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BDC Filing Season Q1 2020: Week 4 Recap

Posted on May 22, 2020

BDC filing season has almost wrapped up for Q1 2020 after its fourth complete week. This report will analyze the 10 BDCs that have reported their Q1 earnings in the past week as of Thursday, May 21, 2020. Aggregate Fair Value reported by these BDCs is 10.8 Billion USD which is approximately 9% of aggregate AUM of all BDCs.

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

 

Non-Accruals

At least 6 BDCs that filed this week have reported Non-Accruals amounting to 619.6 Million USD at Cost. Business Development Corp. of America is leading the Non-Accrual list. Compared to the previous quarter, Business Development Corp. of America reported 11 more Non-Accruals, bringing their Non-Accrual total to 192.85 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 510 Million USD at Cost maturating. The table below summarizes the investments of BDCs that are maturing in the next 12 months.

BDC	Cost (1000)	Fair Value (1000)
Apollo Investment Corp	79,817	57,672
Business Development Corp. Of America	171,868	106,643
Cion Investment Corp.	71,957	59,266
Goldman Sachs Middle Market Lending Corp.	55,577	54,369
Goldman Sachs Private Middle Market Credit Corp.	67,665	66,166
Hancock Park Corporate Income Inc.	497	487
NexPoint Capital Inc.	4,997	2,302
Princeton Capital Corp.	3,787	2,432
Sierra Income Corp.	53,079	14,511
TP Flexible Income Fund Inc.	847	593
Grand Total	510,091	364,441

 

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 this week amount to 3.09 Billion USD (Cost) accounting for 25.5% of their aggregate holdings (Cost).

BDC	Cost (1000)
Apollo Investment Corp	815,548
Business Development Corp. Of America	450,830
Cion Investment Corp.	367,346
Goldman Sachs Middle Market Lending Corp.	484,452
Goldman Sachs Private Middle Market Credit Corp.	483,109
Hancock Park Corporate Income Inc.	21,416
NexPoint Capital Inc.	31,306
Princeton Capital Corp.	39,997
Sierra Income Corp.	372,176
TP Flexible Income Fund Inc.	19,038
Grand Total	3,085,218

 

BDC’s that have filed for extension

Audax Credit BDC Inc. and AB Private Credit Investors Corp. are seeking an extension to file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 originally due on May 15, 2020.