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BDC Filing Season Q2 2020: Week 1 Recap

Posted 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. 

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

Non-Accruals

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

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 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
MVC Capital 23,162 21102
Oxford Square Capital Corp. 6,132 5780
Saratoga Investment Corp. 7,500 5260
Stellus Capital Investment Corp. 54,210 29181
Grand Total 434,333 349239

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). 

BDC Cost (1000)
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
MVC Capital 275,696
Oxford Square Capital Corp. 197,853
Saratoga Investment Corp. 264,541
Stellus Capital Investment Corp. 193,977
Grand Total 4,488,523

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