All Posts Blog

BDC Filing Season Q1 2020: Weeks 1 & 2 Recap

Posted on May 8, 2020

BDC Filing season is in full swing with today marking the end of the two full weeks of earnings. This report will analyze 26 BDCs that have reported their Q1 2020 earnings. Aggregate Fair Value reported by these BDCs is 56.25 Billion USD which is approximately 48% of aggregate AUM of all BDCs.

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

 

Non-Accruals

At least 20 BDC’s so far have reported Non –Accruals amounting to 1.93 Billion USD at cost. FS KKR Capital Corp. and Ares Capital are leading the Non-Accrual list by a significant margin. FS KKR reported 13 more Non-Accrual investments in this quarter.

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 BDC’s will have Investments worth 2.07 Billion USD at Fair Value maturating. The below table summarizes aggregate investments of BDCs that are maturing in the next 12 months.

BDC	Cost (1000)	Fair Value (1000)
Ares Capital	510,300	491,700
Bain Capital Specialty Finance Inc.	365	389
Barings BDC	9,546	1,633
BlackRock Capital Investment Corporation	43,569	43,530
Capitala Finance Corp.	61,780	59,151
Fidus Investment Corp	20,164	19,199
FS KKR Capital Corp.	85,600	46,800
Gladstone Capital Corp.	42,750	38,467
Hercules Capital Inc.	186,104	178,669
Horizon Technology Finance Corp.	1,085	1,085
MVC Capital	53,813	50,787
New Mountain Finance	8,836	4,726
Oaktree Specialty Lending Corp.	16,396	26,043
Oaktree Strategic Income Corp.	27,396	22,776
Owl Rock Capital Corp.	45,055	39,554
Portman Ridge Finance Corp.	10,076	6,913
Saratoga Investment Corp.	20,182	18,137
SCP Private Credit Income BDC LLC	10,000	9,999
Solar Capital	436,287	436,129
Solar Senior Capital	89,997	89,988
TCG BDC Inc.	253,162	188,923
THL Credit	60,104	27,115
TPG Specialty Lending, Inc.	179,918	175,048
TriplePoint Venture Growth BDC Corp.	108,973	92,909
Grand Total	2,281,458	2,069,670

  

Where are BDCs marking their Investments?

Via the table below, it can be inferred that while 80% of BDCs Investments at cost are marked at 91 and up, it is important to note that 8.27 % 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 number, they are primary determinants of a BDC’s portfolio performance. Top 10 Investments of BDCs that have filed for Q1 2020 earnings amount to 17.86 Billion USD (cost) which accounts for 29% of their aggregate holdings (cost).

BDC	Cost (1000)
Ares Capital	3,330,800
Bain Capital Specialty Finance Inc.	617,546
Barings BDC	279,952
BlackRock Capital Investment Corporation	478,924
Blackstone / GSO Secured Lending Fund	1,607,412
Capitala Finance Corp.	155,935
Fidus Investment Corp	235,016
FS KKR Capital Corp.	2,140,100
Gladstone Capital Corp.	235,577
Hercules Capital Inc.	673,508
Horizon Technology Finance Corp.	158,460
MVC Capital	303,981
New Mountain Finance	782,803
Oaktree Specialty Lending Corp.	487,742
Oaktree Strategic Income Corp.	193,364
Owl Rock Capital Corp.	2,214,137
Oxford Square Capital Corp.	198,961
Portman Ridge Finance Corp.	116,990
Saratoga Investment Corp.	274,568
SCP Private Credit Income BDC LLC	113,628
Solar Capital	1,094,824
Solar Senior Capital	290,276
TCG BDC Inc.	641,806
THL Credit	233,298
TPG Specialty Lending, Inc.	688,627
TriplePoint Venture Growth BDC Corp.	316,305
Grand Total	17,864,540

---

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