BDC Filing Season: Q4 2024 Week 4
BDC Filing Season Q4 2024 Week 4
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 17 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 55 Billion USD which is approximately 14.2% 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. | 536 | 100.00% | 14,043,900 | -3.942% | 18,325,933 | 13,490,300 | — | — | — |
| Blackstone Secured Lending Fund | 560 | 100.00% | 13,422,825 | -0.750% | 13,230,312 | 13,322,124 | 11.18% | 10.72% | 10.45% |
| Morgan Stanley Direct Lending Fund | 551 | 100.00% | 3,885,499 | -0.557% | 3,820,360 | 3,863,866 | — | — | — |
| Goldman Sachs BDC | 504 | 100.00% | 3,698,820 | -5.362% | 4,206,540 | 3,500,496 | — | — | — |
| New Mountain Finance | 379 | 100.00% | 3,101,924 | -0.351% | 2,565,359 | 3,091,024 | — | — | — |
| MidCap Financial Investment Corp. | 579 | 100.00% | 3,180,207 | -5.125% | 2,890,448 | 3,017,226 | — | — | — |
| Bain Capital Specialty Finance Inc. | 447 | 100.00% | 2,550,572 | -0.620% | 2,143,197 | 2,534,771 | — | — | — |
| SLR Investment Corp. | 130 | 100.00% | 2,437,076 | -1.392% | 1,596,993 | 2,403,144 | 10.37% | 10.37% | 10.68% |
| Nuveen Churchill BDC INC. | 476 | 100.00% | 2,139,417 | -0.804% | 2,317,782 | 2,122,221 | — | — | — |
| BlackRock TCP Capital Corp. | 327 | 100.00% | 2,019,214 | -6.580% | 1,914,378 | 1,886,348 | — | — | — |
| Carlyle Secured Lending Inc. | 189 | 100.00% | 1,848,212 | -2.417% | 1,756,464 | 1,803,543 | 14.15% | 10.92% | 11.05% |
| Trinity Capital Inc. | 448 | 100.00% | 1,769,853 | -1.958% | 1,646,576 | 1,735,197 | — | 11.89% | 10.54% |
| Palmer Square Capital BDC Inc. | 264 | 100.00% | 1,454,611 | -3.264% | 1,420,257 | 1,407,131 | — | — | — |
| SCP Private Credit Income BDC LLC | 35 | 100.00% | 325,237 | -2.669% | 294,999 | 316,555 | 10.56% | 10.56% | 10.60% |
| Crescent Private Credit Income Corp | 213 | 100.00% | 291,995 | 0.729% | 269,854 | 294,125 | 9.42% | 9.29% | 9.48% |
| Manulife Private Credit Fund | 172 | 100.00% | 12,591 | 1732.862% | 220,253 | 230,780 | — | — | — |
| SLR HC BDC LLC | 33 | 100.00% | 69,345 | 1.407% | 67,258 | 70,321 | 9.85% | 9.85% | 10.41% |
| Grand Total | 5,843 | 100% | 56,251,299 | -2.066% | 58,686,964 | 55,089,172 | 11.410% | 10.67% | 10.53% |
Non-Accruals
At least 13 BDCs that filed this week have reported Non–Accruals amounting to 947.5 Million USD at Cost. BlackRock TCP Capital Corp. and FS KKR 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 |
|---|---|---|---|---|---|---|---|---|---|
| BlackRock TCP Capital Corp. | 19 | 5.35% | 269,019 | -62.505% | 321,814 | 100,870 | — | — | — |
| FS KKR Capital Corp. | 10 | 0.74% | 244,900 | -59.290% | 261,400 | 99,700 | — | — | — |
| Goldman Sachs BDC | 10 | 1.94% | 164,080 | -58.555% | 227,792 | 68,003 | — | — | — |
| MidCap Financial Investment Corp. | 17 | 1.34% | 68,177 | -40.857% | 78,957 | 40,322 | — | — | — |
| Blackstone Secured Lending Fund | 5 | 0.16% | 36,737 | -42.244% | 55,265 | 21,218 | 49.2% | — | 10.9% |
| New Mountain Finance | 7 | 0.68% | 39,241 | -46.487% | 48,573 | 20,999 | — | — | — |
| Trinity Capital Inc. | 15 | 0.68% | 40,092 | -70.640% | 39,140 | 11,771 | — | — | — |
| Carlyle Secured Lending Inc. | 4 | 0.58% | 18,619 | -44.181% | 18,290 | 10,393 | 198.0% | 11.3% | 17.5% |
| SLR Investment Corp. | 1 | 0.33% | 12,297 | -36.350% | 18,228 | 7,827 | — | — | — |
| Morgan Stanley Direct Lending Fund | 4 | 0.15% | 8,117 | -28.373% | 8,213 | 5,814 | — | — | — |
| Bain Capital Specialty Finance Inc. | 8 | 0.15% | 32,340 | -88.454% | 33,945 | 3,734 | — | — | — |
| Nuveen Churchill BDC INC. | 3 | 0.09% | 7,257 | -73.874% | 7,650 | 1,896 | — | — | — |
| Palmer Square Capital BDC Inc. | 2 | 0.08% | 6,661 | -83.450% | 6,782 | 1,102 | — | — | — |
| Grand Total | 105 | 0.73% | 947,537 | -58.46% | 1,126,049 | 393,649 | 114.15% | 11.29% | 13.77% |
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 16.2% of BDCs’ portfolios, amounting to 9.1 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| FS KKR Capital Corp. | 62 | 22.22% | 3,171,800 | -5.498% | 2,602,690 | 2,997,400 | — | — | — |
| Blackstone Secured Lending Fund | 60 | 15.64% | 2,143,522 | -2.797% | 2,164,552 | 2,083,566 | 13.15% | 11.54% | 10.95% |
| New Mountain Finance | 59 | 22.56% | 786,231 | -11.320% | 456,920 | 697,231 | — | — | — |
| Goldman Sachs BDC | 64 | 16.41% | 698,118 | -17.694% | 801,452 | 574,592 | — | — | — |
| Bain Capital Specialty Finance Inc. | 65 | 17.08% | 453,883 | -4.640% | 408,117 | 432,825 | — | — | — |
| BlackRock TCP Capital Corp. | 72 | 20.97% | 538,049 | -26.491% | 570,191 | 395,514 | — | — | — |
| MidCap Financial Investment Corp. | 31 | 9.85% | 311,969 | -4.740% | 311,961 | 297,183 | — | — | — |
| Morgan Stanley Direct Lending Fund | 44 | 7.32% | 305,530 | -7.390% | 305,910 | 282,952 | — | — | — |
| Carlyle Secured Lending Inc. | 25 | 13.51% | 258,914 | -5.895% | 259,782 | 243,651 | 15.63% | 12.96% | 12.17% |
| Trinity Capital Inc. | 12 | 9.04% | 154,939 | 1.295% | 157,153 | 156,945 | 1.88% | 1.88% | 2.26% |
| Nuveen Churchill BDC INC. | 49 | 6.35% | 146,523 | -8.008% | 152,337 | 134,790 | — | — | — |
| Palmer Square Capital BDC Inc. | 17 | 4.15% | 68,030 | -14.179% | 68,518 | 58,384 | — | — | — |
| SCP Private Credit Income BDC LLC | 4 | 12.20% | 39,845 | -3.064% | 30,276 | 38,624 | 13.65% | 13.65% | 11.32% |
| Crescent Private Credit Income Corp | 6 | 6.91% | 20,014 | 1.554% | 20,415 | 20,325 | 11.18% | 11.18% | 11.35% |
| SLR HC BDC LLC | 2 | 9.12% | 6,431 | -0.233% | 3,952 | 6,416 | 12.24% | 12.24% | 11.46% |
| Manulife Private Credit Fund | 1 | 0.12% | — | — | 278 | 273 | — | — | — |
| Grand Total | 573 | 15.98% | 9,103,797 | -7.50% | 8,314,505 | 8,420,671 | 12.42% | 10.64% | 10.30% |
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 1.5 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| MidCap Financial Investment Corp. | 322,157 | 316,067 |
| Goldman Sachs BDC | 333,210 | 299,237 |
| BlackRock TCP Capital Corp. | 255,951 | 211,163 |
| SLR Investment Corp. | 189,865 | 186,454 |
| Bain Capital Specialty Finance Inc. | 159,153 | 152,832 |
| Morgan Stanley Direct Lending Fund | 103,479 | 101,104 |
| Trinity Capital Inc. | 101,152 | 80,768 |
| Nuveen Churchill BDC INC. | 54,871 | 54,381 |
| Palmer Square Capital BDC Inc. | 36,776 | 26,377 |
| SCP Private Credit Income BDC LLC | 9,424 | 9,501 |
| New Mountain Finance | 14,266 | 9,281 |
| Carlyle Secured Lending Inc. | 6,748 | 6,246 |
| SLR HC BDC LLC | 5,179 | 5,313 |
| Grand Total | 1,592,231 | 1,458,724 |
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 14.2 Billion USD (Cost) accounting for 25.4% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| FS KKR Capital Corp. | 4,185,000 | 3,859,400 |
| Blackstone Secured Lending Fund | 2,978,893 | 2,925,073 |
| New Mountain Finance | 1,015,359 | 1,033,732 |
| SLR Investment Corp. | 997,339 | 998,962 |
| Bain Capital Specialty Finance Inc. | 786,700 | 792,132 |
| Goldman Sachs BDC | 772,756 | 704,357 |
| Morgan Stanley Direct Lending Fund | 604,218 | 606,118 |
| MidCap Financial Investment Corp. | 648,574 | 601,023 |
| Carlyle Secured Lending Inc. | 621,762 | 594,637 |
| BlackRock TCP Capital Corp. | 533,564 | 496,163 |
| Trinity Capital Inc. | 457,116 | 450,621 |
| Nuveen Churchill BDC INC. | 272,078 | 273,737 |
| SCP Private Credit Income BDC LLC | 153,587 | 144,285 |
| Palmer Square Capital BDC Inc. | 135,203 | 130,582 |
| Crescent Private Credit Income Corp | 78,474 | 79,875 |
| SLR HC BDC LLC | 36,974 | 37,249 |
| Grand Total | 14,277,596 | 13,727,946 |
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
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