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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
 


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