BDC Filing Season: Q3 2024 Week 4
BDC Filing Season Q3 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 6 BDCs that filed last week. Aggregate Fair Value reported by these BDCs is 14.2 Billion USD which is approximately 4% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Golub Capital | 1,576 | 100.00% | 8,516,014 | -0.793% | 7,830,886 | 8,448,512 | 11.30% | 10.77% | 11.08% |
| Oaktree Specialty Lending Corp. | 320 | 100.00% | 3,223,462 | -3.836% | 2,955,510 | 3,099,822 | 12.39% | 11.51% | 11.59% |
| AB Private Credit Investors Corp. | 528 | 100.00% | 1,658,699 | -0.585% | 1,530,296 | 1,649,003 | 11.08% | 10.96% | 11.03% |
| HPS Corporate Capital Solutions Fund | 122 | 100.00% | 712,272 | 0.566% | 671,178 | 716,303 | 11.72% | 11.49% | 11.85% |
| Lord Abbett Private Credit Fund | 33 | 100.00% | 312,639 | 0.295% | 315,699 | 313,562 | 9.60% | 9.60% | 9.61% |
| Firsthand Technology Value Fund Inc. | 66 | 100.00% | 116,975 | -98.777% | 52,978 | 1,431 | — | — | — |
| Grand Total | 2,645 | 100% | 14,540,061 | -2.142% | 13,356,547 | 14,228,633 | 11.490% | 10.96% | 11.20% |
Non-Accruals
At least 3 BDCs that filed last week have reported Non–Accruals amounting to 314 Million USD at Cost. Oaktree Specialty Lending Corp. and Golub Capital 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. | 15 | 3.69% | 140,748 | -18.797% | 161,705 | 114,292 | 84.71% | — | 17.72% |
| Golub Capital | 24 | 1.10% | 142,160 | -34.437% | 159,918 | 93,204 | 34.62% | 4.60% | 32.78% |
| AB Private Credit Investors Corp. | 23 | 0.73% | 31,350 | -61.633% | 34,955 | 12,028 | — | — | 11.53% |
| Grand Total | 62 | 1.66% | 314,258 | -30.15% | 356,578 | 219,524 | 40.12% | 4.60% | 30.08% |
PIK
BDCs are increasingly using payment-in-kind (PIK) as a credit management tool to preserve liquidity. In the filings from last week, PIK accounted for 13.8% of BDCs’ portfolios, amounting to 2.0 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Golub Capital | 174 | 13.79% | 1,232,382 | -5.440% | 1,262,916 | 1,165,343 | 15.13% | 12.05% | 14.98% |
| Oaktree Specialty Lending Corp. | 40 | 13.77% | 429,632 | -0.679% | 444,112 | 426,713 | 10.77% | 10.66% | 9.91% |
| AB Private Credit Investors Corp. | 50 | 10.76% | 191,991 | -7.576% | 196,871 | 177,446 | 13.09% | 12.82% | 12.52% |
| HPS Corporate Capital Solutions Fund | 16 | 21.72% | 152,671 | 1.905% | 156,643 | 155,580 | 11.90% | 11.84% | 12.34% |
| Grand Total | 280 | 13.84% | 2,006,676 | -4.07% | 2,060,542 | 1,925,082 | 13.56% | 11.81% | 13.49% |
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 967 million USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Golub Capital | 624,023 | 602,174 |
| Oaktree Specialty Lending Corp. | 237,991 | 230,108 |
| AB Private Credit Investors Corp. | 38,494 | 21,937 |
| Lord Abbett Private Credit Fund | 14,453 | 14,409 |
| Firsthand Technology Value Fund Inc. | 51,980 | 49 |
| Grand Total | 966,941 | 868,677 |
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 2.64 Billion USD (Cost) accounting for 18.2% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Golub Capital | 1,100,315 | 1,101,359 |
| Oaktree Specialty Lending Corp. | 674,992 | 625,566 |
| Lord Abbett Private Credit Fund | 273,335 | 274,356 |
| HPS Corporate Capital Solutions Fund | 253,748 | 256,623 |
| AB Private Credit Investors Corp. | 227,577 | 228,789 |
| Firsthand Technology Value Fund Inc. | 115,977 | 433 |
| Grand Total | 2,645,944 | 2,487,126 |
Source: SOLVE; Copyright (c) 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 (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
Nayan Raj Data Analyst nraj@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?
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