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BDC Filing Season Q3 2019 – Week 1 Update

Posted on November 1, 2019

BDC Filing season is in full swing. This report will analyze 8 Public BDCs that have filed this week. Aggregate Fair Value reported by these BDCs is 27.7 Billion USD which is approximately 26% of aggregate AUM of all BDCs.

Week1A
Please contact info@advantagedata.com for BDC Holdings Data.

 


Non-Accruals

At least 6 BDC’s so far have reported Non –Accruals amounting to 347 Million USD at Cost. Ares by far is leading the Non-Accruals list.  However, compared to Q2 19, Ares has reported 7 fewer Non-Accruals.

Week1B
Non Accruals as Q3 2019

 

Week1C
Non Accruals as Q2 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 700 Million USD at Fair Value maturation. The table below summarizes aggregate Investments of BDCs that are maturing in the next 12 months.

BDC Cost (1000) Fair Value (1000)
Ares Capital 536,400 484,200
BlackRock Capital Investment Corporation 25,194 24,750
Fidus Investment Corp 29,946 28,826
Hercules Capital Inc. 116,153 116,020
Horizon Technology Finance Corp. 15,098 14,667
Owl Rock Capital Corp. 31,270 31,322
Grand Total 754,061 699,785

 

Where BDC are marking their Investments?

Via the following table, it can be inferred that while 93.7% of BDCs Investments at cost are marked at 91 and up, it is important to note that 3.3 % of BDCs Investment at cost are marked at 80 or below.

Price Range Cost (1000) Cost Fair Value (1000) Fair Value
>91 23,138,250.97 93.79% 23,036,050.44 94.99%
81-90 701,742.147 2.84% 632,643.438 2.61%
71-80 484,846.797 1.97% 395,668.172 1.63%
61-70 19,851.335 0.08% 13,023.075 0.05%
51-60 79,190.552 0.32% 47,540.415 0.20%
0-50 245,187.224 0.99% 127,050.215 0.52%
Grand Total 24,669,069.02 100.00% 24,251,975.75 100.00%

 

Top 10 BDC Investments  

BDCs portfolio quality can be measured by taking a deeper dive into BDC’s top ten investments. While these investments are small in number, these investments are primary determinants of BDC’s portfolio performance. Top 10 Investments of BDCs that have filed in this week amounts to 7.2 Billion USD (Cost) accounting to 25% of their aggregate holdings (Cost).

BDC Portfolio Company Cost (1000) Fair Value (1000)
Ares Capital Senior Secured Loan Fund LLC 817,400.00 817,400.00
Ares Capital Ivy Hill Asset Management 444,000.00 504,600.00
Ares Capital Athenahealth Inc. 363,400.00 366,600.00
Ares Capital Pathway Vet Alliance LLC 288,600.00 288,600.00
Ares Capital Singer Sewing Company 257,500.00 233,800.00
Ares Capital MacLean Fogg Co. 235,000.00 233,900.00
Ares Capital Ultimate Software Group 218,000.00 216,100.00
Ares Capital Ministry Brands Co. 208,300.00 206,800.00
Ares Capital OTG Management LLC 206,300.00 244,700.00
Ares Capital SymphonyIRI Group 201,900.00 204,700.00
Barings BDC Dreyfus Mutual Funds 27,012.47 27,012.47
Barings BDC State Street Corp. 24,539.78 24,539.78
Barings BDC Accurus Aerospace Corp. 24,490.33 24,285.54
Barings BDC BDP Intl. Inc. 24,369.58 24,483.80
Barings BDC Professional DataSolutions Inc. 23,177.27 22,910.20
Barings BDC Holley Performance Prods Inc. 22,066.28 21,750.92
Barings BDC 1WorldSync Inc. 22,063.10 22,030.35
Barings BDC Transportation Insight LLC 21,378.13 21,517.82
Barings BDC Campaign Monitor 20,225.14 20,187.65
Barings BDC Heilbron 17,378.13 17,106.45
BlackRock Capital Investment Corporation Gordon Brothers Finance Co. 143,651.68 143,651.69
BlackRock Capital Investment Corporation BCIC Senior Loan Partners LLC 96,333.33 90,866.17
BlackRock Capital Investment Corporation First Boston Construction Holdings LLC 54,375.00 49,146.55
BlackRock Capital Investment Corporation AGY Holding Corp. 48,919.32 41,925.43
BlackRock Capital Investment Corporation St George Warehousing & Trucking Co. of California Inc. 38,688.58 34,239.39
BlackRock Capital Investment Corporation Zest Acquisition Corp. 24,797.16 24,500.00
BlackRock Capital Investment Corporation Red Apple Stores Inc. 23,050.00 17,518.00
BlackRock Capital Investment Corporation Sur La Table Inc. 21,029.66 21,029.66
BlackRock Capital Investment Corporation Paragon Films Inc. 20,610.54 20,790.00
BlackRock Capital Investment Corporation Vertellus Specialties Inc. 17,461.30 17,461.30
Fidus Investment Corp Accent Food Services LLC 36,126.00 35,032.00
Fidus Investment Corp BCM One Group Hldg Inc. 28,214.00 28,493.00
Fidus Investment Corp Hub Acquisition Sub LLC 25,203.00 26,424.00
Fidus Investment Corp Pugh Lubricants LLC 24,096.00 24,733.00
Fidus Investment Corp AVC Investors LLC 22,912.00 23,245.00
Fidus Investment Corp Worldwide Express Operations LLC 22,683.00 24,231.00
Fidus Investment Corp Allied 100 Group Inc. 22,647.00 22,846.00
Fidus Investment Corp Wheel Pros LLC 21,311.00 21,311.00
Fidus Investment Corp Pfanstiehl Inc. 7,050.00 25,154.00
Fidus Investment Corp Pinnergy LTD 6,000.00 36,771.00
Hercules Capital Inc. Bridgebio Pharma LLC 77,674.00 80,276.00
Hercules Capital Inc. Paratek Pharmaceuticals Inc. 74,865.00 72,176.00
Hercules Capital Inc. EverFi Inc. 71,470.00 71,787.00
Hercules Capital Inc. Oak Street Health 60,969.00 60,683.00
Hercules Capital Inc. Businessolver.Com Inc. 57,002.00 57,233.00
Hercules Capital Inc. Khoros LLC 54,722.00 54,705.00
Hercules Capital Inc. Impossible Foods Inc. 53,238.00 52,880.00
Hercules Capital Inc. Mesoblast LTD 51,193.00 51,286.00
Hercules Capital Inc. Snagajobcom Inc. 48,871.00 48,120.00
Hercules Capital Inc. Gibraltar Business Capital LLC 42,772.00 48,955.00
Horizon Technology Finance Corp. CVRx Inc. 19,800.00 19,800.00
Horizon Technology Finance Corp. US Bank Money Market Deposit Account 19,400.00 19,400.00
Horizon Technology Finance Corp. Bridge2 Solutions Inc. 15,411.00 15,730.00
Horizon Technology Finance Corp. HealthEdge Software Inc. 15,036.00 15,019.00
Horizon Technology Finance Corp. GroundTruth (xAd Inc.) 15,006.00 15,068.00
Horizon Technology Finance Corp. Mohawk Group Inc. 14,916.00 14,729.00
Horizon Technology Finance Corp. Horizon Secured Loan Fund I LLC 14,358.00 14,323.00
Horizon Technology Finance Corp. IgnitionOne Inc 12,051.00 11,457.00
Horizon Technology Finance Corp. CSA Medical Inc. 11,884.00 11,875.00
Horizon Technology Finance Corp. MacuLogix Inc. 11,613.00 11,518.00
Owl Rock Capital Corp. Gerson Lehrman Group Inc. 312,514.00 310,438.00
Owl Rock Capital Corp. Associations Inc. 287,962.00 287,981.00
Owl Rock Capital Corp. Nelipak Holding Co. 229,774.00 226,712.00
Owl Rock Capital Corp. IQNavigator 196,814.00 196,298.00
Owl Rock Capital Corp. Definitive Healthcare Hldgs LLC 193,802.00 193,742.00
Owl Rock Capital Corp. Endries Acquisition Holdings 185,725.00 184,588.00
Owl Rock Capital Corp. Pregis Topco Corp. 182,658.00 182,607.00
Owl Rock Capital Corp. Troon Golf LLC 176,147.00 178,172.00
Owl Rock Capital Corp. GC Agile Hldg Limited 157,951.00 157,465.00
Owl Rock Capital Corp. Swipe Acquisition Corp. 156,904.00 155,631.00
Oxford Square Capital Corp. Sound Point CLO XVI Ltd 42,989.44 24,570.00
Oxford Square Capital Corp. Quest Software US Holdings Inc 20,794.39 20,558.06
Oxford Square Capital Corp. Keystone Acquisition Corp 20,315.71 19,918.71
Oxford Square Capital Corp. OMNIA Partners Inc. 19,866.28 19,521.18
Oxford Square Capital Corp. ECI Software 19,850.79 19,298.47
Oxford Square Capital Corp. Nassau 2019-I Ltd 19,810.07 17,390.00
Oxford Square Capital Corp. Shift4 Payments LLC 19,772.15 19,549.13
Oxford Square Capital Corp. Help/Systems LLC 19,441.24 19,415.81
Oxford Square Capital Corp. Access CIG LLC 17,341.58 17,155.66
Oxford Square Capital Corp. Global Tel Link Corp. 16,717.54 16,054.46

 


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