BDCs

BDC Filing Season Q3 2023 Week 2

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 44 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 94.3 Billion USD which is approximately 34.0% of aggregate AUM of all BDCs.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
FS KKR Capital Corp. 460 100.00% 15,365,800 -4.554 14,523,306 14,666,100 176.41 11.97 21.72
Blue Owl Capital Corp. 385 100.00% 12,822,871 0.572 11,142,524 12,896,158 20.06 10.11 10.88
Blackstone / GSO Secured Lending Fund 335 100.00% 9,696,897 -0.527 9,591,977 9,645,784 12.09 11.86 11.71
Prospect Capital 213 100.00% 7,613,853 1.615 7,546,952 7,736,817 16.6 12.51 15.54
Main Street Capital Corp. 549 100.00% 3,799,385 13.037 3,127,726 4,294,722 20.18 12.93 13.59
Blue Owl Capital Corp III 326 100.00% 3,563,510 0.059 3,281,516 3,565,615 10.57 10.57 12.56
Goldman Sachs BDC 396 100.00% 3,618,855 -4.978 3,938,034 3,438,696 29.67 12.94 19.3
Blue Owl Technology Finance Corp. II 156 100.00% 3,389,194 -0.146 2,985,565 3,384,250 8.09 8.09 7.67
North Haven Private Income Fund LLC 367 100.00% 2,849,020 -1.278 2,870,342 2,812,602 12 11.67 11.6
Goldman Sachs Private Middle Market Credit II 286 100.00% 2,811,358 -2.249 2,917,836 2,748,143 25.66 12.63 18.67
SLR Investment Corp. 166 100.00% 2,537,174 -1.323 1,790,530 2,503,613 11.38 11.39 11.47
Bain Capital Specialty Finance Inc. 353 100.00% 2,445,589 0.523 2,119,049 2,458,381 13.23 12.35 11.75
MidCap Financial Investment Corp. 310 100.00% 2,577,532 -8.077 2,558,897 2,369,357 78.66 12.98 63.52
Sixth Street Lending Partners 51 100.00% 2,007,948 2.014 2,037,747 2,048,389 12.55 12.54 12.91
Carlyle Secured Lending Inc. 171 100.00% 1,926,884 -3.446 1,880,052 1,860,475 13.19 12.74 38.75
Cion Investment Corp. 227 100.00% 1,895,822 -2.687 1,726,922 1,844,877 28.41 12.99 24.71
Crescent Capital BDC Inc. 575 100.00% 1,595,542 -1.925 1,636,581 1,564,828 12.4 12.05 11.8
T Series Middle Market Loan Fund LLC 275 100.00% 1,561,792 -1.115 1,576,871 1,544,375 12.13 11.88 11.8
SL Investment Corp. 347 100.00% 1,160,448 -1.017 1,168,471 1,148,648 11.94 11.8 11.64
Runway Growth Finance Corp. 91 100.00% 1,044,874 -3.249 977,702 1,010,927 14.12 14.12 13.25
Silver Point Specialty Credit Fund LP 126 100.00% 961,404 -0.663 961,681 955,028 119.18 13.34 5.79
TCW Direct Lending VII LLC 53 100.00% 1,007,452 -6.068 1,015,317 946,318 20 15.69 15.12
T. Rowe Price OHA Private Credit Fund 190 100.00% 922,160 0.81 483,612 929,632 13.73 12.33 13.87
Stellus Capital Investment Corp. 268 100.00% 941,679 -5.877 891,472 886,338 14.85 12.85 12.58
TCW Direct Lending VIII LLC 31 100.00% 817,862 0.437 833,822 821,440 13.34 13.34 13.45
WhiteHorse Finance 123 100.00% 743,806 -4.977 735,889 706,790 16.85 13.63 13.62
BlackRock Capital Investment Corporation 234 100.00% 688,801 -12.294 639,066 604,123 14.35 13.4 13.28
Goldman Sachs Private Middle Market Credit Corp. 55 100.00% 589,497 -9.742 561,055 532,070 15.46 14.21 12.77
Onex Falcon Direct Lending BDC Fund 58 100.00% 531,846 -1.646 530,057 523,093 13.09 12.71 12.64
Monroe Capital 296 100.00% 536,795 -3.448 509,219 518,284 17.18 11.68 16.37
SCP Private Credit Income BDC LLC 56 100.00% 518,679 -0.86 505,190 514,219 11.29 11.29 11.54
Portman Ridge Finance Corp. 184 100.00% 584,586 -14.398 451,253 500,419 16.3 12.93 14.03
TriplePoint Private Venture Credit 473 100.00% 443,251 -3.491 413,211 427,776 20.25 13.47 10.89
Goldman Sachs Middle Market Lending Corp. II 133 100.00% 343,336 -0.614 472,178 341,227 43.74 12.27 36.36
Oxford Square Capital Corp. 55 100.00% 472,184 -37.106 614,157 296,974 26.17 13.08 12.76
OHA Senior Private Lending Fund LLC 92 100.00% 272,157 1.229 328,199 275,502 16.19 12.13 16.41
Logan Ridge Finance Corp. 92 100.00% 202,687 -7.691 182,610 187,099 13.13 12.94 12.67
Lafayette Square USA, Inc. 23 100.00% 169,680 0.352 164,779 170,278 12.95 12.95 13.09
TCW Star Direct Lending LLC 19 100.00% 163,171 0.465 166,648 163,930 13.21 13.21 13.37
Phillip Street Middle Market Lending Fund LLC 45 100.00% 157,543 0.006 156,593 157,552 17.01 12.84 17.01
BC Partners Lending Corp. 85 100.00% 132,090 -2.874 135,106 128,294 14.93 12.52 12.73
Rand Capital Corp. 66 100.00% 66,262 12.711 46,145 74,684 11.91 11.55 11.91
SLR HC BDC LLC 30 100.00% 65,758 0.735 66,192 66,241 11.5 11.53 11.79
North Haven Private Income Fund A LLC 66 100.00% 35,445 0.245 36,179 35,532 11.96 11.96 12.03
Grand Total 8,892 100.00% 95,652,479 -1.42% 90,298,230 94,305,600 33.86 12.38 15.08

Non-Accruals

At least 26 BDCs that filed last week have reported Non–Accruals amounting to 1.9 Billion USD at Cost. FS KKR Capital Corp. and Blue Owl Capital Corp. 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. 14 2.44% 741,100 -51.774 1,110,500 357,400 3,269.02 154.73
Blue Owl Capital Corp. 7 0.80% 122,342 -15.835 169,785 102,969
Goldman Sachs BDC 16 2.30% 151,848 -48.014 159,422 78,939 876.57 8.76
Goldman Sachs Private Middle Market Credit II 4 2.18% 94,132 -36.418 98,845 59,851
Main Street Capital Corp. 24 0.99% 117,671 -63.802 125,797 42,594 279.03 37.18
Carlyle Secured Lending Inc. 4 1.97% 61,814 -40.79 88,826 36,600 44.53 810.51
Crescent Capital BDC Inc. 16 1.70% 33,895 -21.375 154,104 26,650
Bain Capital Specialty Finance Inc. 4 1.00% 35,982 -31.544 37,186 24,632 29.17 16
Cion Investment Corp. 12 0.97% 56,304 -68.31 78,083 17,843 90.75 92.29
Prospect Capital 5 0.21% 164,916 -90.373 315,732 15,876 171.62 30.5
Silver Point Specialty Credit Fund LP 1 1.64% 15,976 -1.954 17,332 15,664 14.42 14.42 14.42
TriplePoint Private Venture Credit 39 3.39% 29,822 -51.328 29,527 14,515 123.25 13.2 10.23
Stellus Capital Investment Corp. 13 1.50% 67,163 -80.195 67,548 13,301 58.51 12 12.33
North Haven Private Income Fund LLC 2 0.44% 14,696 -14.868 14,811 12,511 17.7 12.63
MidCap Financial Investment Corp. 6 0.49% 33,066 -64.804 47,062 11,638 225.89 21.6
Runway Growth Finance Corp. 1 1.15% 17,963 -35.35 17,389 11,613
Logan Ridge Finance Corp. 3 5.69% 16,794 -36.596 17,081 10,648
T Series Middle Market Loan Fund LLC 2 0.68% 12,246 -14.862 12,342 10,426 17.7 12.63
Blue Owl Capital Corp III 3 0.28% 9,630 4.393 10,375 10,053
Portman Ridge Finance Corp. 8 1.64% 21,318 -61.479 22,825 8,212 78.24 32.68
SLR Investment Corp. 2 0.30% 16,501 -54.354 19,920 7,532
Monroe Capital 6 1.19% 8,187 -24.82 8,379 6,155 38.06 13.42 13.77
SL Investment Corp. 3 0.37% 5,398 -21.971 5,437 4,212 17.71 12.63
Blackstone / GSO Secured Lending Fund 1 0.01% 1,413 -4.6 9,566 1,348 40.74 38.56
Oxford Square Capital Corp. 3 0.16% 23,667 -97.94 30,265 487
SCP Private Credit Income BDC LLC 1 3,698 4,271
Grand Total 200 1.08% 1,877,542 -52.78% 2,672,410 901,669 1,668.38 0 96.9

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 3.2 Billion USD at cost.

BDC                                              Cost (1000)                                                 FV (1000)
SLR Investment Corp.                                               393,087                                               392,931
Prospect Capital                                               280,462                                               216,947
Blue Owl Capital Corp.                                               272,876                                               271,695
Cion Investment Corp.                                               176,549                                               165,914
Main Street Capital Corp.                                               174,324                                               152,788
TCW Direct Lending VII LLC                                               168,746                                               150,772
Bain Capital Specialty Finance Inc.                                               152,763                                               141,594
MidCap Financial Investment Corp.                                               131,676                                               130,220
WhiteHorse Finance                                               100,368                                                 99,982
Blackstone / GSO Secured Lending Fund                                                 95,601                                                 88,727
Stellus Capital Investment Corp.                                                 94,312                                                 70,733
Carlyle Secured Lending Inc.                                                 84,086                                                 73,988
Crescent Capital BDC Inc.                                                 69,834                                                 68,844
Portman Ridge Finance Corp.                                                 67,367                                                 61,267
TriplePoint Private Venture Credit                                                 64,125                                                 60,717
Sixth Street Lending Partners                                                 56,108                                                 54,846
Monroe Capital                                                 55,904                                                 56,039
Goldman Sachs BDC                                                 39,160                                                 33,482
Runway Growth Finance Corp.                                                 28,585                                                 23,145
Goldman Sachs Private Middle Market Credit II                                                 24,205                                                 22,917
SL Investment Corp.                                                 22,988                                                 22,969
Goldman Sachs Private Middle Market Credit Corp.                                                 16,221                                                         –
BC Partners Lending Corp.                                                 14,015                                                 14,089
SLR HC BDC LLC                                                 13,584                                                 13,565
SCP Private Credit Income BDC LLC                                                 12,000                                                 11,935
Oxford Square Capital Corp.                                                   9,818                                                         –
Onex Falcon Direct Lending BDC Fund                                                   9,624                                                   9,168
BlackRock Capital Investment Corporation                                                   9,542                                                   9,618
Rand Capital Corp.                                                   8,235                                                   8,235
T Series Middle Market Loan Fund LLC                                                   6,226                                                   6,229
Blue Owl Capital Corp III                                                   4,771                                                   4,956
Logan Ridge Finance Corp.                                                   1,076                                                   1,089
Grand Total                                           3,236,738                                           3,000,201

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 28.7 Billion USD (Cost) accounting for 31.43% of their aggregate holdings (Cost).

BDC                                              Cost (1000)                                                 FV (1000)
FS KKR Capital Corp.                                           4,161,400                                           3,945,100
Blackstone / GSO Secured Lending Fund                                           2,897,886                                           2,894,716
Prospect Capital                                           2,823,316                                           3,883,963
Blue Owl Capital Corp.                                           2,802,100                                           2,866,688
Sixth Street Lending Partners                                           1,360,328                                           1,391,309
SLR Investment Corp.                                           1,257,156                                           1,252,891
Blue Owl Technology Finance Corp. II                                           1,217,922                                           1,225,873
Bain Capital Specialty Finance Inc.                                               785,126                                               829,474
Blue Owl Capital Corp III                                               777,399                                               779,579
Goldman Sachs BDC                                               770,731                                               755,758
Goldman Sachs Private Middle Market Credit II                                               735,662                                               733,339
North Haven Private Income Fund LLC                                               655,665                                               655,792
MidCap Financial Investment Corp.                                               640,323                                               623,913
Main Street Capital Corp.                                               616,203                                               971,170
Runway Growth Finance Corp.                                               600,185                                               595,879
Carlyle Secured Lending Inc.                                               594,359                                               590,681
TCW Direct Lending VII LLC                                               558,913                                               550,024
Cion Investment Corp.                                               500,584                                               503,052
TCW Direct Lending VIII LLC                                               447,371                                               449,746
Goldman Sachs Private Middle Market Credit Corp.                                               405,530                                               395,408
T Series Middle Market Loan Fund LLC                                               326,794                                               323,092
Silver Point Specialty Credit Fund LP                                               304,183                                               297,452
T. Rowe Price OHA Private Credit Fund                                               290,421                                               293,024
WhiteHorse Finance                                               269,375                                               269,702
SL Investment Corp.                                               256,639                                               253,532
Crescent Capital BDC Inc.                                               255,690                                               250,548
Onex Falcon Direct Lending BDC Fund                                               241,365                                               243,032
Monroe Capital                                               193,358                                               180,454
Portman Ridge Finance Corp.                                               190,179                                               175,655
Oxford Square Capital Corp.                                               186,101                                               156,415
BlackRock Capital Investment Corporation                                               183,906                                               161,434
SCP Private Credit Income BDC LLC                                               175,035                                               175,888
Stellus Capital Investment Corp.                                               171,817                                               170,908
Lafayette Square USA, Inc.                                               157,929                                               158,524
Goldman Sachs Middle Market Lending Corp. II                                               142,497                                               142,343
OHA Senior Private Lending Fund LLC                                               137,936                                               140,168
Phillip Street Middle Market Lending Fund LLC                                               131,048                                               130,975
TriplePoint Private Venture Credit                                               124,857                                               124,809
TCW Star Direct Lending LLC                                               119,475                                               119,920
Logan Ridge Finance Corp.                                                 85,260                                                 85,619
SLR HC BDC LLC                                                 46,122                                                 46,408
BC Partners Lending Corp.                                                 43,501                                                 44,319
Rand Capital Corp.                                                 43,303                                                 50,384
North Haven Private Income Fund A LLC                                                 23,017                                                 23,044
Grand Total                                         28,707,967                                         29,912,004

Source: SOLVE BDC Data & Analytics, Copyright © 2023. Redistribution Strictly Prohibited. Data can not be used in any way to populate a database nor shared with unauthorized users. See SOLVE Terms. All rights reserved. +1 (646) 699-5041.

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@solvefixedincome.com.

Sourav Srimal
Senior Vice President
ssrimal@solvefixedincome.com

Nikhil Thadaney
Data Analyst
nthadaney@solvefixedincome.com

Andrew Robartes
Data Analyst
arobartes@solvefixedincome.com

Nayan Raj
Data Analyst
nraj@solvefixedincome.com

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