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BDC Filing Season Q3 2019: Week 3 Recap

Posted on November 15, 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 25 Billion USD which is approximately 23% of aggregate AUM of all BDCs.

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

 

Non-Accruals

At least 20 BDC’s that have filed this week have reported Non –Accruals amounting to 1.1 Billion USD at Cost. Venture Lending & Leasing V11 Inc. and Cion Investment Corp. by far is leading the Non-Accruals list.  However, compared to Q2 19, Cion has reported 6 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 1.2 Billion USD at Cost maturating. Below table summarizes aggregate Investments of BDCs that are maturing in the next 12 months.

BDC	Cost (1000)	Fair Value (1000)
FS Energy & Power Fund	463,836	358,960
Business Development Corp. Of America	96,705	56,087
FS Investment Corp. II	90,185	23,311
Cion Investment Corp.	77,140	70,638
Sierra Income Corp.	72,451	41,311
Hms Income Fund Inc.	64,965	59,415
FS Investment Corp. III	48,821	16,101
WhiteHorse Finance	42,091	41,765
Runway Growth Credit Fund Inc.	34,251	29,776
Great Elm Capital Corp.	26,759	18,547
Venture Lending & Leasing VIII Inc.	24,219	23,568
Terra Income Fund 6 Inc.	23,825	23,933
OHA Investment Corporation	23,528	2,422
Venture Lending & Leasing VII Inc.	23,402	22,891
Princeton Capital Corp.	21,016	17,940
Investcorp Credit Management BDC Inc.	19,363	15,137
Blackstone / GSO Secured Lending Fund	19,208	19,208
Gladstone Capital Corp.	14,912	6,307
Garrison Capital	10,056	9,919
Audax Credit BDC Inc.	863	862
TP Flexible Income Fund Inc.	730	661
FS Investment Corp IV	691	712
NexPoint Capital Inc.	569	569
Venture Lending & Leasing IX Inc.	431	431
Corporate Capital Trust II – T	418	407
Hancock Park Corporate Income Inc.	330	330
AB Private Credit Investors Corp.	32	32
Grand Total	1,200,797	861,240

 

Where BDC are marking their Investments?

Via below Table it can be inferred that while 86% of BDCs Investments at cost are marked at 91 and up, it is important to note that 8.92% of BDCs Investment at cost are marked at 80 or below.

 

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 9 Billion USD (Cost) accounting to 34% of their aggregate holdings (Cost).

Download the data!