BDC Filing Season Q1 2020: Weeks 1 & 2 RecapPosted 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 firstname.lastname@example.org for BDC Holdings Data.
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 email@example.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.
Fair Value (1000)
|Bain Capital Specialty Finance Inc.||365||389|
|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|
|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 Senior Capital||89,997||89,988|
|TCG BDC Inc.||253,162||188,923|
|TPG Specialty Lending, Inc.||179,918||175,048|
|TriplePoint Venture Growth BDC Corp.||108,973||92,909|
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).
|Bain Capital Specialty Finance Inc.||617,546|
|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|
|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 Senior Capital||290,276|
|TCG BDC Inc.||641,806|
|TPG Specialty Lending, Inc.||688,627|
|TriplePoint Venture Growth BDC Corp.||316,305|
Article by: Sourav Srimal, Global Head of Operation & Andrew Robartes, Analyst
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