BDCs

BDC Filing Season Q3 2024 Week 3

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

This report will analyze the top 45 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 162.0 Billion USD which is approximately 45.5% of aggregate AUM of all BDCs.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Blackstone Private Credit Fund 991 100.00% 63,133,097 -0.204% 59,776,118 63,004,607 11.29% 10.58% 10.71%
HPS Corporate Lending Fund 549 100.00% 12,934,865 1.683% 14,417,594 13,152,516 18.71% 11.06% 19.04%
Apollo Debt Solutions BDC 554 100.00% 12,367,544 0.902% 12,639,554 12,479,161 9.46% 8.63% 9.21%
Blackstone Secured Lending Fund 488 100.00% 12,200,699 -0.229% 12,101,972 12,172,793 11.14% 10.92% 10.79%
North Haven Private Income Fund LLC 595 100.00% 5,930,866 -0.379% 5,884,331 5,908,373 10.96% 10.49% 10.63%
Goldman Sachs Private Credit Corp. 418 100.00% 5,459,983 0.314% 7,239,681 5,477,137 10.65% 10.64% 10.72%
MSD Investment Corp. 156 100.00% 4,357,374 0.037% 4,046,421 4,358,982 10.95% 10.71% 10.97%
Franklin BSP Capital Corp. 327 100.00% 3,848,487 -1.123% 3,313,777 3,805,259 11.59% 10.87% 14.26%
AG Twin Brook Capital Income Fund 620 100.00% 2,772,848 0.186% 3,486,886 2,778,000 11.01% 126.64%
Stone Point Capital Credit LLC 239 100.00% 2,462,495 -0.201% 2,451,461 2,457,540 11.12% 10.81% 10.93%
Goldman Sachs Private Middle Market Credit II 255 100.00% 2,380,309 -1.520% 2,386,176 2,344,135 11.81% 11.70% 11.27%
T Series Middle Market Loan Fund LLC 417 100.00% 2,063,577 -0.598% 2,034,651 2,051,235 2.1379 2.254 2.1425
Kayne Anderson BDC LLC 259 100.00% 1,944,456 1.114% 1,934,763 1,966,109 10.96% 10.87% 11.43%
FS Energy & Power Fund 108 100.00% 1,756,453 -3.667% 1,549,398 1,692,052 20.03% 10.31% 12.41%
Carlyle Credit Solutions Inc. 161 100.00% 1,722,795 -2.265% 1,680,082 1,683,778 15.16% 12.71% 12.20%
Antares Strategic Credit Fund 670 100.00% 1,605,623 0.058% 2,100,104 1,606,552 44.97% 9.88% 42.52%
Crescent Capital BDC Inc. 594 100.00% 1,607,461 -0.596% 1,600,207 1,597,879 11.41% 10.83% 13.28%
New Mountain Guardian III BDC L.L.C. 196 100.00% 1,561,044 -1.434% 1,568,785 1,538,659 11.35% 11.06% 10.97%
NMF SLF I Inc. 379 100.00% 1,483,914 -0.333% 1,695,635 1,478,978 10.82% 10.71% 10.74%
New Mountain Guardian IV BDC LLC 308 100.00% 1,231,736 1.034% 1,511,994 1,244,475 10.59% 10.58% 10.84%
StepStone Private Credit Fund LLC 530 100.00% 1,203,386 0.131% 1,184,123 1,204,966 1.42% 1.41% 1.38%
MSC Income Fund Inc. 428 100.00% 1,163,772 2.582% 975,364 1,193,822 15.77% 13.20% 13.91%
Nuveen Churchill Private Capital Income Fund 394 100.00% 1,139,892 -0.541% 3,120,291 1,133,724 9.95% 9.92% 9.86%
TCW Direct Lending VII LLC 56 100.00% 1,239,741 -8.926% 1,187,785 1,129,083 120.92% 26.81% 24.20%
Fidelity Private Credit Fund 208 100.00% 1,102,304 0.245% 1,068,908 1,105,004 10.95% 10.63% 10.77%
Runway Growth Finance Corp. 110 100.00% 1,109,683 -3.928% 1,025,560 1,066,100 13.03% 13.03% 12.98%
Silver Point Specialty Credit Fund LP 156 100.00% 996,641 -2.585% 1,041,358 970,878 12.47% 8.08%
TCW Direct Lending VIII LLC 49 100.00% 951,786 -0.940% 968,364 942,839 13.32% 13.13% 13.09%
Middle Market Apollo Institutional Private Lending 161 100.00% 903,157 -0.607% 917,376 897,679 18.46% 12.03% 12.74%
Goldman Sachs Middle Market Lending Corp. II 249 100.00% 837,101 0.562% 1,072,595 841,805 11.49% 11.49% 11.61%
Gladstone Capital Corp. 118 100.00% 771,011 3.275% 696,046 796,260 23.04% 13.10% 13.11%
TCW Direct Lending LLC 31 100.00% 906,390 -12.774% 787,668 790,610 0.9196 0.1202 0.1881
Varagon Capital Corp. 335 100.00% 777,759 -1.548% 600,208 765,721 11.54% 10.93% 11.44%
Kennedy Lewis Capital Co 133 100.00% 664,929 0.778% 680,867 670,099 11.17% 11.12% 11.45%
KKR Enhanced US Direct Lending Fund-L 188 100.00% 12,382 5302.334% 857,744 668,917 12.05% 10.72%
Commonwealth Credit Partners BDC I Inc. 144 100.00% 663,841 -2.536% 663,757 647,009 14.69% 11.74% 12.18%
Jefferies Credit Partners BDC Inc. 116 100.00% 622,557 -0.104% 632,580 621,909 11.20% 11.20% 11.28%
Overland Advantage 51 100.00% 521,811 -0.488% 508,098 519,264
Bain Capital Private Credit 140 100.00% 516,296 0.351% 480,478 518,107 11.01% 11.03% 11.12%
First Eagle Private Credit Fund 173 100.00% 509,747 -0.388% 515,860 507,771 10.28% 10.05% 10.18%
Monroe Capital 310 100.00% 505,008 -6.089% 463,402 474,259 68.68% 12.15% 40.48%
Phillip Street Middle Market Lending Fund LLC 161 100.00% 467,752 0.234% 731,541 468,847 10.75% 10.75% 10.81%
WTI Fund X Inc. 212 100.00% 492,143 -6.570% 496,221 459,809 47.95% 14.75% 16.81%
Redwood Enhanced Income Corp. 59 100.00% 433,657 -4.082% 478,211 415,957 15.36% 9.88% 12.39%
Audax Credit BDC Inc. 334 100.00% 402,391 -1.689% 268,187 395,593 10.26% 9.75% 9.65%
GRAND TOTAL 13,130 100% 161,740,763 0.159% 164,842,182 162,004,252 24.280% 13.98% 17.75%

Non-Accruals

At least 21 BDCs that filed last week have reported Non–Accruals amounting to 1.0 Billion USD at Cost. Blackstone Private Credit Fund and Apollo Debt Solutions are leading the Non-Accruals list.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Blackstone Private Credit Fund 11 0.41% 257,773 -48.939% 360,613 131,621 82.48% 16.41%
Apollo Debt Solutions BDC 7 0.71% 87,695 -55.336% 88,022 39,168 51.09% 6.96%
AG Twin Brook Capital Income Fund 6 2.85% 78,970 8.033% 11,085 85,314 20.94% 47.52%
HPS Corporate Lending Fund 10 0.60% 77,181 -24.595% 85,573 58,198 222.52% 37.90%
MSC Income Fund Inc. 22 6.46% 75,193 -57.707% 84,506 31,801 54.05% 11.63% 31.32%
Franklin BSP Capital Corp. 11 1.53% 59,056 -27.338% 151,186 42,911 48.21% 249.35%
Runway Growth Finance Corp. 2 4.30% 47,691 -16.265% 46,619 39,934
FS Energy & Power Fund 3 2.25% 39,495 -43.628% 46,331 22,264 240.94% 45.82%
North Haven Private Income Fund LLC 5 0.53% 31,651 -15.519% 32,304 26,739 18.56% 13.34%
Goldman Sachs Private Middle Market Credit II 3 1.27% 30,202 2.550% 36,125 30,972
Gladstone Capital Corp. 6 3.67% 28,308 -54.780% 28,308 12,801 218.33% 11.97%
Crescent Capital BDC Inc. 14 1.59% 25,579 -50.213% 97,752 12,735
Blackstone Secured Lending Fund 6 0.18% 22,186 -37.551% 39,685 13,855 35.84% 23.88%
Monroe Capital 20 3.98% 20,106 -27.067% 21,171 14,664 35.80% 9.27% 14.49%
T Series Middle Market Loan Fund LLC 3 0.91% 18,727 -13.093% 18,941 16,275 16.24% 12.53%
Commonwealth Credit Partners BDC I Inc. 2 2.74% 18,174 -45.604% 20,391 9,886 75.80% 15.51% 18.80%
Carlyle Credit Solutions Inc. 2 1.01% 17,460 -47.291% 19,753 9,203 47.22% 20.31%
Kayne Anderson BDC LLC 2 0.89% 17,311 -15.314% 17,311 14,660
Silver Point Specialty Credit Fund LP 1 1.60% 15,976 -9.955% 17,332 14,386 20.13% 14.49%
Middle Market Apollo Institutional Private Lending 2 1.68% 15,214 -25.273% 16,221 11,369 27.91% 14.00%
MSD Investment Corp. 1 0.25% 11,071 -80.842% 12,853 2,121
GRAND TOTAL 139 0.91% 995,019 -39.18% 1,252,082 640,877 120.88% 13.88% 33.21%

PIK

BDCs are increasingly using payment-in-kind (PIK) as a credit management tool to preserve liquidity. In the filings from last week, PIK accounted for 10.79% of BDCs’ portfolios, amounting to 17.5 billion USD at Cost.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Blackstone Private Credit Fund 60 12.02% 7,587,553 -3.117% 7,698,789 7,351,032 14.44% 11.19% 11.38%
HPS Corporate Lending Fund 55 13.53% 1,750,603 1.113% 1,784,145 1,770,081 13.74% 13.30% 13.64%
Blackstone Secured Lending Fund 37 13.12% 1,601,105 -1.753% 1,624,569 1,573,036 12.41% 11.98% 11.43%
TCW Direct Lending VII LLC 27 49.41% 612,542 -18.431% 636,707 499,645 158.74% 30.76% 26.32%
Goldman Sachs Private Credit Corp. 22 10.88% 593,856 -0.548% 733,679 590,604 10.46% 10.46% 10.36%
North Haven Private Income Fund LLC 40 9.14% 541,962 -0.257% 544,652 540,567 11.74% 10.88% 11.43%
Franklin BSP Capital Corp. 32 10.68% 410,858 -0.910% 442,468 407,121 12.63% 11.12% 13.20%
Goldman Sachs Private Middle Market Credit II 34 14.02% 333,762 -2.399% 361,661 325,754 12.73% 12.73% 12.46%
Runway Growth Finance Corp. 9 29.85% 331,237 -4.213% 329,745 317,281 12.59% 12.59% 10.89%
New Mountain Guardian III BDC L.L.C. 25 19.98% 311,916 -4.129% 229,586 299,036 13.36% 13.34% 12.07%
Apollo Debt Solutions BDC 16 2.49% 308,524 -0.280% 319,576 307,659 10.39% 10.29% 11.97%
Carlyle Credit Solutions Inc. 18 16.63% 286,457 -6.220% 288,096 268,639 16.33% 14.03% 12.71%
MSD Investment Corp. 13 6.08% 265,014 -3.278% 207,622 256,327 14.73% 13.00% 12.75%
TCW Direct Lending LLC 8 27.46% 248,892 -47.796% 282,619 129,931 155.16% 15.61% 22.45%
TCW Direct Lending VIII LLC 10 23.35% 222,224 -5.714% 225,706 209,527 14.95% 14.73% 13.86%
T Series Middle Market Loan Fund LLC 33 9.97% 205,647 -1.877% 213,445 201,786 206.20% 227.70% 205.85%
Crescent Capital BDC Inc. 72 11.99% 192,728 -6.521% 198,433 180,160 17.91% 14.54% 30.03%
MSC Income Fund Inc. 67 15.56% 181,082 -20.338% 181,913 144,254 27.38% 16.89% 19.53%
Monroe Capital 83 32.95% 166,398 -9.260% 161,423 150,989 173.31% 14.21% 14.19%
Gladstone Capital Corp. 11 21.27% 163,964 -5.409% 164,083 155,096 18.14% 15.49% 14.64%
NMF SLF I Inc. 23 10.62% 157,637 -3.800% 153,028 151,647 12.78% 12.76% 11.78%
FS Energy & Power Fund 8 8.34% 146,408 -6.746% 152,703 136,532 202.18% 10.10% 40.28%
Kayne Anderson BDC LLC 19 7.11% 138,202 -2.662% 140,535 134,523 15.55% 14.61% 14.27%
Goldman Sachs Middle Market Lending Corp. II 16 11.68% 97,760 1.258% 117,403 98,990 10.25% 10.25% 10.52%
Nuveen Churchill Private Capital Income Fund 22 7.57% 86,344 -2.031% 87,914 84,590 13.05% 13.05% 12.82%
New Mountain Guardian IV BDC LLC 10 6.81% 83,882 0.173% 71,612 84,027 12.48% 12.48% 12.41%
Kennedy Lewis Capital Co 5 11.44% 76,053 2.724% 78,198 78,124 12.30% 12.30% 12.85%
Varagon Capital Corp. 34 8.37% 65,062 -7.308% 65,469 60,307 15.73% 12.15% 12.81%
Commonwealth Credit Partners BDC I Inc. 10 8.09% 53,727 -8.499% 55,410 49,161 35.57% 12.87% 16.77%
Redwood Enhanced Income Corp. 8 11.14% 48,305 -27.196% 54,084 35,168 6.06% 6.06% 6.06%
AG Twin Brook Capital Income Fund 34 1.62% 44,917 -7.474% 46,187 41,560 18.99% 14.62% 16.73%
Phillip Street Middle Market Lending Fund LLC 7 9.02% 42,198 -0.867% 51,216 41,832 10.23% 10.23% 10.08%
Jefferies Credit Partners BDC Inc. 4 5.71% 35,570 -1.122% 35,829 35,171
Bain Capital Private Credit 6 5.23% 27,024 0.707% 9,318 27,215 13.37% 13.37% 19.26%
Antares Strategic Credit Fund 17 1.18% 18,873 0.154% 20,810 18,902 11.30% 11.30% 11.39%
Audax Credit BDC Inc. 11 4.50% 18,118 -25.149% 10,319 13,562 17.72% 10.39% 11.15%
KKR Enhanced US Direct Lending Fund-L 4 0.00% 21,736 20,474
Grand Total 910 10.79% 17,456,404 -4.14% 17,800,688 16,790,310 25.02% 15.10% 16.53%

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 1.57 Billion USD at cost.

BDC                                     Cost (1000)                                     FV (1000)
Blackstone Private Credit Fund                    267,012                                 240,646
Goldman Sachs Private Middle Market Credit II                    202,754                                 189,295
TCW Direct Lending VII LLC                    192,633                                 159,868
Franklin BSP Capital Corp.                    130,332                                 116,749
MSC Income Fund Inc.                       92,156                                   87,059
Varagon Capital Corp.                       85,843                                   84,273
Middle Market Apollo Institutional Private Lending                       80,470                                   79,959
TCW Direct Lending LLC                    118,388                                   77,329
Crescent Capital BDC Inc.                       77,027                                   67,463
Blackstone Secured Lending Fund                       72,286                                   65,163
Monroe Capital                       44,412                                   46,035
Runway Growth Finance Corp.                       42,798                                   38,056
FS Energy & Power Fund                       49,564                                   30,024
StepStone Private Credit Fund LLC                       27,776                                   27,859
MSD Investment Corp.                       24,931                                   24,794
WTI Fund X Inc.                       20,713                                   20,167
Nuveen Churchill Private Capital Income Fund                       14,377                                   10,393
Antares Strategic Credit Fund                         8,044                                      8,046
Audax Credit BDC Inc.                         6,755                                      6,617
Redwood Enhanced Income Corp.                         5,515                                      5,540
First Eagle Private Credit Fund                         4,882                                      4,522
Gladstone Capital Corp.                         3,003                                      2,633
Stone Point Capital Credit LLC                         1,241                                      1,335
KKR Enhanced US Direct Lending Fund-L                                  –                                          141
New Mountain Guardian IV BDC LLC                                 (4)                                           (34)
Grand Total                1,572,908                            1,393,932

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 33.6 Billion USD (Cost) accounting for 20.77% of their aggregate holdings (Cost).

BDC                Cost (1000)                               FV (1000)
Blackstone Private Credit Fund             11,777,920                          11,842,792
Blackstone Secured Lending Fund                2,945,707                            2,905,879
HPS Corporate Lending Fund                1,943,222                            2,003,784
Apollo Debt Solutions BDC                1,758,948                            1,774,056
Goldman Sachs Private Credit Corp.                1,313,152                            1,311,336
Franklin BSP Capital Corp.                1,204,424                            1,207,460
MSD Investment Corp.                1,197,168                            1,199,749
North Haven Private Income Fund LLC                    874,945                                 881,570
Stone Point Capital Credit LLC                    690,825                                 694,389
Goldman Sachs Private Middle Market Credit II                    610,504                                 609,228
AG Twin Brook Capital Income Fund                    548,254                                 555,939
TCW Direct Lending VII LLC                    636,574                                 548,934
Runway Growth Finance Corp.                    550,439                                 538,456
New Mountain Guardian III BDC, L.L.C.                    468,602                                 455,701
FS Energy & Power Fund                    442,725                                 414,456
TCW Direct Lending VIII LLC                    395,198                                 394,082
Gladstone Capital Corp.                    310,731                                 360,557
Kayne Anderson BDC, LLC                    350,834                                 358,986
TCW Direct Lending LLC                    460,059                                 328,766
T Series Middle Market Loan Fund LLC                    322,919                                 322,130
New Mountain Guardian IV BDC LLC                    304,514                                 307,701
NMF SLF I, Inc.                    289,938                                 290,064
Varagon Capital Corp.                    296,324                                 289,247
Kennedy Lewis Capital Co                    283,271                                 286,772
Fidelity Private Credit Fund                    279,237                                 282,944
Antares Strategic Credit Fund                    278,647                                 278,616
Overland Advantage                    277,244                                 276,588
Crescent Capital BDC Inc.                    258,116                                 251,618
Commonwealth Credit Partners BDC I Inc.                    238,943                                 244,359
Jefferies Credit Partners BDC Inc.                    228,624                                 228,833
MSC Income Fund Inc.                    213,066                                 221,553
Goldman Sachs Middle Market Lending Corp. II                    207,815                                 209,621
Silver Point Specialty Credit Fund LP                    216,994                                 196,742
Bain Capital Private Credit                    190,970                                 188,645
Nuveen Churchill Private Capital Income Fund                    174,217                                 175,056
Monroe Capital                    184,003                                 174,954
Redwood Enhanced Income Corp.                    179,022                                 169,488
WTI Fund X Inc.                    167,090                                 167,090
Phillip Street Middle Market Lending Fund LLC                    156,874                                 156,866
StepStone Private Credit Fund LLC                    119,684                                 121,692
First Eagle Private Credit Fund                    101,414                                 101,712
Middle Market Apollo Institutional Private Lending                       93,928                                   93,892
Audax Credit BDC Inc.                       50,717                                   48,650
Grand Total             33,593,802                          33,470,953

Source: SOLVE; Copyright (c) 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 (646) 699-5041.

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

SOLVE’s BDC Data & Analytics empowers businesses like yours with detailed and standardized BDC portfolio and position data within minutes of filing with the SEC. Why Choose SOLVE’s BDC Data & Analytics solution?

Stay up-to-date with weekly summaries.

Stay up-to-date on the latest from Solve

Read the latest from our team

  • Credit Default Swaps

    High Yield CDS Market Summary – November 2024

    Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.

  • Credit Default Swaps

    Investment Grade CDS Market Summary – November 2024

    Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.