BDCs
BDC Filing Season Q4 2023 Week 4
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 30 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 55 Billion USD which is approximately 27.2% 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 Credit Income Corp. | 569 | 100.00% | 16,571,443 | 0.547 | 15,400,779 | 16,662,093 | 9.35 | 9.92 | 9.79 |
| Blue Owl Technology Finance Corp. | 255 | 100.00% | 6,213,226 | -1.307 | 4,858,706 | 6,132,022 | 11.02 | 6.25 | 8.94 |
| Blue Owl Technology Finance Corp. II | 183 | 100.00% | 3,785,797 | 0.577 | 3,359,832 | 3,807,639 | 4.85 | 4.89 | 5.61 |
| Blue Owl Technology Income Corp. | 216 | 100.00% | 3,224,628 | 0.686 | 3,016,873 | 3,246,741 | 6.37 | 6.58 | 7.21 |
| North Haven Private Income Fund LLC | 387 | 100.00% | 3,227,449 | -0.99 | 3,252,419 | 3,195,486 | 12.02 | 11.65 | 11.66 |
| Goldman Sachs Private Middle Market Credit II | 274 | 100.00% | 2,811,820 | -2.818 | 2,748,624 | 2,732,584 | 18.18 | 12.64 | 16.4 |
| Blue Owl Capital Corp. II | 339 | 100.00% | 2,036,700 | 0.45 | 1,919,950 | 2,045,864 | 12.02 | 12.75 | 12.15 |
| New Mountain Guardian III BDC, L.L.C. | 263 | 100.00% | 2,025,054 | -1.665 | 2,056,599 | 1,991,345 | 14.36 | 11.87 | 11.77 |
| Goldman Sachs Private Credit Corp. | 232 | 100.00% | 1,848,618 | 0.296 | 2,239,162 | 1,854,096 | 16.24 | 12.24 | 16.24 |
| T Series Middle Market Loan Fund LLC | 302 | 100.00% | 1,705,090 | -1.029 | 1,720,989 | 1,687,546 | 12.23 | 11.85 | 11.85 |
| NMF SLF I, Inc. | 329 | 100.00% | 1,321,530 | -0.083 | 1,440,084 | 1,320,435 | 11.57 | 11.56 | 11.66 |
| Trinity Capital Inc. | 393 | 100.00% | 1,324,077 | -3.333 | 1,253,606 | 1,279,941 | 15.04 | 13.17 | 7.83 |
| SL Investment Corp. | 368 | 100.00% | 1,156,731 | -0.925 | 1,163,904 | 1,146,036 | 12.01 | 11.8 | 11.69 |
| Runway Growth Finance Corp. | 102 | 100.00% | 1,106,849 | -3.599 | 1,034,661 | 1,067,009 | 12.91 | 12.91 | 11.68 |
| TriplePoint Venture Growth BDC Corp. | 322 | 100.00% | 1,002,052 | -4.79 | 776,930 | 954,055 | 13.97 | 13.06 | 11.31 |
| Stellus Capital Investment Corp. | 270 | 100.00% | 902,144 | -3.069 | 848,133 | 874,461 | 20.93 | 15.95 | 13.03 |
| WhiteHorse Finance | 132 | 100.00% | 740,021 | -5.926 | 732,482 | 696,168 | 33.17 | 13.53 | 13.76 |
| BlackRock Capital Investment Corporation | 232 | 100.00% | 702,313 | -12.591 | 652,391 | 613,887 | 15.23 | 13.46 | 13.29 |
| New Mountain Guardian IV BDC LLC | 177 | 100.00% | 569,247 | 1.971 | 730,905 | 580,466 | 11.77 | 11.8 | 12.24 |
| Onex Falcon Direct Lending BDC Fund | 59 | 100.00% | 541,964 | -1.642 | 541,764 | 533,066 | 12.98 | 12.38 | 12.55 |
| Goldman Sachs Private Middle Market Credit Corp. | 48 | 100.00% | 554,250 | -5.77 | 521,094 | 522,268 | 14.95 | 14.21 | 12.6 |
| Goldman Sachs Middle Market Lending Corp. II | 168 | 100.00% | 466,306 | -0.092 | 586,367 | 465,875 | 18.58 | 12.4 | 17.33 |
| BlackRock Private Credit Fund | 223 | 100.00% | 398,929 | 5.613 | 409,347 | 421,320 | 11.74 | 11.22 | 11.56 |
| OFS Capital | 112 | 100.00% | 403,528 | 4.153 | 420,432 | 420,288 | 30 | 12.92 | 12.53 |
| BlackRock Direct Lending Corp. | 222 | 100.00% | 260,465 | -0.851 | 265,096 | 258,248 | 14.25 | 13.09 | 12.91 |
| Phillip Street Middle Market Lending Fund LLC | 72 | 100.00% | 186,537 | 0.227 | 234,629 | 186,960 | 15.91 | 12.48 | 15.98 |
| LGAM Private Credit LLC | 69 | 100.00% | 99,614 | 0.133 | 100,644 | 99,746 | 11.35 | 11.33 | 11.38 |
| New Mountain Guardian IV Unlevered BDC LLC | 102 | 100.00% | 85,367 | 1.46 | 114,871 | 86,613 | 11.52 | 11.55 | 11.93 |
| Rand Capital Corp. | 68 | 100.00% | 68,366 | 12.814 | 48,330 | 77,126 | 11.77 | 11.98 | 11.78 |
| North Haven Private Income Fund A LLC | 95 | 100.00% | 51,386 | 0.309 | 52,455 | 51,545 | 11.89 | 11.85 | 11.96 |
| Grand Total | 6,583 | 100.00% | 55,391,500 | -0.69% | 52,502,057 | 55,010,928 | 14.59 | 12.13 | 12.68 |
Non-Accruals
At least 16 BDCs that filed last week have reported Non–Accruals amounting to 499 Million USD at Cost. Goldman Sachs Private Middle Market Credit II and Trinity Capital Inc. are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Goldman Sachs Private Middle Market Credit II | 4 | 2.20% | 94,132 | -36.203 | 98,845 | 60,053 | — | — | — |
| Trinity Capital Inc. | 13 | 3.37% | 60,848 | -29.012 | 60,023 | 43,195 | 53.17 | — | -77.42 |
| TriplePoint Venture Growth BDC Corp. | 11 | 3.03% | 41,668 | -30.522 | 40,701 | 28,950 | 26.88 | 21.13 | 12.73 |
| BlackRock Capital Investment Corporation | 3 | 4.05% | 53,932 | -53.917 | 54,024 | 24,854 | 49.28 | — | 15.47 |
| Goldman Sachs Private Credit Corp. | 1 | 1.16% | 26,895 | -19.859 | 27,993 | 21,554 | — | — | — |
| North Haven Private Income Fund LLC | 3 | 0.56% | 25,201 | -28.388 | 25,478 | 18,047 | 23.54 | — | 14.28 |
| T Series Middle Market Loan Fund LLC | 3 | 0.95% | 22,754 | -29.705 | 23,009 | 15,995 | 23.85 | — | 14.24 |
| WhiteHorse Finance | 5 | 2.02% | 38,322 | -63.24 | 42,042 | 14,087 | 595.8 | — | 17.11 |
| Blue Owl Technology Finance Corp. | 3 | 0.23% | 13,886 | 0.598 | 15,357 | 13,969 | — | — | — |
| OFS Capital | 7 | 2.89% | 34,568 | -64.884 | 43,895 | 12,139 | 185.07 | — | 14.8 |
| Blue Owl Credit Income Corp. | 8 | 0.06% | 11,493 | -8.858 | 12,968 | 10,475 | — | — | — |
| Stellus Capital Investment Corp. | 13 | 1.17% | 35,653 | -71.358 | 35,917 | 10,211 | 31.36 | 12.48 | 10.74 |
| Blue Owl Capital Corp. II | 5 | 0.42% | 11,761 | -26.996 | 19,081 | 8,586 | — | — | — |
| Goldman Sachs Middle Market Lending Corp. II | 1 | 1.63% | 9,500 | -19.968 | 9,874 | 7,603 | — | — | — |
| SL Investment Corp. | 3 | 0.36% | 5,398 | -22.897 | 5,437 | 4,162 | 20.71 | — | 14.65 |
| Goldman Sachs Private Middle Market Credit Corp. | 3 | 0.74% | 13,412 | -71.354 | 25,614 | 3,842 | — | — | — |
| Grand Total | 86 | 0.72% | 499,423 | -40.39% | 540,258 | 297,722 | 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 1.346 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Blue Owl Credit Income Corp. | 253,572 | 256,080 |
| TriplePoint Venture Growth BDC Corp. | 218,238 | 210,031 |
| Blue Owl Technology Finance Corp. | 161,702 | 162,351 |
| Goldman Sachs Private Middle Market Credit Corp. | 117,916 | 113,285 |
| WhiteHorse Finance | 99,952 | 99,684 |
| Blue Owl Capital Corp. II | 83,637 | 84,214 |
| Goldman Sachs Private Middle Market Credit II | 77,799 | 73,714 |
| Trinity Capital Inc. | 76,952 | 73,831 |
| Stellus Capital Investment Corp. | 74,602 | 64,381 |
| New Mountain Guardian III BDC, L.L.C. | 43,682 | 36,348 |
| BlackRock Capital Investment Corporation | 37,294 | 36,772 |
| OFS Capital | 35,170 | 30,065 |
| NMF SLF I, Inc. | 14,111 | 12,031 |
| T Series Middle Market Loan Fund LLC | 13,973 | 13,952 |
| BlackRock Direct Lending Corp. | 13,306 | 12,934 |
| SL Investment Corp. | 10,256 | 10,225 |
| Rand Capital Corp. | 8,011 | 8,011 |
| BlackRock Private Credit Fund | 5,896 | 5,165 |
| New Mountain Guardian IV BDC LLC | – | (123) |
| New Mountain Guardian IV Unlevered BDC LLC | (2) | – |
| Grand Total | 1,346,067 | 1,302,951 |
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 25.54% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| Blue Owl Credit Income Corp. | 2,527,552 | 2,538,035 |
| Blue Owl Technology Finance Corp. | 1,669,011 | 1,665,606 |
| Blue Owl Technology Finance Corp. II | 1,254,854 | 1,264,542 |
| Blue Owl Technology Income Corp. | 972,361 | 975,691 |
| Goldman Sachs Private Middle Market Credit II | 805,079 | 801,479 |
| Goldman Sachs Private Credit Corp. | 683,480 | 685,538 |
| North Haven Private Income Fund LLC | 673,114 | 674,758 |
| Runway Growth Finance Corp. | 597,729 | 591,245 |
| New Mountain Guardian III BDC, L.L.C. | 484,830 | 483,403 |
| TriplePoint Venture Growth BDC Corp. | 479,188 | 473,227 |
| Blue Owl Capital Corp. II | 437,191 | 462,461 |
| Goldman Sachs Private Middle Market Credit Corp. | 414,904 | 406,090 |
| Trinity Capital Inc. | 409,148 | 403,215 |
| T Series Middle Market Loan Fund LLC | 337,046 | 336,190 |
| NMF SLF I, Inc. | 296,985 | 298,571 |
| WhiteHorse Finance | 269,047 | 270,113 |
| SL Investment Corp. | 262,074 | 260,741 |
| Onex Falcon Direct Lending BDC Fund | 243,890 | 246,369 |
| New Mountain Guardian IV BDC LLC | 198,588 | 204,445 |
| BlackRock Capital Investment Corporation | 184,571 | 162,182 |
| Stellus Capital Investment Corp. | 172,118 | 169,191 |
| Goldman Sachs Middle Market Lending Corp. II | 141,621 | 143,095 |
| OFS Capital | 135,560 | 205,804 |
| BlackRock Private Credit Fund | 104,218 | 105,050 |
| Phillip Street Middle Market Lending Fund LLC | 93,927 | 94,135 |
| LGAM Private Credit LLC | 53,453 | 53,656 |
| BlackRock Direct Lending Corp. | 46,932 | 47,026 |
| Rand Capital Corp. | 45,063 | 52,754 |
| New Mountain Guardian IV Unlevered BDC LLC | 36,012 | 36,665 |
| North Haven Private Income Fund A LLC | 24,328 | 24,399 |
| Grand Total | 14,053,874 | 14,135,675 |
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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