All Posts Blog

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