BDC Filing Season Q2 2022: Week of 8/19/2022 Recap
BDC Filing Season Q2 2022: Week of 8/19/2022 Recap
BDC data provided by the Advantage Data Workstation, a Solve Advisors product. For more information about our BDC data or our other products please contact marketpluse@solvefixedincome.com.
Filing Recap
BDC Filing season is wrapping up. This report will analyze 14 BDCs that filed as of last week. Aggregate Fair Value reported by these BDCs is 6.48 billion USD which is approximately 2.9% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Barings Private Credit LLC | 390 | 100.00% | 1,798,369 | -1.339 | 1,650,399 | 1,774,296 | 8.28 | 7.78 | 7.24 |
| MSC Income Fund Inc. | 262 | 100.00% | 1,105,231 | 0.266 | 963,632 | 1,108,175 | 33.63 | 9.85 | 9.1 |
| AB Private Credit Investors Corp. | 425 | 100.00% | 1,040,022 | 0.189 | 1,035,457 | 1,041,985 | 11.9 | 7.74 | 8.23 |
| MSD Investment Corp. | 44 | 100.00% | 833,639 | -3.754 | 787,971 | 802,346 | 10.2 | 10.02 | 9.24 |
| Kayne Anderson BDC, LLC | 134 | 100.00% | 714,731 | 1.628 | 718,290 | 726,369 | 7.88 | 7.88 | 8.51 |
| Redwood Enhanced Income Corp. | 26 | 100.00% | 219,914 | -3.382 | 216,144 | 212,476 | 12.69 | 10.49 | 74.28 |
| Star Mountain Lower Middle-Market Capital Corp. | 63 | 100.00% | 198,011 | 1.595 | 180,478 | 201,170 | 11.61 | 11.13 | 11.23 |
| Carlyle Secured Lending III | 44 | 100.00% | 167,671 | -2.406 | 169,826 | 163,637 | 9.12 | 9.11 | 8.95 |
| Steele Creek Capital Corp | 160 | 100.00% | 139,722 | -5.827 | 141,444 | 131,581 | 6.48 | 5.91 | 4.99 |
| Golub Capital Direct Lending Corp | 320 | 100.00% | 130,592 | -0.613 | 122,114 | 129,792 | 7.65 | 7.64 | 7.47 |
| NexPoint Capital Inc. | 39 | 100.00% | 54,172 | 10.438 | 22,604 | 59,826 | 23.31 | 9.91 | 10.44 |
| Firsthand Technology Value Fund Inc. | 108 | 100.00% | 140,181 | -64.803 | 109,384 | 49,340 | — | — | 142.97 |
| Kayne DL 2021 Inc. | 47 | 100.00% | 42,818 | 1.658 | 36,904 | 43,528 | 7.73 | 7.73 | 8.35 |
| New Mountain Guardian IV BDC LLC | 26 | 100.00% | 34,580 | -0.677 | 58,481 | 34,346 | 7.57 | 7.57 | 7.55 |
| TOTAL | 2088 | 100.00% | 6,619,653 | -0.0213 | 6,213,127 | 6,478,866 | 13.28 | 8.48 | 11.68 |
Non-Accruals
At least 3 BDC’s that filed last week have reported Non–Accruals amounting to 39 Million USD at Cost. MSC Income Fund Inc. is leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| MSC Income Fund Inc. | 5 | 0.57% | 29,962 | -79.067 | 30,722 | 6,272 | 1062.26 | — | 10.3 |
| AB Private Credit Investors Corp. | 3 | 0.09% | 6,569 | -85.388 | 7,123 | 960 | 582.9 | — | 12.86 |
| Barings Private Credit LLC | 1 | 0.03% | 2,456 | -76.669 | 2,481 | 573 | 294.94 | — | 11.17 |
| TOTAL | 9 | 0.20% | 38,987 | -0.7998 | 40,326 | 7,805 | 876.51 | 0 | 11.01 |
Portfolio Composition By Industry
The chart below is a bird’s-eye view of the BDC’s aggregate Industry Diversification.
Portfolio Composition By Asset Class
The chart below is a bird’s-eye view of the BDC’s aggregate Diversification by Asset Class.
BDC Investments Maturing in the next 12 Months
The table below summarizes aggregate investments of BDCs that are maturing in the next 12 months, which combined are worth more than 240.07 Million USD at cost.
| BDC | Cost (1000) | Fair Value (1000) |
|---|---|---|
| Kayne Anderson BDC, LLC | 71,273.00 | 72,469.00 |
| MSC Income Fund Inc. | 72,435.00 | 48,790.00 |
| Firsthand Technology Value Fund Inc. | 55,900.00 | 35,294.00 |
| Redwood Enhanced Income Corp. | 17,336.00 | 16,571.00 |
| AB Private Credit Investors Corp. | 11,674.00 | 11,530.00 |
| Star Mountain Lower Middle-Market Capital Corp. | 3,485.00 | 3,517.00 |
| MSD Investment Corp. | 3,177.00 | 3,140.00 |
| Steele Creek Capital Corp | 2,877.00 | 2,870.00 |
| Kayne DL 2021 Inc. | 1,903.00 | 1,958.00 |
| Golub Capital Direct Lending Corp | 12.00 | 12.00 |
| Grand Total | 240,072.00 | 196,151.00 |
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 1.69 billion USD (Cost) accounting for 25% of their aggregate holdings (Cost).
| BDC | Cost (1000) | Fair Value (1000) |
|---|---|---|
| MSD Investment Corp. | 443,476.00 | 432,382.00 |
| Kayne Anderson BDC, LLC | 252,576.00 | 257,879.00 |
| MSC Income Fund Inc. | 201,343.00 | 229,927.00 |
| AB Private Credit Investors Corp. | 167,374.37 | 169,231.68 |
| Firsthand Technology Value Fund Inc. | 140,080.84 | 49,239.82 |
| Redwood Enhanced Income Corp. | 118,117.00 | 115,428.00 |
| Carlyle Secured Lending III | 98,787.68 | 95,831.68 |
| Star Mountain Lower Middle-Market Capital Corp. | 97,734.01 | 97,642.72 |
| Golub Capital Direct Lending Corp | 52,598.54 | 52,236.96 |
| NexPoint Capital Inc. | 36,554.46 | 42,595.37 |
| Kayne DL 2021 Inc. | 30,106.00 | 30,525.00 |
| BlackRock Private Credit Fund | 28,632.78 | 28,115.71 |
| Steele Creek Capital Corp | 17,723.00 | 17,191.00 |
| Grand Total | 1,685,103.68 | 1,618,225.94 |
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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