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BDC Filing Season Q3 2019 – Week 2 Update

Posted on November 8, 2019

BDC Filing season is in full swing. This report will analyze 32 BDCs that have filed this week. Aggregate Fair Value reported by these BDCs is 45 Billion USD which is approximately 41% of aggregate AUM of all BDCs.

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

 

Non-Accruals

At least 22 BDC’s that have filed this week have reported Non –Accruals amounting to 1.2 Billion USD at Cost. Prospect Capital and FS KKR Capital Corp. by far is leading the Non-Accruals list.  However, compared to Q2 19, FS KKR has reported 3 more Non-Accruals.

Non Accruals as Q3 2019

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 1.9 Billion USD at Fair Value maturating. Below table summarizes aggregate Investments of BDCs that are maturing in the next 12 months.

BDC Cost (1000) Fair Value (1000)
Alcentra Capital Corp. 8,715 8,729
Apollo Investment Corp 192,383 166,611
Bain Capital Specialty Finance Inc. 9,650 9,677
BlackRock TCP Capital Corp. 180,028 170,500
Capital Southwest Corporation 12,529 12,538
Capitala Finance Corp. 80,693 75,734
FS KKR Capital Corp. 76,100 68,500
Gladstone Investment Corporation 56,655 47,255
Goldman Sachs BDC 47,003 39,019
Guggenheim Credit Income Fund 2,881 2,512
Harvest Capital Credit 21,872 17,107
Horizon Technology Finance Corp. 15,098 14,667
Monroe Capital 74,960 73,008
New Mountain Finance 851 -215
OWL Rock Capital Corp. II 6,876 6,873
Owl Rock Technology Finance Corp. 2,046 1,830
Portman Ridge Finance Corp. 999 1,000
Prospect Capital 907,195 570,648
Rand Capital Corp. 1,610 1,347
Solar Capital 51,408 57,667
Stellus Capital Investment Corp. 27,067 21,632
Sutter Rock Capital Corp. 1,362 340
TCG BDC Inc. 133,611 101,374
TCW Direct Lending LLC 180,220 164,498
THL Credit 89,406 77,787
TP Flexible Income Fund Inc. 1,051 1,036
TPG Specialty Lending, Inc. 204,648 202,949
TriplePoint Venture Growth BDC Corp. 32,354 32,388
Grand Total 2,419,271 1,947,011

 

Where BDC are marking their Investments?

Via below Table it can be inferred that while 89% of BDCs Investments at cost are marked at 91 and up, it is important to note that 7.4 % of BDCs Investment at cost are marked at 80 or below.

Price Range Cost (1000) Cost Fair Value (1000) Fair Value
>91 35,697,743 89.39% 35,653,516 91.83%
81-90 1,273,484 3.19% 1,141,020 2.94%
71-80 905,935 2.27% 755,508 1.95%
61-70 646,536 1.62% 489,207 1.26%
51-60 678,237 1.70% 497,923 1.28%
0-50 735,041 1.84% 289,924 0.75%
Grand Total 39,936,976 100.00% 38,827,097 100.00%

 

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 15.6 Billion USD (Cost) accounting to 34% of their aggregate holdings (Cost). Click here to download the data.

 


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