BDCs

BDC Filing Season Q4 2022

BDC data provided by the Advantage Data Workstation, a SOLVE product. For more information about our BDC data or our other products please contact marketpluse@solveadvisors.com.

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Filing Recap

BDC Filing season is in full swing. This report will analyze the 12 BDC’s that filed as of last week. Aggregate Fair Value reported by these BDC’s is 44.6 Billion USD which is approximately 17.42% of aggregate AUM of all BDC’s.

Name Number of Investmets % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Ares Capital 1,021 100.00% 22,043,000 -1.194 16,943,300 21,779,800 12.79 11.75 11.47
Prospect Capital 210 100.00% 7,583,830 2.459 7,561,088 7,770,336 19.84 12.33 14.93
Golub Capital 1,549 100.00% 5,634,928 -2.333 5,391,018 5,503,459 11.21 10.84 12.9
Oaktree Specialty Lending Corp. 269 100.00% 2,797,259 -4.831 2,653,942 2,662,115 12.59 11.94 11.7
Pennant Park Investment 313 100.00% 1,392,060 -12.03 1,162,906 1,224,591 12.16 11.11 10.84
PennantPark Floating Rate Capital 334 100.00% 1,233,969 -2.423 1,189,960 1,204,072 18.45 17.92 17.35
Capital Southwest Corporation 219 100.00% 1,159,712 -0.833 1,029,662 1,150,046 12.87 12.15 12.25
Saratoga Investment Corp. 109 100.00% 1,033,531 -0.43 992,330 1,029,082 13.46 12.1 11.92
Gladstone Investment Corporation 63 100.00% 722,380 5.272 557,347 760,463 17.65 13.98 13.69
Oaktree Strategic Credit Fund 152 100.00% 716,526 -2.519 709,320 698,477 11.67 11.03 11.02
Gladstone Capital Corp. 107 100.00% 640,776 -2.971 584,603 621,739 14.72 13.3 12.76
PhenixFIN Corp. 60 100.00% 251,473 -27.121 151,788 183,271 92 12.04 16.9
Total 4,406 100.00% 45,209,443 -1.38% 38,927,264 44,587,451 14.35 11.95 12.56

Non-Accruals

At least 10 BDC’s that filed last week have reported Non–Accruals amounting to 910.3 Million USD at Cost. Ares Capital and Golub Capital 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 15 1.10% 372,200 -35.357 422,500 240,600 60.14 — 21.53
Golub Capital 31 1.68% 145,572 -36.647 186,046 92,224 63.75 — 119.71
Prospect Capital 5 0.55% 199,191 -78.51 333,532 42,807 964.49 — 13.32
Gladstone Investment Corporation 8 5.00% 66,648 -42.929 66,648 38,037 45.24 — 12.02
Pennant Park Investment 1 1.05% 24,881 -48.471 25,369 12,821 45.12 — 14.16
Saratoga Investment Corp. 1 0.95% 15,879 -38.65 15,879 9,742 57.5 — 13.78
PennantPark Floating Rate Capital 4 0.54% 22,962 -71.618 23,366 6,517 45.13 — 14.16
PhenixFIN Corp. 6 2.93% 41,013 -86.924 54,089 5,363 314.45 — 32.95
Capital Southwest Corporation 6 0.33% 15,852 -76.129 15,901 3,784 — — 14.05
Gladstone Capital Corp. 1 0.39% 6,140 -60.065 6,140 2,452 100.05 — 9.9
TOTAL 78 1.10% 910,338 -50.09% 1,149,470 454,347 146.45 0 44.54

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 BDC’s that are maturing in the next 12 months, which combined are worth more than 2.55 Billion USD at cost.

BDC Cost (1000) FV (1000)
Prospect Capital 907,390  899,671
Ares Capital 650,200  634,500
Golub Capital 401,898  360,627
Saratoga Investment Corp. 137,685  126,174
Oaktree Specialty Lending Corp. 118,028  116,242
Capital Southwest Corporation 111,489  94,935
Gladstone Investment Corporation 78,418  76,529
PennantPark Floating Rate Capital 60,370  51,831
Pennant Park Investment 50,161  46,368
PhenixFIN Corp. 27,070  10,245
Gladstone Capital Corp. 7,755  6,166
Grand Total 2,550,464  2,423,288

Top 10 BDC Investments

BDC’s 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 BDC’s that filed last week amount to 12.7 Billion USD (Cost) accounting for 28.1% of their aggregate holdings (Cost).

BDC Cost (1000) FV (1000)
Ares Capital 5,508,600  5,577,700
Prospect Capital 2,807,159  3,996,604
Golub Capital 834,941  819,819
Oaktree Specialty Lending Corp. 633,391  606,143
Pennant Park Investment 592,622  457,486
PennantPark Floating Rate Capital 526,196  496,597
Saratoga Investment Corp. 469,995  473,009
Gladstone Investment Corporation 399,944  540,043
Capital Southwest Corporation 342,412  347,235
Gladstone Capital Corp. 300,480  310,217
Oaktree Strategic Credit Fund 166,505  164,496
PhenixFIN Corp. 113,399  110,332
Grand Total 12,695,644   13,899,681 

Source: The BDC Advantage, Advantage Data Inc., Copyright Âİ 2023.Redistribution Strictly Prohibited. Data can not be used in any way to populate a database nor shared with unauthorized users. See ADI Terms. All rights reserved. +1 (617) 261 9700.

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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