BDC Filing Season: Q4 2024 Week 7
BDC Filing Season Q4 2024 Week 7
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 22 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 107.8 Billion USD which is approximately 27.7% 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 | 1,086 | 100.00% | 70,636,350 | -0.801% | 69,179,760 | 70,070,456 | — | — | — |
| HPS Corporate Lending Fund | 639 | 100.00% | 16,226,368 | 0.371% | 17,986,797 | 16,286,546 | — | — | — |
| MSD Investment Corp. | 162 | 100.00% | 4,644,259 | -0.127% | 4,552,046 | 4,638,366 | — | — | — |
| AG Twin Brook Capital Income Fund | 656 | 100.00% | 3,159,171 | 0.065% | 3,964,493 | 3,161,223 | — | — | — |
| Antares Strategic Credit Fund | 724 | 100.00% | 2,194,978 | -0.011% | 2,739,096 | 2,194,744 | — | — | — |
| FS Energy & Power Fund | 118 | 100.00% | 1,903,784 | 7.403% | 1,840,347 | 2,044,723 | — | — | — |
| Fidelity Private Credit Fund | 250 | 100.00% | 1,363,206 | 0.443% | 1,327,314 | 1,369,240 | — | — | — |
| MSC Income Fund Inc. | 436 | 100.00% | 1,138,745 | 3.404% | 979,307 | 1,177,507 | — | — | — |
| Runway Growth Finance Corp. | 110 | 100.00% | 1,103,883 | -2.450% | 988,311 | 1,076,840 | — | — | — |
| Silver Point Specialty Credit Fund LP | 153 | 100.00% | 1,002,297 | -2.866% | 1,042,309 | 973,568 | — | — | — |
| Middle Market Apollo Institutional Private Lending | 189 | 100.00% | 918,595 | -0.953% | 928,837 | 909,845 | — | — | — |
| KKR Enhanced US Direct Lending Fund-L | 202 | 100.00% | — | — | 981,093 | 779,417 | — | — | — |
| Bain Capital Private Credit | 193 | 100.00% | 724,832 | 0.054% | 709,298 | 725,220 | — | — | — |
| First Eagle Private Credit Fund | 236 | 100.00% | 653,701 | 0.034% | 661,545 | 653,925 | — | — | — |
| WTI Fund X Inc. | 209 | 100.00% | 491,916 | -5.435% | 508,851 | 465,178 | — | — | — |
| AMG Comvest Senior Lending Fund | 123 | 100.00% | 407,214 | 0.374% | 407,685 | 408,739 | — | — | — |
| PIMCO Capital Solutions BDC Corp. | 53 | 100.00% | 229,254 | -1.586% | 2,747,021 | 225,617 | — | — | — |
| PGIM Private Credit Fund | 106 | 100.00% | 209,273 | -0.019% | 238,536 | 209,233 | — | — | — |
| Venture Lending & Leasing IX Inc. | 137 | 100.00% | 199,117 | -21.831% | 212,551 | 155,648 | — | — | — |
| Andalusian Credit Company LLC | 23 | 100.00% | 150,424 | 0.122% | 91,892 | 150,608 | — | — | — |
| BIP Ventures Evergreen BDC | 11 | 100.00% | 80,165 | 14.318% | 55,283 | 91,642 | — | — | — |
| WTI Fund XI Inc. | 28 | 100.00% | 33,319 | 0.000% | 29,746 | 33,319 | — | — | — |
| Grand Total | 5,844 | 100% | 107,470,850 | 0.308% | 112,172,119 | 107,801,606 | — | — | — |
Non-Accruals
At least 14 BDCs that filed this week have reported Non–Accruals amounting to 852 Million USD at Cost. Blackstone Private Credit Fund and HPS Corporate Lending Fund are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blackstone Private Credit Fund | 12 | 0.19% | 320,305 | -57.434% | 439,111 | 136,340 | — | — | — |
| HPS Corporate Lending Fund | 22 | 0.68% | 157,942 | -30.135% | 172,149 | 110,346 | — | — | — |
| Venture Lending & Leasing IX Inc. | 41 | 34.59% | 95,514 | -43.631% | 110,821 | 53,840 | — | — | — |
| Silver Point Specialty Credit Fund LP | 8 | 4.70% | 51,680 | -11.451% | 55,474 | 45,762 | — | — | — |
| WTI Fund X Inc. | 27 | 9.26% | 68,709 | -37.281% | 75,075 | 43,094 | — | — | — |
| FS Energy & Power Fund | 6 | 1.03% | 44,730 | -53.038% | 53,695 | 21,006 | — | — | — |
| MSC Income Fund Inc. | 22 | 1.52% | 64,165 | -72.190% | 74,328 | 17,844 | — | — | — |
| Middle Market Apollo Institutional Private Lending | 3 | 1.10% | 15,234 | -34.548% | 16,343 | 9,971 | — | — | — |
| AG Twin Brook Capital Income Fund | 8 | 0.25% | 11,687 | -32.703% | 14,900 | 7,865 | — | — | — |
| Runway Growth Finance Corp. | 2 | 0.52% | 8,726 | -36.065% | 8,054 | 5,579 | — | — | — |
| MSD Investment Corp. | 1 | 0.09% | 11,071 | -60.338% | 12,853 | 4,391 | — | — | — |
| KKR Enhanced US Direct Lending Fund-L | 1 | 0.41% | — | — | 4,455 | 3,169 | — | — | — |
| AMG Comvest Senior Lending Fund | 1 | 0.36% | 1,918 | -22.680% | 1,918 | 1,483 | — | — | — |
| First Eagle Private Credit Fund | 1 | 0.08% | 368 | 35.870% | 1,417 | 500 | — | — | — |
| Grand Total | 155 | 0.45% | 852,049 | -45.87% | 1,040,594 | 461,189 | — | — | — |
PIK
BDCs are increasingly using payment-in-kind (PIK) as a credit management tool to preserve liquidity. In the filings from this week, PIK accounted for 12.7% of BDCs’ portfolios, amounting to 13.6 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blackstone Private Credit Fund | 79 | 13.29% | 9,722,727 | -4.233% | 9,843,614 | 9,311,172 | — | — | — |
| HPS Corporate Lending Fund | 60 | 16.12% | 2,658,609 | -1.263% | 2,659,256 | 2,625,037 | — | — | — |
| MSD Investment Corp. | 19 | 8.33% | 398,198 | -2.916% | 340,773 | 386,585 | — | — | — |
| Runway Growth Finance Corp. | 12 | 32.29% | 358,274 | -2.952% | 358,720 | 347,699 | — | — | — |
| FS Energy & Power Fund | 8 | 6.35% | 139,851 | -7.196% | 146,891 | 129,787 | — | — | — |
| MSC Income Fund Inc. | 63 | 10.00% | 160,973 | -26.875% | 161,836 | 117,712 | — | — | — |
| Middle Market Apollo Institutional Private Lending | 11 | 8.09% | 76,242 | -3.427% | 77,557 | 73,629 | — | — | — |
| AG Twin Brook Capital Income Fund | 41 | 2.00% | 68,976 | -8.561% | 70,491 | 63,071 | — | — | — |
| Antares Strategic Credit Fund | 11 | 2.77% | 61,035 | -0.305% | 61,380 | 60,849 | — | — | — |
| KKR Enhanced US Direct Lending Fund-L | 6 | 6.39% | — | — | 54,919 | 49,832 | — | — | — |
| Bain Capital Private Credit | 11 | 5.40% | 42,237 | -7.309% | 34,500 | 39,150 | — | — | — |
| AMG Comvest Senior Lending Fund | 6 | 1.50% | 6,132 | -0.326% | 1,246 | 6,112 | — | — | — |
| Grand Total | 327 | 12.77% | 13,693,254 | -3.53% | 13,811,183 | 13,210,635 | — | — | — |
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 this week’s BDCs that are maturing in the next 12 months, which combined are worth more than 764.3 Million USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| MSD Investment Corp. | 208,402 | 206,063 |
| MSC Income Fund Inc. | 111,808 | 108,812 |
| Middle Market Apollo Institutional Private Lending | 87,379 | 86,748 |
| FS Energy & Power Fund | 100,251 | 72,248 |
| HPS Corporate Lending Fund | 47,414 | 42,833 |
| AG Twin Brook BDC Inc. | 43,023 | 42,678 |
| Runway Growth Finance Corp. | 43,949 | 38,440 |
| Venture Lending & Leasing IX Inc. | 38,475 | 38,174 |
| WTI Fund X Inc. | 27,379 | 27,379 |
| Antares Strategic Credit Fund | 13,756 | 13,772 |
| Andalusian Credit Company LLC | 13,046 | 13,064 |
| Blackstone Private Credit Fund | 12,850 | 12,866 |
| Bain Capital Private Credit | 9,152 | 9,278 |
| First Eagle Private Credit Fund | 4,851 | 4,699 |
| KKR Enhanced US Direct Lending Fund-L | – | 3,494 |
| BIP Ventures Evergreen BDC | 1,000 | 1,000 |
| AMG Comvest Senior Lending Fund | 882 | 856 |
| WTI Fund XI Inc. | 689 | 689 |
| Grand Total | 764,306 | 723,093 |
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
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