BDCs

BDC Filing Season Q3 2023 Week 1

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 19 BDCs that filed as of last week. Aggregate Fair Value reported by these BDCs is 46.64 Billion USD which is approximately 16.8% of aggregate AUM of all BDCs.

Name Number of Investments % Portfolio Cost % Gain/Loss Principal Value Fair Value FV Yield Filtered Yield Cost Yield
Ares Capital 1,117 100.00% 21,864,000 0.295 16,306,600 21,928,500 — — —
Hercules Capital Inc. 335 100.00% 3,308,894 -1.436 3,139,289 3,261,391 14.02 10.93 11.16
Morgan Stanley Direct Lending Fund 410 100.00% 3,158,601 -1.113 3,154,678 3,123,450 12.21 12.03 11.87
Sixth Street Specialty Lending, Inc. 205 100.00% 3,085,378 0.904 2,988,174 3,113,277 16.72 12.83 13.63
New Mountain Finance 354 100.00% 3,168,719 -1.793 2,622,447 3,111,903 42.12 12.45 12.4
BlackRock TCP Capital Corp. 283 100.00% 1,651,943 2 1,509,887 1,684,974 15.83 13.57 13.69
Nuveen Churchill BDC INC. 364 100.00% 1,544,214 -1.878 1,686,473 1,515,212 15.11 11.76 14.15
Capital Southwest Corporation 266 100.00% 1,360,955 -0.543 1,221,431 1,353,566 15.1 13.47 13.92
Saratoga Investment Corp. 122 100.00% 1,163,337 -1.372 1,121,447 1,147,378 17.68 13.16 13.18
Trinity Capital Inc. 382 100.00% 1,159,782 -3.104 1,089,571 1,123,782 14.64 13.39 11.7
Fidus Investment Corp 178 100.00% 973,940 3.234 832,087 1,005,437 14.81 13.09 13.21
Gladstone Investment Corporation 68 100.00% 834,798 9.684 650,697 915,636 21.18 14.44 14.24
TriplePoint Venture Growth BDC Corp. 343 100.00% 924,127 -5.838 843,569 870,178 22.22 13.37 11.59
Horizon Technology Finance Corp. 300 100.00% 754,814 -3.413 728,819 729,053 17.34 14.11 14.6
OFS Capital 113 100.00% 432,864 5.633 452,302 457,246 26.13 12.83 12.59
Nuveen Churchill Private Capital Income Fund 221 100.00% 456,661 -1.197 477,369 451,194 13.73 11.66 12.99
BlackRock Private Credit Fund 204 100.00% 328,004 6.491 337,435 349,293 11.67 11.33 11.56
BlackRock Direct Lending Corp. 224 100.00% 258,648 0.031 263,447 258,728 13.84 13.07 12.97
Great Elm Capital Corp. 104 100.00% 251,344 -5.942 240,415 236,410 15.57 13.96 12.58
Grand Total 5,593 100.00% 46,681,023 0.01% 39,666,137 46,636,608 17.77 12.85 12.89

Non-Accruals

At least 19 BDCs that filed last week have reported Non–Accruals amounting to 925 Million USD at Cost. Ares Capital and TriplePoint Venture Growth BDC 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
Ares Capital 14 0.62% 266,200 -49.061 340,000 135,600 25.29 — 14.84
TriplePoint Venture Growth BDC Corp. 25 4.51% 94,771 -58.607 101,385 39,229 119.93 — 15.72
Gladstone Investment Corporation 7 3.39% 66,898 -53.634 66,898 31,018 74.13 — 13.11
Great Elm Capital Corp. 10 12.83% 38,051 -20.291 40,673 30,330 18.85 19.71 18.08
Trinity Capital Inc. 10 2.49% 42,510 -34.086 42,250 28,020 49.17 — 11.35
Capital Southwest Corporation 5 1.99% 39,708 -32.155 39,994 26,940 40.93 16.79 16.18
New Mountain Finance 17 0.82% 81,346 -68.555 90,583 25,579 979.33 — 12.55
Hercules Capital Inc. 2 0.77% 88,124 -72.136 98,795 24,555 100.57 — 11.83
Sixth Street Specialty Lending, Inc. 3 0.66% 28,160 -26.758 33,184 20,625 349.59 — 48.72
Saratoga Investment Corp. 4 1.54% 48,991 -63.882 49,199 17,695 105.87 — 14.45
Horizon Technology Finance Corp. 11 2.36% 43,648 -60.498 44,231 17,242 54.29 — 13.45
OFS Capital 9 3.65% 39,155 -57.352 47,986 16,699 153.68 — 14.19
Fidus Investment Corp 5 1.24% 34,787 -64.09 34,955 12,492 54.27 — 13.2
Morgan Stanley Direct Lending Fund 3 0.20% 8,848 -27.893 8,906 6,380 17.71 — 12.63
Nuveen Churchill BDC INC. 1 0.12% 3,419 -48.991 3,867 1,744 56.2 — 16.67
BlackRock TCP Capital Corp. 4 — 1,082 — 1,740 — — — —
Grand Total 130 0.97% 925,698 -51.10% 1,044,646 434,148 208.78 0 16.18

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 2.19 Billion USD at cost.

BDC                                               Cost (1000)                                                 FV (1000)
Ares Capital                                               954,600                                               851,100
Hercules Capital Inc.                                               199,639                                               183,628
New Mountain Finance                                               151,068                                               136,727
Sixth Street Specialty Lending, Inc.                                               147,639                                               149,275
TriplePoint Venture Growth BDC Corp.                                               139,061                                               132,369
Gladstone Investment Corporation                                               107,478                                                 97,788
BlackRock TCP Capital Corp.                                                 90,445                                                 70,904
Capital Southwest Corporation                                                 84,886                                                 83,826
Nuveen Churchill Private Capital Income Fund                                                 61,318                                                 60,624
Morgan Stanley Direct Lending Fund                                                 56,509                                                 56,482
Trinity Capital Inc.                                                 56,091                                                 52,208
OFS Capital                                                 35,159                                                 30,731
Horizon Technology Finance Corp.                                                 29,969                                                 29,959
Saratoga Investment Corp.                                                 24,108                                                 24,204
Great Elm Capital Corp.                                                 22,586                                                 14,511
Nuveen Churchill BDC INC.                                                 21,789                                                 21,731
Fidus Investment Corp                                                 13,559                                                   8,360
BlackRock Private Credit Fund                                                   1,277                                                   1,286
Grand Total                                                     2,197,181                                                   2,005,713

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 12.15 Billion USD (Cost) accounting for 21.90% of their aggregate holdings (Cost).

BDC                                              Cost (1000)                                                 FV (1000)
Ares Capital                                           5,345,800                                           5,521,700
Hercules Capital Inc.                                               945,430                                               966,117
New Mountain Finance                                               884,688                                               977,819
Sixth Street Specialty Lending, Inc.                                               704,761                                               721,311
Morgan Stanley Direct Lending Fund                                               648,161                                               644,333
Saratoga Investment Corp.                                               487,543                                               499,533
BlackRock TCP Capital Corp.                                               466,598                                               523,473
Gladstone Investment Corporation                                               437,566                                               623,383
Capital Southwest Corporation                                               338,523                                               354,621
TriplePoint Venture Growth BDC Corp.                                               334,817                                               328,330
Trinity Capital Inc.                                               320,659                                               311,990
Fidus Investment Corp                                               269,985                                               308,443
Horizon Technology Finance Corp.                                               268,843                                               260,784
Nuveen Churchill BDC INC.                                               172,651                                               172,729
OFS Capital                                               152,531                                               226,765
Great Elm Capital Corp.                                               138,339                                               141,064
Nuveen Churchill Private Capital Income Fund                                                 99,038                                                 97,069
BlackRock Private Credit Fund                                                 89,865                                                 91,027
BlackRock Direct Lending Corp.                                                 46,794                                                 46,981
Grand Total                                                   12,152,592                                                  12,817,471

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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