BDCs

BDC Filing Season Q1 2024 Week 2

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.

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Filing Recap

This report will analyze the top 45 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 139.9 Billion USD which is approximately 46.1% of aggregate AUM of all BDCs.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Blue Owl Credit Income Corp. 634 100.00% 18,900,449 0.452 17,611,735 18,985,959 10.77 10.22 10.46
FS KKR Capital Corp. 472 100.00% 14,805,600 -3.95 14,152,608 14,220,800 – 11.22 25.21
Blue Owl Capital Corp. 437 100.00% 12,328,887 0.693 10,551,966 12,414,384 11.95 11.95 11.95
Blackstone Secured Lending Fund 362 100.00% 10,644,409 -0.541 10,551,056 10,586,829 11.94 11.8 11.55
Prospect Capital 207 100.00% 7,688,672 1.535 7,757,178 7,806,712 17.24 12.11 15.47
Golub Capital 1545 100.00% 5,881,414 -0.831 5,209,821 5,832,541 12.07 11.75 11.58
Sixth Street Lending Partners 72 100.00% 4,197,705 1.902 4,206,844 4,277,564 12.31 12.31 12.72
Blue Owl Capital Corp III 433 100.00% 3,966,543 0.541 3,629,884 3,987,997 12.13 11.93 11.79
Blue Owl Technology Finance Corp. II 206 100.00% 3,953,526 0.797 3,495,440 3,985,044 7.34 7.34 8.39
Blue Owl Technology Income Corp. 259 100.00% 3,749,249 0.772 3,537,691 3,778,184 9.39 8.71 9.4
Goldman Sachs BDC 443 100.00% 3,603,146 -4.511 4,628,494 3,440,613 20.67 12.44 19.5
Morgan Stanley Direct Lending Fund 453 100.00% 3,323,767 -0.919 3,322,690 3,293,205 12.02 11.8 11.73
Goldman Sachs Private Credit Corp. 294 100.00% 2,979,851 0.677 4,048,807 3,000,035 26.49 11.5 103.21
Golub Capital BDC 3 Inc. 1354 100.00% 2,719,945 -0.471 2,591,862 2,707,137 11.67 11.57 11.38
Barings Private Credit Corp 569 100.00% 2,575,830 -0.269 2,290,686 2,568,911 11.91 11.35 11.11
Goldman Sachs Private Middle Market Credit II 280 100.00% 2,637,590 -2.672 2,768,245 2,567,118 18.28 12.35 17.39
Barings BDC 618 100.00% 2,551,145 -0.925 2,174,089 2,527,536 11.86 11.56 11.28
Bain Capital Specialty Finance Inc. 364 100.00% 2,506,911 -0.292 2,173,316 2,499,599 14.21 12.49 12.51
SLR Investment Corp. 152 100.00% 2,458,554 -1.291 1,679,267 2,426,807 11.26 11.22 11.97
MidCap Financial Investment Corp. 348 100.00% 2,552,782 -7.823 2,556,495 2,353,090 47.78 11.56 231.94
Cion Investment Corp. 235 100.00% 1,908,609 -1.979 1,675,238 1,870,837 22.33 12.98 29.22
Nuveen Churchill BDC INC. 416 100.00% 1,867,758 -1.094 2,564,667 1,847,332 40.15 11.5 9.59
Kayne Anderson BDC, LLC 231 100.00% 1,770,687 1.368 1,769,297 1,794,913 11.29 11.29 11.77
Carlyle Secured Lending Inc. 174 100.00% 1,829,575 -2.442 1,745,680 1,784,893 13 12.31 12.46
PennantPark Floating Rate Capital 390 100.00% 1,614,925 -0.73 1,607,908 1,603,135 12.01 11.9 12.27
Crescent Capital BDC Inc. 579 100.00% 1,570,567 -0.414 1,609,176 1,564,070 13.04 11.5 21.21
Palmer Square Capital BDC Inc. 257 100.00% 1,435,203 -2.927 1,402,252 1,393,192 13.9 10.16 10.32
Barings Capital Investment Corp 507 100.00% 1,359,869 0.234 1,148,338 1,363,048 11.54 11.24 11.11
T. Rowe Price OHA Private Credit Fund 228 100.00% 1,342,007 1.099 1,598,251 1,356,751 76.55 11.88 69.52
Pennant Park Investment 368 100.00% 1,261,661 0.95 1,241,799 1,273,649 13.11 11.91 12.58
Saratoga Investment Corp. 125 100.00% 1,220,291 -3.359 1,185,598 1,179,301 34.08 12.99 13
Runway Growth Finance Corp. 103 100.00% 1,062,789 -4.371 986,946 1,016,332 13.52 13.52 13.68
Silver Point Specialty Credit Fund LP 144 100.00% 1,000,601 -0.775 1,019,321 992,851 – 13.25 8.24
TCW Direct Lending VII LLC 53 100.00% 1,057,163 -7.321 1,069,076 979,767 31.74 23.84 20.95
Gladstone Investment Corporation 60 100.00% 854,290 7.751 658,383 920,504 21.53 14.4 13.99
Stellus Capital Investment Corp. 269 100.00% 880,154 -0.485 824,883 875,884 – 15.57 12.86
TCW Direct Lending VIII LLC 39 100.00% 851,486 -0.033 867,869 851,209 13.6 13.6 13.54
WhiteHorse Finance 138 100.00% 750,204 -5.735 711,690 707,179 41.69 13.39 13.78
Goldman Sachs Middle Market Lending Corp. II 198 100.00% 529,167 0.789 719,792 533,341 30.23 12.11 29.2
Monroe Capital 309 100.00% 525,658 -4.712 486,936 500,889 19.9 12.59 25.91
Onex Falcon Direct Lending BDC Fund 56 100.00% 500,617 -2.018 499,137 490,515 13.14 12.26 12.46
Goldman Sachs Private Middle Market Credit Corp. 43 100.00% 514,801 -7.52 499,975 476,090 14.44 12.4 12.78
Portman Ridge Finance Corp. 187 100.00% 543,601 -13.309 430,438 471,255 13.92 12.83 14.49
TriplePoint Private Venture Credit 473 100.00% 458,462 -1.949 385,382 449,527 14.61 13.26 11.32
SCP Private Credit Income BDC LLC 44 100.00% 410,341 -1.104 390,871 405,809 11.49 11.49 11.73
Grand Total 15,128 100.00% 141,146,461 -0.84% 136,037,076 139,962,337 34.67 11.96 18.62

Non-Accruals

At least 34 BDCs that filed last week have reported Non–Accruals amounting to 2.15 Billion USD at Cost. FS KKR and Blue Owl Capital 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
FS KKR Capital Corp. 13 3.11% 742,600 -40.506 1,110,300 441,800 5969.99 — 213.93
Blue Owl Capital Corp. 10 1.46% 260,845 -30.494 321,643 181,304 — — —
Goldman Sachs BDC 10 1.62% 117,843 -52.803 143,364 55,618 — — —
Goldman Sachs Private Middle Market Credit II 4 2.13% 94,224 -41.999 98,938 54,651 — — —
Golub Capital 17 0.82% 78,487 -39.266 101,322 47,668 49.46 — 20.79
Runway Growth Finance Corp. 2 3.81% 47,691 -18.767 46,619 38,741 — — —
Pennant Park Investment 4 2.89% 45,936 -19.991 47,830 36,753 — — —
Prospect Capital 5 0.42% 212,318 -84.621 435,333 32,653 154.83 — 15.93
Gladstone Investment Corporation 5 3.23% 59,148 -49.794 59,148 29,696 82.7 — 13.11
Bain Capital Specialty Finance Inc. 5 0.99% 42,098 -41.261 46,831 24,728 82.75 — 19.82
Saratoga Investment Corp. 6 1.60% 67,818 -72.109 68,074 18,915 342.52 — 13.68
TriplePoint Private Venture Credit 28 3.90% 23,692 -25.937 26,199 17,547 39.56 14.54 23.94
Stellus Capital Investment Corp. 10 1.94% 30,415 -44.16 30,415 16,984 323.69 11.37 10.74
Silver Point Specialty Credit Fund LP 1 1.58% 15,976 -1.792 17,332 15,690 14.97 14.97 14.97
Cion Investment Corp. 11 0.81% 51,257 -70.443 56,628 15,150 96.16 — 162.33
MidCap Financial Investment Corp. 4 0.61% 23,506 -38.535 20,983 14,448 — — 8.59
Crescent Capital BDC Inc. 13 0.83% 23,219 -44.261 113,269 12,942 — — —
SLR Investment Corp. 2 0.52% 17,852 -28.938 21,983 12,686 — — 50.16
Blue Owl Capital Corp III 4 0.28% 11,176 -1.405 12,622 11,019 — — —
Barings Private Credit Corp 10 0.38% 18,087 -45.641 17,666 9,832 45.68 — 8.73
Monroe Capital 21 1.87% 13,687 -31.68 14,455 9,351 43.85 15.48 39.77
Barings BDC 10 0.31% 38,136 -79.185 64,352 7,938 36.31 — 5.52
WhiteHorse Finance 6 1.06% 22,385 -66.531 24,530 7,492 832.43 — 18.08
Golub Capital BDC 3 Inc. 8 0.19% 7,278 -30.036 7,881 5,092 18.08 — 1.2
PennantPark Floating Rate Capital 3 0.31% 6,132 -19.325 6,916 4,947 — — —
Kayne Anderson BDC, LLC 1 0.26% 4,688 0 4,688 4,688 — — —
Blue Owl Credit Income Corp. 4 0.02% 4,470 -1.365 5,049 4,409 — — —
Carlyle Secured Lending Inc. 1 0.21% 3,653 3.805 4,861 3,792 28.31 — 30.56
Blackstone Secured Lending Fund 2 0.03% 6,954 -59.548 15,069 2,813 20.11 — 9.9
Barings Capital Investment Corp 7 0.20% 5,033 -46.771 4,863 2,679 36.42 — 5.67
Nuveen Churchill BDC INC. 3 0.13% 7,234 -67.846 7,650 2,326 — — —
Goldman Sachs Private Middle Market Credit Corp. 3 0.46% 13,413 -83.553 26,295 2,206 — — —
Portman Ridge Finance Corp. 7 0.46% 17,130 -87.431 21,044 2,153 — — —
Morgan Stanley Direct Lending Fund 3 0.02% 12,374 -95.442 12,877 564 22.45 — 17.55
Grand Total 243 0.97% 2,146,756 -46.46% 3,017,030 1,149,276 2234.96 0 89.59

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 5.3 Billion USD at cost.

BDC                                              Cost (1000)                                                   FV (1000)
Prospect Capital                                               913,634                                               825,032
SLR Investment Corp.                                               507,496                                               507,801
FS KKR Capital Corp.                                               463,200                                               490,100
Golub Capital                                               349,700                                               314,009
Goldman Sachs BDC                                               292,928                                               271,086
Blue Owl Capital Corp.                                               273,855                                               270,018
Blue Owl Credit Income Corp.                                               249,854                                               252,812
TCW Direct Lending VII LLC                                               246,138                                               245,511
MidCap Financial Investment Corp.                                               185,545                                               184,562
Goldman Sachs Private Middle Market Credit Corp.                                               169,657                                               161,057
Cion Investment Corp.                                               153,356                                               139,083
Goldman Sachs Private Middle Market Credit II                                               127,327                                               119,944
Barings BDC                                               127,315                                               118,683
TriplePoint Private Venture Credit                                               104,025                                               101,064
PennantPark Floating Rate Capital                                                 97,572                                                 91,518
Saratoga Investment Corp.                                                 87,486                                                 84,363
Blackstone Secured Lending Fund                                                 80,943                                                 73,880
WhiteHorse Finance                                                 71,427                                                 70,968
Golub Capital BDC 3 Inc.                                                 73,927                                                 69,236
Kayne Anderson BDC, LLC                                                 70,226                                                 68,950
Gladstone Investment Corporation                                                 72,770                                                 66,465
Monroe Capital                                                 61,304                                                 61,670
Stellus Capital Investment Corp.                                                 61,384                                                 59,923
Crescent Capital BDC Inc.                                                 61,429                                                 54,944
Carlyle Secured Lending Inc.                                                 59,316                                                 53,100
Sixth Street Lending Partners                                                 55,049                                                 51,885
Bain Capital Specialty Finance Inc.                                                 48,332                                                 46,401
Pennant Park Investment                                                 44,840                                                 44,912
Barings Private Credit Corp                                                 42,935                                                 41,257
Portman Ridge Finance Corp.                                                 36,217                                                 33,709
Morgan Stanley Direct Lending Fund                                                 24,503                                                 24,289
Blue Owl Capital Corp III                                                 21,503                                                 21,726
Runway Growth Finance Corp.                                                 21,661                                                 20,520
TCW Direct Lending VIII LLC                                                 18,787                                                 18,840
Palmer Square Capital BDC Inc.                                                 13,962                                                 14,258
Nuveen Churchill BDC INC.                                                 14,273                                                 14,220
SCP Private Credit Income BDC LLC                                                 13,286                                                 12,958
Onex Falcon Direct Lending BDC Fund                                                   9,592                                                   9,412
Barings Capital Investment Corp                                                   8,492                                                   8,025
Grand Total                                           5,335,246                                           5,118,191

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 36.5 Billion USD (Cost) accounting for 25.9% of their aggregate holdings (Cost).

BDC                                            Cost (1000)   FV (1000)
FS KKR Capital Corp.                                           4,125,200                                           3,860,300
Prospect Capital                                           3,315,375                                           3,787,823
Blue Owl Capital Corp.                                           2,833,277                                           2,903,978
Blackstone Secured Lending Fund                                           2,917,769                                           2,898,883
Blue Owl Credit Income Corp.                                           2,612,715                                           2,632,207
Sixth Street Lending Partners                                           1,803,546                                           1,826,162
Blue Owl Technology Finance Corp. II                                           1,243,637                                           1,258,762
SLR Investment Corp.                                               987,538 984,250
Blue Owl Technology Income Corp.                                               970,356                                               977,275
Golub Capital                                               866,529                                               853,345
Bain Capital Specialty Finance Inc.                                               847,579                                               840,374
Blue Owl Capital Corp III                                               750,327                                               752,725
Goldman Sachs Private Credit Corp.                                               725,630                                               732,852
Goldman Sachs BDC                                               756,955                                               732,253
Morgan Stanley Direct Lending Fund                                               649,368                                               647,810
Barings BDC                                               515,450                                               573,809
Goldman Sachs Private Middle Market Credit II                                               602,193                                               572,087
Runway Growth Finance Corp.                                               571,787                                               557,327
PennantPark Floating Rate Capital                                               587,991                                               555,903
Carlyle Secured Lending Inc.                                               587,648                                               555,781
MidCap Financial Investment Corp.                                               650,553                                               555,093
TCW Direct Lending VII LLC                                               593,782                                               546,207
Gladstone Investment Corporation                                               543,894                                               534,314
Barings Private Credit Corp                                               475,023                                               510,937
Pennant Park Investment                                               498,333                                               480,192
Cion Investment Corp.                                               448,119                                               445,620
Saratoga Investment Corp.                                               479,978                                               440,254
Golub Capital BDC 3 Inc.                                               434,128                                               427,449
T. Rowe Price OHA Private Credit Fund                                               406,693                                               409,093
TCW Direct Lending VIII LLC                                               380,775                                               384,043
Goldman Sachs Private Middle Market Credit Corp.                                               384,839                                               370,396
Kayne Anderson BDC, LLC                                               326,036                                               329,650
Barings Capital Investment Corp                                               269,145                                               288,246
WhiteHorse Finance                                               278,264                                               258,084
Onex Falcon Direct Lending BDC Fund                                               243,791                                               242,734
Crescent Capital BDC Inc.                                               244,936                                               242,474
Nuveen Churchill BDC INC.                                               220,293                                               219,718
Silver Point Specialty Credit Fund LP                                               228,049                                               218,095
Monroe Capital                                               198,436                                               185,411
SCP Private Credit Income BDC LLC                                               166,595                                               160,319
Stellus Capital Investment Corp.                                               174,932                                               159,575
Goldman Sachs Middle Market Lending Corp. II                                               153,700                                               155,935
Portman Ridge Finance Corp.                                               185,454                                               153,711
Palmer Square Capital BDC Inc.                                               135,857                                               130,477
TriplePoint Private Venture Credit                                               120,354                                               118,833
Grand Total                                              36,512,829 36,470,766

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

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