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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