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.

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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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