BDC Filing Season: Q4 2023 Week 1
BDC Filing Season Q4 2023 Week 1
BDC data provided by the Advantage Data Workstation, a SOLVE product. For more information about our BDC data or our other products please contact marketpulse@solvefixedincome.com.
Filing Recap
BDC Filing season is in full swing. This report will analyze the 20 BDCs that filed as of last week. Aggregate Fair Value reported by these BDCs is 61 Billion USD which is approximately 21.1% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Ares Capital | 1,157 | 100.00% | 22,667,600 | 0.909 | 17,011,000 | 22,873,700 | 12.86 | 12.43 | 12.37 |
| Prospect Capital | 217 | 100.00% | 7,633,623 | -0.023 | 7,587,489 | 7,631,846 | 16.16 | 12.46 | 14.91 |
| Golub Capital | 1,512 | 100.00% | 5,630,435 | -1.19 | 5,307,168 | 5,563,410 | 12.63 | 11.83 | 37.68 |
| Hercules Capital Inc. | 330 | 100.00% | 3,303,033 | 0.031 | 3,053,638 | 3,304,046 | 10.58 | 10.49 | 10.85 |
| Sixth Street Specialty Lending, Inc. | 207 | 100.00% | 3,251,012 | 0.986 | 7,205,824 | 3,283,065 | — | 12.86 | — |
| Oaktree Specialty Lending Corp. | 295 | 100.00% | 3,319,447 | -5.097 | 3,019,439 | 3,150,249 | 12.77 | 12.31 | 12.21 |
| Oaktree Strategic Credit Fund | 265 | 100.00% | 2,932,343 | 0.913 | 2,912,851 | 2,959,125 | 11.17 | 11.03 | 11.28 |
| Golub Capital BDC 3 Inc. | 1,306 | 100.00% | 2,707,214 | -0.827 | 2,575,641 | 2,684,816 | 11.87 | 11.73 | 11.55 |
| Golub Capital Private Credit Fund | 257 | 100.00% | 1,443,990 | 0.111 | 1,420,233 | 1,445,589 | 11.34 | 11.34 | 11.44 |
| Capital Southwest Corporation | 284 | 100.00% | 1,369,906 | -0.355 | 1,221,246 | 1,365,037 | 15.25 | 13.52 | 13.98 |
| PennantPark Floating Rate Capital | 368 | 100.00% | 1,366,287 | -1.43 | 1,382,539 | 1,346,753 | 12.51 | 12.19 | 12.45 |
| Pennant Park Investment | 354 | 100.00% | 1,268,890 | -1.674 | 1,236,603 | 1,247,651 | 12.83 | 12.17 | 12.41 |
| Saratoga Investment Corp. | 124 | 100.00% | 1,194,890 | -2.831 | 1,035,344 | 1,161,065 | 21.89 | 12.94 | 13.06 |
| Gladstone Investment Corporation | 63 | 100.00% | 868,504 | 3.95 | 665,697 | 902,808 | 22.16 | 14.51 | 14.08 |
| Gladstone Capital Corp. | 119 | 100.00% | 759,634 | -1.27 | 689,480 | 749,985 | 15.3 | 13.98 | 13.66 |
| Oaktree Gardens OLP LLC | 23 | 100.00% | 511,278 | 0.206 | 268,024 | 512,329 | 11.59 | 11.59 | 11.68 |
| Golub Capital Direct Lending Corp | 590 | 100.00% | 467,675 | -0.016 | 458,372 | 467,601 | 11.79 | 11.71 | 11.69 |
| PhenixFIN Corp. | 57 | 100.00% | 258,177 | -13.926 | 170,408 | 222,222 | 16.7 | 12.86 | 16.05 |
| Wellings Real Estate Income Fund | 22 | 100.00% | 50,576 | 1.323 | — | 51,245 | — | — | — |
| Prospect Floating Rate & Alternative Income Fund, Inc. | 39 | 100.00% | 21,190 | -21.519 | 23,412 | 16,630 | 20.4 | 11.25 | 20.83 |
| Grand Total | 7,589 | 100.00% | 61,025,704 | -0.14% | 57,244,408 | 60,939,172 | 1,379.21 | 12.2 | 1,356.49 |
Non-Accruals
At least 14 BDCs that filed last week have reported Non–Accruals amounting to 1.02 Billion USD at Cost. Ares Capital and Oaktree Speciality Lending Corp. 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 | 17 | 0.59% | 295,200 | -54.099 | 380,900 | 135,500 | — | — | — |
| Oaktree Specialty Lending Corp. | 13 | 3.83% | 174,897 | -30.981 | 187,652 | 120,713 | — | — | — |
| Golub Capital | 13 | 1.02% | 87,231 | -35.247 | 120,017 | 56,485 | 16.32 | — | 2,217.08 |
| Gladstone Investment Corporation | 7 | 3.42% | 66,898 | -53.8 | 66,898 | 30,907 | 71.84 | — | 13.17 |
| Capital Southwest Corporation | 4 | 2.16% | 37,728 | -22.021 | 37,818 | 29,420 | 30.33 | — | 16.08 |
| Saratoga Investment Corp. | 6 | 2.51% | 67,366 | -56.678 | 67,649 | 29,184 | 145.95 | — | 13.72 |
| Sixth Street Specialty Lending, Inc. | 3 | 0.63% | 28,116 | -26.519 | 33,138 | 20,660 | 380.67 | — | 51.8 |
| Prospect Capital | 5 | 0.20% | 164,628 | -90.643 | 321,301 | 15,405 | — | — | — |
| PhenixFIN Corp. | 7 | 4.00% | 43,627 | -79.616 | 62,540 | 8,893 | — | — | — |
| Oaktree Strategic Credit Fund | 4 | 0.22% | 11,117 | -40.973 | 11,668 | 6,562 | — | — | — |
| Golub Capital BDC 3 Inc. | 5 | 0.12% | 4,694 | -33.809 | 5,203 | 3,107 | 15.06 | 15.03 | 15.63 |
| Gladstone Capital Corp. | 1 | 0.38% | 6,140 | -53.925 | 6,140 | 2,829 | — | — | 10.9 |
| Hercules Capital Inc. | 1 | — | 30,916 | — | 31,049 | — | — | — | — |
| PennantPark Floating Rate Capital | 1 | — | 965 | — | 1,205 | — | — | — | — |
| Grand Total | 87 | 0.80% | 1,019,523 | -54.91% | 1,333,178 | 459,665 | 0 | 0 | 0 |
Portfolio Composition By Industry
The chart below is a bird’s-eye view of the BDCs aggregate Industry Diversification.
Portfolio Composition By Asset Class
The chart below is an overview of the BDCs aggregate Diversification by Asset Class.
BDC Investments Maturing in the next 12 Months
The table below summarizes aggregate investments of last week’s BDCs that are maturing in the next 12 months, which combined are worth more than 3.55 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Capital | 894,800 | 773,300 |
| Prospect Capital | 843,550 | 775,179 |
| Golub Capital | 475,193 | 413,378 |
| PennantPark Floating Rate Capital | 333,550 | 327,458 |
| Sixth Street Specialty Lending, Inc. | 261,255 | 260,581 |
| Hercules Capital Inc. | 175,615 | 171,642 |
| Oaktree Specialty Lending Corp. | 151,065 | 148,200 |
| Golub Capital BDC 3 Inc. | 83,938 | 76,695 |
| Saratoga Investment Corp. | 73,033 | 66,834 |
| Pennant Park Investment | 61,151 | 61,064 |
| Capital Southwest Corporation | 60,917 | 59,883 |
| Gladstone Investment Corporation | 53,660 | 36,919 |
| PhenixFIN Corp. | 52,079 | 26,828 |
| Gladstone Capital Corp. | 22,263 | 15,550 |
| Oaktree Strategic Credit Fund | 4,453 | 4,398 |
| Prospect Floating Rate & Alternative Income Fund, Inc. | 3,890 | 3,534 |
| Golub Capital Direct Lending Corp | 45 | 45 |
| Grand Total | 3,550,457 | 3,221,488 |
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 16.3 Billion USD (Cost) accounting for 26.7% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Capital | 5,332,200 | 5,629,000 |
| Prospect Capital | 2,863,934 | 3,844,802 |
| Hercules Capital Inc. | 945,217 | 963,877 |
| Golub Capital | 841,551 | 833,737 |
| Oaktree Specialty Lending Corp. | 718,504 | 694,009 |
| Sixth Street Specialty Lending, Inc. | 706,168 | 721,758 |
| Oaktree Strategic Credit Fund | 623,767 | 628,300 |
| PennantPark Floating Rate Capital | 601,637 | 569,544 |
| Pennant Park Investment | 534,638 | 525,291 |
| Oaktree Gardens OLP LLC | 501,033 | 502,084 |
| Saratoga Investment Corp. | 497,765 | 502,646 |
| Gladstone Investment Corporation | 490,461 | 646,837 |
| Golub Capital BDC 3 Inc. | 429,491 | 422,993 |
| Capital Southwest Corporation | 354,119 | 366,321 |
| Gladstone Capital Corp. | 296,637 | 320,151 |
| Golub Capital Private Credit Fund | 258,126 | 258,161 |
| PhenixFIN Corp. | 133,922 | 138,979 |
| Golub Capital Direct Lending Corp | 121,507 | 121,696 |
| Wellings Real Estate Income Fund | 43,092 | 43,560 |
| Prospect Floating Rate & Alternative Income Fund, Inc. | 12,652 | 11,732 |
| Grand Total | 16,306,421 | 17,745,479 |
Source: The BDC Advantage, Advantage Data Inc., Copyright © 2024.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, 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
Andrew Robartes Data Analyst arobartes@solvefixedincome.com
Nayan Raj Data Analyst nraj@solvefixedincome.com
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