BDCs

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.

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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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