BDC Filing Season Q3 2020: Week 2 RecapPosted on November 6, 2020
By: Sourav Srimal, Global Head of Operations at Advantage Data
BDC Filing season is in full swing. This report will analyze 22 BDCs that have filed this week. Aggregate Fair Value reported by these BDCs is 33 Billion USD which is approximately 30% of the aggregate AUM of all BDCs.
Please contact firstname.lastname@example.org for BDC Holdings Data.
At least 19 BDC’s that have filed this week have reported Non –Accruals amounting to 1.1 Billion USD at Cost. Monroe Capital and Horizon Technology Finance Corp. by far are leading the Non-Accruals list.
Non Accruals as Q3 2020
Please contact email@example.com for a complete list of Non-Accruals.
The chart below is a bird’s-eye view of the aforementioned BDC’s aggregate industry diversification. The service sector dwarfs all other industries.
Please contact firstname.lastname@example.org for more granular data on BDC’s Industry Exposure.
BDCs Investments Maturing in the next 12 Months
In the next 12 months, the aforementioned BDC’s will have Investments worth 6.1 Billion USD at Cost maturating. The table below summarizes the aggregate Investments of BDCs that are maturing in the next 12 months.
|BDC||Fair Value (1000)||Cost (1000)|
|TCG BDC Inc.||271,848||294,004|
|Solar Senior Capital||188,060||188,141|
|Owl Rock Capital Corp.||142,565||148,840|
|Sixth Street Specialty Lending, Inc.||94,232||102,577|
|TriplePoint Venture Growth BDC Corp.||85,902||90,886|
|Goldman Sachs BDC||77,075||85,472|
|Capitala Finance Corp.||76,939||78,203|
|BlackRock TCP Capital Corp.||71,179||79,330|
|Goldman Sachs Private Middle Market Credit Corp.||66,744||67,169|
|New Mountain Finance||59,522||64,713|
|Crescent Capital BDC Inc.||25,875||26,749|
|SCP Private Credit Income BDC LLC||19,998||19,998|
|Bain Capital Specialty Finance Inc.||19,186||19,112|
|Harvest Capital Credit||14,285||13,701|
|Horizon Technology Finance Corp.||3,948||4,071|
|Rand Capital Corp.||853||2,016|
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 this week amount to 12.9 Billion USD (Cost) accounting for 37% of their aggregate holdings (Cost).
|BDC||Cost (1000)||Fair Value (1000)|
|Owl Rock Capital Corp.||2,197,744||2,208,540|
|New Mountain Finance||842,897||822,628|
|Sixth Street Specialty Lending, Inc.||658,338||672,802|
|Bain Capital Specialty Finance Inc.||646,039||622,007|
|TCG BDC Inc.||579,809||567,117|
|Goldman Sachs Private Middle Market Credit Corp.||503,556||504,771|
|BlackRock TCP Capital Corp.||458,005||471,276|
|Goldman Sachs BDC||376,348||406,184|
|Solar Senior Capital||364,274||358,512|
|TriplePoint Venture Growth BDC Corp.||321,074||309,648|
|Crescent Capital BDC Inc.||196,251||202,029|
|Horizon Technology Finance Corp.||162,803||163,428|
|Capitala Finance Corp.||150,575||160,532|
|SCP Private Credit Income BDC LLC||127,167||127,841|
|Harvest Capital Credit||74,040||75,539|
|Rand Capital Corp.||19,241||29,205|
Please contact email@example.com for a complete list ofTop 10 BDC Investments.
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