BDCs
BDC Filing Season Q1 2022: Week 1
BDC data provided by the Advantage Data Workstation, a Solve Advisors’ product. For more information about our BDC data or our other products please contact marketpluse@solveadvisors.com.
BDC Filing season is in full swing. This report will analyse 23 BDCs that have filed as of last week. Aggregate Fair Value reported by these BDCs is 58.10 billion USD which is approximately 29% of aggregate AUM of all BDCs.
Non-Accruals
At least 16 BDC’s that have filed this week have reported Non–Accruals amounting to 833.5 million USD at Cost. Ares Capital and Main Street Capital Corp. are leading the Non-Accruals list by a considerable margin.
Portfolio Composition By Industry
The chart below is a bird’s-eye view of the BDC’s aggregate Industry Diversification. The service sector dwarfs all other industries.
Portfolio Composition By Asset Class
The chart below is a bird’s-eye view of the BDC’s aggregate Diversification by Asset Class. Senior Secured First Lien is leading this category.
BDC Investments Maturing in the next 12 Months
The table below summarizes aggregate investments of BDCs that are maturing in the next 12 months, which combined are worth more than 26.91 billion USD at cost.
| BDC | Cost (1000) | Fair Value (1000) |
| SLR Investment Corp. | 677,041.00 | 655,561.00 |
| Ares Capital | 492,100.00 | 398,800.00 |
| Owl Rock Capital Corp. | 389,840.00 | 372,564.00 |
| Sixth Street Specialty Lending, Inc. | 259,107.00 | 261,791.00 |
| BlackRock TCP Capital Corp. | 225,933.00 | 189,892.00 |
| Main Street Capital Corp. | 161,382.00 | 157,320.00 |
| Monroe Capital | 92,507.00 | 91,451.00 |
| PennantPark Floating Rate Capital | 89,062.00 | 88,642.00 |
| Carlyle Secured Lending Inc. | 83,631.00 | 68,903.00 |
| Oaktree Specialty Lending Corp. | 55,324.00 | 55,719.00 |
| OFS Capital | 38,130.00 | 26,523.00 |
| Pennant Park Investment | 30,284.00 | 30,314.00 |
| TriplePoint Venture Growth BDC Corp. | 21,868.00 | 21,728.00 |
| SLR HC BDC LLC | 19,994.00 | 19,994.00 |
| Gladstone Capital Corp. | 19,888.00 | 18,564.00 |
| BlackRock Capital Investment Corporation | 14,363.00 | 14,363.00 |
| Saratoga Investment Corp. | 9,400.00 | 9,447.00 |
| SCP Private Credit Income BDC LLC | 4,671.00 | 4,684.00 |
| Horizon Technology Finance Corp. | 3,379.00 | 3,379.00 |
Top 10 BDC Investments
BDCs portfolio quality can be measured by taking a deeper dive into the BDC’s top ten 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 have filed this week amounts to 14.78 billion USD (Cost) accounting for 26% of their aggregate holdings (Cost).
| BDC | Cost (1000) | Fair Value (1000) |
| Ares Capital | 3,825,900.00 | 4,012,800.00 |
| BlackRock Capital Investment Corporation | 194,067.28 | 178,412.34 |
| BlackRock Direct Lending Corp. | 41,518.31 | 42,741.24 |
| BlackRock TCP Capital Corp. | 473,915.95 | 548,536.32 |
| Carlyle Secured Lending Inc. | 598,666.00 | 583,687.00 |
| Gladstone Capital Corp. | 280,500.00 | 284,194.00 |
| Horizon Technology Finance Corp. | 210,807.00 | 212,483.00 |
| Main Street Capital Corp. | 437,689.00 | 733,847.00 |
| Monroe Capital | 185,602.00 | 186,717.00 |
| Oaktree Specialty Lending Corp. | 601,429.00 | 604,246.00 |
| OFS Capital | 164,014.00 | 239,206.00 |
| Owl Rock Capital Corp III | 782,484.00 | 780,154.00 |
| Owl Rock Capital Corp. | 2,648,032.00 | 2,678,013.00 |
| Oxford Square Capital Corp. | 211,836.49 | 191,810.34 |
| Pennant Park Investment | 546,201.00 | 499,760.00 |
| PennantPark Floating Rate Capital | 483,418.00 | 474,889.00 |
| Saratoga Investment Corp. | 408,022.85 | 422,621.68 |
| SCP Private Credit Income BDC LLC | 161,976.00 | 163,702.00 |
| Sixth Street Specialty Lending, Inc. | 676,652.00 | 701,434.00 |
| SLR HC BDC LLC | 46,878.00 | 47,271.00 |
| SLR Investment Corp. | 1,405,389.00 | 1,422,701.00 |
| SuRo Capital Corp. | 90,226.03 | 2,23,319.05 |
| TriplePoint Venture Growth BDC Corp. | 306,577.00 | 311,283.00 |
| Grand Total | 14,781,800.91 | 15,543,827.97 |
BDC Filing Season Recaps are written by Sourav Srimal, Nikhil Thadaney, and Nayan Raj. For more information about our BDC data or our other products please contact marketpluse@solveadvisors.com.
Sourav Srimal
Senior Vice President
ssrimal@solveadvisors.com
Nikhil Thadaney
Data Analyst
nthadaney@solveadvisors.com
Nayan Raj
Data Analyst
nraj@solveadvisors.com
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