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.
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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