
BDC Filing Season Q1 2020: Week 3 Recap
Posted on May 15, 2020BDC 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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