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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).

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