BDCs

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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