BDCs
BDC Filing Season Q4 2023 Week 2
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
This report will analyze the 8 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 27.5 Billion USD which is approximately 9.5% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Blue Owl Capital Corp. | 411 | 100.00% | 12,632,202 | 0.642 | 10,940,386 | 12,713,348 | 8.78 | 9.69 | 8.93 |
| Blue Owl Capital Corp III | 359 | 100.00% | 3,576,853 | 0.387 | 3,267,831 | 3,590,701 | 10.96 | 11.38 | 11.59 |
| Sixth Street Lending Partners | 59 | 100.00% | 3,037,826 | 2.019 | 3,071,828 | 3,099,151 | 12.65 | 12.65 | 13.07 |
| Barings BDC | 587 | 100.00% | 2,535,576 | -1.848 | 2,187,686 | 2,488,715 | 13.58 | 11.74 | 11.45 |
| Barings Private Credit Corp | 533 | 100.00% | 2,467,727 | -0.357 | 2,209,345 | 2,458,929 | 12.16 | 11.59 | 11.32 |
| Crescent Capital BDC Inc. | 577 | 100.00% | 1,593,382 | -0.666 | 1,640,913 | 1,582,769 | 12.32 | 11.64 | 11.62 |
| Barings Capital Investment Corp | 468 | 100.00% | 1,352,116 | -0.222 | 1,160,904 | 1,349,121 | 12.11 | 11.47 | 11.38 |
| Investcorp Credit Management BDC Inc. | 65 | 100.00% | 232,454 | -10.786 | 200,692 | 207,382 | 12.35 | 12.35 | 12 |
| Grand Total | 3,059 | 100.00% | 27,428,136 | 0.23% | 24,679,586 | 27,490,116 | 12.5 | 11.92 | 11.88 |
Non-Accruals
At least 7 BDCs that filed last week have reported Non–Accruals amounting to 315 Million USD at Cost. Blue Owl Capital Corp. and Barings BDC are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Blue Owl Capital Corp. | 10 | 0.92% | 139,325 | -16.332 | 192,456 | 116,570 | — | — | — |
| Barings BDC | 4 | 1.50% | 62,631 | -40.526 | 89,667 | 37,249 | 38.36 | — | 12.74 |
| Crescent Capital BDC Inc. | 17 | 1.79% | 30,585 | -7.177 | 150,965 | 28,390 | — | — | — |
| Blue Owl Capital Corp III | 8 | 0.52% | 20,121 | -6.56 | 22,603 | 18,801 | — | — | — |
| Barings Private Credit Corp | 2 | 0.57% | 18,192 | -22.972 | 18,768 | 14,013 | 38.36 | — | 12.73 |
| Barings Capital Investment Corp | 1 | 1.00% | 17,383 | -22.43 | 17,979 | 13,484 | 38.36 | — | 12.74 |
| Investcorp Credit Management BDC Inc. | 7 | 4.63% | 27,216 | -64.744 | 30,266 | 9,595 | — | — | 10.64 |
| Grand Total | 49 | 0.98% | 315,453 | -24.52% | 522,704 | 238,102 | 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 1.105 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Blue Owl Capital Corp. | 715,903 | 717,634 |
| Barings BDC | 127,417 | 110,461 |
| Barings Private Credit Corp | 85,713 | 84,023 |
| Crescent Capital BDC Inc. | 77,453 | 72,310 |
| Sixth Street Lending Partners | 55,764 | 53,393 |
| Investcorp Credit Management BDC Inc. | 37,110 | 31,058 |
| Blue Owl Capital Corp III | 5,550 | 5,778 |
| Barings Capital Investment Corp | 646 | 650 |
| Grand Total | 1,105,556 | 1,075,307 |
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 6.6 Billion USD (Cost) accounting for 24.1% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| Blue Owl Capital Corp. | 2,740,269 | 2,808,455 |
| Sixth Street Lending Partners | 1,584,704 | 1,618,731 |
| Blue Owl Capital Corp III | 765,982 | 768,990 |
| Barings BDC | 508,274 | 558,752 |
| Barings Private Credit Corp | 454,136 | 493,611 |
| Barings Capital Investment Corp | 256,677 | 285,940 |
| Crescent Capital BDC Inc. | 250,463 | 248,044 |
| Investcorp Credit Management BDC Inc. | 88,365 | 92,920 |
| Grand Total | 6,648,870 | 6,875,443 |
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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