BDCs
BDC Filing Season Q1 2024 Week 3
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
BDC Filing season has wrapped up. This report will analyze the top 45 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 122.4 Billion USD which is approximately 37.5% 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 | 777 | 100.00% | 55,823,281 | -0.428 | 50,477,978 | 55,584,104 | 11.89 | 11.58 | 11.51 |
| HPS Corporate Lending Fund | 457 | 100.00% | 10,106,639 | 1.104 | 10,726,623 | 10,218,234 | 15.17 | 11.58 | 15.51 |
| Apollo Debt Solutions BDC | 358 | 100.00% | 8,420,468 | 0.644 | 9,673,479 | 8,474,657 | 12.2 | 9.53 | 12.45 |
| Blue Owl Technology Finance Corp. | 269 | 100.00% | 6,139,357 | -1.013 | 4,816,279 | 6,077,188 | 10.86 | 10.68 | 10.39 |
| Oaktree Strategic Credit Fund | 291 | 100.00% | 3,842,834 | 0.611 | 3,568,346 | 3,866,297 | 10.94 | 10.86 | 11.04 |
| North Haven Private Income Fund LLC | 435 | 100.00% | 3,859,303 | -0.811 | 3,889,546 | 3,828,017 | 11.67 | 11.36 | 11.43 |
| ARES STRATEGIC INCOME FUND | 423 | 100.00% | 3,435,384 | 0.797 | 3,387,971 | 3,462,767 | 10.25 | 10.22 | 10.41 |
| MSD Investment Corp. | 111 | 100.00% | 2,692,612 | -0.133 | 2,582,042 | 2,689,038 | 12.37 | 12.16 | 12.44 |
| Stone Point Capital Credit LLC | 186 | 100.00% | 2,110,493 | -0.294 | 2,109,087 | 2,104,285 | 13.76 | 13.63 | 13.6 |
| Blue Owl Capital Corp. II | 367 | 100.00% | 1,982,312 | 0.403 | 1,863,478 | 1,990,298 | 12.17 | 12.17 | 11.84 |
| New Mountain Guardian III BDC, L.L.C. | 252 | 100.00% | 1,963,001 | -1.126 | 1,976,899 | 1,940,900 | 23.54 | 11.66 | 11.67 |
| Golub Capital Private Credit Fund | 329 | 100.00% | 1,870,236 | 0.35 | 1,864,130 | 1,876,781 | 10.84 | 10.84 | 10.99 |
| AG Twin Brook Capital Income Fund | 543 | 100.00% | 1,826,730 | 0.196 | 2,249,746 | 1,830,314 | 30.83 | 11.98 | 45.24 |
| FS Energy & Power Fund | 96 | 100.00% | 1,857,014 | -3.002 | 1,463,368 | 1,801,272 | – | 10.54 | 12.7 |
| T Series Middle Market Loan Fund LLC | 329 | 100.00% | 1,748,996 | -1.089 | 1,763,313 | 1,729,943 | 11.98 | 11.66 | 11.74 |
| AB Private Credit Investors Corp. | 506 | 100.00% | 1,456,759 | -0.811 | 1,395,364 | 1,444,944 | 11.73 | 11.52 | 11.59 |
| NMF SLF I, Inc. | 343 | 100.00% | 1,353,238 | 0.204 | 1,493,859 | 1,356,000 | 11.39 | 11.33 | 11.52 |
| SL Investment Corp. | 392 | 100.00% | 1,137,194 | -0.772 | 1,144,163 | 1,128,417 | 11.86 | 11.63 | 11.52 |
| MSC Income Fund Inc. | 402 | 100.00% | 1,062,538 | 5.03 | 926,504 | 1,115,982 | 14.37 | 13.02 | 13.59 |
| StepStone Private Credit Fund LLC | 339 | 100.00% | 804,019 | -0.027 | 743,610 | 803,803 | 2.1 | 2.06 | 2.06 |
| Varagon Capital Corp. | 294 | 100.00% | 751,116 | -1.555 | 547,859 | 739,433 | 12.21 | 11.82 | 11.67 |
| New Mountain Guardian IV BDC LLC | 209 | 100.00% | 680,990 | 2.141 | 901,385 | 695,570 | 11.58 | 11.64 | 12.16 |
| Brightwood Capital Corp I | 86 | 100.00% | 678,889 | 0.449 | 684,824 | 681,940 | 12.31 | 12.25 | 12.42 |
| Oaktree Gardens OLP LLC | 31 | 100.00% | 568,493 | 0.313 | 362,684 | 570,270 | 11.24 | 11.23 | 11.3 |
| Golub Capital Direct Lending Corp | 645 | 100.00% | 540,696 | 0.772 | 527,190 | 544,869 | 11.53 | 11.48 | 11.56 |
| Antares Strategic Credit Fund | 504 | 100.00% | 500,027 | 0.108 | 512,675 | 500,569 | 17.17 | 11.21 | 17.12 |
| Kennedy Lewis Capital Co | 103 | 100.00% | 478,996 | 1.543 | 429,937 | 486,389 | 12.09 | 11.21 | 12.55 |
| WTI Fund X Inc. | 206 | 100.00% | 433,226 | -3.929 | 439,287 | 416,204 | 15.92 | 14.82 | 15.56 |
| Audax Credit BDC Inc. | 310 | 100.00% | 380,127 | -1.018 | 253,950 | 376,258 | 11.09 | 10.57 | 10.43 |
| Redwood Enhanced Income Corp. | 54 | 100.00% | 376,814 | -3.245 | 419,219 | 364,588 | 13.59 | 9.81 | 12.25 |
| HPS Corporate Capital Solutions Fund | 70 | 100.00% | 353,028 | 0.22 | 377,535 | 353,805 | 13.45 | 13.05 | 13.56 |
| Star Mountain Lower Middle-Market Capital Corp. | 96 | 100.00% | 358,083 | -1.23 | 185,505 | 353,677 | 14.13 | 13.94 | 14.49 |
| Carlyle Secured Lending III | 93 | 100.00% | 341,709 | 1.625 | 348,487 | 347,261 | 12.01 | 11.89 | 12.31 |
| Bain Capital Private Credit | 80 | 100.00% | 313,571 | -0.263 | 312,109 | 312,747 | 11.28 | 11.1 | 11.29 |
| Venture Lending & Leasing IX Inc. | 204 | 100.00% | 333,199 | -15.953 | 327,849 | 280,044 | 14.83 | 14.25 | 14.3 |
| Jefferies Credit Partners BDC Inc. | 56 | 100.00% | 266,097 | 1.046 | 273,975 | 268,880 | — | — | — |
| Muzinich BDC Inc. | 32 | 100.00% | 257,179 | -1.76 | 247,076 | 252,653 | 15.84 | 13.27 | 14.36 |
| Crescent Private Credit Income Corp | 129 | 100.00% | 224,203 | 0.857 | 226,236 | 226,124 | 10.4 | 10.33 | 10.59 |
| PhenixFIN Corp. | 59 | 100.00% | 249,413 | -11.773 | 152,650 | 220,049 | 910.56 | 12.23 | 56.1 |
| Kayne DL 2021 Inc. | 121 | 100.00% | 212,379 | 1.941 | 199,188 | 216,501 | 11.69 | 11.69 | 12.24 |
| Investcorp Credit Management BDC Inc. | 56 | 100.00% | 210,670 | -8.766 | 177,870 | 192,203 | 12.98 | 12.98 | 12.01 |
| PIMCO Capital Solutions BDC Corp. | 40 | 100.00% | 195,368 | -1.772 | 198,262 | 191,906 | 13.33 | 12.09 | 12.75 |
| Diameter Credit Co. | 27 | 100.00% | 166,694 | 0.35 | 170,368 | 167,278 | 11.89 | 11.89 | 11.95 |
| Steele Creek Capital Corp | 209 | 100.00% | 145,405 | -3.252 | 146,354 | 140,676 | 10.09 | 9.25 | 9.34 |
| New Mountain Guardian IV Unlevered BDC LLC | 140 | 100.00% | 129,406 | 1.382 | 183,067 | 131,195 | 11.45 | 11.5 | 11.85 |
| Grand Total | 11,059 | 100.00% | 122,638,184 | -0.23% | 116,721,327 | 122,354,328 | 13.64 | 11.48 | 12.67 |
Non-Accruals
At least 21 BDCs that filed last week have reported Non–Accruals amounting to 587 million USD at Cost. Blackstone Private Credit and Venture Lending & Leasing IX are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Blackstone Private Credit Fund | 4 | 0.20% | 110,790 | -60.972 | 187,853 | 43,239 | 61.8 | — | 13.62 |
| Venture Lending & Leasing IX Inc. | 34 | 26.80% | 89,292 | -56.91 | 103,257 | 38,476 | — | — | — |
| FS Energy & Power Fund | 3 | 4.63% | 86,030 | -86.252 | 88,431 | 11,827 | 710.23 | — | 17.17 |
| MSC Income Fund Inc. | 11 | 3.56% | 37,868 | -79.46 | 44,590 | 7,778 | 61.37 | — | 36.71 |
| PhenixFIN Corp. | 6 | 13.69% | 34,154 | -38.123 | 48,250 | 21,134 | 1670.06 | 19.3 | 93.53 |
| HPS Corporate Lending Fund | 5 | 0.30% | 30,406 | -13.632 | 34,645 | 26,261 | 50.81 | — | 30.84 |
| Blue Owl Capital Corp. II | 6 | 1.50% | 29,832 | -38.918 | 38,114 | 18,222 | — | — | — |
| WTI Fund X Inc. | 17 | 5.65% | 24,456 | -62.065 | 27,487 | 9,277 | — | — | — |
| North Haven Private Income Fund LLC | 2 | 0.60% | 23,176 | -65.279 | 23,653 | 8,047 | 22.44 | — | 10.66 |
| Investcorp Credit Management BDC Inc. | 4 | 8.64% | 18,209 | -58.702 | 21,257 | 7,520 | — | — | — |
| Star Mountain Lower Middle-Market Capital Corp. | 4 | 4.63% | 16,588 | -11.704 | 16,850 | 14,646 | — | — | 17.95 |
| Blue Owl Technology Finance Corp. | 3 | 0.25% | 15,071 | -1.413 | 17,020 | 14,858 | — | — | — |
| New Mountain Guardian III BDC, L.L.C. | 1 | 0.67% | 13,190 | -98.741 | 13,238 | 166 | 1657.13 | — | 14.77 |
| AB Private Credit Investors Corp. | 7 | 0.80% | 11,586 | -99.9 | 13,654 | 12 | — | — | — |
| Apollo Debt Solutions BDC | 2 | 0.13% | 11,140 | -68.223 | 11,245 | 3,540 | 63.67 | — | 18.08 |
| MSD Investment Corp. | 1 | 0.41% | 11,071 | -82.423 | 12,853 | 1,946 | — | — | — |
| T Series Middle Market Loan Fund LLC | 2 | 0.62% | 10,873 | -97.121 | 11,377 | 313 | 22.45 | — | 17.55 |
| Oaktree Strategic Credit Fund | 4 | 0.26% | 10,046 | -63.617 | 10,503 | 3,655 | — | — | — |
| Steele Creek Capital Corp | 2 | 1.83% | 2,658 | -81.565 | 2,685 | 490 | — | — | — |
| SL Investment Corp. | 1 | 0.04% | 500 | -83.2 | 500 | 84 | — | — | — |
| Golub Capital Direct Lending Corp | 1 | 0.00% | 6 | -16.667 | 6 | 5 | — | — | 12.4 |
| Grand Total | 120 | 0.56% | 586,942 | -60.56% | 727,467 | 231,496 | 419.42 | 0 | 22.34 |
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 1.0 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Blackstone Private Credit Fund | 293,533 | 266,985 |
| Blue Owl Technology Finance Corp. | 97,276 | 98,163 |
| MSC Income Fund Inc. | 88,824 | 79,889 |
| Varagon Capital Corp. | 56,548 | 56,049 |
| Redwood Enhanced Income Corp. | 39,689 | 39,824 |
| Star Mountain Lower Middle-Market Capital Corp. | 38,737 | 36,711 |
| AB Private Credit Investors Corp. | 49,341 | 35,809 |
| Blue Owl Capital Corp. II | 36,042 | 35,594 |
| New Mountain Guardian III BDC, L.L.C. | 31,922 | 29,429 |
| Venture Lending & Leasing IX Inc. | 29,272 | 29,272 |
| SL Investment Corp. | 27,938 | 27,743 |
| MSD Investment Corp. | 23,294 | 24,219 |
| FS Energy & Power Fund | 23,883 | 23,883 |
| WTI Fund X Inc. | 22,886 | 22,886 |
| PIMCO Capital Solutions BDC Corp. | 18,695 | 18,696 |
| PhenixFIN Corp. | 25,123 | 17,661 |
| StepStone Private Credit Fund LLC | 16,954 | 16,961 |
| Investcorp Credit Management BDC Inc. | 14,979 | 15,028 |
| T Series Middle Market Loan Fund LLC | 13,962 | 13,864 |
| Antares Strategic Credit Fund | 13,433 | 13,369 |
| NMF SLF I, Inc. | 11,932 | 11,025 |
| Audax Credit BDC Inc. | 9,306 | 8,602 |
| Kayne DL 2021 Inc. | 7,152 | 7,180 |
| Golub Capital Direct Lending Corp | 3,462 | 3,221 |
| HPS Corporate Capital Solutions Fund | 2,389 | 2,373 |
| Brightwood Capital Corp I | 2,820 | 2,111 |
| Oaktree Strategic Credit Fund | 1,025 | 987 |
| Steele Creek Capital Corp | 885 | 777 |
| Grand Total | 1,000,991 | 937,932 |
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 27.3 Billion USD (Cost) accounting for 22.2% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| Blackstone Private Credit Fund | 11,709,234 | 11,811,603 |
| HPS Corporate Lending Fund | 1,635,778 | 1,672,932 |
| Blue Owl Technology Finance Corp. | 1,680,172 | 1,634,065 |
| Apollo Debt Solutions BDC | 1,490,607 | 1,515,037 |
| MSD Investment Corp. | 821,062 | 828,234 |
| North Haven Private Income Fund LLC | 765,325 | 769,830 |
| Oaktree Strategic Credit Fund | 718,779 | 723,570 |
| Stone Point Capital Credit LLC | 680,223 | 684,518 |
| FS Energy & Power Fund | 643,655 | 625,874 |
| AG Twin Brook Capital Income Fund | 480,074 | 486,527 |
| New Mountain Guardian III BDC, L.L.C. | 486,487 | 481,004 |
| Blue Owl Capital Corp. II | 457,873 | 459,895 |
| ARES STRATEGIC INCOME FUND | 410,328 | 413,787 |
| Oaktree Gardens OLP LLC | 346,016 | 347,784 |
| T Series Middle Market Loan Fund LLC | 336,325 | 332,091 |
| Varagon Capital Corp. | 309,483 | 305,641 |
| NMF SLF I, Inc. | 300,535 | 302,227 |
| Golub Capital Private Credit Fund | 266,418 | 266,256 |
| Brightwood Capital Corp I | 254,474 | 258,702 |
| MSC Income Fund Inc. | 205,300 | 248,193 |
| SL Investment Corp. | 247,131 | 244,703 |
| New Mountain Guardian IV BDC LLC | 215,204 | 222,185 |
| AB Private Credit Investors Corp. | 217,574 | 219,428 |
| HPS Corporate Capital Solutions Fund | 210,535 | 210,678 |
| Kennedy Lewis Capital Co | 200,384 | 204,102 |
| Jefferies Credit Partners BDC Inc. | 191,520 | 193,113 |
| Redwood Enhanced Income Corp. | 165,002 | 167,508 |
| Diameter Credit Co. | 159,890 | 160,336 |
| Star Mountain Lower Middle-Market Capital Corp. | 146,631 | 146,466 |
| Muzinich BDC Inc. | 142,437 | 139,397 |
| Bain Capital Private Credit | 137,152 | 134,193 |
| Carlyle Secured Lending III | 129,615 | 132,853 |
| WTI Fund X Inc. | 128,614 | 128,614 |
| PhenixFIN Corp. | 152,695 | 128,268 |
| Golub Capital Direct Lending Corp | 123,971 | 124,551 |
| PIMCO Capital Solutions BDC Corp. | 127,539 | 123,512 |
| StepStone Private Credit Fund LLC | 92,055 | 92,100 |
| Investcorp Credit Management BDC Inc. | 99,465 | 87,641 |
| Venture Lending & Leasing IX Inc. | 95,420 | 74,862 |
| Antares Strategic Credit Fund | 64,928 | 64,962 |
| Kayne DL 2021 Inc. | 58,228 | 59,804 |
| Crescent Private Credit Income Corp | 51,255 | 52,518 |
| Audax Credit BDC Inc. | 50,468 | 49,986 |
| New Mountain Guardian IV Unlevered BDC LLC | 47,289 | 48,318 |
| Steele Creek Capital Corp | 17,280 | 16,044 |
| Grand Total | 27,270,430 | 27,393,913 |
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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