BDC Filing Season Q2 2020: Week 1 RecapPosted on July 31, 2020
BDC Filing season is in full swing with today marking the end of the first full week of Q2 2020 earnings. So far, we have seen 10 BDCs file for Q2, with an aggregate fair value of 10.21 Billion USD. This Accounts for approximately 9% of aggregate AUM of all BDCs. As of today, 70 BDCs have yet to file.
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Eight of the BDCs that have filed their Q2 earnings have reported Non-Accruals amounting to 353 Million USD at cost. Gladstone Investment Corp. is leading the Non-Accrual list by about 22 Million over BlackRock Capital Investment Corp.
Non-Accruals Q2 2020
Non-Accruals Q1 2020
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BDCs Investments Maturing in the next 12 Months
In the next 12 months, the BDCs that have filed for Q2 will have investments worth 349.2 Million 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)|
|BlackRock Capital Investment Corporation||44,262||29712|
|Gladstone Capital Corp.||42,123||26037|
|Gladstone Investment Corporation||24,378||24361|
|Hercules Capital Inc.||216,870||198048|
|Horizon Technology Finance Corp.||15,696||9758|
|Oxford Square Capital Corp.||6,132||5780|
|Saratoga Investment Corp.||7,500||5260|
|Stellus Capital Investment Corp.||54,210||29181|
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, they are primary determinants of a BDC’s portfolio performance. Top 10 Investments of BDCs that have filed for Q2 2020 amount to 4.49 Billion USD (cost) which accounts for 40% of their aggregate holdings (cost).
|BlackRock Capital Investment Corporation||468,035|
|Blackstone / GSO Secured Lending Fund||1,648,789|
|Gladstone Capital Corp.||256,742|
|Gladstone Investment Corporation||324,841|
|Hercules Capital Inc.||693,308|
|Horizon Technology Finance Corp.||164,741|
|Oxford Square Capital Corp.||197,853|
|Saratoga Investment Corp.||264,541|
|Stellus Capital Investment Corp.||193,977|
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