BDC Filing Season Q3 2019: Week 3 RecapPosted 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.
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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
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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|
|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|
|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|
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).
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