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.
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 © 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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