BDC Filing Season: Q4 2024 Week 2
BDC Filing Season Q4 2024 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 marketpulse@solvefixedincome.com.
Filing Recap
This report will analyze the 11 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 27.4 Billion USD which is approximately 7.1% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Prospect Capital | 214 | 100.00% | 7,025,705 | 1.526% | 7,517,044 | 7,132,928 | 52.81% | 11.33% | 21.48% |
| Oaktree Strategic Credit Fund | 343 | 100.00% | 5,394,896 | 0.338% | 5,115,788 | 5,413,154 | 10.16% | 9.82% | 10.05% |
| Golub Capital Private Credit Fund | 577 | 100.00% | 4,083,621 | 0.309% | 4,056,601 | 4,096,222 | 9.36% | 9.35% | 9.44% |
| Sixth Street Specialty Lending Inc. | 194 | 100.00% | 3,539,153 | -0.586% | 3,432,609 | 3,518,412 | 19.98% | 11.24% | 12.53% |
| PennantPark Floating Rate Capital | 484 | 100.00% | 2,336,566 | -1.729% | 2,696,240 | 2,296,172 | 10.78% | 10.66% | 10.77% |
| Pennant Park Investment | 444 | 100.00% | 1,340,350 | 1.012% | 1,407,234 | 1,353,917 | 14.23% | 11.09% | 12.26% |
| Gladstone Investment Corp. | 67 | 100.00% | 1,021,741 | 4.941% | 780,457 | 1,072,230 | 37.88% | 13.65% | 13.23% |
| Oaktree Gardens OLP LLC | 56 | 100.00% | 880,972 | 0.717% | 700,779 | 887,288 | 9.85% | 9.85% | 9.97% |
| Gladstone Capital Corp. | 119 | 100.00% | 816,140 | -2.039% | 741,030 | 799,497 | 23.83% | 12.18% | 12.29% |
| Golub Capital Direct Lending Corp | 854 | 100.00% | 766,714 | 0.643% | 750,817 | 771,645 | 10.00% | 9.86% | 10.02% |
| Prospect Floating Rate & Alternative Income Fund Inc. | 60 | 100.00% | 86,180 | -3.222% | 92,482 | 83,403 | 11.53% | 10.80% | 10.99% |
| Grand Total | 3,412 | 100% | 27,292,038 | 0.490% | 27,291,082 | 27,424,868 | 23.790% | 10.53% | 13.72% |
Non-Accruals
At least 9 BDCs that filed this week have reported Non–Accruals amounting to 592.7 Million USD at Cost. Prospect Capital and Sixth Street Specialty Lending 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gladstone Investment Corp. | 9 | 4.62% | 89,981 | -44.888% | 89,981 | 49,590 | 4.7045 | 0.07 | 0.1127 |
| Sixth Street Specialty Lending Inc. | 5 | 1.39% | 129,114 | -62.016% | 134,730 | 49,043 | 390.02% | — | 29.86% |
| Prospect Capital | 7 | 0.38% | 264,808 | -89.725% | 586,563 | 27,209 | 2287.40% | — | 112.68% |
| Pennant Park Investment | 5 | 1.45% | 54,781 | -64.088% | 58,334 | 19,673 | — | — | — |
| Gladstone Capital Corp. | 5 | 2.32% | 30,579 | -39.334% | 30,579 | 18,551 | 238.11% | — | 11.64% |
| Prospect Floating Rate & Alternative Income Fund Inc. | 4 | 5.58% | 5,120 | -9.124% | 5,332 | 4,652 | 10.01% | 0.0524 | 14.16% |
| Golub Capital Direct Lending Corp | 12 | 0.25% | 3,400 | -42.500% | 3,497 | 1,955 | 31.41% | — | 11.71% |
| Oaktree Strategic Credit Fund | 1 | 0.03% | 6,305 | -73.624% | 8,316 | 1,663 | 136.21% | — | 20.48% |
| PennantPark Floating Rate Capital | 4 | 0.06% | 8,631 | -84.660% | 9,824 | 1,324 | — | — | — |
| Grand Total | 52 | 0.77% | 592,719 | -70.70% | 927,156 | 173,660 | 1094.67% | 6.97% | 49.72% |
PIK
BDCs are increasingly using payment-in-kind (PIK) as a credit management tool to preserve liquidity. In the filings from this week, PIK accounted for 15.16% of BDCs’ portfolios, amounting to 4.1 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Prospect Capital | 36 | 32.18% | 2,715,734 | -15.488% | 2,671,751 | 2,295,113 | 11.33% | 10.49% | 12.79% |
| Golub Capital Private Credit Fund | 27 | 9.77% | 403,072 | -0.761% | 403,327 | 400,003 | 10.08% | 10.07% | 10.19% |
| Sixth Street Specialty Lending Inc. | 25 | 8.57% | 307,184 | -1.863% | 301,708 | 301,460 | 16.56% | 11.31% | 11.87% |
| Oaktree Strategic Credit Fund | 15 | 4.33% | 234,507 | -0.162% | 237,848 | 234,127 | 7.41% | 7.10% | 7.17% |
| Gladstone Capital Corp. | 12 | 16.26% | 134,466 | -3.312% | 134,573 | 130,013 | 15.67% | 13.90% | 13.58% |
| PennantPark Floating Rate Capital | 15 | 4.69% | 115,140 | -6.459% | 116,284 | 107,703 | 14.38% | 12.68% | 12.03% |
| Pennant Park Investment | 17 | 6.50% | 89,709 | -1.959% | 94,930 | 87,952 | 16.53% | 14.45% | 15.56% |
| Golub Capital Direct Lending Corp | 82 | 11.23% | 88,774 | -2.379% | 88,874 | 86,662 | 11.53% | 10.10% | 10.04% |
| Oaktree Gardens OLP LLC | 3 | 5.02% | 43,737 | 1.815% | 44,623 | 44,531 | 7.64% | 7.64% | 8.00% |
| Prospect Floating Rate & Alternative Income Fund Inc. | 6 | 6.08% | 5,882 | -13.773% | 6,062 | 5,072 | 27.42% | 5.24% | 13.48% |
| Grand Total | 238 | 14.01% | 4,138,205 | -10.77% | 4,099,980 | 3,692,636 | 11.75% | 10.49% | 12.07% |
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 this week’s BDCs that are maturing in the next 12 months, which combined are worth more than 1.6 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Prospect Capital | 983,357 | 940,022 |
| Gladstone Investment Corp. | 264,839 | 233,462 |
| PennantPark Floating Rate Capital | 206,574 | 203,718 |
| Sixth Street Specialty Lending, Inc. | 111,494 | 109,716 |
| Oaktree Strategic Credit Fund | 76,312 | 76,136 |
| Pennant Park Investment | 26,648 | 26,662 |
| Gladstone Capital Corp. | 20,280 | 20,122 |
| Prospect Floating Rate & Alternative Income Fund, Inc. | 8,327 | 7,269 |
| Golub Capital Direct Lending Corp | 6 | 3 |
| Grand Total | 1,697,837 | 1,617,110 |
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 this week amount to 8.5 Billion USD (Cost) accounting for 31.2% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Prospect Capital | 3,358,452 | 3,667,451 |
| Oaktree Strategic Credit Fund | 917,659 | 921,427 |
| Sixth Street Specialty Lending, Inc. | 728,381 | 710,820 |
| PennantPark Floating Rate Capital | 749,844 | 696,499 |
| Gladstone Investment Corp. | 635,243 | 655,143 |
| Golub Capital Private Credit Fund | 593,832 | 594,415 |
| Pennant Park Investment | 563,535 | 513,052 |
| Oaktree Gardens OLP LLC | 480,228 | 483,424 |
| Gladstone Capital Corp. | 319,864 | 326,822 |
| Golub Capital Direct Lending Corp | 121,248 | 121,911 |
| Prospect Floating Rate & Alternative Income Fund, Inc. | 48,766 | 48,658 |
| Grand Total | 8,517,052 | 8,739,622 |
Source: SOLVE; Copyright (c) 2025.Redistribution Strictly Prohibited. Data can not be used in any way to populate a database nor shared with unauthorized users. See ADI Terms. All rights reserved. +1 (646) 699-5041.
BDC Filing Season Recaps are written by Sourav Srimal, 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
Andrew Robartes Data Analyst arobartes@solvefixedincome.com
SOLVE’s BDC Data & Analytics empowers businesses like yours with detailed and standardized BDC portfolio and position data within minutes of filing with the SEC. Why Choose SOLVE’s BDC Data & Analytics solution?
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.
