BDC Filing Season: Q1 2024 Week 1
BDC Filing Season Q1 2024 Week 1
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 is in full swing. This report will analyze the 17 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 45.21 Billion USD which is approximately 14.9% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Ares Capital | 1184 | 100.00% | 22,804,500 | 1.402 | 17,083,000 | 23,124,300 | 12.67 | 12.38 | 12.16 |
| Hercules Capital Inc. | 336 | 100.00% | 3,574,576 | -0.082 | 3,381,767 | 3,571,641 | 9.85 | 9.46 | 9.94 |
| Sixth Street Specialty Lending, Inc. | 200 | 100.00% | 3,359,652 | 0.606 | 3,257,058 | 3,380,009 | 17.52 | 12.84 | 13.78 |
| Oaktree Specialty Lending Corp. | 305 | 100.00% | 3,381,264 | -5.806 | 3,032,279 | 3,184,937 | 12.55 | 12.17 | 11.92 |
| New Mountain Finance | 369 | 100.00% | 3,094,186 | -0.782 | 2,580,232 | 3,069,982 | 39.88 | 11.87 | 18.69 |
| BlackRock TCP Capital Corp. | 303 | 100.00% | 2,236,062 | 0.042 | 2,146,138 | 2,236,992 | 22.08 | 13.28 | 17.33 |
| Trinity Capital Inc. | 407 | 100.00% | 1,431,965 | -3.92 | 1,330,958 | 1,375,829 | 15.92 | 12.65 | 11.32 |
| Fidus Investment Corp | 200 | 100.00% | 1,048,718 | 2.145 | 952,166 | 1,071,213 | 14.64 | 12.75 | 12.91 |
| Gladstone Capital Corp. | 120 | 100.00% | 790,542 | 0.132 | 720,433 | 791,588 | 14.65 | 13.64 | 13.59 |
| TriplePoint Venture Growth BDC Corp. | 314 | 100.00% | 820,339 | -5.697 | 744,882 | 773,605 | 16.67 | 12.75 | 11.1 |
| Horizon Technology Finance Corp. | 310 | 100.00% | 765,173 | -7.065 | 734,245 | 711,116 | 15.26 | 13.94 | 14.17 |
| BlackRock Private Credit Fund | 235 | 100.00% | 438,301 | 9.297 | 448,782 | 479,052 | 11.4 | 11.08 | 11.55 |
| OFS Capital | 115 | 100.00% | 399,036 | 0.346 | 415,419 | 400,415 | 30.54 | 12.71 | 12.58 |
| Great Elm Capital Corp. | 59 | 100.00% | 285,937 | -5.156 | 253,124 | 271,195 | 14.05 | 13.17 | 13.72 |
| Oxford Square Capital Corp. | 60 | 100.00% | 461,311 | -41.236 | 617,044 | 271,084 | — | 12.26 | 14.39 |
| BlackRock Direct Lending Corp. | 228 | 100.00% | 268,621 | -1.76 | 270,464 | 263,893 | 14.26 | 12.7 | 12.7 |
| Vista Credit Strategic Lending Corp. | 20 | 100.00% | 233,488 | 0.175 | 182,381 | 233,897 | 10.69 | 10.68 | 10.79 |
| Grand Total | 4,765 | 100.00% | 45,393,671 | -0.40% | 38,150,372 | 45,210,748 | 17.85 | 12.25 | 12.92 |
Non-Accruals
At least 14 BDCs that filed last week have reported Non–Accruals amounting to 1.45 Billion USD at Cost. TriplePoint Venture Growth 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 |
|---|---|---|---|---|---|---|---|---|---|
| TriplePoint Venture Growth BDC Corp. | 44 | 37.06% | 340,329 | -15.76 | 344,444 | 286,692 | 24.64 | 13.4 | 12.94 |
| Ares Capital | 22 | 0.72% | 397,600 | -57.897 | 502,300 | 167,400 | — | — | — |
| Oaktree Specialty Lending Corp. | 10 | 2.17% | 127,720 | -45.875 | 133,329 | 69,128 | — | — | — |
| Horizon Technology Finance Corp. | 33 | 7.17% | 96,019 | -46.887 | 100,883 | 50,999 | 41.84 | — | 19.1 |
| Sixth Street Specialty Lending, Inc. | 4 | 1.13% | 70,905 | -45.98 | 76,572 | 38,303 | 203.9 | — | 32.71 |
| BlackRock TCP Capital Corp. | 8 | 1.63% | 80,867 | -54.853 | 114,352 | 36,509 | 146.87 | — | 79.46 |
| Trinity Capital Inc. | 18 | 2.21% | 67,523 | -55.005 | 65,979 | 30,382 | 129.79 | — | 6.9 |
| New Mountain Finance | 10 | 0.96% | 80,464 | -63.33 | 98,997 | 29,506 | 725.88 | — | 184.8 |
| OFS Capital | 10 | 4.84% | 43,873 | -55.825 | 53,672 | 19,381 | 222.28 | — | 14.24 |
| Fidus Investment Corp | 3 | 0.94% | 32,062 | -68.552 | 32,228 | 10,083 | 65.88 | — | 13.51 |
| Hercules Capital Inc. | 2 | 0.15% | 42,212 | -87.646 | 41,887 | 5,215 | 96.32 | — | 11.11 |
| Great Elm Capital Corp. | 2 | 1.72% | 12,798 | -63.541 | 12,935 | 4,666 | — | — | — |
| Oxford Square Capital Corp. | 6 | 0.74% | 55,008 | -96.374 | 63,846 | 1,995 | 2151.29 | — | 15.79 |
| Gladstone Capital Corp. | 1 | 0.24% | 6,140 | -68.453 | 6,140 | 1,937 | — | — | 10.8 |
| Grand Total | 173 | 1.70% | 1,453,520 | -48.25% | 1,647,564 | 752,196 | 308.14 | 13.4 | 48.3 |
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 1.87 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Capital | 514,600 | 389,700 |
| Sixth Street Specialty Lending, Inc. | 239,761 | 234,362 |
| Hercules Capital Inc. | 234,840 | 227,558 |
| TriplePoint Venture Growth BDC Corp. | 213,147 | 201,287 |
| BlackRock TCP Capital Corp. | 199,898 | 179,433 |
| New Mountain Finance | 86,799 | 122,386 |
| Oaktree Specialty Lending Corp. | 92,592 | 89,929 |
| Trinity Capital Inc. | 95,381 | 79,940 |
| Fidus Investment Corp | 65,359 | 59,596 |
| OFS Capital | 35,276 | 26,308 |
| Horizon Technology Finance Corp. | 22,577 | 21,466 |
| Oxford Square Capital Corp. | 28,434 | 13,586 |
| Gladstone Capital Corp. | 17,338 | 13,298 |
| Great Elm Capital Corp. | 14,643 | 12,247 |
| BlackRock Direct Lending Corp. | 9,350 | 9,073 |
| BlackRock Private Credit Fund | 5,906 | 4,808 |
| Grand Total | 1,875,901 | 1,684,977 |
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 14.8 Billion USD (Cost) accounting for 32.7% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Capital | 5,414,300 | 5,578,800 |
| Hercules Capital Inc. | 1,041,453 | 1,068,077 |
| New Mountain Finance | 953,602 | 981,383 |
| Sixth Street Specialty Lending, Inc. | 728,494 | 722,303 |
| Oaktree Specialty Lending Corp. | 750,880 | 651,621 |
| BlackRock TCP Capital Corp. | 560,067 | 577,620 |
| Trinity Capital Inc. | 379,885 | 369,269 |
| Gladstone Capital Corp. | 313,865 | 339,698 |
| TriplePoint Venture Growth BDC Corp. | 350,495 | 323,089 |
| Fidus Investment Corp | 258,317 | 264,035 |
| Horizon Technology Finance Corp. | 305,319 | 253,975 |
| Great Elm Capital Corp. | 158,278 | 139,150 |
| OFS Capital | 162,020 | 138,788 |
| Vista Credit Strategic Lending Corp. | 132,992 | 133,313 |
| BlackRock Private Credit Fund | 109,887 | 111,498 |
| Oxford Square Capital Corp. | 207,675 | 89,402 |
| BlackRock Direct Lending Corp. | 47,986 | 47,586 |
| Grand Total | 14,843,358 | 14,948,985 |
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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