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BDC Filing Season Q3 2020: Week 2 Recap

Posted 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 info@advantagedata.com for BDC Holdings Data.

Non-Accruals

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 info@advantagedata.com for a complete list of Non-Accruals.

Industry Exposure

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 info@advantagedata.com 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)
Solar Capital 589,658 592,580
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
Monroe Capital 87,571 109,369
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
Total 5,286,838 6,147,248

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
Solar Capital 1,223,408 1,221,779
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
Monroe Capital 207,269 189,740
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
Total 12,950,401 12,742,726

Please contact info@advantagedata.com for a complete list ofTop 10 BDC Investments.


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