BDC Filing Season: Q2 2023 Week 1
BDC Filing Season Q2 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 marketpluse@solvefixedincome.com.
Filing Recap
BDC Filing season is in full swing. This report will analyze the 19 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 27.31 Billion USD which is approximately 10.16% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Goldman Sachs BDC | 384 | 100.00% | 3,710,236 | -4.319 | 4,044,363 | 3,549,979 | 20.57 | 12.66 | 17.88 |
| Oaktree Specialty Lending Corp. | 313 | 100.00% | 3,368,945 | -4.769 | 3,687,404 | 3,208,279 | — | 12.69 | — |
| New Mountain Finance | 368 | 100.00% | 3,218,204 | -1.204 | 2,703,642 | 3,179,465 | 26.37 | 12.22 | 12.17 |
| Hercules Capital Inc. | 325 | 100.00% | 3,114,097 | -0.042 | 2,946,913 | 3,112,789 | 10.99 | 10.93 | 11.18 |
| Sixth Street Specialty Lending, Inc. | 202 | 100.00% | 3,065,359 | 0.771 | 2,977,213 | 3,088,987 | 16.52 | 12.78 | 13.48 |
| MidCap Financial Investment Corp. | 336 | 100.00% | 2,617,712 | -7.953 | 2,715,434 | 2,409,524 | 29.43 | 13.17 | 220.27 |
| BlackRock TCP Capital Corp. | 281 | 100.00% | 1,683,607 | 4.756 | 1,540,638 | 1,763,687 | 14.53 | 13.22 | 13.4 |
| Trinity Capital Inc. | 383 | 100.00% | 1,191,570 | -2.625 | 1,116,911 | 1,160,286 | 14.56 | 13.37 | 12.06 |
| Fidus Investment Corp | 171 | 100.00% | 932,818 | 3.597 | 839,656 | 966,372 | 13.97 | 12.79 | 13.02 |
| TriplePoint Venture Growth BDC Corp. | 346 | 100.00% | 1,004,504 | -6.227 | 925,752 | 941,955 | 24.77 | 12.7 | 11.7 |
| Gladstone Investment Corporation | 65 | 100.00% | 767,985 | 4.179 | 595,297 | 800,078 | 20.53 | 14.6 | 14.31 |
| Horizon Technology Finance Corp. | 295 | 100.00% | 723,633 | -1.139 | 711,605 | 715,391 | 15.65 | 14.35 | 14.39 |
| BlackRock Capital Investment Corporation | 226 | 100.00% | 675,506 | -12.222 | 626,547 | 592,948 | 13.42 | 13.07 | 12.77 |
| OFS Capital | 112 | 100.00% | 466,684 | 5.977 | 484,247 | 494,579 | 20.59 | 12.71 | 12.34 |
| TriplePoint Private Venture Credit | 467 | 100.00% | 460,009 | -2.592 | 432,622 | 448,085 | 17.26 | 13.61 | 11.8 |
| Great Elm Capital Corp. | 115 | 100.00% | 336,037 | -6.388 | 324,222 | 314,570 | 15.76 | 13.34 | 13.88 |
| BlackRock Private Credit Fund | 183 | 100.00% | 249,582 | 5.938 | 256,650 | 264,404 | 11.24 | 10.82 | 11.12 |
| BlackRock Direct Lending Corp. | 212 | 100.00% | 240,568 | -1.325 | 244,908 | 237,381 | 13.52 | 12.8 | 12.68 |
| Rand Capital Corp. | 67 | 100.00% | 60,969 | 9.55 | 36,109 | 66,792 | 11.57 | 11.14 | 11.51 |
| Total | 4,851 | 100.00% | 27,888,025 | -1.80% | 27,210,133 | 27,315,551 | 17.99 | 12.61 | 18.34 |
Non-Accruals
16 BDCs that filed last week have reported Non–Accruals amounting to 769.3 Million USD at Cost. Oaktree Specialty Lending Corp. and New Mountain Finance 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. | 10 | 2.84% | 111,732 | -18.419 | 130,655 | 91,152 | 13.15 | 13.15 | 126.83 |
| New Mountain Finance | 18 | 1.27% | 93,027 | -56.741 | 103,028 | 40,243 | 362.40 | 25.85 | 13.39 |
| TriplePoint Venture Growth BDC Corp. | 20 | 4.26% | 102,608 | -60.875 | 108,764 | 40,145 | 155.97 | 20.83 | 13.71 |
| Great Elm Capital Corp. | 11 | 12.31% | 46,456 | -16.646 | 48,858 | 38,723 | 17.03 | 17.48 | 16.48 |
| Gladstone Investment Corporation | 7 | 3.86% | 66,898 | -53.803 | 66,898 | 30,905 | 65.73 | — | 12.91 |
| Goldman Sachs BDC | 14 | 0.84% | 67,541 | -55.803 | 71,449 | 29,851 | 229.91 | — | 15.85 |
| Trinity Capital Inc. | 8 | 1.94% | 34,475 | -34.625 | 34,046 | 22,538 | 57.85 | — | 11.88 |
| Sixth Street Specialty Lending, Inc. | 3 | 0.63% | 28,202 | -31.434 | 33,227 | 19,337 | 332.36 | — | 45.57 |
| BlackRock Capital Investment Corporation | 2 | 2.64% | 74,311 | -78.909 | 37,686 | 15,673 | — | — | — |
| Fidus Investment Corp | 4 | 1.49% | 34,429 | -58.166 | 34,596 | 14,403 | 39.72 | — | 14.23 |
| TriplePoint Private Venture Credit | 22 | 2.86% | 24,542 | -47.775 | 24,431 | 12,817 | 90.19 | 17.52 | 11.91 |
| OFS Capital | 4 | 2.07% | 27,312 | -62.544 | 35,190 | 10,230 | 150.92 | — | 12.44 |
| MidCap Financial Investment Corp. | 5 | 0.31% | 25,822 | -71.098 | 37,755 | 7,463 | 167.59 | — | 19 |
| Horizon Technology Finance Corp. | 2 | 0.87% | 10,044 | -37.873 | 10,139 | 6,240 | 46.09 | — | 14.72 |
| BlackRock TCP Capital Corp. | 5 | 0.25% | 8,649 | -48.904 | 9,886 | 4,419 | 47.57 | — | 12.27 |
| Hercules Capital Inc. | 1 | — | 13,263 | — | 23,703 | — | — | — | — |
| Total | 136 | 1.49% | 769,311 | -46.96% | 810,311 | 384,139 | 167.28 | 18.77 | 19.28 |
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 1.64 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Sixth Street Specialty Lending, Inc. | 230,117 | 232,272 |
| MidCap Financial Investment Corp. | 214,412 | 213,854 |
| TriplePoint Venture Growth BDC Corp. | 195,703 | 174,161 |
| Hercules Capital Inc. | 190,200 | 175,760 |
| Goldman Sachs BDC | 175,138 | 167,633 |
| New Mountain Finance | 120,289 | 106,679 |
| BlackRock TCP Capital Corp. | 110,103 | 94,589 |
| Gladstone Investment Corporation | 93,068 | 88,704 |
| Trinity Capital Inc. | 80,559 | 78,538 |
| Oaktree Specialty Lending Corp. | 70,592 | 64,342 |
| TriplePoint Private Venture Credit | 69,937 | 65,196 |
| Horizon Technology Finance Corp. | 34,417 | 30,778 |
| BlackRock Capital Investment Corporation | 19,429 | 19,956 |
| Great Elm Capital Corp. | 15,086 | 8,311 |
| BlackRock Private Credit Fund | 8,988 | 8,935 |
| OFS Capital | 4,680 | 116 |
| BlackRock Direct Lending Corp. | 3,397 | 3,271 |
| Fidus Investment Corp | 2,946 | 2,966 |
| Rand Capital Corp. | 2,665 | 2,665 |
| Total | 1,641,726 | 1,538,726 |
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 7.55 Billion USD (Cost) accounting for 27.07% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Hercules Capital Inc. | 928,698 | 944,292 |
| New Mountain Finance | 877,742 | 989,800 |
| Goldman Sachs BDC | 786,691 | 776,084 |
| Oaktree Specialty Lending Corp. | 741,939 | 713,061 |
| Sixth Street Specialty Lending, Inc. | 703,056 | 708,129 |
| MidCap Financial Investment Corp. | 645,645 | 627,394 |
| BlackRock TCP Capital Corp. | 457,085 | 521,255 |
| Gladstone Investment Corporation | 402,914 | 547,309 |
| Trinity Capital Inc. | 343,526 | 342,089 |
| TriplePoint Venture Growth BDC Corp. | 337,208 | 329,674 |
| Horizon Technology Finance Corp. | 283,649 | 279,321 |
| Fidus Investment Corp | 239,174 | 279,494 |
| Great Elm Capital Corp. | 182,164 | 179,433 |
| BlackRock Capital Investment Corporation | 178,294 | 156,129 |
| OFS Capital | 169,762 | 251,095 |
| TriplePoint Private Venture Credit | 129,555 | 129,920 |
| BlackRock Private Credit Fund | 55,201 | 55,873 |
| BlackRock Direct Lending Corp. | 46,755 | 46,958 |
| Rand Capital Corp. | 40,281 | 50,685 |
| Total | 7,549,338 | 7,927,996 |
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
Stay up-to-date with weekly summaries.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
