BDCs
BDC Filing Season Q4 2022 Week 4
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 27 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 56.89 Billion USD which is approximately 22.23% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| FS KKR Capital Corp. | 446 | 100.00% | 16,314,100 | -5.742 | 15,590,844 | 15,377,300 | 69.44 | 11.51 | 13.8 |
| Blackstone / GSO Secured Lending Fund | 251 | 100.00% | 9,789,144 | -0.415 | 9,669,157 | 9,748,518 | 10.93 | 10.8 | 10.68 |
| Main Street Capital Corp. | 501 | 100.00% | 3,773,752 | 8.703 | 3,118,687 | 4,102,177 | 16.86 | 11.96 | 12.02 |
| Owl Rock Capital Corp III | 302 | 100.00% | 3,493,086 | -0.754 | 3,278,802 | 3,466,765 | 11.71 | 11.34 | 11.15 |
| New Mountain Finance | 362 | 100.00% | 3,259,967 | -1.188 | 2,788,190 | 3,221,247 | 14.17 | 11.25 | 11.34 |
| Goldman Sachs Private Middle Market Credit II | 287 | 100.00% | 2,825,068 | -1.925 | 3,046,474 | 2,770,696 | 16.99 | 11.59 | 15.92 |
| SLR Investment Corp. | 149 | 100.00% | 2,552,177 | -1.877 | 1,867,402 | 2,504,266 | 10.39 | 10.39 | 11.15 |
| Bain Capital Specialty Finance Inc. | 329 | 100.00% | 2,483,332 | -1.327 | 2,194,614 | 2,450,371 | 13.68 | 11.21 | 10.97 |
| Carlyle Secured Lending Inc. | 173 | 100.00% | 2,049,975 | -3.419 | 1,997,414 | 1,979,877 | 12.32 | 11.81 | 16.84 |
| BlackRock TCP Capital Corp. | 263 | 100.00% | 1,669,780 | 1.332 | 1,535,450 | 1,692,023 | 13.42 | 12.61 | 12.63 |
| Runway Growth Credit Fund Inc. | 110 | 100.00% | 1,150,602 | -2.111 | 1,114,021 | 1,126,309 | 12.67 | 12.67 | 12.69 |
| Trinity Capital Inc. | 378 | 100.00% | 1,164,196 | -5.085 | 1,089,459 | 1,104,998 | 16.13 | 12.51 | 10.98 |
| TriplePoint Venture Growth BDC Corp. | 327 | 100.00% | 959,407 | -1.056 | 890,431 | 949,276 | 13.13 | 12.81 | 12.4 |
| Fidus Investment Corp | 161 | 100.00% | 889,769 | 3.556 | 774,956 | 921,405 | 12.71 | 11.98 | 12.19 |
| Stellus Capital Investment Corp. | 218 | 100.00% | 875,823 | -3.55 | 832,637 | 844,734 | 13.34 | 12.13 | 11.89 |
| Horizon Technology Finance Corp. | 292 | 100.00% | 731,102 | -0.167 | 714,205 | 729,880 | 14.62 | 13.58 | 13.68 |
| Goldman Sachs Private Middle Market Credit Corp. | 61 | 100.00% | 673,547 | -13.386 | 627,162 | 583,386 | 26.22 | 13.43 | 16.93 |
| BlackRock Capital Investment Corporation | 212 | 100.00% | 658,300 | -11.891 | 609,972 | 580,020 | 13.22 | 12.63 | 12.48 |
| Monroe Capital | 295 | 100.00% | 579,307 | -6.606 | 569,641 | 541,040 | 21.58 | 10.47 | 29.28 |
| SCP Private Credit Income BDC LLC | 60 | 100.00% | 529,070 | 0.723 | 534,346 | 532,895 | 10.46 | 10.46 | 10.72 |
| OFS Capital | 120 | 100.00% | 474,879 | 5.412 | 492,640 | 500,580 | 19.59 | 12.13 | 12.02 |
| Great Elm Capital Corp. | 147 | 100.00% | 327,318 | -8.015 | 306,467 | 301,084 | 14.9 | 12.53 | 13.31 |
| Goldman Sachs Middle Market Lending Corp. II | 97 | 100.00% | 250,838 | -0.47 | 331,981 | 249,660 | 20.83 | 11.04 | 19.87 |
| BlackRock Private Credit Fund | 164 | 100.00% | 210,904 | 6.773 | 217,368 | 225,188 | 10.28 | 9.87 | 9.89 |
| BlackRock Direct Lending Corp. | 199 | 100.00% | 218,927 | -1.205 | 223,348 | 216,290 | 12.46 | 12.19 | 11.82 |
| Phillip Street Middle Market Lending Fund LLC | 8 | 100.00% | 97,085 | -0.008 | 108,122 | 97,077 | 12.32 | 12.32 | 12.31 |
| SLR HC BDC LLC | 24 | 100.00% | 73,430 | 0.402 | 73,908 | 73,725 | 10.49 | 10.49 | 10.68 |
| Total | 5,936 | 100.00% | 58,074,886 | -2.04% | 54,597,700 | 56,890,787 | 25.96 | 11.47 | 12.7 |
Non-Accruals
At least 18 BDCs that filed last week have reported Non–Accruals amounting to 1.69 Billion USD at Cost. FS KKR Capital Corp. and Carlyle Secured Lending Inc. are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| FS KKR Capital Corp. | 17 | 2.39% | 791,500 | -53.519 | 1,155,500 | 367,900 | 1700.3 | — | 73.61 |
| Carlyle Secured Lending Inc. | 3 | 2.93% | 74,602 | -22.345 | 88,937 | 57,932 | — | — | 109.35 |
| New Mountain Finance | 20 | 1.65% | 109,024 | -51.14 | 120,552 | 53,269 | 62.94 | — | 12.54 |
| Bain Capital Specialty Finance Inc. | 5 | 1.57% | 71,543 | -46.318 | 74,437 | 38,406 | 56.71 | — | 13.43 |
| Goldman Sachs Private Middle Market Credit II | 1 | 1.25% | 41,615 | -16.972 | 43,737 | 34,552 | — | — | — |
| Great Elm Capital Corp. | 9 | 8.70% | 34,117 | -23.235 | 36,060 | 26,190 | 17.51 | 16.21 | 16.57 |
| Main Street Capital Corp. | 19 | 0.59% | 134,998 | -82.156 | 137,343 | 24,089 | 270.16 | 10 | 18.97 |
| Stellus Capital Investment Corp. | 4 | 2.16% | 42,672 | -57.191 | 42,955 | 18,268 | 29.77 | 17.23 | 15.62 |
| Trinity Capital Inc. | 9 | 1.61% | 49,242 | -63.773 | 47,596 | 17,839 | 100.16 | — | 9.97 |
| BlackRock Capital Investment Corporation | 3 | 2.75% | 75,247 | -78.821 | 40,049 | 15,937 | 83.78 | — | 64.56 |
| Owl Rock Capital Corp III | 1 | 0.38% | 24,669 | -47.156 | 25,561 | 13,036 | 38.65 | — | 11.58 |
| OFS Capital | 6 | 2.24% | 36,522 | -69.265 | 44,149 | 11,225 | 151.13 | — | 20.42 |
| Fidus Investment Corp | 4 | 1.11% | 27,204 | -62.259 | 27,289 | 10,267 | 20.88 | — | 14 |
| TriplePoint Venture Growth BDC Corp. | 1 | 0.96% | 29,530 | -69.15 | 35,492 | 9,110 | — | — | — |
| SLR Investment Corp. | 3 | 0.27% | 43,971 | -84.66 | 55,583 | 6,745 | — | — | 39.85 |
| Horizon Technology Finance Corp. | 3 | 0.75% | 13,045 | -57.823 | 13,153 | 5,502 | 55.07 | — | 13.7 |
| Monroe Capital | 8 | 0.52% | 34,754 | -91.843 | 27,569 | 2,835 | 13.74 | 13.74 | 38 |
| Goldman Sachs Private Middle Market Credit Corp. | 4 | 0.46% | 55,106 | -95.155 | 67,027 | 2,670 | 605.83 | — | 272.2 |
| Total | 120 | 1.67% | 1,689,361 | -57.63% | 2,082,989 | 715,772 | 846.4 | 0 | 49.28 |
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 1.92 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Main Street Capital Corp. | 367,962 | 301,332 |
| FS KKR Capital Corp. | 359,500 | 273,600 |
| Goldman Sachs Private Middle Market Credit Corp. | 158,864 | 156,063 |
| BlackRock TCP Capital Corp. | 141,034 | 124,668 |
| Bain Capital Specialty Finance Inc. | 126,843 | 123,881 |
| Trinity Capital Inc. | 85,256 | 83,201 |
| Carlyle Secured Lending Inc. | 83,755 | 75,343 |
| Great Elm Capital Corp. | 82,990 | 83,071 |
| TriplePoint Venture Growth BDC Corp. | 76,224 | 72,571 |
| SLR Investment Corp. | 69,693 | 69,045 |
| Monroe Capital | 64,737 | 41,432 |
| Barings Private Credit LLC | 50,982 | 51,279 |
| Fidus Investment Corp | 49,046 | 49,161 |
| New Mountain Finance | 43,350 | 37,491 |
| Owl Rock Capital Corp III | 38,671 | 38,423 |
| Runway Growth Credit Fund Inc. | 25,875 | 20,904 |
| Stellus Capital Investment Corp. | 24,972 | 24,824 |
| Goldman Sachs Private Middle Market Credit II | 19,416 | 19,130 |
| OFS Capital | 19,002 | 6,997 |
| SCP Private Credit Income BDC LLC | 17,254 | 17,393 |
| Horizon Technology Finance Corp. | 3,950 | 4,006 |
| BlackRock Direct Lending Corp. | 3,370 | 3,217 |
| BlackRock Capital Investment Corporation | 2,826 | 2,805 |
| Grand Total | 1,915,572 | 1,679,837 |
Top 10 BDC Investments
BDCs portfolio quality can be measured by taking a deeper dive into the BDCs 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 17.11 Billion USD (Cost) accounting for 29.46% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| FS KKR Capital Corp. | 4,457,400 | 4,228,000 |
| Blackstone / GSO Secured Lending Fund | 2,903,880 | 2,906,298 |
| SLR Investment Corp. | 1,321,640 | 1,327,986 |
| New Mountain Finance | 904,792 | 1,000,623 |
| Owl Rock Capital Corp III | 794,065 | 793,787 |
| Bain Capital Specialty Finance Inc. | 772,190 | 787,121 |
| Goldman Sachs Private Middle Market Credit II | 690,701 | 682,095 |
| Main Street Capital Corp. | 633,033 | 919,032 |
| Carlyle Secured Lending Inc. | 591,601 | 581,780 |
| Runway Growth Credit Fund Inc. | 565,982 | 569,765 |
| BlackRock TCP Capital Corp. | 445,540 | 513,233 |
| Goldman Sachs Private Middle Market Credit Corp. | 417,892 | 408,451 |
| Trinity Capital Inc. | 346,617 | 347,052 |
| TriplePoint Venture Growth BDC Corp. | 311,481 | 304,389 |
| Horizon Technology Finance Corp. | 264,483 | 267,289 |
| Fidus Investment Corp | 262,434 | 308,608 |
| Monroe Capital | 186,867 | 177,238 |
| BlackRock Capital Investment Corporation | 183,102 | 159,082 |
| Great Elm Capital Corp. | 178,350 | 173,329 |
| SCP Private Credit Income BDC LLC | 176,537 | 176,791 |
| Stellus Capital Investment Corp. | 170,662 | 172,913 |
| OFS Capital | 154,196 | 237,353 |
| Goldman Sachs Middle Market Lending Corp. II | 132,547 | 132,436 |
| Phillip Street Middle Market Lending Fund LLC | 97,085 | 97,077 |
| SLR HC BDC LLC | 62,514 | 62,768 |
| BlackRock Direct Lending Corp. | 45,641 | 45,383 |
| BlackRock Private Credit Fund | 38,484 | 37,661 |
| Grand Total | 17,109,717 | 17,417,539 |
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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