BDCs
BDC Filing Season Q4 2022 Week 3
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 8 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 26.82 Billion USD which is approximately 10.48% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principle Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Owl Rock Capital Corp. | 377 | 100.00% | 13,046,132 | -0.274 | 11,741,844 | 13,010,345 | 14.43 | 11.63 | 11.75 |
| Goldman Sachs BDC | 369 | 100.00% | 3,691,041 | -5.007 | 4,035,838 | 3,506,216 | 16.85 | 11.88 | 15.82 |
| Barings BDC | 545 | 100.00% | 2,562,398 | -4.428 | 2,281,658 | 2,448,935 | 14.15 | 10.48 | 12.15 |
| MidCap Financial Investment Corp. | 285 | 100.00% | 2,607,174 | -8.018 | 2,743,957 | 2,398,120 | 43.05 | 11.42 | 54.59 |
| Barings Private Credit LLC | 476 | 100.00% | 2,187,501 | -1.354 | 2,038,976 | 2,157,880 | 11.18 | 10.34 | 10.05 |
| Crescent Capital BDC Inc. | 416 | 100.00% | 1,291,456 | -2.207 | 1,261,969 | 1,262,956 | 212.94 | 11.02 | 126.25 |
| Barings Capital Investment Corp | 404 | 100.00% | 1,261,603 | -2.235 | 1,123,599 | 1,233,405 | 11.82 | 10.32 | 10.11 |
| Sixth Street Lending Partners | 14 | 100.00% | 809,029 | -0.028 | 833,050 | 808,800 | 12.16 | 12.16 | 12.16 |
| Total | 2,886 | 100.00% | 27,456,334 | -2.29% | 26,060,891 | 26,826,657 | 28.33 | 11.35 | 22.54 |
Non-Accruals
At least 7 BDCs that filed last week have reported Non–Accruals amounting to 510.8 Million USD at Cost. Owl Rock Capital Corp. and Barings BDC are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principle Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Owl Rock Capital Corp. | 4 | 1.18% | 225,967 | -32.032 | 266,631 | 153,585 | 166.18 | — | 25.37 |
| Barings BDC | 9 | 0.99% | 98,837 | -75.447 | 138,870 | 24,267 | 127.27 | — | 78.4 |
| Crescent Capital BDC Inc. | 6 | 1.14% | 25,147 | -42.936 | 27,804 | 14,350 | 83.81 | — | 40.72 |
| MidCap Financial Investment Corp. | 6 | 0.44% | 49,443 | -78.889 | 61,189 | 10,438 | 510.9 | — | 770.65 |
| Goldman Sachs BDC | 9 | 0.30% | 77,283 | -86.513 | 81,665 | 10,423 | 50.56 | — | 58.78 |
| Barings Capital Investment Corp | 1 | 0.53% | 17,383 | -62.463 | 17,399 | 6,525 | 87.09 | — | 13.04 |
| Barings Private Credit LLC | 1 | 0.29% | 16,784 | -62.47 | 16,798 | 6,299 | 87.1 | — | 13.04 |
| Total | 36 | 0.87% | 510,844 | -55.78% | 610,356 | 225,887 | 198.62 | 0 | 132.29 |
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 810.4 Million USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Goldman Sachs BDC | 218,784 | 211,680 |
| Owl Rock Capital Corp. | 214,429 | 210,355 |
| MidCap Financial Investment Corp. | 176,317 | 171,283 |
| Barings BDC | 116,732 | 58,152 |
| Barings Private Credit LLC | 45,916 | 45,723 |
| Crescent Capital BDC Inc. | 26,469 | 23,091 |
| Barings Capital Investment Corp | 11,776 | 10,411 |
| Grand Total | 810,423 | 730,695 |
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 6.36 Billion USD (Cost) accounting for 23.16% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| Owl Rock Capital Corp. | 2,771,894 | 2,807,551 |
| Sixth Street Lending Partners | 809,029 | 808,800 |
| Goldman Sachs BDC | 780,420 | 771.623 |
| MidCap Financial Investment Corp. | 694,315 | 675,334 |
| Barings BDC | 476,560 | 517,021 |
| Barings Private Credit LLC | 368,594 | 398,037 |
| Crescent Capital BDC Inc. | 234,410 | 231,254 |
| Barings Capital Investment Corp | 223,742 | 241,690 |
| Grand Total | 6,358,964 | 6,451,310 |
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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