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.

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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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