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BDC Filing Season Q1 2019 – Week 1 Update

Posted on May 3, 2019

BDC Filing season is in full swing. This report will analyze nine BDCs that have filed this week. Aggregate Fair Value reported by these BDCs is 19.3 Billion USD which is approximately 20% of aggregate AUM of all BDCs.

Q1 Filing 2019

Please contact info@advantagedata.com for BDC Holdings Data.

 

Non-Accruals

At least 5 BDC’s so far have reported Non –Accruals amounting to 536 Million USD in Principal Vale. Ares by far is leading the Non-Accruals list.  Compared to Q4 18, Ares has reported 5 more Non-Accruals, adding 75 Million USD to its non-accruing Principal Value. TriplePoint and Gladstone Capital Corp combined have added 9 Million to their non-accruing Principal Value as of Q1 2019.

Q1 2019 Non Accruals

Non Accruals as Q1 2019

Q4 2018 Non Accruals

Non Accruals as Q4 2018

Please contact info@advantagedata.com for a complete list of Non- Accruals.

 

BDCs Investments Maturing in the next 12 Months

In the next 12 months, the aforementioned 9 BDC’s will have Investments worth 821 Million USD in Fair Value maturating. Below table summarizes aggregate Investments of BDCs that are maturing in the next 12 months.

BDC FV (1000)
Ares Capital 529,100
BlackRock Capital Investment Corporation 8,117
Gladstone Capital Corp. 18,068
Hercules Capital Inc. 88,528
Horizon Technology Finance Corp. 14,407
Rand Capital Corp. 4,712
TPG Specialty Lending, Inc. 79,912
TriplePoint Venture Growth BDC Corp. 78,984
Grand Total 821,828

Below Table refers to the Top 5 industries where investments are maturing in the next 12 months.

BDC FV (1000)
Engineering services 190,900
Services, not elsewhere classified 148,200
Offices of holding companies, not elsewhere classified 90,719
Molded, extruded, and lathe-cut mechanical rubber goods 63,300
Business services, not elsewhere classified 35,269


Top 5 BDC Investments  

Top 5 Investments of the nine BDCs that have file in Q1 19 amount to 3.8 Billion USD accounting to 20% of their aggregate holdings.

RANK BDC Portfolio Company FV  (1000)
1 Ares Capital Senior Secured Loan Fund LLC 791,900
2 Ares Capital Ivy Hill Asset Management 534,000
3 Ares Capital Athenahealth Inc. 368,500
4 Ares Capital MacLean Fogg Co. 270,900
5 Ares Capital American Academy Hldgs LLC 264,200
1 BlackRock Capital Investment Corporation Gordon Brothers Finance Co. 153,358
2 BlackRock Capital Investment Corporation BCIC Senior Loan Partners LLC 93,443
3 BlackRock Capital Investment Corporation First Boston Construction Holdings LLC 47,508
4 BlackRock Capital Investment Corporation AGY Holding Corp. 46,981
5 BlackRock Capital Investment Corporation Vertellus Specialties Inc. 37,420
1 Gladstone Capital Corp. Imperative Hldgs Corp. 32,314
2 Gladstone Capital Corp. IA Tech LLC 30,450
3 Gladstone Capital Corp. Lignetics Inc. 24,836
4 Gladstone Capital Corp. NetFortris Corp. 24,086
5 Gladstone Capital Corp. EL Academies Inc. 22,580
1 Hercules Capital Inc. Paratek Pharmaceuticals Inc. 71,595
2 Hercules Capital Inc. EverFi Inc. 61,662
3 Hercules Capital Inc. Bridgebio Pharma LLC 57,824
4 Hercules Capital Inc. Businessolver.Com Inc. 54,682
5 Hercules Capital Inc. Lithium Technology Corp. 53,859
1 Horizon Technology Finance Corp. HealthEdge Software Inc. 15,772
2 Horizon Technology Finance Corp. GroundTruth (xAd Inc.) 15,038
3 Horizon Technology Finance Corp. Mohawk Group Inc. 14,866
4 Horizon Technology Finance Corp. Mustang Bio Inc. 14,800
5 Horizon Technology Finance Corp. Horizon Secured Loan Fund I LLC 13,345
1 Oxford Square Capital Corp. Sound Point CLO XVI Ltd 38,220
2 Oxford Square Capital Corp. Quest Software US Holdings Inc 20,651
3 Oxford Square Capital Corp. Keystone Acquisition Corp 19,862
4 Oxford Square Capital Corp. ECI Software 19,613
5 Oxford Square Capital Corp. Lighthouse Network LLC 19,567
1 Rand Capital Corp. Tilson Technology Mgmt Inc. 4,960
2 Rand Capital Corp. Genicon Inc. 3,465
3 Rand Capital Corp. ACV Auctions Inc. 2,777
4 Rand Capital Corp. Microcision LLC 2,548
5 Rand Capital Corp. Rheonix Inc. 2,203
1 TPG Specialty Lending, Inc. Ferrellgas Partners LP 84,188
2 TPG Specialty Lending, Inc. Nektar Therapeutics 76,824
3 TPG Specialty Lending, Inc. Nintex Global LTD 76,710
4 TPG Specialty Lending, Inc. Transform SR Holdings LLC 75,000
5 TPG Specialty Lending, Inc. Motus LLC 71,136
1 TriplePoint Venture Growth BDC Corp. US Treasury Bill 49,994
2 TriplePoint Venture Growth BDC Corp. Prodigy Finance LTD 40,857
3 TriplePoint Venture Growth BDC Corp. Viewray Inc. 34,999
4 TriplePoint Venture Growth BDC Corp. Virtual Instruments Inc. 31,035
5 TriplePoint Venture Growth BDC Corp. Adjust GmbH 27,599


Adds & Exits

Below Table summarizes New Investments in Portfolio Companies by 9 BDCs that have filed as of Q1 19.

BDC FV (1000)
Ares Capital 1525200
BlackRock Capital Investment Corporation 4638.376
Gladstone Capital Corp. 36815
Hercules Capital Inc. 20570
Horizon Technology Finance Corp. 33085
Oxford Square Capital Corp. 11615.22
Rand Capital Corp. 4960.012
TPG Specialty Lending, Inc. 130669
TriplePoint Venture Growth BDC Corp. 66987

Below Table summarizes BDCs Exits in Portfolio Companies

BDC FV (1000)
Ares Capital 556,800
Gladstone Capital Corp. 81,997
Hercules Capital Inc. 30,909
Horizon Technology Finance Corp. 4,158
Oxford Square Capital Corp. 7,406
Rand Capital Corp. 3,500
TPG Specialty Lending, Inc. 26,945
TriplePoint Venture Growth BDC Corp. 13,393

Please contact info@advantagedata.com for a complete list of BDCs New Investments and Exits.


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