BDCs
BDC Filing Season Q4 2022 Week 5
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 17 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 24.98 Billion USD which is approximately 9.76% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost |
% Gain/Loss |
Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|
Owl Rock Technology Finance Corp. |
226 |
100.00% |
6,502,973 |
-1.408 |
5,240,019 |
6,411,389 |
11.95 |
11.65 |
11.45 |
| Morgan Stanley Direct Lending Fund | 383 | 100.00% | 2,939,646 | -2.247 | 2,939,476 | 2,873,588 | 11.32 | 11.24 | 10.75 |
| Owl Rock Technology Finance Corp. II | 117 | 100.00% | 2,479,629 | -0.609 | 2,112,265 | 2,464,534 | 10.9 | 10.9 | 10.86 |
| OWL Rock Capital Corp. II | 326 | 100.00% | 2,268,952 | -0.417 | 2,181,857 | 2,259,492 | 14.27 | 11.74 | 11.69 |
| New Mountain Guardian III BDC, L.L.C. | 283 | 100.00% | 2,107,206 | -2.528 | 2,267,504 | 2,053,939 | 11.46 | 11.02 | 10.8 |
| Owl Rock Technology Income Corp. | 117 | 100.00% | 2,010,490 | -0.677 | 1,830,292 | 1,996,869 | 11.39 | 10.78 | 10.91 |
| North Haven Private Income Fund LLC | 335 | 100.00% | 2,051,185 | -3.709 | 2,056,588 | 1,975,109 | 11.05 | 10.77 | 10.16 |
| Nuveen Churchill BDC INC. | 289 | 100.00% | 1,243,145 | -2.027 | 1,347,339 | 1,217,948 | 33.92 | 10.94 | 22.21 |
| SL Investment Corp. | 318 | 100.00% | 1,103,185 | -2.272 | 1,112,712 | 1,078,117 | 11.11 | 11.03 | 10.56 |
| WhiteHorse Finance | 136 | 100.00% | 782,429 | -2.837 | 776,369 | 760,228 | 8.92 | 8.15 | 8.14 |
| Portman Ridge Finance Corp. | 207 | 100.00% | 652,217 | -11.613 | 518,393 | 576,478 | 14.18 | 11.93 | 13.95 |
| TriplePoint Private Venture Credit | 432 | 100.00% | 447,814 | -1.397 | 424,215 | 441,560 | 13.95 | 13.43 | 13 |
| Nuveen Churchill Private Capital Income Fund | 102 | 100.00% | 352,998 | -0.986 | 374,063 | 349,518 | 17.71 | 10.93 | 15.43 |
| Logan Ridge Finance Corp. | 91 | 100.00% | 220,516 | -7.675 | 196,017 | 203,592 | 12.38 | 11.85 | 11.33 |
| Stellus Private Credit BDC | 70 | 100.00% | 158,023 | -0.328 | 155,194 | 157,505 | 11.3 | 11.3 | 11.2 |
| BC Partners Lending Corp. | 63 | 100.00% | 106,156 | -5.406 | 109,132 | 100,417 | 14.31 | 11.91 | 12.19 |
| Rand Capital Corp. | 65 | 100.00% | 55,716 | 10.388 | 31,152 | 61,504 | 11.64 | 11.64 | 10.95 |
| Total | 3,560 | 100.00% | 25,482,280 | -1.96% | 23,672,587 | 24,981,787 | 13.54 | 11.22 | 11.89 |
Non-Accruals
At least 8 BDCs that filed last week have reported Non–Accruals amounting to 107.7 Million USD at Cost. Owl Rock Technology Finance Corp. and TriplePoint Private Venture Credit are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost |
% Gain/Loss |
Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|
Owl Rock Technology Finance Corp. |
1 |
0.27% | 33,948 | -48.224 | 34,466 | 17,577 | 38.65 | — | 10.96 |
| TriplePoint Private Venture Credit | 8 | 2.80% | 20,017 | -38.168 | 20,214 | 12,377 | 27.67 | — | 13.97 |
| OWL Rock Capital Corp. II | 3 | 0.44% | 21,457 | -53.679 | 28,629 | 9,939 | 157.22 | — | 28.09 |
| Logan Ridge Finance Corp. | 1 | 4.76% | 11,935 | -18.768 | 11,935 | 9,695 | — | — | — |
| Nuveen Churchill BDC INC. | 1 | 0.73% | 14,676 | -39.37 | 14,781 | 8,898 | 27.13 | — | 10.45 |
| Morgan Stanley Direct Lending Fund | 1 | 0.01% | 1,500 | -75.2 | 1,500 | 372 | — | — | — |
| Portman Ridge Finance Corp. | 4 | 0.04% | 3,708 | -93.635 | 4,001 | 236 | — | — | — |
| SL Investment Corp. | 1 | 0.01% | 500 | -75.2 | 500 | 124 | — | — | — |
| Total | 20 | 0.39% | 107,741 | -45.04% | 116,026 | 59,218 | 72.86 | 0 | 16.51 |
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 408.9 Million USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Owl Rock Technology Finance Corp. | 88,325 | 87,888 |
| Portman Ridge Finance Corp. | 70,098 | 68,224 |
| Morgan Stanley Direct Lending Fund | 56,894 | 57,090 |
| TriplePoint Private Venture Credit | 48,022 | 41,290 |
| WhiteHorse Finance | 44,347 | 43,298 |
| SL Investment Corp. | 23,141 | 23,222 |
| Logan Ridge Finance Corp. | 22,792 | 20,512 |
| Nuveen Churchill Private Capital Income Fund | 20,913 | 20,748 |
| OWL Rock Capital Corp. II | 19,963 | 19,770 |
| Rand Capital Corp. | 6,608 | 6,608 |
| BC Partners Lending Corp. | 4,073 | 4,060 |
| Nuveen Churchill BDC INC. | 3,816 | 3,746 |
| New Mountain Guardian III BDC, L.L.C. | (54) | (2,608) |
| Grand Total | 408,938 | 393,848 |
Top 10 BDC Investments
BDCs’ portfolio quality can be measured by taking a deeper dive into their 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 5.27 Billion USD (Cost) accounting for 20.71% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| Owl Rock Technology Finance Corp. II | 1,182,063 | 1,182,774 |
| Owl Rock Technology Income Corp. | 885,296 | 886,136 |
| Morgan Stanley Direct Lending Fund | 645,726 | 632,198 |
| OWL Rock Capital Corp. II | 514,745 | 509,991 |
| New Mountain Guardian III BDC, L.L.C. | 468,170 | 463,380 |
| North Haven Private Income Fund LLC | 429,967 | 422,292 |
| WhiteHorse Finance | 271,891 | 269,977 |
| SL Investment Corp. | 254,620 | 249,485 |
| Nuveen Churchill BDC INC. | 156,107 | 161,069 |
| TriplePoint Private Venture Credit | 128,187 | 128,197 |
| Nuveen Churchill Private Capital Income Fund | 93,769 | 92,842 |
| Stellus Private Credit BDC | 89,224 | 88,919 |
| Logan Ridge Finance Corp. | 84,088 | 82,250 |
| BC Partners Lending Corp. | 38,746 | 39,051 |
| Rand Capital Corp. | 34,463 | 44,861 |
| Grand Total | 5,277,063 | 5,253,422 |
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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