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@solvefixedincome.com.
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 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 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@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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