BDC Filing Season Q3 2019 – Week 2 UpdatePosted 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.
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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 firstname.lastname@example.org 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|
|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|
|Rand Capital Corp.||1,610||1,347|
|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|
|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|
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|
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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