.00 14.46 10.96 11.26
Carlyle Secured Lending III 58 100%           227,286.00 -2.552           228,674.00           221,485.00 10.5 10.14 11.14
WTI Fund X Inc. 121 100%           208,664.00 -1.804           224,771.00           204,900.00 18.03 13.89 15.24
Terra Income Fund 6 Inc. 9 100%           115,908.00 -2.465           116,043.00           113,050.00 13.32 13.32 13.64
New Mountain Guardian IV BDC LLC 48 100%              83,850.00 -1.054           121,856.00              82,966.00 9.44 9.19 9.37
Guggenheim Credit Income Fund 44 100%              79,738.00 -8.745              84,518.00              72,765.00 17.91 9.87 11.8
Kayne DL 2021 Inc. 56 100%              60,840.00 1.93              58,266.00              62,014.00 9.35 9.35 9.96
NexPoint Capital Inc. 39 100%              54,247.00 1.546              22,590.00              55,085.00 30.31 11.1 11.65
Hancock Park Corporate Income Inc. 61 100%              54,707.00 -3.703              57,759.00              52,681.00 11.8 11.3 11.5
Venture Lending & Leasing VIII Inc. 89 100%              68,662.00 -31.177              77,152.00              47,255.00 19.08 13.67 14.71
Firsthand Technology Value Fund Inc. 111 100%           141,761.00 -67.125              96,525.00              46,604.00 377.59
Prospect Sustainable Income Fund, Inc. 46 100%              37,156.00 -8.987              40,060.00              33,817.00 15.8 9.6 13.2
Wellings Real Estate Income Fund 4 100%                 8,360.00 0  —                 8,360.00
Total 6301 100%    85,876,242.00 -0.0231    81,784,473.00    83,870,261.00 11.53 9.6 11.56

Non-Accruals

At least 3 BDC’s that filed last week have reported Non–Accruals amounting to 208 thousand USD at Cost. Venture Lending & Leasing IX Inc. and MSC Income Fund Inc. are leading the Non-Accruals list.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Venture Lending & Leasing IX Inc. 14 3.28% 39,952 -60.153 48,917 15,920 109.81 22.44 22.35
MSC Income Fund Inc. 7 1.09% 43,714 -72.48 44,972 12,030 378.62 12.21
Franklin BSP Lending Corp. 11 0.37% 44,754 -77.128 72,915 10,236 116.4 150.82
Venture Lending & Leasing VIII Inc. 20 19.33% 30,338 -69.891 38,082 9,135 86.97 18.34
TCG BDC II Inc. 1 0.30% 5,871 5.996 10,096 6,223 298.28
FS Energy & Power Fund 1 0.15% 6,750 -48.326 7,500 3,488 74.12 18.68
Investcorp Credit Management BDC Inc. 7 1.30% 36,815 -91.554 37,199 3,109 9.64
AB Private Credit Investors Corp. 7 0.28% 10,476 -71.326 11,134 3,004 552.25 13.35
Star Mountain Lower Middle-Market Capital Corp. 1 1.03% 4,258 -40.156 4,322 2,548 52.5 14.13
WTI Fund X Inc. 1 0.66% 3,786 -64.141 4,741 1,358 127.71 24.61
Hancock Park Corporate Income Inc. 1 0.41% 485 -55.294 489 217 17.26
Guggenheim Credit Income Fund 1 0.16% 1,520 -92.237 4,291 118
PennantPark Floating Rate Capital 2 0.01% 9,557 -98.88 9,642 107
Total 74 0.57% 238,276.00 -71.67% 294,300.00 67,492.00 252.83 22.44 79.68

Portfolio Composition By Industry

The chart below is a bird’s-eye view of the BDC’s aggregate Industry Diversification.

Portfolio Composition by Industry - Week 3

Portfolio Composition By Asset Class

The chart below is a bird’s-eye view of the BDC’s aggregate Diversification by Asset Class.

Portfolio Composition by Asset Class - Week 3

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 1.02 Billion USD at cost.

BDC Cost(1000) FV(1000)
Oaktree Specialty Lending Corp. 133,025 132,824
MSC Income Fund Inc. 161,256 129,902
Terra Income Fund 6 Inc. 79,198 76,176
Kayne Anderson BDC, LLC 46,017 46,650
NMF SLF I, Inc. 46,686 46,646
WhiteHorse Finance 47,390 45,965
Blackstone Private Credit Fund 46,117 44,265
Firsthand Technology Value Fund Inc. 56,750 36,934
Venture Lending & Leasing IX Inc. 33,853 33,780
PennantPark Floating Rate Capital 40,280 30,390
AB Private Credit Investors Corp. 29,062 28,956
Venture Lending & Leasing VIII Inc. 27,033 26,959
FS Energy & Power Fund 28,505 25,676
TCG BDC II Inc. 24,914 25,246
Pennant Park Investment 25,753 23,902
Franklin BSP Lending Corp. 48,760 21,224
Redwood Enhanced Income Corp. 17,365 15,805
Nuveen Churchill Private Capital Income Fund 13,951 13,848
Audax Credit BDC Inc. 14,149 13,700
PIMCO Capital Solutions BDC Corp. 11,661 11,696
Monroe Capital Income Plus Corp 9,466 9,491
Investcorp Credit Management BDC Inc. 43,993 9,190
MSD Investment Corp. 13,186 7,664
Gladstone Capital Corp. 7,420 7,004
Guggenheim Credit Income Fund 5,595 3,686
Star Mountain Lower Middle-Market Capital Corp. 3,469 3,499
Kayne DL 2021 Inc. 646 673
Prospect Sustainable Income Fund, Inc. 951 662
Hancock Park Corporate Income Inc. 847 509
 Total 1,017,298 872,922

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 last week amount to 21.97 billion USD (Cost) accounting for 25.6% of their aggregate holdings (Cost).

BDC’s Cost(1000) FV(1000)
Blackstone Private Credit Fund 11,201,691 11,181,850
Apollo Debt Solutions BDC 1,279,465 1,260,460
HPS Corporate Lending Fund 1,142,634 1,119,653
Franklin BSP Lending Corp. 897,542 926,019
FS Energy & Power Fund 890,754 1,102,820
Oaktree Specialty Lending Corp. 692,961 655,432
Pennant Park Investment 554,330 503,350
PennantPark Floating Rate Capital 506,029 483,247
MSD Investment Corp. 462,653 442,159
TCG BDC II Inc. 458,852 453,448
Gladstone Capital Corp. 302,567 310,224
Kayne Anderson BDC, LLC 292,124 299,558
NMF SLF I, Inc. 288,976 289,283
Franklin BSP Capital L.L.C. 271,106 271,554
WhiteHorse Finance 268,636 274,153
Varagon Capital Corp. 267,468 266,471
PIMCO Capital Solutions BDC Corp. 236,010 229,140
Monroe Capital Income Plus Corp 225,734 225,912
MSC Income Fund Inc. 196,528 248,176
AB Private Credit Investors Corp. 182,174 180,696
Venture Lending & Leasing IX Inc. 143,355 143,355
Firsthand Technology Value Fund Inc. 141,761 46,604
Redwood Enhanced Income Corp. 123,252 118,348
Star Mountain Lower Middle-Market Capital Corp. 118,115 119,650
Terra Income Fund 6 Inc. 115,908 113,050
Carlyle Secured Lending III 110,920 107,321
Investcorp Credit Management BDC Inc. 105,492 105,572
Nuveen Churchill Private Capital Income Fund 95,937 95,884
WTI Fund X Inc. 76,830 76,830
New Mountain Guardian IV BDC LLC 61,063 60,677
Guggenheim Credit Income Fund 55,197 53,260
Audax Credit BDC Inc. 51,312 51,121
NexPoint Capital Inc. 36,707 39,193
Kayne DL 2021 Inc. 32,391 33,116
Venture Lending & Leasing VIII Inc. 26,091 24,858
Hancock Park Corporate Income Inc. 25,091 24,743
Prospect Sustainable Income Fund, Inc. 19,281 18,437
Wellings Real Estate Income Fund 8,360 8,360
Total 21,965,297 21,963,984

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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