BDC Filing Season: Q2 2023 Week 2
BDC Filing Season Q2 2023 Week 2
BDC data provided by the Advantage Data Workstation, a SOLVE product. For more information about our BDC data or our other products please contact marketpluse@solvefixedincome.com.
Filing Recap
BDC Filing season is in full swing. This report will analyze the top 45 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 121.1 Billion USD which is approximately 45.1% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| FS KKR Capital Corp. | 427 | 100.00% | 15,542,800 | -5.011 | 14,744,104 | 14,764,000 | 224.16 | 11.43 | 20.28 |
| Owl Rock Core Income Corp. | 493 | 100.00% | 13,132,957 | -0.254 | 12,129,187 | 13,099,644 | 11.87 | 11.63 | 11.5 |
| Owl Rock Capital Corp. | 384 | 100.00% | 12,823,971 | 0.538 | 11,284,908 | 12,892,943 | 13.15 | 12.42 | 12.34 |
| Blackstone / GSO Secured Lending Fund | 323 | 100.00% | 9,500,669 | -0.682 | 9,393,026 | 9,435,914 | 11.91 | 11.68 | 11.51 |
| Golub Capital | 1,376 | 100.00% | 5,669,450 | -1.42 | 5,403,099 | 5,588,938 | 12.42 | 11.98 | 12.76 |
| Main Street Capital Corp. | 517 | 100.00% | 3,742,689 | 12.5 | 3,074,092 | 4,210,543 | 21.96 | 12.76 | 13.6 |
| Owl Rock Capital Corp III | 323 | 100.00% | 3,542,202 | 0.009 | 3,278,434 | 3,542,526 | 12.17 | 12.14 | 12.17 |
| Owl Rock Technology Finance Corp. II | 134 | 100.00% | 3,023,248 | -0.328 | 2,615,466 | 3,013,338 | 9.59 | 9.59 | 10.61 |
| Morgan Stanley Direct Lending Fund | 392 | 100.00% | 3,041,700 | -1.906 | 3,038,729 | 2,983,727 | 12.19 | 11.96 | 11.63 |
| Goldman Sachs Private Middle Market Credit II | 291 | 100.00% | 2,853,332 | -1.623 | 3,032,245 | 2,807,009 | 20.79 | 12.38 | 19.23 |
| North Haven Private Income Fund LLC | 352 | 100.00% | 2,606,096 | -2.138 | 2,622,814 | 2,550,372 | 11.87 | 11.59 | 11.3 |
| Golub Capital BDC 3 Inc. | 1,164 | 100.00% | 2,572,390 | -0.958 | 2,453,796 | 2,547,736 | 11.81 | 11.78 | 11.33 |
| SLR Investment Corp. | 170 | 100.00% | 2,582,726 | -2.637 | 1,867,588 | 2,514,626 | 11.3 | 11.29 | 11.01 |
| Barings BDC | 560 | 100.00% | 2,554,705 | -1.907 | 2,223,957 | 2,505,992 | 12.5 | 11.41 | 11.04 |
| Bain Capital Specialty Finance Inc. | 351 | 100.00% | 2,522,349 | -1.203 | 2,212,113 | 2,491,994 | 13.95 | 13.05 | 12.55 |
| Owl Rock Technology Income Corp. | 139 | 100.00% | 2,326,141 | -0.264 | 2,117,196 | 2,319,998 | 11.39 | 11.39 | 11.46 |
| Barings Private Credit Corp | 496 | 100.00% | 2,247,773 | -0.987 | 2,035,137 | 2,225,586 | 11.94 | 11.32 | 10.98 |
| OWL Rock Capital Corp. II | 317 | 100.00% | 2,141,624 | 0.336 | 2,043,164 | 2,148,826 | 13.03 | 12.6 | 12.41 |
| Carlyle Credit Solutions, Inc. | 155 | 100.00% | 2,010,887 | -3.951 | 1,976,674 | 1,931,443 | 12.77 | 12.45 | 14.23 |
| Carlyle Secured Lending Inc. | 174 | 100.00% | 1,963,144 | -3.399 | 1,917,183 | 1,896,420 | 13.52 | 12.65 | 21.54 |
| Cion Investment Corp. | 236 | 100.00% | 1,865,013 | -4.105 | 1,719,991 | 1,788,462 | 73.68 | 13.74 | 18.24 |
| Sixth Street Lending Partners | 40 | 100.00% | 1,744,507 | 0.826 | 1,771,488 | 1,758,911 | 12.81 | 12.81 | 13.17 |
| Crescent Capital BDC Inc. | 592 | 100.00% | 1,609,639 | -1.771 | 1,649,974 | 1,581,130 | 12.04 | 11.88 | 11.58 |
| T Series Middle Market Loan Fund LLC | 257 | 100.00% | 1,473,450 | -1.944 | 1,487,654 | 1,444,805 | 12.05 | 11.82 | 11.57 |
| Nuveen Churchill BDC INC. | 330 | 100.00% | 1,426,683 | -2.844 | 1,501,920 | 1,386,107 | 17.91 | 11.65 | 14.8 |
| Oaktree Strategic Credit Fund | 202 | 100.00% | 1,362,793 | -0.251 | 1,330,296 | 1,359,374 | 20.29 | 10.25 | 17.67 |
| Barings Capital Investment Corp | 433 | 100.00% | 1,327,904 | -1.39 | 1,148,220 | 1,309,445 | 12.24 | 11.26 | 10.97 |
| Capital Southwest Corporation | 251 | 100.00% | 1,287,025 | -0.133 | 1,149,754 | 1,285,318 | 14.37 | 13.24 | 13.62 |
| PennantPark Floating Rate Capital | 336 | 100.00% | 1,199,525 | -2.932 | 1,131,162 | 1,164,357 | 13.32 | 12.44 | 12.35 |
| Pennant Park Investment | 326 | 100.00% | 1,137,420 | -1.65 | 1,040,382 | 1,118,656 | 12.5 | 12.33 | 12.23 |
| SL Investment Corp. | 335 | 100.00% | 1,133,053 | -1.952 | 1,141,198 | 1,110,931 | 11.9 | 11.73 | 11.37 |
| Runway Growth Finance Corp. | 90 | 100.00% | 1,122,054 | -2.383 | 1,056,978 | 1,095,321 | 13.56 | 13.56 | 13.5 |
| Palmer Square Capital BDC Inc. | 209 | 100.00% | 1,141,176 | -6.864 | 1,071,044 | 1,062,844 | 13.22 | 10.27 | 10.16 |
| TCW Direct Lending VII LLC | 52 | 100.00% | 1,045,829 | -3.446 | 1,051,270 | 1,009,786 | 17.11 | 15.24 | 14.55 |
| TCW Direct Lending LLC | 29 | 100.00% | 986,295 | -4.028 | 915,751 | 946,567 | 18.95 | 14 | 12.58 |
| Stellus Capital Investment Corp. | 245 | 100.00% | 907,843 | -4.527 | 860,253 | 866,745 | 36.56 | 12.8 | 13 |
| TCW Direct Lending VIII LLC | 30 | 100.00% | 770,456 | 0.316 | 785,200 | 772,889 | 13.48 | 13.48 | 13.57 |
| WhiteHorse Finance | 130 | 100.00% | 760,023 | -4.167 | 753,559 | 728,352 | 15.63 | 13.65 | 13.57 |
| T. Rowe Price OHA Private Credit Fund | 154 | 100.00% | 599,708 | 0.037 | 662,972 | 599,929 | 15.33 | 11.95 | 15.29 |
| Goldman Sachs Private Middle Market Credit Corp. | 59 | 100.00% | 640,881 | -9.944 | 659,259 | 577,152 | 17.67 | 13.84 | 13.45 |
| Commonwealth Credit Partners BDC I Inc. | 104 | 100.00% | 583,542 | -1.193 | 587,837 | 576,581 | 12.76 | 12.53 | 12.41 |
| SCP Private Credit Income BDC LLC | 59 | 100.00% | 526,825 | -0.827 | 526,112 | 522,469 | 11.1 | 11.1 | 11.34 |
| Onex Falcon Direct Lending BDC Fund | 58 | 100.00% | 528,214 | -1.272 | 527,401 | 521,495 | 12.77 | 12.59 | 12.48 |
| Monroe Capital | 285 | 100.00% | 528,235 | -2.428 | 511,917 | 515,407 | 18.85 | 11.7 | 17.79 |
| Portman Ridge Finance Corp. | 192 | 100.00% | 595,975 | -14.409 | 462,097 | 510,100 | 18.72 | 12.78 | 13.74 |
| Total | 14,033 | 100.00% | 122,704,921 | -1.49% | 114,966,601 | 121,084,708 | 24.03 | 12.04 | 13.31 |
Non-Accruals
32 BDCs that filed last week have reported Non–Accruals amounting to 1.77 Billion USD at Cost. FS KKR Capital Corp. and Owl Rock Capital 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 |
|---|---|---|---|---|---|---|---|---|---|
| FS KKR Capital Corp. | 14 | 2.50% | 743,400 | -50.336 | 1,058,300 | 369,200 | 2,773.14 | — | 97.53 |
| Owl Rock Capital Corp. | 7 | 0.77% | 122,362 | -19.097 | 166,186 | 98,995 | — | — | — |
| Golub Capital | 15 | 1.44% | 97,658 | -17.711 | 123,008 | 80,362 | 48.24 | 11.66 | 115.92 |
| Carlyle Secured Lending Inc. | 4 | 1.83% | 61,851 | -43.96 | 85,257 | 34,661 | 62.23 | — | 311.85 |
| Cion Investment Corp. | 13 | 1.60% | 85,242 | -66.52 | 89,092 | 28,539 | 449.96 | — | 43.31 |
| Barings BDC | 7 | 1.06% | 51,335 | -48.115 | 78,450 | 26,635 | 52.43 | — | 10.27 |
| Crescent Capital BDC Inc. | 16 | 1.61% | 33,309 | -23.495 | 145,872 | 25,483 | — | — | 16.45 |
| Main Street Capital Corp. | 18 | 0.53% | 77,449 | -71.03 | 78,576 | 22,437 | 893.22 | — | 58.81 |
| Capital Southwest Corporation | 4 | 1.74% | 31,735 | -29.494 | 32,011 | 22,375 | 29.29 | — | 16.23 |
| WhiteHorse Finance | 3 | 2.61% | 28,348 | -32.93 | 29,338 | 19,013 | 40.7 | — | 13.31 |
| SLR Investment Corp. | 4 | 0.49% | 61,265 | -79.788 | 75,491 | 12,383 | — | — | — |
| Runway Growth Finance Corp. | 1 | 1.06% | 17,963 | -35.35 | 17,389 | 11,613 | — | — | — |
| Stellus Capital Investment Corp. | 9 | 1.22% | 51,254 | -79.353 | 51,596 | 10,582 | 383.59 | — | 16.71 |
| Barings Capital Investment Corp | 1 | 0.76% | 17,383 | -42.846 | 17,399 | 9,935 | 52.65 | — | 9.85 |
| Owl Rock Capital Corp III | 3 | 0.28% | 9,628 | 3.126 | 10,059 | 9,929 | — | — | — |
| Barings Private Credit Corp | 1 | 0.43% | 16,784 | -42.85 | 16,798 | 9,592 | 52.64 | — | 9.85 |
| Carlyle Credit Solutions, Inc. | 3 | 0.44% | 50,475 | -83.065 | 59,472 | 8,548 | — | — | 388.12 |
| Goldman Sachs Private Middle Market Credit Corp. | 6 | 1.44% | 33,136 | -74.894 | 45,326 | 8,319 | -4.03 | — | 6.98 |
| OWL Rock Capital Corp. II | 5 | 0.37% | 11,314 | -30.493 | 18,178 | 7,864 | — | — | — |
| Monroe Capital | 5 | 1.33% | 15,424 | -55.491 | 8,068 | 6,865 | 12.67 | — | 4.29 |
| Blackstone / GSO Secured Lending Fund | 2 | 0.07% | 13,359 | -51.883 | 13,540 | 6,428 | 42.68 | — | 16.16 |
| Golub Capital BDC 3 Inc. | 8 | 0.24% | 6,953 | -10.37 | 7,175 | 6,232 | 11.09 | 11.09 | 13.14 |
| Goldman Sachs Private Middle Market Credit II | 1 | 0.22% | 6,075 | 0% | 9,333 | 6,075 | — | — | — |
| Nuveen Churchill BDC INC. | 2 | 0.34% | 18,118 | -74.318 | 18,651 | 4,653 | 129.31 | — | 12.17 |
| Owl Rock Core Income Corp. | 3 | 0.03% | 3,851 | 3.116 | 4,023 | 3,971 | — | — | — |
| Portman Ridge Finance Corp. | 7 | 0.77% | 15,618 | -75.01 | 16,636 | 3,903 | 70.34 | — | 13.98 |
| PennantPark Floating Rate Capital | 3 | 0.21% | 9,644 | -74.907 | 10,513 | 2,420 | — | — | — |
| SuRo Capital Corp. | 3 | 0.41% | 3,807 | -74.775 | 3,281 | 960 | 12.73 | 12.73 | 12.73 |
| Morgan Stanley Direct Lending Fund | 1 | 0.02% | 1,500 | -59.333 | 1,500 | 610 | — | — | — |
| Oxford Square Capital Corp. | 3 | 0.13% | 23,667 | -98.093 | 29,210 | 451 | — | — | — |
| SL Investment Corp. | 1 | 0.02% | 500 | -59.4 | 500 | 203 | — | — | — |
| Bain Capital Specialty Finance Inc. | 4 | 0.00% | 50,705 | -99.899 | 55,332 | 51 | 14.31 | — | -2,013.70 |
| Total | 177 | 0.84% | 1,771,112 | -51.48% | 2,375,560 | 859,288 | 1320.68 | 0 | 88.72 |
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 3.54 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| PennantPark Floating Rate Capital | 333,607 | 329,080 |
| Golub Capital | 330,571 | 314,852 |
| FS KKR Capital Corp. | 296,900 | 164,900 |
| Owl Rock Capital Corp. | 291,706 | 288,699 |
| Cion Investment Corp. | 260,091 | 235,322 |
| Owl Rock Core Income Corp. | 170,849 | 171,483 |
| Main Street Capital Corp. | 157,854 | 142,550 |
| Bain Capital Specialty Finance Inc. | 150,085 | 141,486 |
| Goldman Sachs Private Middle Market Credit Corp. | 132,794 | 114,042 |
| Carlyle Secured Lending Inc. | 123,088 | 124,830 |
| TCW Direct Lending VII LLC | 100,364 | 91,055 |
| Carlyle Credit Solutions, Inc. | 96,355 | 95,678 |
| WhiteHorse Finance | 89,153 | 88,783 |
| SuRo Capital Corp. | 77,493 | 78,050 |
| Crescent Capital BDC Inc. | 70,217 | 68,926 |
| Capital Southwest Corporation | 68,956 | 68,452 |
| Barings Private Credit Corp | 68,816 | 67,723 |
| Owl Rock Technology Finance Corp. | 66,770 | 67,222 |
| Sixth Street Lending Partners | 61,061 | 60,313 |
| Portman Ridge Finance Corp. | 58,266 | 54,007 |
| SLR Investment Corp. | 57,631 | 57,671 |
| Barings BDC | 55,781 | 54,391 |
| Nuveen Churchill Private Capital Income Fund | 54,914 | 54,394 |
| Golub Capital BDC 3 Inc. | 52,670 | 50,752 |
| Stellus Capital Investment Corp. | 46,964 | 45,694 |
| Goldman Sachs Private Middle Market Credit II | 43,587 | 41,961 |
| Runway Growth Finance Corp. | 43,065 | 37,588 |
| Pennant Park Investment | 40,851 | 38,343 |
| Monroe Capital | 37,923 | 37,693 |
| OWL Rock Capital Corp. II | 27,363 | 27,490 |
| Nuveen Churchill BDC INC. | 13,726 | 13,782 |
| SCP Private Credit Income BDC LLC | 13,241 | 13,319 |
| Morgan Stanley Direct Lending Fund | 13,001 | 13,025 |
| Owl Rock Capital Corp III | 12,172 | 12,282 |
| Barings Capital Investment Corp | 11,148 | 10,211 |
| Oxford Square Capital Corp. | 9,818 | – |
| Onex Falcon Direct Lending BDC Fund | 9,592 | 9,158 |
| Palmer Square Capital BDC Inc. | 8,269 | 8,299 |
| SL Investment Corp. | 4,333 | 4,341 |
| Oaktree Strategic Credit Fund | 3,879 | 3,847 |
| New Mountain Guardian IV BDC LLC | – | (305) |
| Total | 3,564,924 | 3,301,389 |
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 33.2 Billion USD (Cost) accounting for 27.42% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| FS KKR Capital Corp. | 4,157,300 | 3,919,900 |
| Blackstone / GSO Secured Lending Fund | 2,899,446 | 2,894,741 |
| Owl Rock Capital Corp. | 2,793,199 | 2,846,261 |
| Owl Rock Core Income Corp. | 2,276,527 | 2,286,090 |
| Sixth Street Lending Partners | 1,307,402 | 1,316,130 |
| SLR Investment Corp. | 1,257,137 | 1,254,271 |
| Owl Rock Technology Finance Corp. II | 1,230,311 | 1,230,187 |
| TCW Direct Lending LLC | 937,964 | 928,290 |
| Owl Rock Technology Income Corp. | 926,539 | 924,254 |
| Golub Capital | 855,729 | 842,431 |
| Bain Capital Specialty Finance Inc. | 840,413 | 881,340 |
| Owl Rock Capital Corp III | 776,404 | 778,268 |
| Goldman Sachs Private Middle Market Credit II | 709,271 | 706,769 |
| Morgan Stanley Direct Lending Fund | 649,470 | 640,526 |
| North Haven Private Income Fund LLC | 617,722 | 613,218 |
| Main Street Capital Corp. | 606,853 | 933,660 |
| Runway Growth Finance Corp. | 604,571 | 603,573 |
| Carlyle Secured Lending Inc. | 594,267 | 591,416 |
| TCW Direct Lending VII LLC | 563,405 | 560,144 |
| PennantPark Floating Rate Capital | 532,261 | 497,965 |
| Pennant Park Investment | 485,887 | 484,196 |
| Barings BDC | 484,914 | 548,804 |
| TCW Direct Lending VIII LLC | 475,401 | 477,178 |
| Carlyle Credit Solutions, Inc. | 458,927 | 448,635 |
| Cion Investment Corp. | 454,604 | 456,228 |
| OWL Rock Capital Corp. II | 449,417 | 469,108 |
| Golub Capital BDC 3 Inc. | 414,882 | 407,325 |
| Goldman Sachs Private Middle Market Credit Corp. | 411,516 | 403,527 |
| Barings Private Credit Corp | 396,501 | 433,259 |
| Capital Southwest Corporation | 336,879 | 356,033 |
| Oaktree Strategic Credit Fund | 329,230 | 332,983 |
| T Series Middle Market Loan Fund LLC | 325,751 | 317,461 |
| WhiteHorse Finance | 267,474 | 267,491 |
| Barings Capital Investment Corp | 263,216 | 283,768 |
| SL Investment Corp. | 256,830 | 251,149 |
| Crescent Capital BDC Inc. | 256,803 | 248,539 |
| Commonwealth Credit Partners BDC I Inc. | 237,004 | 236,752 |
| Onex Falcon Direct Lending BDC Fund | 236,806 | 238,217 |
| T. Rowe Price OHA Private Credit Fund | 226,139 | 226,183 |
| Oxford Square Capital Corp. | 216,380 | 185,227 |
| Palmer Square Capital BDC Inc. | 201,201 | 197,686 |
| Monroe Capital | 191,546 | 180,379 |
| Portman Ridge Finance Corp. | 187,154 | 173,421 |
| Stellus Capital Investment Corp. | 174,589 | 174,026 |
| SCP Private Credit Income BDC LLC | 173,322 | 174,803 |
| Total | 33,048,563 | 33,221,813 |
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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