BDCs
BDC Filing Season Q1 2023 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 marketpluse@solveadvisors.com.
Filing Recap
BDC Filing season is in full swing. This report will analyze 45 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 227.16 Billion USD which is approximately 86.63% 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 | 773 | 100.00% | 49,981,713 | -1.613 | 46,471,304 | 49,175,527 | 11.55 | 11.1 | 10.93 |
| Ares Capital | 1,032 | 100.00% | 21,429,600 | -1.314 | 16,231,200 | 21,148,000 | 14.96 | 12.35 | 12.11 |
| FS KKR Capital Corp. | 441 | 100.00% | 16,182,600 | -5.596 | 15,493,947 | 15,277,100 | 103.5 | 12.04 | 15.69 |
| Owl Rock Capital Corp. | 384 | 100.00% | 13,107,166 | 0.382 | 11,678,407 | 13,157,251 | 12.35 | 11.96 | 11.92 |
| Owl Rock Core Income Corp. | 452 | 100.00% | 11,640,688 | -0.427 | 10,743,049 | 11,591,024 | 11.47 | 11.16 | 10.96 |
| Blackstone / GSO Secured Lending Fund | 327 | 100.00% | 9,772,131 | -0.439 | 9,678,779 | 9,729,227 | 11.59 | 11.42 | 11.29 |
| Prospect Capital | 208 | 100.00% | 7,565,194 | 0.365 | 7,483,245 | 7,592,777 | 25.22 | 13.09 | 22.12 |
| HPS Corporate Lending Fund | 366 | 100.00% | 6,839,415 | -0.962 | 7,685,590 | 6,773,623 | 17.89 | 11.77 | 17.04 |
| Owl Rock Technology Finance Corp. | 236 | 100.00% | 6,571,326 | -0.834 | 5,276,752 | 6,516,494 | 12 | 11.91 | 11.86 |
| Golub Capital | 1,394 | 100.00% | 5,682,958 | -2.329 | 5,438,639 | 5,550,615 | 12.01 | 11.59 | 13.67 |
| Apollo Debt Solutions BDC | 195 | 100.00% | 4,313,139 | -1.396 | 4,685,033 | 4,252,938 | 11.81 | 10.24 | 11.42 |
| Main Street Capital Corp. | 511 | 100.00% | 3,797,714 | 9.564 | 3,147,385 | 4,160,917 | 21.81 | 12.58 | 12.76 |
| Owl Rock Capital Corp III | 309 | 100.00% | 3,524,371 | -0.027 | 3,281,968 | 3,523,437 | 11.77 | 11.67 | 11.65 |
| Goldman Sachs BDC | 367 | 100.00% | 3,681,513 | -4.526 | 3,975,313 | 3,514,903 | 17.55 | 12.4 | 16.52 |
| New Mountain Finance | 373 | 100.00% | 3,302,614 | -0.978 | 2,791,517 | 3,270,326 | 17 | 11.81 | 11.7 |
| Oaktree Specialty Lending Corp. | 322 | 100.00% | 3,373,391 | -4.61 | 3,190,955 | 3,217,873 | 13.22 | 12.33 | 12.15 |
| Hercules Capital Inc. | 336 | 100.00% | 3,165,846 | -0.653 | 2,980,863 | 3,145,178 | 11.43 | 11.09 | 11.3 |
| Sixth Street Specialty Lending, Inc. | 198 | 100.00% | 2,899,835 | 0.647 | 2,805,289 | 2,918,584 | 16.15 | 12.58 | 13.22 |
| Franklin BSP Lending Corp. | 283 | 100.00% | 2,955,845 | -1.87 | 2,520,217 | 2,900,567 | 12.66 | 11.49 | 11.51 |
| Owl Rock Technology Finance Corp. II | 125 | 100.00% | 2,798,945 | -0.002 | 2,403,639 | 2,798,879 | 9.82 | 9.82 | 10.19 |
| Goldman Sachs Private Middle Market Credit II | 286 | 100.00% | 2,862,067 | -3.063 | 3,025,737 | 2,774,388 | 18.63 | 12.12 | 17.39 |
| Barings BDC | 563 | 100.00% | 2,658,484 | -3.851 | 2,353,107 | 2,556,114 | 12.2 | 11 | 10.82 |
| Golub Capital BDC 3 Inc. | 1,159 | 100.00% | 2,560,072 | -1.313 | 2,402,737 | 2,526,446 | 11.44 | 11.42 | 10.94 |
| SLR Investment Corp. | 156 | 100.00% | 2,577,464 | -2.48 | 1,466,662 | 2,513,543 | 11.76 | 10.98 | 11.99 |
| Bain Capital Specialty Finance Inc. | 342 | 100.00% | 2,490,008 | -0.904 | 2,185,200 | 2,467,495 | 18.05 | 12.67 | 11.63 |
| MidCap Financial Investment Corp. | 309 | 100.00% | 2,653,999 | -7.783 | 2,796,784 | 2,447,449 | 21.09 | 12.19 | 692.41 |
| Barings Private Credit Corp | 499 | 100.00% | 2,287,113 | -0.687 | 2,136,778 | 2,271,398 | 11.5 | 10.91 | 10.72 |
| OWL Rock Capital Corp. II | 325 | 100.00% | 2,228,183 | 0.128 | 2,132,685 | 2,231,038 | 12.55 | 12.19 | 12.11 |
| Owl Rock Technology Income Corp. | 126 | 100.00% | 2,113,320 | -0.154 | 1,908,295 | 2,110,076 | 11.72 | 11.25 | 11.53 |
| New Mountain Guardian III BDC, L.L.C. | 285 | 100.00% | 2,105,275 | -2.381 | 2,234,291 | 2,055,152 | 11.95 | 11.5 | 11.28 |
| Carlyle Credit Solutions, Inc. | 153 | 100.00% | 2,075,330 | -2.55 | 2,040,548 | 2,022,405 | 12.2 | 11.91 | 13.43 |
| Carlyle Secured Lending Inc. | 171 | 100.00% | 2,027,648 | -2.667 | 1,983,761 | 1,973,565 | 12.77 | 12.15 | 20.93 |
| BlackRock TCP Capital Corp. | 282 | 100.00% | 1,697,777 | 3.928 | 1,557,059 | 1,764,462 | 14.14 | 13.04 | 13.03 |
| Stone Point Capital Credit LLC | 139 | 100.00% | 1,778,957 | -1.492 | 1,806,554 | 1,752,410 | 11.79 | 11.65 | 11.44 |
| FS Energy & Power Fund | 76 | 100.00% | 1,648,959 | 5.682 | 1,071,773 | 1,742,661 | 11.78 | 11.49 | 203.23 |
| Cion Investment Corp. | 244 | 100.00% | 1,823,309 | -5.482 | 1,732,568 | 1,723,352 | 30.74 | 13.2 | 15.57 |
| Crescent Capital BDC Inc. | 580 | 100.00% | 1,603,588 | -2.341 | 1,644,189 | 1,566,045 | 12.26 | 11.72 | 11.27 |
| Monroe Capital Income Plus Corp | 420 | 100.00% | 1,535,660 | 0.537 | 1,794,557 | 1,543,910 | 18.37 | 11.05 | 20.49 |
| Barings Capital Investment Corp | 422 | 100.00% | 1,343,412 | -1.377 | 1,167,337 | 1,324,907 | 11.94 | 10.88 | 10.74 |
| Nuveen Churchill BDC INC. | 305 | 100.00% | 1,342,452 | -2.707 | 1,399,758 | 1,306,118 | 16.55 | 11.36 | 14.91 |
| MSD Investment Corp. | 64 | 100.00% | 1,327,074 | -3.03 | 1,226,093 | 1,286,860 | 13.74 | 13.54 | 13.16 |
| Kayne Anderson BDC, LLC | 173 | 100.00% | 1,252,096 | 1.394 | 1,255,729 | 1,269,551 | — | — | — |
| Sixth Street Lending Partners | 31 | 100.00% | 1,248,920 | 1.083 | 1,277,599 | 1,262,452 | 12.35 | 12.35 | 12.57 |
| AB Private Credit Investors Corp. | 450 | 100.00% | 1,253,166 | -1.531 | 1,251,345 | 1,233,974 | 25.87 | 11.21 | 11.06 |
| PennantPark Floating Rate Capital | 344 | 100.00% | 1,248,264 | -2.73 | 1,201,029 | 1,214,187 | 12.35 | 11.99 | 11.83 |
| Total | 16,536 | 100.00% | 230,328,601 | -1.38% | 213,015,266 | 227,155,198 | 17.6 | 11.67 | 18.45 |
Non-Accruals
At least 37 BDCs that filed last week have reported Non–Accruals amounting to 3.15 Billion USD at Cost. FS KKR Capital Corp. and Ares Capital 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 | 2.75% | 885,100 | -52.559 | 1,245,500 | 419,900 | 1,777.61 | — | 65.94 |
| Ares Capital | 15 | 1.31% | 496,200 | -44.196 | 586,500 | 276,900 | 120.28 | — | 30.37 |
| Golub Capital | 30 | 1.60% | 142,432 | -37.808 | 186,996 | 88,581 | 85.95 | 13.05 | 146.98 |
| Oaktree Specialty Lending Corp. | 3 | 2.28% | 76,938 | -4.567 | 80,640 | 73,424 | 17.66 | — | 15.87 |
| Blackstone Private Credit Fund | 3 | 0.15% | 154,325 | -53.101 | 156,334 | 72,377 | 62.48 | — | 13.41 |
| Carlyle Secured Lending Inc. | 4 | 3.50% | 84,674 | -18.49 | 106,075 | 69,018 | — | — | 216.31 |
| Cion Investment Corp. | 15 | 3.34% | 119,060 | -51.669 | 121,914 | 57,543 | 192.16 | — | 32.47 |
| New Mountain Finance | 20 | 1.48% | 99,710 | -51.575 | 109,572 | 48,285 | 122.57 | — | 12.95 |
| Owl Rock Capital Corp. | 5 | 0.29% | 59,238 | -35.381 | 96,991 | 38,279 | 39.83 | — | 27.97 |
| HPS Corporate Lending Fund | 5 | 0.49% | 34,775 | -4.874 | 35,190 | 33,080 | 14.95 | 13.18 | 12.73 |
| Carlyle Credit Solutions, Inc. | 2 | 1.54% | 47,230 | -33.879 | 53,961 | 31,229 | — | — | 356.79 |
| Crescent Capital BDC Inc. | 16 | 1.86% | 40,728 | -28.425 | 151,475 | 29,151 | 107.82 | — | 12.63 |
| Barings BDC | 11 | 1.11% | 102,250 | -72.165 | 145,170 | 28,461 | 64.25 | — | 17.07 |
| Main Street Capital Corp. | 20 | 0.62% | 123,240 | -78.971 | 125,438 | 25,916 | 713.40 | — | 24.65 |
| SLR Investment Corp. | 4 | 0.81% | 69,451 | -70.7 | 82,839 | 20,349 | 49.02 | — | 38.26 |
| Sixth Street Specialty Lending, Inc. | 3 | 0.68% | 28,245 | -29.984 | 33,271 | 19,776 | 310.68 | — | 42.53 |
| Goldman Sachs BDC | 8 | 0.55% | 57,850 | -66.36 | 62,488 | 19,461 | 170.25 | — | 84.31 |
| Prospect Capital | 5 | 0.22% | 170,573 | -89.994 | 311,913 | 17,067 | — | — | 16 |
| Bain Capital Specialty Finance Inc. | 4 | 0.55% | 50,816 | -73.064 | 54,627 | 13,688 | 185.02 | — | 13.3 |
| Owl Rock Technology Finance Corp. | 3 | 0.20% | 12,736 | 0.424 | 12,958 | 12,790 | — | — | — |
| AB Private Credit Investors Corp. | 13 | 0.96% | 22,593 | -47.838 | 23,445 | 11,785 | 5,027.69 | — | 22.8 |
| Barings Capital Investment Corp | 2 | 0.75% | 19,282 | -48.527 | 19,349 | 9,925 | 61.56 | — | 13.65 |
| Owl Rock Capital Corp III | 3 | 0.27% | 9,458 | 0.296 | 9,610 | 9,486 | — | — | — |
| MidCap Financial Investment Corp. | 5 | 0.36% | 25,822 | -66.184 | 37,554 | 8,732 | 135.77 | — | 17.87 |
| Barings Private Credit Corp | 1 | 0.37% | 16,784 | -49.261 | 16,798 | 8,516 | 61.56 | — | 13.04 |
| Nuveen Churchill BDC INC. | 1 | 0.64% | 14,674 | -42.933 | 14,769 | 8,374 | 31.76 | — | 11.15 |
| Franklin BSP Lending Corp. | 11 | 0.29% | 44,381 | -81.186 | 76,059 | 8,350 | 150.75 | — | 38.31 |
| OWL Rock Capital Corp. II | 5 | 0.34% | 11,202 | -32.566 | 17,875 | 7,554 | 40.02 | — | 27.5 |
| Blackstone / GSO Secured Lending Fund | 2 | 0.07% | 13,323 | -51.85 | 13,515 | 6,415 | 38.83 | — | 13.83 |
| Goldman Sachs Private Middle Market Credit II | 1 | 0.22% | 41,615 | -85.402 | 43,737 | 6,075 | — | — | — |
| PennantPark Floating Rate Capital | 5 | 0.41% | 19,201 | -74.335 | 19,881 | 4,928 | — | — | — |
| Golub Capital BDC 3 Inc. | 8 | 0.18% | 8,075 | -42.378 | 8,306 | 4,653 | 13.11 | 13.11 | 12.53 |
| BlackRock TCP Capital Corp. | 5 | 0.25% | 8,649 | -48.904 | 9,886 | 4,419 | 47.57 | — | 12.27 |
| Owl Rock Core Income Corp. | 3 | 0.03% | 3,783 | 0.291 | 3,844 | 3,794 | — | — | — |
| MSD Investment Corp. | 1 | 0.28% | 11,287 | -67.768 | 11,928 | 3,638 | — | — | — |
| Hercules Capital Inc. | 2 | 0.04% | 17,891 | -93.332 | 28,486 | 1,193 | 186.46 | — | 14.93 |
| FS Energy & Power Fund | 1 | — | 3,827 | — | 3,827 | — | — | — | — |
| Total | 262 | 0.72% | 3,147,419 | -52.24% | 4,118,721 | 1,503,112 | 542.18 | 0 | 51.35 |
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 5.35 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Prospect Capital | 1,084,178 | 1,077,278 |
| Golub Capital | 384,025 | 357,607 |
| FS KKR Capital Corp. | 364,300 | 223,600 |
| Main Street Capital Corp. | 351,251 | 270,220 |
| PennantPark Floating Rate Capital | 337,471 | 327,719 |
| Owl Rock Capital Corp. | 249,527 | 245,917 |
| Cion Investment Corp. | 228,326 | 203,978 |
| Sixth Street Specialty Lending, Inc. | 188,803 | 191,677 |
| MidCap Financial Investment Corp. | 173,971 | 172,044 |
| Hercules Capital Inc. | 173,788 | 174,172 |
| Goldman Sachs BDC | 155,615 | 148,561 |
| Oaktree Specialty Lending Corp. | 150,396 | 146,124 |
| Owl Rock Core Income Corp. | 148,938 | 149,786 |
| BlackRock TCP Capital Corp. | 141,165 | 125,154 |
| Blackstone Private Credit Fund | 138,335 | 112,207 |
| Kayne Anderson BDC, LLC | 113,370 | 114,098 |
| FS Energy & Power Fund | 99,084 | 104,117 |
| Franklin BSP Lending Corp. | 92,209 | 76,688 |
| Owl Rock Technology Finance Corp. | 88,481 | 88,117 |
| Bain Capital Specialty Finance Inc. | 87,924 | 85,371 |
| AB Private Credit Investors Corp. | 76,990 | 69,378 |
| SLR Investment Corp. | 75,754 | 74,530 |
| Carlyle Secured Lending Inc. | 64,009 | 70,523 |
| Owl Rock Capital Corp III | 51,863 | 51,952 |
| Golub Capital BDC 3 Inc. | 44,750 | 42,405 |
| Barings BDC | 44,636 | 41,069 |
| Barings Private Credit Corp | 40,720 | 40,666 |
| Crescent Capital BDC Inc. | 38,332 | 34,581 |
| Carlyle Credit Solutions, Inc. | 26,211 | 28,326 |
| OWL Rock Capital Corp. II | 19,791 | 19,751 |
| Goldman Sachs Private Middle Market Credit II | 19,405 | 19,130 |
| Monroe Capital Income Plus Corp | 19,140 | 19,636 |
| Barings Capital Investment Corp | 18,091 | 16,833 |
| New Mountain Finance | 15,462 | 6,839 |
| MSD Investment Corp. | 11,287 | 3,638 |
| Stone Point Capital Credit LLC | 5,188 | 4,659 |
| Nuveen Churchill BDC INC. | 3,813 | 3,749 |
| New Mountain Guardian III BDC, L.L.C. | (59) | (2,369) |
| Total | 5,326,540 | 4,939,731 |
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 58.29 Billion USD (Cost) accounting for 25.31% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| Blackstone Private Credit Fund | 11,620,301 | 11,636,115 |
| Ares Capital | 5,663,600 | 5,702,600 |
| FS KKR Capital Corp. | 4,155,600 | 3,950,800 |
| Blackstone / GSO Secured Lending Fund | 2,905,447 | 2,901,560 |
| Prospect Capital | 2,843,865 | 3,875,777 |
| Owl Rock Capital Corp. | 2,822,570 | 2,874,706 |
| Owl Rock Core Income Corp. | 2,075,727 | 2,088,814 |
| Owl Rock Technology Finance Corp. | 1,703,626 | 1,705,240 |
| HPS Corporate Lending Fund | 1,367,603 | 1,373,018 |
| Apollo Debt Solutions BDC | 1,302,591 | 1,316,797 |
| Owl Rock Technology Finance Corp. II | 1,210,765 | 1,216,655 |
| Sixth Street Lending Partners | 1,177,873 | 1,188,350 |
| SLR Investment Corp. | 949,800 | 952,050 |
| Hercules Capital Inc. | 902,839 | 924,016 |
| Owl Rock Technology Income Corp. | 899,508 | 904,335 |
| Franklin BSP Lending Corp. | 892,431 | 928,256 |
| New Mountain Finance | 887,142 | 995,523 |
| FS Energy & Power Fund | 874,435 | 1,011,143 |
| Golub Capital | 842,068 | 823,825 |
| Owl Rock Capital Corp III | 798,473 | 799,692 |
| Goldman Sachs BDC | 781,790 | 771,333 |
| Bain Capital Specialty Finance Inc. | 774,827 | 809,379 |
| Oaktree Specialty Lending Corp. | 754,661 | 726,113 |
| Goldman Sachs Private Middle Market Credit II | 705,933 | 702,319 |
| Sixth Street Specialty Lending, Inc. | 688,915 | 695,838 |
| MidCap Financial Investment Corp. | 664,863 | 647,622 |
| Stone Point Capital Credit LLC | 646,773 | 647,125 |
| Main Street Capital Corp. | 639,440 | 944,462 |
| Carlyle Secured Lending Inc. | 627,672 | 625,946 |
| MSD Investment Corp. | 553,408 | 537,337 |
| PennantPark Floating Rate Capital | 525,267 | 495,324 |
| New Mountain Guardian III BDC, L.L.C. | 478,419 | 473,671 |
| Barings BDC | 474,740 | 532,273 |
| OWL Rock Capital Corp. II | 464,791 | 481,612 |
| Carlyle Credit Solutions, Inc. | 463,702 | 457,367 |
| BlackRock TCP Capital Corp. | 450,911 | 511,592 |
| Cion Investment Corp. | 423,283 | 425,387 |
| Golub Capital BDC 3 Inc. | 414,707 | 412,527 |
| Barings Private Credit Corp | 368,397 | 403,756 |
| Kayne Anderson BDC, LLC | 312,758 | 319,991 |
| Monroe Capital Income Plus Corp | 272,863 | 275,432 |
| Crescent Capital BDC Inc. | 258,662 | 250,271 |
| Barings Capital Investment Corp | 258,320 | 279,473 |
| AB Private Credit Investors Corp. | 233,362 | 233,279 |
| Nuveen Churchill BDC INC. | 154,617 | 154,769 |
| Total | 58,289,345 | 59,983,470 |
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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