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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.