BDC Filing Season: Q1 2023 Week 1
BDC Filing Season Q1 2023 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 marketpluse@solveadvisors.com.
Filing Recap
BDC Filing season is in full swing. This report will analyze the 23 BDCs that filed as of last week. Aggregate Fair Value reported by these BDCs is 64.82 Billion USD which is approximately 24.72% 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 | 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 |
| Goldman Sachs BDC | 367 | 100.00% | 3,681,513 | -4.526 | 3,975,313 | 3,514,903 | 17.55 | 12.4 | 16.52 |
| 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 | 11.36 | 11.01 | 11.22 |
| Barings BDC | 563 | 100.00% | 2,658,484 | -3.851 | 2,353,107 | 2,556,114 | 12.2 | 11 | 10.82 |
| MidCap Financial Investment Corp. | 309 | 100.00% | 2,653,999 | -7.783 | 4,596,784 | 2,447,449 | 21.54 | 12.24 | 2,690.86 |
| Barings Private Credit Corp | 499 | 100.00% | 2,287,113 | -0.687 | 2,136,778 | 2,271,398 | 11.5 | 10.91 | 10.72 |
| BlackRock TCP Capital Corp. | 282 | 100.00% | 1,697,777 | 3.928 | 1,557,059 | 1,764,462 | 14.14 | 13.04 | 13.03 |
| Barings Capital Investment Corp | 422 | 100.00% | 1,343,412 | -1.377 | 1,167,337 | 1,324,907 | 11.94 | 10.88 | 10.74 |
| Trinity Capital Inc. | 377 | 100.00% | 1,155,553 | -4.818 | 1,075,499 | 1,099,875 | 14.71 | 12.86 | 11.37 |
| Saratoga Investment Corp. | 106 | 100.00% | 1,062,566 | 0.574 | 976,466 | 1,068,667 | 13.96 | 12.48 | 12.38 |
| TriplePoint Venture Growth BDC Corp. | 336 | 100.00% | 1,003,826 | -2.092 | 929,347 | 982,828 | 14.12 | 12.98 | 12.4 |
| Fidus Investment Corp | 167 | 100.00% | 900,360 | 3.592 | 808,065 | 932,704 | 13.19 | 12.39 | 12.67 |
| Horizon Technology Finance Corp. | 291 | 100.00% | 724,162 | -1.222 | 716,106 | 715,312 | 95.7 | 14.16 | 14.18 |
| Gladstone Capital Corp. | 113 | 100.00% | 696,031 | -2.481 | 637,835 | 678,759 | 14.66 | 13.64 | 13.12 |
| BlackRock Capital Investment Corporation | 226 | 100.00% | 675,506 | -12.222 | 626,547 | 592,948 | 13.42 | 13.07 | 12.77 |
| OFS Capital | 118 | 100.00% | 475,025 | 5.207 | 492,192 | 499,758 | 16.02 | 12.59 | 12.7 |
| TriplePoint Private Venture Credit | 448 | 100.00% | 453,693 | -2.578 | 427,253 | 441,998 | 14.99 | 13.64 | 12.91 |
| Oxford Square Capital Corp. | 61 | 100.00% | 527,543 | -37.412 | 690,005 | 330,180 | 21.89 | 12.88 | 13.39 |
| Great Elm Capital Corp. | 122 | 100.00% | 330,258 | -6.891 | 319,152 | 307,499 | 16.12 | 12.95 | 25.66 |
| BlackRock Direct Lending Corp. | 211 | 100.00% | 234,497 | 7.548 | 239,026 | 252,197 | 13.14 | 12.63 | 12.34 |
| BlackRock Private Credit Fund | 178 | 100.00% | 234,188 | 6.629 | 241,129 | 249,713 | 10.71 | 10.37 | 10.56 |
| Total | 7,327 | 100.00% | 66,946,944 | -3.18% | 61,861,965 | 64,819,822 | 28.79 | 12.17 | 172.81 |
Non-Accruals
At least 21 BDCs that filed last week have reported Non–Accruals amounting to 2.12 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 |
| Oaktree Specialty Lending Corp. | 3 | 2.28% | 76,938 | -4.567 | 80,640 | 73,424 | 17.66 | — | 15.87 |
| TriplePoint Venture Growth BDC Corp. | 13 | 4.65% | 77,067 | -40.675 | 83,131 | 45,720 | 34.33 | — | 12.69 |
| Great Elm Capital Corp. | 10 | 10.81% | 41,058 | -19.017 | 44,620 | 33,250 | 18.98 | 18.71 | 18.34 |
| Barings BDC | 11 | 1.11% | 102,250 | -72.165 | 145,170 | 28,461 | 64.25 | — | 17.07 |
| Trinity Capital Inc. | 9 | 2.18% | 49,242 | -51.411 | 47,596 | 23,926 | 57.44 | — | 9.91 |
| Fidus Investment Corp | 5 | 2.20% | 43,137 | -52.461 | 43,289 | 20,507 | 23.49 | — | 14.05 |
| Goldman Sachs BDC | 8 | 0.55% | 57,850 | -66.36 | 62,488 | 19,461 | 170.25 | — | 84.31 |
| TriplePoint Private Venture Credit | 16 | 3.69% | 28,988 | -43.711 | 29,205 | 16,317 | 47.19 | — | 15.32 |
| BlackRock Capital Investment Corporation | 2 | 2.64% | 74,311 | -78.909 | 37,686 | 15,673 | — | — | — |
| OFS Capital | 6 | 2.29% | 36,522 | -68.605 | 44,936 | 11,466 | 491.23 | — | 25.73 |
| Barings Capital Investment Corp | 2 | 0.75% | 19,282 | -48.527 | 19,349 | 9,925 | 61.56 | — | 13.65 |
| Saratoga Investment Corp. | 1 | 0.91% | 15,879 | -38.53 | 15,879 | 9,761 | 67.44 | — | 14.97 |
| 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 |
| Horizon Technology Finance Corp. | 6 | 0.73% | 20,313 | -74.15 | 20,645 | 5,251 | 3,813.61 | — | 14.49 |
| BlackRock TCP Capital Corp. | 5 | 0.25% | 8,649 | -48.904 | 9,886 | 4,419 | 47.57 | — | 12.27 |
| Gladstone Capital Corp. | 1 | 0.42% | 6,140 | -53.795 | 6,140 | 2,837 | 92.28 | — | 10.4 |
| Hercules Capital Inc. | 2 | 0.04% | 17,891 | -93.332 | 28,486 | 1,193 | 186.46 | — | 14.93 |
| Oxford Square Capital Corp. | 3 | 0.04% | 23,667 | -99.482 | 28,711 | 123 | — | — | 173.03 |
| Total | 141 | 1.61% | 2,123,090 | -51.21% | 2,634,210 | 1,035,762 | 708.62 | 0 | 39.13 |
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 2.53 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Capital | 828,700 | 727,600 |
| FS KKR Capital Corp. | 364,300 | 223,600 |
| Hercules Capital Inc. | 173,788 | 174,172 |
| MidCap Financial Investment Corp. | 160,484 | 158,551 |
| Goldman Sachs BDC | 155,615 | 148,561 |
| Oaktree Specialty Lending Corp. | 142,106 | 140,212 |
| BlackRock TCP Capital Corp. | 141,165 | 125,154 |
| TriplePoint Venture Growth BDC Corp. | 84,982 | 82,395 |
| Great Elm Capital Corp. | 81,976 | 76,315 |
| Trinity Capital Inc. | 77,183 | 75,150 |
| Saratoga Investment Corp. | 52,425 | 52,122 |
| TriplePoint Private Venture Credit | 50,356 | 43,291 |
| Barings BDC | 44,636 | 41,069 |
| Barings Private Credit Corp | 40,720 | 40,666 |
| Horizon Technology Finance Corp. | 34,210 | 33,030 |
| Fidus Investment Corp | 25,250 | 25,250 |
| Gladstone Capital Corp. | 19,314 | 16,961 |
| OFS Capital | 18,993 | 7,101 |
| Barings Capital Investment Corp | 18,091 | 16,833 |
| BlackRock Capital Investment Corporation | 8,529 | 8,376 |
| BlackRock Direct Lending Corp. | 3,382 | 3,226 |
| Total | 2,526,205 | 2,219,635 |
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 17.4 Billion USD (Cost) accounting for 25.97% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Capital | 5,663,600 | 5,702,600 |
| FS KKR Capital Corp. | 4,155,600 | 3,950,800 |
| Hercules Capital Inc. | 902,839 | 924,016 |
| Goldman Sachs BDC | 781,790 | 771,333 |
| Oaktree Specialty Lending Corp. | 744,911 | 715,937 |
| MidCap Financial Investment Corp. | 664,863 | 647,622 |
| Saratoga Investment Corp. | 533,089 | 534,600 |
| Barings BDC | 474,740 | 532,273 |
| BlackRock TCP Capital Corp. | 450,911 | 511,592 |
| Barings Private Credit Corp | 368,397 | 403,756 |
| Trinity Capital Inc. | 346,895 | 346,059 |
| Gladstone Capital Corp. | 305,370 | 318,013 |
| TriplePoint Venture Growth BDC Corp. | 297,214 | 292,471 |
| Horizon Technology Finance Corp. | 271,812 | 270,015 |
| Barings Capital Investment Corp | 258,320 | 279,473 |
| Fidus Investment Corp | 239,137 | 284,254 |
| Oxford Square Capital Corp. | 189,763 | 153,879 |
| Great Elm Capital Corp. | 179,364 | 177,626 |
| BlackRock Capital Investment Corporation | 178,410 | 155,971 |
| OFS Capital | 161,597 | 243,734 |
| TriplePoint Private Venture Credit | 128,164 | 128,500 |
| BlackRock Private Credit Fund | 48,420 | 48,192 |
| BlackRock Direct Lending Corp. | 45,758 | 45,727 |
| Total | 17,390,965 | 17,438,443 |
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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