BDCs

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.

Stay up-to-date on the latest from Solve

Read the latest from our team

  • Credit Default Swaps

    Investment Grade CDS Market Summary – September 2024

    Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.

  • Credit Default Swaps

    High Yield CDS Market Summary – September 2024

    Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.