BDC Filing Season Q1 2020: Week 4 RecapPosted 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.
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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
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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|
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).
|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|
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.
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