BDC Filing Season: Q4 2023 Week 3
BDC Filing Season Q4 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 marketpulse@solvefixedincome.com.
Filing Recap
This report will analyze the 22 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 52.66 Billion USD which is approximately 18.2% 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. | 464 | 100.00% | 15,419,800 | -4.997 | 14,550,704 | 14,649,300 | 233.75 | 11.52 | 21.68 |
| Blackstone Secured Lending Fund | 340 | 100.00% | 10,089,016 | -0.651 | 9,997,864 | 10,023,297 | 13.04 | 12.01 | 11.7 |
| Goldman Sachs BDC | 414 | 100.00% | 3,573,791 | -4.462 | 3,874,834 | 3,414,329 | 17.95 | 12.97 | 16.13 |
| Morgan Stanley Direct Lending Fund | 429 | 100.00% | 3,226,776 | -1.029 | 3,222,729 | 3,193,561 | 12.28 | 11.98 | 11.88 |
| New Mountain Finance | 349 | 100.00% | 3,038,208 | -0.885 | 2,468,790 | 3,011,322 | 17.78 | 12.42 | 12.38 |
| SLR Investment Corp. | 160 | 100.00% | 2,357,022 | 7.038 | 1,754,923 | 2,522,906 | 11.51 | 11.51 | 11.79 |
| Bain Capital Specialty Finance Inc. | 343 | 100.00% | 2,375,504 | -0.147 | 2,039,798 | 2,372,013 | 13.57 | 12.59 | 12.41 |
| MidCap Financial Investment Corp. | 328 | 100.00% | 2,538,394 | -8.034 | 2,558,174 | 2,334,451 | 182.71 | 11.84 | 173.52 |
| Carlyle Secured Lending Inc. | 173 | 100.00% | 1,904,895 | -3.308 | 1,872,635 | 1,841,881 | 13.15 | 12.5 | 86.29 |
| Nuveen Churchill BDC INC. | 388 | 100.00% | 1,730,646 | -1.415 | 2,480,862 | 1,706,163 | 41.8 | 11.83 | 12.07 |
| BlackRock TCP Capital Corp. | 264 | 100.00% | 1,650,740 | 0.957 | 1,506,932 | 1,666,543 | 18.16 | 13.67 | 15.04 |
| Kayne Anderson BDC, LLC | 192 | 100.00% | 1,356,025 | 1.495 | 1,353,096 | 1,376,300 | 12.03 | 12.03 | 12.55 |
| Palmer Square Capital BDC Inc. | 228 | 100.00% | 1,159,135 | -4.342 | 1,189,756 | 1,108,811 | 13.65 | 10.25 | 10.45 |
| Fidus Investment Corp | 180 | 100.00% | 1,051,185 | 2.024 | 869,649 | 1,072,462 | 14.83 | 12.82 | 12.9 |
| Horizon Technology Finance Corp. | 305 | 100.00% | 759,182 | -6.599 | 734,313 | 709,085 | 37.78 | 14.18 | 14.61 |
| Nuveen Churchill Private Capital Income Fund | 255 | 100.00% | 523,758 | -0.789 | 715,661 | 519,626 | 45.05 | 11.58 | 7.9 |
| SCP Private Credit Income BDC LLC | 46 | 100.00% | 425,763 | -1.22 | 406,815 | 420,568 | 11.55 | 11.55 | 11.69 |
| Great Elm Capital Corp. | 49 | 100.00% | 250,156 | -3.493 | 11,025,486 | 241,419 | 16.46 | 14.07 | 48.49 |
| Kayne DL 2021 Inc. | 109 | 100.00% | 178,950 | 1.839 | 178,016 | 182,241 | 11.85 | 11.85 | 12.36 |
| Crescent Private Credit Income Corp | 91 | 100.00% | 141,673 | 0.971 | 143,203 | 143,048 | 10.49 | 10.48 | 10.74 |
| Manulife Private Credit Fund | 71 | 100.00% | 19,399 | 301.197 | 59,105 | 77,826 | 11.68 | 11.68 | — |
| SLR HC BDC LLC | 33 | 100.00% | 72,662 | 0.732 | 73,158 | 73,194 | 11.55 | 11.55 | 11.82 |
| Grand Total | 5,211 | 100.00% | 53,842,680 | -2.20% | 63,076,503 | 52,660,346 | 43.4 | 12.15 | 18.08 |
Non-Accruals
At least 12 BDCs that filed last week have reported Non–Accruals amounting to 1.7 Billion USD at Cost. FS KKR Capital Corp. and Goldman Sachs BDC 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. | 19 | 4.47% | 1,163,300 | -43.695 | 1,566,200 | 655,000 | 3976.19 | — | 142.02 |
| Goldman Sachs BDC | 13 | 2.34% | 136,241 | -41.413 | 161,213 | 79,820 | — | — | — |
| Carlyle Secured Lending Inc. | 4 | 2.07% | 61,815 | -38.428 | 92,509 | 38,061 | 39.62 | — | 2152.12 |
| BlackRock TCP Capital Corp. | 7 | 1.86% | 60,691 | -48.989 | 62,320 | 30,959 | 76.91 | — | 14.37 |
| New Mountain Finance | 8 | 1.02% | 53,686 | -42.562 | 63,073 | 30,836 | 55.55 | — | 12.59 |
| Horizon Technology Finance Corp. | 23 | 3.89% | 72,450 | -61.972 | 74,781 | 27,551 | 455.58 | — | 19.33 |
| Bain Capital Specialty Finance Inc. | 5 | 1.15% | 43,233 | -36.882 | 47,197 | 27,288 | 45.39 | — | 18.42 |
| Morgan Stanley Direct Lending Fund | 4 | 0.38% | 19,353 | -37.684 | 19,573 | 12,060 | 24.71 | — | 14.13 |
| Fidus Investment Corp | 3 | 0.90% | 32,062 | -69.858 | 32,228 | 9,664 | 66.78 | — | 13.51 |
| SLR Investment Corp. | 1 | 0.31% | 12,297 | -36.35 | 15,654 | 7,827 | — | — | — |
| MidCap Financial Investment Corp. | 6 | 0.24% | 31,568 | -81.925 | 47,356 | 5,706 | 468.64 | — | 25.44 |
| Kayne Anderson BDC, LLC | 1 | 0.34% | 4,688 | 0 | 4,688 | 4,688 | — | — | — |
| Grand Total | 94 | 2.44% | 1,691,384 | -45.05% | 2,186,792 | 929,460 | 1942.85 | 0 | 242.26 |
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 2.2 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| FS KKR Capital Corp. | 647,600 | 608,900 |
| Blackstone Secured Lending Fund | 224,362 | 208,287 |
| Goldman Sachs BDC | 212,164 | 197,655 |
| MidCap Financial Investment Corp. | 175,564 | 174,229 |
| SLR Investment Corp. | 173,233 | 172,927 |
| BlackRock TCP Capital Corp. | 170,925 | 166,298 |
| New Mountain Finance | 135,354 | 163,784 |
| Bain Capital Specialty Finance Inc. | 108,311 | 107,135 |
| Kayne Anderson BDC, LLC | 79,163 | 78,085 |
| Carlyle Secured Lending Inc. | 74,850 | 68,474 |
| Horizon Technology Finance Corp. | 77,286 | 58,539 |
| Nuveen Churchill Private Capital Income Fund | 57,818 | 57,240 |
| Fidus Investment Corp | 31,598 | 26,395 |
| Morgan Stanley Direct Lending Fund | 23,919 | 23,845 |
| SCP Private Credit Income BDC LLC | 13,296 | 13,108 |
| Great Elm Capital Corp. | 13,614 | 12,508 |
| Kayne DL 2021 Inc. | 7,173 | 7,215 |
| Nuveen Churchill BDC INC. | 6,500 | 6,500 |
| SLR HC BDC LLC | 1,669 | 1,673 |
| Grand Total | 2,234,399 | 2,152,797 |
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 14.8 Billion USD (Cost) accounting for 27.6% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| FS KKR Capital Corp. | 4,121,600 | 3,883,200 |
| Blackstone Secured Lending Fund | 2,891,560 | 2,885,992 |
| SLR Investment Corp. | 1,100,504 | 1,297,954 |
| New Mountain Finance | 907,114 | 992,454 |
| Bain Capital Specialty Finance Inc. | 819,012 | 833,848 |
| Goldman Sachs BDC | 749,509 | 736,187 |
| Morgan Stanley Direct Lending Fund | 647,698 | 647,928 |
| MidCap Financial Investment Corp. | 621,340 | 607,403 |
| Carlyle Secured Lending Inc. | 588,897 | 585,380 |
| BlackRock TCP Capital Corp. | 470,874 | 508,084 |
| Fidus Investment Corp | 324,165 | 366,782 |
| Kayne Anderson BDC, LLC | 319,563 | 324,903 |
| Horizon Technology Finance Corp. | 286,321 | 264,472 |
| Nuveen Churchill BDC INC. | 230,107 | 230,806 |
| Palmer Square Capital BDC Inc. | 171,602 | 170,370 |
| SCP Private Credit Income BDC LLC | 167,042 | 160,332 |
| Great Elm Capital Corp. | 143,224 | 146,951 |
| Nuveen Churchill Private Capital Income Fund | 93,823 | 92,153 |
| Crescent Private Credit Income Corp | 67,372 | 67,884 |
| Kayne DL 2021 Inc. | 56,634 | 58,081 |
| SLR HC BDC LLC | 45,998 | 46,189 |
| Manulife Private Credit Fund | 19,399 | 41,632 |
| Grand Total | 14,843,358 | 14,948,985 |
Source: The BDC Advantage, Advantage Data Inc., Copyright © 2024.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 (617) 261 9700.
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
Nayan Raj
Data Analyst
nraj@solvefixedincome.com
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