BDCs

BDC Filing Season Q3 2024 Week 4

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 6 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 14.2 Billion USD which is approximately 4% of aggregate AUM of all BDCs.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Golub Capital 1,576 100.00% 8,516,014 -0.793% 7,830,886 8,448,512 11.30% 10.77% 11.08%
Oaktree Specialty Lending Corp. 320 100.00% 3,223,462 -3.836% 2,955,510 3,099,822 12.39% 11.51% 11.59%
AB Private Credit Investors Corp. 528 100.00% 1,658,699 -0.585% 1,530,296 1,649,003 11.08% 10.96% 11.03%
HPS Corporate Capital Solutions Fund 122 100.00% 712,272 0.566% 671,178 716,303 11.72% 11.49% 11.85%
Lord Abbett Private Credit Fund 33 100.00% 312,639 0.295% 315,699 313,562 9.60% 9.60% 9.61%
Firsthand Technology Value Fund Inc. 66 100.00% 116,975 -98.777% 52,978 1,431
Grand Total 2,645 100% 14,540,061 -2.142% 13,356,547 14,228,633 11.490% 10.96% 11.20%

Non-Accruals

At least 3 BDCs that filed last week have reported Non–Accruals amounting to 314 Million USD at Cost. Oaktree Specialty Lending Corp. and Golub Capital 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. 15 3.69% 140,748 -18.797% 161,705 114,292 84.71% 17.72%
Golub Capital 24 1.10% 142,160 -34.437% 159,918 93,204 34.62% 4.60% 32.78%
AB Private Credit Investors Corp. 23 0.73% 31,350 -61.633% 34,955 12,028 11.53%
Grand Total 62 1.66% 314,258 -30.15% 356,578 219,524 40.12% 4.60% 30.08%

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 13.8% of BDCs’ portfolios, amounting to 2.0 billion USD at Cost.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Golub Capital 174 13.79% 1,232,382 -5.440% 1,262,916 1,165,343 15.13% 12.05% 14.98%
Oaktree Specialty Lending Corp. 40 13.77% 429,632 -0.679% 444,112 426,713 10.77% 10.66% 9.91%
AB Private Credit Investors Corp. 50 10.76% 191,991 -7.576% 196,871 177,446 13.09% 12.82% 12.52%
HPS Corporate Capital Solutions Fund 16 21.72% 152,671 1.905% 156,643 155,580 11.90% 11.84% 12.34%
Grand Total 280 13.84% 2,006,676 -4.07% 2,060,542 1,925,082 13.56% 11.81% 13.49%

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 967 million USD at cost.

BDC                                     Cost (1000)                                     FV (1000)
Golub Capital                  624,023                               602,174
Oaktree Specialty Lending Corp.                  237,991                               230,108
AB Private Credit Investors Corp.                    38,494                                 21,937
Lord Abbett Private Credit Fund                    14,453                                 14,409
Firsthand Technology Value Fund Inc.                    51,980                                           49
Grand Total                  966,941                               868,677

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 2.64 Billion USD (Cost) accounting for 18.2% of their aggregate holdings (Cost).

BDC                Cost (1000)                               FV (1000)
Golub Capital                1,100,315                        1,101,359
Oaktree Specialty Lending Corp.                    674,992                            625,566
Lord Abbett Private Credit Fund                    273,335                            274,356
HPS Corporate Capital Solutions Fund                    253,748                            256,623
AB Private Credit Investors Corp.                    227,577                            228,789
Firsthand Technology Value Fund Inc.                    115,977                                      433
Grand Total                2,645,944                        2,487,126

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.

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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?

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