BDC Filing Season: Q2 2023 Week 3
BDC Filing Season Q2 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 marketpluse@solvefixedincome.com.
Filing Recap
BDC Filing season is wrapping up for Q2. This report will analyze the 44 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 93.0 Billion USD which is approximately 34.58% 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 | 756 | 100.00% | 49,815,275 | -1.488 | 46,190,240 | 49,073,900 | 11.93 | 11.61 | 11.4 |
| HPS Corporate Lending Fund | 379 | 100.00% | 7,240,862 | -0.382 | 7,986,248 | 7,213,187 | 20.9 | 12.06 | 17.12 |
| Blue Owl Technology Finance Corp. | 232 | 100.00% | 6,454,259 | -0.346 | 5,168,373 | 6,431,900 | 12.6 | 12.35 | 12.24 |
| Apollo Debt Solutions BDC | 220 | 100.00% | 4,794,981 | -0.52 | 5,289,556 | 4,770,044 | 10.97 | 10.09 | 11.03 |
| Franklin BSP Lending Corp. | 285 | 100.00% | 2,974,902 | -2.325 | 2,539,144 | 2,905,739 | 13.21 | 11.93 | 11.9 |
| New Mountain Guardian III BDC, L.L.C. | 288 | 100.00% | 2,122,329 | -2.122 | 2,235,652 | 2,077,302 | 12.32 | 11.84 | 11.6 |
| Stone Point Capital Credit LLC | 151 | 100.00% | 1,879,455 | -1.516 | 1,896,317 | 1,850,959 | 11.22 | 10.92 | 10.79 |
| MSD Investment Corp. | 77 | 100.00% | 1,653,352 | -1.495 | 1,604,875 | 1,628,629 | 13.44 | 13.32 | 13.15 |
| FS Energy & Power Fund | 71 | 100.00% | 1,406,338 | 6.347 | 967,477 | 1,495,602 | 13.16 | 12.48 | 514.84 |
| Kayne Anderson BDC, LLC | 171 | 100.00% | 1,282,321 | 1.304 | 1,286,382 | 1,299,045 | 11.91 | 11.85 | 12.46 |
| AB Private Credit Investors Corp. | 463 | 100.00% | 1,291,026 | -2.044 | 1,290,550 | 1,264,637 | 27.15 | 11.55 | 11.32 |
| NMF SLF I, Inc. | 280 | 100.00% | 1,226,115 | -0.988 | 1,355,868 | 1,214,001 | 11.68 | 11.56 | 11.41 |
| MSC Income Fund Inc. | 380 | 100.00% | 1,084,464 | 3.677 | 919,954 | 1,124,340 | 19.48 | 13.08 | 13.32 |
| AG Twin Brook Capital Income Fund | 141 | 100.00% | 978,154 | 0.633 | 1,194,247 | 984,342 | 39.42 | 11.77 | 41.51 |
| ARES STRATEGIC INCOME FUND | 200 | 100.00% | 939,798 | 0.274 | 941,851 | 942,373 | 10.23 | 10.22 | 10.27 |
| Silver Point Specialty Credit Fund LP | 118 | 100.00% | 947,833 | -1.669 | 959,710 | 932,011 | 14.66 | 13.23 | 15.15 |
| Franklin BSP Capital L.L.C. | 130 | 100.00% | 804,364 | -1.093 | 781,264 | 795,571 | 11.88 | 11.64 | 11.6 |
| Varagon Capital Corp. | 251 | 100.00% | 677,849 | -2.778 | 494,418 | 659,021 | 11.95 | 11.83 | 11.41 |
| Golub Capital Private Credit Fund | 1 | 100.00% | 650,323 | 0% | — | 650,323 | — | — | — |
| Bain Capital Private Credit | 2 | 100.00% | 646,250 | 0% | — | 646,250 | — | — | — |
| Monroe Capital | 285 | 100.00% | 528,235 | -2.428 | 511,917 | 515,407 | 18.85 | 11.7 | 17.79 |
| Venture Lending & Leasing IX Inc. | 275 | 100.00% | 451,315 | -7.627 | 469,453 | 416,893 | 15.23 | 13.97 | 14.54 |
| Audax Credit BDC Inc. | 278 | 100.00% | 399,336 | -2.172 | 292,379 | 390,663 | 11.93 | 10.6 | 10.3 |
| Redwood Enhanced Income Corp. | 48 | 100.00% | 395,120 | -4.965 | 434,993 | 375,503 | 15.45 | 12.38 | 33.21 |
| WTI Fund X Inc. | 191 | 100.00% | 375,289 | -2.109 | 357,739 | 367,373 | 15.51 | 14.16 | 14.82 |
| Star Mountain Lower Middle-Market Capital Corp. | 88 | 100.00% | 347,192 | 1.027 | 167,501 | 350,759 | 14.8 | 13.97 | 14.3 |
| Brightwood Capital Corp I | 43 | 100.00% | 325,234 | 1.174 | 326,174 | 329,051 | 12.11 | 12.11 | 12.24 |
| Golub Capital Direct Lending Corp | 453 | 100.00% | 279,212 | -0.422 | 268,177 | 278,034 | 11.78 | 11.74 | 11.59 |
| Carlyle Secured Lending III | 75 | 100.00% | 262,021 | 0.119 | 266,618 | 262,332 | 12.28 | 12.27 | 12.29 |
| Kennedy Lewis Capital Co | 93 | 100.00% | 251,470 | 0.929 | 269,721 | 253,807 | 11.61 | 11.43 | 11.72 |
| PIMCO Capital Solutions BDC Corp. | 34 | 100.00% | 245,950 | -3.94 | 269,763 | 236,260 | 23.07 | 11.78 | 15.77 |
| Muzinich BDC Inc. | 28 | 100.00% | 217,161 | 0.417 | 210,282 | 218,067 | 14.02 | 13.41 | 13.99 |
| Fidelity Private Credit Fund | 35 | 100.00% | 197,225 | 0.751 | 192,106 | 198,707 | 11.96 | 11.96 | 12.11 |
| Stellus Private Credit BDC | 91 | 100.00% | 187,088 | 0.66 | 182,357 | 188,324 | 11.86 | 11.86 | 11.93 |
| Kayne DL 2021 Inc. | 88 | 100.00% | 137,943 | 1.886 | 141,103 | 140,544 | 11.63 | 11.63 | 12.1 |
| Steele Creek Capital Corp | 169 | 100.00% | 135,284 | -4.437 | 136,314 | 129,281 | 11.35 | 9.96 | 9.65 |
| PGIM Private Credit Fund | 40 | 100.00% | 110,384 | 0.102 | 82,301 | 110,497 | 12.98 | 12.77 | 13.01 |
| NexPoint Capital Inc. | 38 | 100.00% | 47,100 | 6.152 | 14,548 | 49,998 | 24.41 | 16.85 | 15.14 |
| Hancock Park Corporate Income Inc. | 58 | 100.00% | 53,433 | -6.716 | 55,783 | 49,845 | 14.5 | 13.21 | 13.37 |
| Wellings Real Estate Income Fund | 19 | 100.00% | 38,750 | 0.762 | — | 39,045 | — | — | — |
| Equus Total Return | 4 | 100.00% | 21,850 | 65.625 | 13,739 | 36,189 | 11.98 | 11.98 | 11.98 |
| Venture Lending & Leasing VIII Inc. | 43 | 100.00% | 50,228 | -42.504 | 43,701 | 28,879 | 14.58 | 12.85 | 14.72 |
| Firsthand Technology Value Fund Inc. | 75 | 100.00% | 134,421 | -84.665 | 98,375 | 20,613 | 413.82 | 9.09 | 671.19 |
| New Mountain Guardian IV Unlevered BDC LLC | 4 | 100.00% | 5,242 | 0.878 | 7,542 | 5,288 | 14.86 | 10.87 | 15.21 |
| Total | 7,151 | 100.00% | 94,066,733 | -1.19% | 87,914,710 | 92,950,534 | 13.85 | 11.74 | 17.05 |
Non-Accruals
17 BDCs that filed last week have reported Non–Accruals amounting to 451.7 Million USD at Cost. Blackstone Private Credit Fund and Venture Lending & Leasing IX Inc. are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Blackstone Private Credit Fund | 2 | 0.12% | 110,777 | -47.2 | 98,483 | 58,490 | 42.67 | — | 16.63 |
| Venture Lending & Leasing IX Inc. | 26 | 9.23% | 70,194 | -45.21 | 82,339 | 38,460 | — | — | — |
| Silver Point Specialty Credit Fund LP | 2 | 3.25% | 32,641 | -7.182 | 33,970 | 30,296 | 14.35 | — | 14.35 |
| HPS Corporate Lending Fund | 4 | 0.37% | 26,412 | -0.189 | 26,863 | 26,362 | 14.32 | 14.32 | 13.3 |
| Blue Owl Technology Finance Corp. | 3 | 0.21% | 12,983 | 3.119 | 13,582 | 13,388 | — | — | — |
| Franklin BSP Lending Corp. | 12 | 0.41% | 52,233 | -77.043 | 84,851 | 11,991 | 131.53 | — | 32.96 |
| FS Energy & Power Fund | 2 | 0.64% | 16,156 | -40.796 | 17,312 | 9,565 | 33.66 | — | 19.16 |
| Monroe Capital | 5 | 1.33% | 15,424 | -55.491 | 8,068 | 6,865 | 12.67 | — | 4.29 |
| MSC Income Fund Inc. | 7 | 0.58% | 33,030 | -80.163 | 33,799 | 6,552 | 543.05 | — | 20.82 |
| WTI Fund X Inc. | 7 | 1.36% | 10,666 | -53.197 | 12,551 | 4,992 | — | — | — |
| MSD Investment Corp. | 1 | 0.30% | 11,548 | -57.707 | 12,853 | 4,884 | — | — | — |
| Venture Lending & Leasing VIII Inc. | 17 | 16.00% | 19,304 | -76.058 | 24,036 | 4,622 | — | — | — |
| AB Private Credit Investors Corp. | 14 | 0.29% | 23,017 | -84.254 | 24,625 | 3,624 | 5,609.32 | — | 14.3 |
| Varagon Capital Corp. | 6 | 0.42% | 3,589 | -22.179 | 3,725 | 2,793 | — | — | 28.92 |
| Star Mountain Lower Middle-Market Capital Corp. | 1 | 0.65% | 4,523 | -49.288 | — | 2,294 | — | — | — |
| PIMCO Capital Solutions BDC Corp. | 2 | 0.79% | 5,520 | -65.978 | 13,253 | 1,878 | 169.63 | — | 43.74 |
| Audax Credit BDC Inc. | 2 | 0.37% | 3,701 | -61.176 | 1,449 | 1,437 | 26.5 | — | 10.81 |
| Total | 113 | 0.30% | 451,717 | -49.42% | 491,760 | 228,492 | 165.64 | 0 | 19.48 |
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 1.51 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Varagon Capital Corp. | 428,465 | 402,640 |
| FS Energy & Power Fund | 157,404 | 160,496 |
| Blackstone Private Credit Fund | 136,861 | 132,112 |
| Kayne Anderson BDC, LLC | 123,505 | 123,520 |
| Franklin BSP Lending Corp. | 110,160 | 98,608 |
| AB Private Credit Investors Corp. | 96,777 | 80,607 |
| MSC Income Fund Inc. | 67,497 | 62,016 |
| Blue Owl Technology Finance Corp. | 66,770 | 67,222 |
| Firsthand Technology Value Fund Inc. | 52,040 | 7,493 |
| Monroe Capital Income Plus Corp | 44,076 | 43,886 |
| Venture Lending & Leasing IX Inc. | 44,045 | 44,043 |
| New Mountain Guardian III BDC, L.L.C. | 40,489 | 34,628 |
| Redwood Enhanced Income Corp. | 37,867 | 37,763 |
| MSD Investment Corp. | 37,310 | 30,953 |
| NMF SLF I, Inc. | 13,670 | 11,869 |
| Star Mountain Lower Middle-Market Capital Corp. | 12,232 | 12,079 |
| PIMCO Capital Solutions BDC Corp. | 11,837 | 11,321 |
| Stone Point Capital Credit LLC | 7,979 | 7,297 |
| Audax Credit BDC Inc. | 7,676 | 7,032 |
| Steele Creek Capital Corp | 4,211 | 3,880 |
| Venture Lending & Leasing VIII Inc. | 3,992 | 3,989 |
| WTI Fund X Inc. | 3,681 | 3,681 |
| NexPoint Capital Inc. | 1,136 | 1,131 |
| Kayne DL 2021 Inc. | 281 | 299 |
| Golub Capital Direct Lending Corp | 6 | 6 |
| New Mountain Guardian IV Unlevered BDC LLC | – | – |
| Total | 1,509,967 | 1,388,571 |
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 28.48 Billion USD (Cost) accounting for 30.27% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Blackstone Private Credit Fund | 11,799,582 | 11,831,050 |
| Varagon Capital Corp. | 3,031,133 | 2,976,034 |
| Blue Owl Technology Finance Corp. | 1,635,884 | 1,642,630 |
| HPS Corporate Lending Fund | 1,404,528 | 1,429,189 |
| Apollo Debt Solutions BDC | 1,309,912 | 1,326,556 |
| Franklin BSP Lending Corp. | 907,623 | 943,795 |
| FS Energy & Power Fund | 789,870 | 922,804 |
| Stone Point Capital Credit LLC | 676,486 | 676,427 |
| Golub Capital Private Credit Fund | 650,323 | 650,323 |
| Bain Capital Private Credit | 646,250 | 646,250 |
| MSD Investment Corp. | 631,150 | 624,908 |
| New Mountain Guardian III BDC, L.L.C. | 486,357 | 481,739 |
| AG Twin Brook Capital Income Fund | 339,871 | 344,997 |
| Kayne Anderson BDC, LLC | 320,962 | 327,472 |
| Monroe Capital Income Plus Corp | 316,218 | 318,877 |
| Silver Point Specialty Credit Fund LP | 301,973 | 293,857 |
| NMF SLF I, Inc. | 292,644 | 293,536 |
| Franklin BSP Capital L.L.C. | 273,385 | 274,438 |
| AB Private Credit Investors Corp. | 217,025 | 216,422 |
| Brightwood Capital Corp I | 205,814 | 207,685 |
| Muzinich BDC Inc. | 201,865 | 203,486 |
| MSC Income Fund Inc. | 185,063 | 253,471 |
| Redwood Enhanced Income Corp. | 165,031 | 163,270 |
| PIMCO Capital Solutions BDC Corp. | 162,992 | 155,597 |
| ARES STRATEGIC INCOME FUND | 159,476 | 160,657 |
| WTI Fund X Inc. | 143,860 | 143,860 |
| Star Mountain Lower Middle-Market Capital Corp. | 141,785 | 143,546 |
| Firsthand Technology Value Fund Inc. | 134,421 | 20,613 |
| Venture Lending & Leasing IX Inc. | 122,380 | 122,380 |
| Carlyle Secured Lending III | 120,338 | 120,570 |
| Fidelity Private Credit Fund | 112,444 | 113,072 |
| Golub Capital Direct Lending Corp | 101,198 | 101,679 |
| Kennedy Lewis Capital Co | 101,145 | 103,758 |
| Stellus Private Credit BDC | 89,801 | 90,336 |
| Kayne DL 2021 Inc. | 52,993 | 54,009 |
| Audax Credit BDC Inc. | 49,251 | 49,250 |
| NexPoint Capital Inc. | 34,765 | 38,162 |
| PGIM Private Credit Fund | 34,104 | 34,175 |
| Wellings Real Estate Income Fund | 33,565 | 33,806 |
| Venture Lending & Leasing VIII Inc. | 25,091 | 25,051 |
| Hancock Park Corporate Income Inc. | 24,429 | 23,528 |
| Equus Total Return | 21,850 | 36,189 |
| Steele Creek Capital Corp | 16,492 | 16,010 |
| New Mountain Guardian IV Unlevered BDC LLC | 5,242 | 5,288 |
| Total | 28,476,569 | 28,640,752 |
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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