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BDC Filing Season Q1 2020: Week 3 Recap

Posted on May 15, 2020

BDC Filing season is into its third week for the most recent quarter. This report will analyze the 40 BDCs that have reported their Q1 2020 earnings as of Thursday, May 14, 2020. Aggregate Fair Value reported by these BDCs is 43.86 Billion USD which is approximately 37% of aggregate AUM of all BDCs.


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

 

Non-Accruals

At least 28 BDCs that filed this week have reported Non-Accruals amounting to 3.11B USD at Cost. FS Investment Corp. II is leading the Non-Accrual list. Compared to previous quarter FS Investment Corp. II have reported 8 more Non-Accruals bringing their Non-Accruals total to 853.3 Million USD (Cost).

Non-Accruals Q1 2020

Non-Accruals Q4 2019

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 BDCs will have investments worth 2.84B USD at Cost maturating. The below table summarizes the investments of BDCs that are maturing in the next 12 months.

BDC Cost (1000) Fair Value (1000)
BlackRock TCP Capital Corp. 135,259 109,435
Crescent Capital BDC Inc. 18,622 12,875
Firsthand Technology Value Fund Inc. 26,040 20,233
FS Energy & Power Fund 324,231 249,852
FS Investment Corp. II 235,800 110,900
Garrison Capital 12,563 11,692
Gladstone Investment Corporation 37,158 37,158
Goldman Sachs BDC 50,153 43,815
Golub Capital 217,503 195,493
Golub Capital BDC 3 Inc. 35 36
Great Elm Capital Corp. 89,352 83,923
Guggenheim Credit Income Fund 2,876 2,466
Harvest Capital Credit 30,003 27,128
Hms Income Fund Inc. 80,676 68,204
Investcorp Credit Management BDC Inc. 20,279 18,480
Main Street Capital Corp. 156,607 115,220
Medley Capital Corp. 19,542 3,537
Monroe Capital 93,050 75,986
Oaktree Strategic Income II Inc. 1,587 1,569
OFS Capital 30,153 21,927
OWL Rock Capital Corp. II 6,182 5,192
Owl Rock Technology Finance Corp. 32,780 31,289
Pennant Park Investment 22,861 22,743
PennantPark Floating Rate Capital 31,423 30,696
Prospect Capital 677,153 448,406
Rand Capital Corp. 1,754 603
Runway Growth Credit Fund Inc. 20,896 18,037
Stellus Capital Investment Corp. 41,296 24,592
Sutter Rock Capital Corp. 281 366
TCG BDC II Inc. 210 134
TCW Direct Lending LLC 357,569 330,346
Terra Income Fund 6 Inc. 9,370 9,387
Venture Lending & Leasing IX Inc. 1,198 1,198
Venture Lending & Leasing VII Inc. 24,386 24,260
Venture Lending & Leasing VIII Inc. 35,534 33,922
Grand Total 2,844,382 2,191,100

 

Where BDC are marking their Investments?

Via the table below, it is important to note that, while 75% of BDCs Investments at cost are marked at 91 and up, 13% of BDCs Investment at cost are marked at 80 or below.

 

Top 10 BDC Investments 

BDC’s portfolio quality can be measured by taking a deeper dive into their top ten investments. While these investments are small in quantity, these investments are primary determinants of BDC’s portfolio performance. Top 10 Investments of BDCs that have filed Q1 2020 earnings in this week amount to 16.2 Billion USD (Cost) accounting for 33% of their aggregate holdings (Cost).

BDC Cost (1000)
BlackRock TCP Capital Corp. 436,841
Crescent Capital BDC Inc. 199,932
Equus Total Return 41,385
Firsthand Technology Value Fund Inc. 104,244
Flat Rock Capital Corp. 74,873
FS Energy & Power Fund 1,636,030
FS Investment Corp. II 2,493,900
Garrison Capital 85,442
Gladstone Investment Corporation 321,862
Goldman Sachs BDC 373,811
Golub Capital 782,320
Golub Capital BDC 3 Inc. 226,035
Great Elm Capital Corp. 277,405
Guggenheim Credit Income Fund 94,917
Harvest Capital Credit 85,917
Hms Income Fund Inc. 164,012
Investcorp Credit Management BDC Inc. 139,195
Mackenzie Realty Capital Inc. 58,107
Main Street Capital Corp. 279,770
Medley Capital Corp. 196,062
Monroe Capital 215,555
Oaktree Strategic Income II Inc. 98,388
OFS Capital 162,745
OWL Rock Capital Corp. II 391,652
Owl Rock Technology Finance Corp. 1,007,605
Pennant Park Investment 534,164
PennantPark Floating Rate Capital 428,527
Prospect Capital 2,081,726
Rand Capital Corp. 16,946
Runway Growth Credit Fund Inc. 298,975
Stellus Capital Investment Corp. 189,058
Sutter Rock Capital Corp. 133,054
TCG BDC II Inc. 478,434
TCW Direct Lending LLC 870,102
TCW Direct Lending VII LLC 665,425
Terra Income Fund 6 Inc. 65,562
Venture Lending & Leasing IX Inc. 77,842
Venture Lending & Leasing VII Inc. 59,816
Venture Lending & Leasing VIII Inc. 111,542
WhiteHorse Finance 222,758
Grand Total 16,181,936

Article by: Sourav Srimal, Global Head of Operation & Andrew Robartes, Analyst


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