BDC Filing Season: Q4 2023 Week 5
BDC Filing Season Q4 2023 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 marketpulse@solvefixedincome.com.
Filing Recap
This report will analyze the 19 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 21.6 Billion USD which is approximately 7.5% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Apollo Debt Solutions BDC | 289 | 100.00% | 6,738,052 | 0.542 | 7,528,341 | 6,774,588 | 82.64 | 10.07 | 82.02 |
| ARES STRATEGIC INCOME FUND | 338 | 100.00% | 2,556,784 | 0.813 | 2,551,925 | 2,577,558 | 10.27 | 10.24 | 10.44 |
| Monroe Capital Income Plus Corp | 531 | 100.00% | 2,523,064 | 0.202 | 2,841,836 | 2,528,167 | 18.63 | 12.03 | 18.4 |
| Cion Investment Corp. | 232 | 100.00% | 1,975,630 | -1.081 | 1,787,512 | 1,954,270 | 25.36 | 13.03 | 19.94 |
| Carlyle Credit Solutions, Inc. | 154 | 100.00% | 1,897,279 | -4.056 | 1,874,932 | 1,820,318 | 12.96 | 12.41 | 30.83 |
| T. Rowe Price OHA Private Credit Fund | 210 | 100.00% | 1,131,726 | 1.474 | 1,331,492 | 1,148,412 | 22.19 | 12.11 | 9.74 |
| MSC Income Fund Inc. | 400 | 100.00% | 1,059,162 | 5.153 | 899,952 | 1,113,739 | 14.86 | 13.09 | 13.58 |
| Commonwealth Credit Partners BDC I Inc. | 117 | 100.00% | 627,891 | -1.484 | 633,725 | 618,576 | 13.43 | 12.45 | 12.59 |
| Monroe Capital | 292 | 100.00% | 510,876 | -4.402 | 478,220 | 488,386 | 26.32 | 12.17 | 26.56 |
| Portman Ridge Finance Corp. | 182 | 100.00% | 540,282 | -13.404 | 420,917 | 467,865 | 17.99 | 13.18 | 13.76 |
| TriplePoint Private Venture Credit | 468 | 100.00% | 451,446 | -1.382 | 382,144 | 445,208 | 17.86 | 15.05 | 13.81 |
| OHA Senior Private Lending Fund LLC | 106 | 100.00% | 318,837 | 1.712 | 375,873 | 324,296 | 15.53 | 11.98 | 16.34 |
| Carlyle Secured Lending III | 86 | 100.00% | 311,762 | 1.469 | 317,774 | 316,342 | 12.17 | 12.08 | 12.44 |
| SuRo Capital Corp. | 65 | 100.00% | 276,334 | -10.293 | 69,281 | 247,892 | — | — | — |
| PIMCO Capital Solutions BDC Corp. | 35 | 100.00% | 220,859 | -2.211 | 224,046 | 215,975 | 13.48 | 12.31 | 13.14 |
| Stellus Private Credit BDC | 113 | 100.00% | 206,514 | 0.998 | 201,368 | 208,574 | 20.2 | 12.13 | 20.21 |
| Vista Credit Strategic Lending Corp. | 17 | 100.00% | 166,628 | 0.11 | 106,352 | 166,812 | 10.84 | 10.83 | 10.92 |
| BC Partners Lending Corp. | 89 | 100.00% | 135,332 | -1.224 | 137,282 | 133,675 | 13.37 | 12.76 | 12.57 |
| 26North BDC, Inc. | 4 | 100.00% | 52,628 | -0.118 | 53,816 | 52,566 | 12.79 | 12.79 | 12.78 |
| Grand Total | 3,728 | 100.00% | 21,701,086 | -0.45% | 22,216,789 | 21,603,219 | 23.13 | 11.76 | 23.71 |
Non-Accruals
At least 10 BDCs that filed last week have reported Non–Accruals amounting to 293 Million USD at Cost. Commonwealth Credit Partners BDC I Inc. and Cion Investment Corp. are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Commonwealth Credit Partners BDC I Inc. | 7 | 5.58% | 41,970 | -17.796 | 43,448 | 34,501 | 26.17 | 15.44 | 14.94 |
| Cion Investment Corp. | 11 | 0.84% | 64,624 | -74.588 | 69,059 | 16,422 | 92.51 | — | 66.74 |
| TriplePoint Private Venture Credit | 30 | 3.39% | 19,934 | -24.38 | 22,311 | 15,074 | 91.93 | 22.39 | 27.84 |
| Monroe Capital Income Plus Corp | 7 | 0.49% | 25,710 | -51.813 | 26,726 | 12,389 | 90.87 | — | 15.39 |
| MSC Income Fund Inc. | 12 | 1.04% | 41,122 | -71.859 | 47,227 | 11,572 | 47.28 | — | 30.01 |
| Carlyle Credit Solutions, Inc. | 3 | 0.50% | 50,462 | -81.923 | 64,392 | 9,122 | — | — | 2,677.30 |
| Monroe Capital | 8 | 1.53% | 18,157 | -58.936 | 10,812 | 7,456 | 37.14 | — | 12.62 |
| Portman Ridge Finance Corp. | 7 | 1.31% | 17,261 | -64.625 | 18,695 | 6,106 | — | — | — |
| Apollo Debt Solutions BDC | 1 | 0.06% | 9,497 | -57.302 | 9,540 | 4,055 | — | — | — |
| SuRo Capital Corp. | 3 | 1.05% | 4,640 | -44.13 | 4,281 | 2,592 | — | — | — |
| Grand Total | 89 | 0.72% | 293,377 | -59.34% | 316,491 | 119,289 | 58.95 | 19.04 | 250.97 |
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 760 Million USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Cion Investment Corp. | 242,773 | 213,859 |
| TriplePoint Private Venture Credit | 118,820 | 116,922 |
| MSC Income Fund Inc. | 88,006 | 79,209 |
| Carlyle Credit Solutions, Inc. | 75,083 | 72,272 |
| SuRo Capital Corp. | 74,717 | 67,024 |
| Monroe Capital | 62,568 | 80,102 |
| Portman Ridge Finance Corp. | 39,369 | 37,087 |
| Monroe Capital Income Plus Corp | 38,613 | 38,098 |
| BC Partners Lending Corp. | 11,114 | 10,986 |
| Commonwealth Credit Partners BDC I Inc. | 7,442 | 7,540 |
| PIMCO Capital Solutions BDC Corp. | 1,185 | 1,185 |
| Grand Total | 759,690 | 724,284 |
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 5.2 Billion USD (Cost) accounting for 24% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Apollo Debt Solutions BDC | 1,444,731 | 1,475,665 |
| Cion Investment Corp. | 536,064 | 544,040 |
| Carlyle Credit Solutions, Inc. | 455,806 | 444,450 |
| Monroe Capital Income Plus Corp | 427,209 | 430,822 |
| ARES STRATEGIC INCOME FUND | 319,257 | 323,218 |
| T. Rowe Price OHA Private Credit Fund | 312,757 | 317,864 |
| Commonwealth Credit Partners BDC I Inc. | 213,169 | 211,360 |
| Monroe Capital | 193,251 | 179,507 |
| Portman Ridge Finance Corp. | 182,926 | 169,846 |
| PIMCO Capital Solutions BDC Corp. | 175,464 | 170,023 |
| MSC Income Fund Inc. | 173,575 | 251,151 |
| TriplePoint Private Venture Credit | 157,140 | 155,455 |
| SuRo Capital Corp. | 150,701 | 203,862 |
| OHA Senior Private Lending Fund LLC | 134,160 | 137,466 |
| Carlyle Secured Lending III | 128,250 | 130,529 |
| Vista Credit Strategic Lending Corp. | 85,673 | 85,833 |
| Stellus Private Credit BDC | 85,574 | 86,022 |
| 26North BDC, Inc. | 52,628 | 52,566 |
| BC Partners Lending Corp. | 45,189 | 45,843 |
| Grand Total | 5,273,525 | 5,415,523 |
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
Stay up-to-date with weekly summaries.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
