BDCs

BDC Filing Season Q4 2022 Week 6

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.

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Filing Recap

BDC Filing season is in full swing. This report will analyze the 27 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 88.5 Billion USD which is approximately 35.2% of aggregate AUM of all BDCs.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Blackstone Private Credit Fund 702 100.00% 51,287,198 -2.002 47,601,966 50,260,510 10.94 10.61 10.38
Owl Rock Core Income Corp. 432 100.00% 10,824,792 -1.083 10,075,509 10,707,584 11.24 10.9 10.54
HPS Corporate Lending Fund 349 100.00% 5,934,427 -2.421 6,909,914 5,790,762 37.63 11.32 21.49
Apollo Debt Solutions BDC 183 100.00% 4,427,514 -2.679 4,858,176 4,308,896 11.5 9.78 10.71
Franklin BSP Lending Corp. 274 100.00% 2,927,131 -1.776 2,490,625 2,875,144 11.92 10.94 18.47
TCG BDC II Inc. 156 100.00% 2,139,784 -2.286 2,100,965 2,090,871 11.75 11.48 12.59
Cion Investment Corp. 245 100.00% 1,803,609 -2.416 1,817,982 1,760,030 18.8 13.2 13.12
Monroe Capital Income Plus Corp 416 100.00% 1,465,352 0.249 1,766,642 1,468,996 21.88 11.22 21.58
T Series Middle Market Loan Fund LLC 223 100.00% 1,264,933 -2.434 1,276,124 1,234,145 11.13 11.09 10.63
Kayne Anderson BDC, LLC 158 100.00% 1,157,635 1.497 1,165,969 1,174,966 10.88 10.79 11.39
NMF SLF I, Inc. 270 100.00% 1,191,246 -1.498 1,331,827 1,173,399 10.8 10.65 10.53
MSC Income Fund Inc. 352 100.00% 1,068,233 0.773 933,492 1,076,490 18.2 12.13 11.98
Palmer Square Capital BDC Inc. 205 100.00% 1,120,100 -9.186 1,093,786 1,017,212 12.19 9.72 9.1
Franklin BSP Capital L.L.C. 120 100.00% 788,229 -0.742 766,243 782,380 10.81 10.73 10.66
Onex Falcon Direct Lending BDC Fund 52 100.00% 510,804 -1.147 510,298 504,943 11.68 11.68 11.43
Venture Lending & Leasing IX Inc. 335 100.00% 528,661 -6.094 556,664 496,446 15.55 13.79 14.51
Commonwealth Credit Partners BDC I Inc. 64 100.00% 362,713 -2.062 365,885 355,234 11.98 11.77 11.45
WTI Fund X Inc. 161 100.00% 283,448 -1.99 293,264 277,806 15.9 13.81 14.73
SuRo Capital Corp. 66 100.00% 301,128 -19.554 92,210 242,245 10.17 10.17 8.48
Carlyle Secured Lending III 68 100.00% 202,115 -1.007 205,392 200,081 11.68 11.59 11.47
AG Twin Brook BDC Inc. 377 100.00% 187,663 1.319 207,910 190,139 – – –
OHA Senior Private Lending Fund LLC 56 100.00% 149,464 0.082 168,965 149,586 17.09 11.4 17.11
New Mountain Guardian IV BDC LLC 57 100.00% 123,436 -0.182 164,794 123,211 11.26 11.07 11.32
Kayne DL 2021 Inc. 77 100.00% 105,083 2.121 107,673 107,312 10.63 10.63 11.12
Hancock Park Corporate Income Inc. 60 100.00% 55,305 -5.486 58,251 52,271 15.4 12.61 14.79
Guggenheim Credit Income Fund 33 100.00% 48,438 -16.097 53,249 40,641 35.54 11.63 12.83
Venture Lending & Leasing VIII Inc. 81 100.00% 61,253 -35.81 66,128 39,319 14.3 12.97 15.27
Total 5,572 100.00% 90,319,694 -2.03% 87,039,903 88,500,619 14.03 10.91 12.09

Non-Accruals

At least 11 BDCs that filed last week have reported Non–Accruals amounting to 255.3 Million USD at cost. MSC Income Fund and Franklin BSP Lending 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
MSC Income Fund Inc. 8 0.81% 48,748 -82.007 50,025 8,771 198.01 — 13.77
Franklin BSP Lending Corp. 11 0.28% 44,582 -81.625 74,445 8,192 131.96 — 310.04
Venture Lending & Leasing IX Inc. 18 2.51% 40,024 -68.896 49,635 12,449 — — —
Blackstone Private Credit Fund 1 0.04% 35,396 -48.819 35,696 18,116 87.86 — 11.86
Cion Investment Corp. 9 1.33% 35,205 -33.666 36,040 23,353 136.24 — 14.91
Venture Lending & Leasing VIII Inc. 21 19.90% 29,571 -73.544 37,084 7,823 — — —
Owl Rock Core Income Corp. 1 0.05% 9,867 -47.157 10,199 5,214 38.51 — 11.5
TCG BDC II Inc. 1 0.34% 6,106 17.524 10,096 7,176 — — 277.78
SuRo Capital Corp. 3 0.82% 3,807 -47.78 3,281 1,988 — — —
Guggenheim Credit Income Fund 1 0.25% 1,520 -93.289 4,291 102 — — —
Hancock Park Corporate Income Inc. 2 0.11% 485 -88.016 521 58 — — —
Total 76 0.13% 255,311 -63.48% 311,312 93,243 121.32 118.15

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 963.7 Million USD at cost.

BDC Cost (1000) FV (1000)
Cion Investment Corp.   245,556   235,887
Owl Rock Core Income Corp.   173,254   172,462
MSC Income Fund Inc.   152,733   120,198
SuRo Capital Corp.     87,013     87,057
Franklin BSP Lending Corp.     80,177     47,622
Kayne Anderson BDC, LLC     70,378     70,837
Venture Lending & Leasing IX Inc.     52,263     52,084
TCG BDC II Inc.     26,263     27,326
Monroe Capital Income Plus Corp     23,704     24,274
Venture Lending & Leasing VIII Inc.     17,668     17,560
NMF SLF I, Inc.        9,876        8,959
Onex Falcon Direct Lending BDC Fund        9,592        9,694
T Series Middle Market Loan Fund LLC        6,266        6,304
Guggenheim Credit Income Fund        6,017        4,018
Kayne DL 2021 Inc.        2,471        2,518
AG Twin Brook BDC Inc.           382           383
Hancock Park Corporate Income Inc.             50              –
New Mountain Guardian IV BDC LLC              –           (14)
Total  963,663  887,169

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 21.25 Billion USD (Cost) accounting for 23.5% of their aggregate holdings (Cost).

BDC                                 Cost (1000)                            FV (1000)
Blackstone Private Credit Fund                             11,706,435                         11,683,058
Owl Rock Core Income Corp.                                2,026,339                           2,030,371
Apollo Debt Solutions BDC                                1,337,543                           1,338,375
HPS Corporate Lending Fund                                1,311,502                           1,303,559
Franklin BSP Lending Corp.                                   902,213                               938,342
TCG BDC II Inc.                                   459,856                               451,937
Cion Investment Corp.                                   396,487                               401,073
T Series Middle Market Loan Fund LLC                                   308,399                               302,262
Kayne Anderson BDC, LLC                                   307,056                               314,445
NMF SLF I, Inc.                                   290,271                               289,764
Franklin BSP Capital L.L.C.                                   267,455                               268,479
Monroe Capital Income Plus Corp                                   261,775                               262,942
Onex Falcon Direct Lending BDC Fund                                   243,333                               241,861
Commonwealth Credit Partners BDC I Inc.                                   203,233                               198,613
MSC Income Fund Inc.                                   197,381                               255,715
SuRo Capital Corp.                                   166,646                               203,963
Palmer Square Capital BDC Inc.                                   159,177                               152,167
Venture Lending & Leasing IX Inc.                                   140,179                               140,179
Carlyle Secured Lending III                                   113,924                               113,690
OHA Senior Private Lending Fund LLC                                   108,460                               108,460
WTI Fund X Inc.                                      98,653                                 98,653
New Mountain Guardian IV BDC LLC                                      73,587                                 73,736
Kayne DL 2021 Inc.                                      45,194                                 46,300
Guggenheim Credit Income Fund                                      37,369                                 35,022
AG Twin Brook BDC Inc.                                      33,912                                 37,158
Hancock Park Corporate Income Inc.                                      25,854                                 24,826
Venture Lending & Leasing VIII Inc.                                      24,151                                 22,524
Total                             21,246,383                         21,337,475

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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