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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