BDCs
BDC Filing Season Q3 2023 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
BDC Filing season is in full swing. This report will analyze the 45 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 130.6 Billion USD which is approximately 47.1% 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 | 771 | 100.00% | 50,157,852 | -0.922 | 46,621,605 | 49,695,543 | 12.03 | 11.72 | 11.64 |
| Blue Owl Credit Income Corp. | 536 | 100.00% | 14,355,127 | 0.085 | 13,269,451 | 14,367,280 | 11.76 | 11.36 | 11.29 |
| HPS Corporate Lending Fund | 403 | 100.00% | 7,880,362 | 0.246 | 8,567,205 | 7,899,754 | 15.08 | 12.13 | 15.57 |
| Blue Owl Technology Finance Corp. | 239 | 100.00% | 6,341,440 | -1.5 | 5,065,912 | 6,246,307 | 12.46 | 11.53 | 11.82 |
| Apollo Debt Solutions BDC | 244 | 100.00% | 5,543,267 | -0.289 | 5,843,506 | 5,527,240 | 12.2 | 10.65 | 12.37 |
| Oaktree Specialty Lending Corp. | 285 | 100.00% | 3,189,658 | -4.756 | 2,874,575 | 3,037,959 | 13.19 | 12.75 | 12.54 |
| Blue Owl Technology Income Corp. | 183 | 100.00% | 2,852,914 | 0.075 | 2,654,405 | 2,855,052 | 10.44 | 9.81 | 10.36 |
| Franklin BSP Lending Corp. | 275 | 100.00% | 2,885,795 | -2.405 | 2,445,545 | 2,816,386 | 13.17 | 12.1 | 12.14 |
| Barings BDC | 587 | 100.00% | 2,576,197 | -2.118 | 2,235,093 | 2,521,635 | 12.55 | 11.66 | 11.21 |
| Barings Private Credit Corp | 517 | 100.00% | 2,333,427 | -1.177 | 2,090,638 | 2,305,959 | 12.03 | 11.57 | 11.07 |
| Blue Owl Capital Corp. II | 316 | 100.00% | 2,093,925 | 0.494 | 1,981,105 | 2,104,272 | 14.27 | 12.76 | 12.41 |
| New Mountain Guardian III BDC, L.L.C. | 281 | 100.00% | 2,098,205 | -1.686 | 2,175,997 | 2,062,830 | 12.24 | 11.9 | 11.76 |
| Monroe Capital Income Plus Corp | 475 | 100.00% | 1,971,360 | 0.141 | 2,203,421 | 1,974,133 | 15.18 | 11.57 | 14.75 |
| Stone Point Capital Credit LLC | 155 | 100.00% | 1,952,219 | -1.006 | 1,956,547 | 1,932,571 | 12.25 | 12.08 | 11.92 |
| ARES STRATEGIC INCOME FUND | 274 | 100.00% | 1,921,264 | 0.352 | 1,916,216 | 1,928,018 | 10.18 | 10.17 | 10.26 |
| Carlyle Credit Solutions, Inc. | 152 | 100.00% | 1,912,035 | -4.133 | 1,875,956 | 1,833,008 | 12.88 | 12.55 | 18.82 |
| MSD Investment Corp. | 82 | 100.00% | 1,829,085 | -0.959 | 1,766,681 | 1,811,546 | 13.36 | 13.23 | 13.13 |
| FS Energy & Power Fund | 77 | 100.00% | 1,453,082 | 2.731 | 1,065,816 | 1,492,766 | 30.12 | 10.61 | 2,717.38 |
| Barings Capital Investment Corp | 456 | 100.00% | 1,363,438 | -1.067 | 1,173,744 | 1,348,895 | 12.01 | 11.53 | 11.15 |
| Kayne Anderson BDC, LLC | 178 | 100.00% | 1,285,004 | 0.718 | 1,286,014 | 1,294,231 | 12.11 | 12.11 | 12.53 |
| AB Private Credit Investors Corp. | 454 | 100.00% | 1,307,247 | -1.668 | 1,311,374 | 1,285,444 | 11.82 | 11.75 | 11.61 |
| NMF SLF I, Inc. | 298 | 100.00% | 1,237,106 | -0.545 | 1,361,359 | 1,230,366 | 11.77 | 11.67 | 11.67 |
| Bain Capital Private Credit | 3 | 100.00% | 1,215,000 | 0% | — | 1,215,000 | — | — | — |
| AG Twin Brook Capital Income Fund | 478 | 100.00% | 1,207,650 | 39% | 1,438,759 | 1,212,376 | 41.65 | 12.1 | 42.98 |
| MSC Income Fund Inc. | 402 | 100.00% | 1,084,729 | 3.565 | 939,147 | 1,123,402 | 21.21 | 13.4 | 13.62 |
| Palmer Square Capital BDC Inc. | 220 | 100.00% | 1,161,892 | -4.921 | 1,132,683 | 1,104,713 | 13.42 | 10.28 | 10.35 |
| TCW Direct Lending LLC | 29 | 100.00% | 1,012,574 | -4.191 | 944,047 | 970,134 | 24 | 14.1 | 12.75 |
| Franklin BSP Capital L.L.C. | 124 | 100.00% | 766,706 | -0.997 | 740,887 | 759,061 | 12.14 | 11.82 | 11.82 |
| Gladstone Capital Corp. | 114 | 100.00% | 722,269 | -2.417 | 661,080 | 704,815 | 16.12 | 14.23 | 13.62 |
| Varagon Capital Corp. | 243 | 100.00% | 661,909 | -2.462 | 482,513 | 645,612 | 12.07 | 11.9 | 11.41 |
| Commonwealth Credit Partners BDC I Inc. | 104 | 100.00% | 583,128 | -1.647 | 586,886 | 573,526 | 13.21 | 12.61 | 12.49 |
| StepStone Private Credit Fund LLC | 154 | 100.00% | 448,272 | -0.06 | 443,383 | 448,004 | 11.58 | 11.57 | 11.55 |
| Audax Credit BDC Inc. | 284 | 100.00% | 398,962 | -1.94 | 282,971 | 391,223 | 12.69 | 10.61 | 10.35 |
| Brightwood Capital Corp I | 45 | 100.00% | 377,408 | 1.181 | 379,452 | 381,866 | 12.3 | 12.3 | 12.59 |
| Kennedy Lewis Capital Co | 112 | 100.00% | 376,585 | 1.31 | 329,773 | 381,516 | 11.47 | 11.35 | 11.77 |
| Star Mountain Lower Middle-Market Capital Corp. | 92 | 100.00% | 374,514 | 0.654 | 189,758 | 376,963 | 14.03 | 13.95 | 13.99 |
| WTI Fund X Inc. | 203 | 100.00% | 383,993 | -3.706 | 407,766 | 369,764 | 16.27 | 14.42 | 14.96 |
| Venture Lending & Leasing IX Inc. | 250 | 100.00% | 407,987 | -11.483 | 418,973 | 361,136 | 16.17 | 14 | 14.63 |
| Redwood Enhanced Income Corp. | 50 | 100.00% | 385,490 | -6.874 | 423,215 | 358,993 | 25.34 | 11.12 | 25.1 |
| New Mountain Guardian IV BDC LLC | 119 | 100.00% | 341,278 | 2.252 | 448,896 | 348,965 | 12.16 | 12.19 | 12.77 |
| Fidelity Private Credit Fund | 57 | 100.00% | 318,746 | 1.025 | 327,278 | 322,012 | 12.01 | 12.01 | 12.22 |
| Carlyle Secured Lending III | 79 | 100.00% | 273,832 | 1.306 | 278,139 | 277,407 | 12.28 | 12.18 | 12.52 |
| PIMCO Capital Solutions BDC Corp. | 34 | 100.00% | 233,185 | -1.107 | 240,043 | 230,604 | 13.42 | 11.55 | 13.42 |
| Muzinich BDC Inc. | 28 | 100.00% | 224,550 | -0.078 | 218,063 | 224,376 | 14.36 | 13.15 | 14.1 |
| Investcorp Credit Management BDC Inc. | 62 | 100.00% | 249,904 | -10.604 | 224,276 | 223,404 | 45.95 | 11.65 | 11.59 |
| Grand Total | 10,046 | 100.00% | 131,750,572 | -0.90% | 123,280,153 | 130,576,067 | 12.76 | 11.83 | 22.7 |
Non-Accruals
At least 22 BDCs that filed last week have reported Non–Accruals amounting to 688 Million USD at Cost. Oaktree Speciality Lending Corp. and FS Energy & Power Fund are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
| Oaktree Specialty Lending Corp. | 5 | 1.60% | 68,397 | -28.735 | 70,177 | 48,743 | — | — | 28.06 |
| FS Energy & Power Fund | 3 | 3.06% | 86,433 | -47.084 | 87,589 | 45,737 | 70.67 | — | 15.78 |
| Barings BDC | 8 | 1.59% | 64,558 | -37.831 | 93,146 | 40,135 | 33.13 | — | 12.45 |
| Venture Lending & Leasing IX Inc. | 29 | 9.23% | 78,852 | -57.715 | 91,650 | 33,343 | — | — | — |
| Investcorp Credit Management BDC Inc. | 10 | 10.62% | 43,802 | -45.814 | 44,052 | 23,734 | 273.14 | — | 11.01 |
| MSC Income Fund Inc. | 13 | 1.69% | 55,073 | -65.491 | 60,852 | 19,005 | 192.87 | — | 26.05 |
| HPS Corporate Lending Fund | 4 | 0.19% | 15,580 | -5.058 | 15,898 | 14,792 | 32.16 | — | 12.76 |
| Barings Private Credit Corp | 2 | 0.61% | 18,192 | -22.691 | 18,768 | 14,064 | 32.25 | — | 12.15 |
| Kayne Anderson BDC, LLC | 2 | 1.07% | 24,551 | -43.522 | 24,875 | 13,866 | — | — | — |
| Blue Owl Technology Finance Corp. | 3 | 0.22% | 12,986 | 4.374 | 13,990 | 13,554 | — | — | — |
| Barings Capital Investment Corp | 1 | 1.00% | 17,383 | -22.43 | 17,979 | 13,484 | 32 | — | 12.08 |
| Franklin BSP Lending Corp. | 12 | 0.43% | 51,653 | -76.491 | 87,797 | 12,143 | 111.22 | — | 38.31 |
| Monroe Capital Income Plus Corp | 5 | 0.48% | 18,457 | -48.264 | 19,076 | 9,549 | 50.91 | 13.42 | 13.91 |
| Carlyle Credit Solutions, Inc. | 3 | 0.48% | 50,475 | -82.457 | 61,875 | 8,855 | — | — | 1,010.97 |
| Blue Owl Capital Corp. II | 5 | 0.40% | 11,311 | -25.948 | 18,396 | 8,376 | — | — | — |
| WTI Fund X Inc. | 12 | 1.49% | 18,420 | -70.169 | 20,942 | 5,495 | — | — | — |
| MSD Investment Corp. | 1 | 0.26% | 11,832 | -60.565 | 12,853 | 4,666 | — | — | — |
| Blue Owl Credit Income Corp. | 3 | 0.03% | 3,852 | 4.387 | 4,150 | 4,021 | — | — | — |
| AB Private Credit Investors Corp. | 13 | 0.23% | 22,131 | -86.353 | 24,387 | 3,020 | — | — | — |
| Gladstone Capital Corp. | 1 | 0.41% | 6,140 | -52.85 | 6,140 | 2,895 | 132.56 | — | 10.8 |
| Star Mountain Lower Middle-Market Capital Corp. | 1 | 0.62% | 4,594 | -49.299 | — | 2,329 | — | — | — |
| Audax Credit BDC Inc. | 2 | 0.29% | 3,697 | -69.301 | 1,449 | 1,135 | 40.76 | — | 10.94 |
| Grand Total | 138 | 0.61% | 688,368 | -50.18% | 796,042 | 342,941 | 0 | 0 | 59.97 |
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 2.04 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
| Blackstone Private Credit Fund | 568,652 | 539,784 |
| Blue Owl Credit Income Corp. | 162,521 | 165,025 |
| FS Energy & Power Fund | 147,297 | 147,902 |
| Franklin BSP Lending Corp. | 137,818 | 123,724 |
| Oaktree Specialty Lending Corp. | 104,225 | 89,767 |
| MSC Income Fund Inc. | 94,007 | 88,125 |
| Carlyle Credit Solutions, Inc. | 88,958 | 80,187 |
| AB Private Credit Investors Corp. | 78,704 | 61,951 |
| Blue Owl Technology Finance Corp. | 77,595 | 77,858 |
| Barings Private Credit Corp | 77,177 | 75,220 |
| Monroe Capital | 55,904 | 56,039 |
| Barings BDC | 44,645 | 43,405 |
| Kayne Anderson BDC, LLC | 44,087 | 43,334 |
| New Mountain Guardian III BDC, L.L.C. | 42,840 | 36,953 |
| Investcorp Credit Management BDC Inc. | 37,437 | 30,898 |
| Venture Lending & Leasing IX Inc. | 36,771 | 36,768 |
| Varagon Capital Corp. | 33,997 | 32,911 |
| Star Mountain Lower Middle-Market Capital Corp. | 31,345 | 31,267 |
| Redwood Enhanced Income Corp. | 24,694 | 24,049 |
| Blue Owl Capital Corp. II | 21,342 | 21,436 |
| Audax Credit BDC Inc. | 18,312 | 17,316 |
| MSD Investment Corp. | 16,448 | 16,883 |
| Gladstone Capital Corp. | 15,243 | 11,669 |
| Muzinich BDC Inc. | 14,881 | 14,881 |
| NMF SLF I, Inc. | 13,811 | 12,194 |
| PIMCO Capital Solutions BDC Corp. | 8,432 | 8,436 |
| StepStone Private Credit Fund LLC | 8,362 | 8,365 |
| Palmer Square Capital BDC Inc. | 8,258 | 8,289 |
| AG Twin Brook BDC Inc. | 8,090 | 8,009 |
| WTI Fund X Inc. | 5,679 | 5,679 |
| Stone Point Capital Credit LLC | 4,380 | 3,896 |
| Barings Capital Investment Corp | 3,623 | 3,613 |
| New Mountain Guardian IV BDC LLC | – | -214 |
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 33.4 Billion USD (Cost) accounting for 25.3% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
| Blackstone Private Credit Fund | 11,741,247 | 11,833,390 |
| Blue Owl Credit Income Corp. | 2,328,109 | 2,335,385 |
| Blue Owl Technology Finance Corp. | 1,653,627 | 1,658,172 |
| Apollo Debt Solutions BDC | 1,525,035 | 1,542,626 |
| HPS Corporate Lending Fund | 1,465,530 | 1,492,067 |
| Bain Capital Private Credit | 1,215,000 | 1,215,000 |
| TCW Direct Lending LLC | 966,510 | 954,991 |
| Blue Owl Technology Income Corp. | 941,930 | 944,994 |
| Franklin BSP Lending Corp. | 929,286 | 963,686 |
| Oaktree Specialty Lending Corp. | 768,336 | 726,635 |
| FS Energy & Power Fund | 756,167 | 860,175 |
| Stone Point Capital Credit LLC | 686,019 | 687,513 |
| MSD Investment Corp. | 666,406 | 661,552 |
| Barings BDC | 493,612 | 549,815 |
| New Mountain Guardian III BDC, L.L.C. | 485,398 | 479,451 |
| Carlyle Credit Solutions, Inc. | 453,971 | 442,405 |
| Blue Owl Capital Corp. II | 436,650 | 459,862 |
| Barings Private Credit Corp | 422,144 | 460,178 |
| AG Twin Brook Capital Income Fund | 365,611 | 370,549 |
| Monroe Capital Income Plus Corp | 350,143 | 351,536 |
| Kayne Anderson BDC, LLC | 321,996 | 328,018 |
| Gladstone Capital Corp. | 293,062 | 307,662 |
| Varagon Capital Corp. | 286,224 | 278,440 |
| Franklin BSP Capital L.L.C. | 284,081 | 284,720 |
| NMF SLF I, Inc. | 281,464 | 280,471 |
| Barings Capital Investment Corp | 257,510 | 280,127 |
| ARES STRATEGIC INCOME FUND | 251,949 | 253,965 |
| Commonwealth Credit Partners BDC I Inc. | 236,555 | 235,693 |
| Brightwood Capital Corp I | 220,053 | 221,699 |
| AB Private Credit Investors Corp. | 218,549 | 218,425 |
| Muzinich BDC Inc. | 209,399 | 209,789 |
| Palmer Square Capital BDC Inc. | 206,540 | 202,473 |
| MSC Income Fund Inc. | 185,770 | 258,533 |
| Kennedy Lewis Capital Co | 170,620 | 173,542 |
| Redwood Enhanced Income Corp. | 170,440 | 170,640 |
| New Mountain Guardian IV BDC LLC | 150,353 | 154,654 |
| Fidelity Private Credit Fund | 146,720 | 147,911 |
| PIMCO Capital Solutions BDC Corp. | 145,048 | 141,796 |
| Star Mountain Lower Middle-Market Capital Corp. | 141,908 | 143,986 |
| Carlyle Secured Lending III | 121,262 | 123,350 |
| WTI Fund X Inc. | 118,720 | 118,720 |
| Venture Lending & Leasing IX Inc. | 114,682 | 114,682 |
| Investcorp Credit Management BDC Inc. | 92,437 | 96,360 |
| StepStone Private Credit Fund LLC | 58,479 | 58,635 |
| Audax Credit BDC Inc. | 49,846 | 50,187 |
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, 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
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