BDC Filing Season Q3 2020: Week 3 RecapPosted on November 13, 2020
By: Sourav Srimal, Head of Product Development at Advantage Data
BDC Filing season is in full swing. This report will analyze 17 BDCs that have filed this week. Aggregate Fair Value reported by these BDCs is 23.7 Billion USD which is approximately 21% of the aggregate AUM of all BDCs.
Please contact firstname.lastname@example.org for BDC Holdings Data.
At least 14 BDC’s that have filed this week have reported Non–Accruals amounting to 1.4 Billion USD at Cost. FS KKR Capital and FS Energy & Power Fund 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.
Portfolio Composition By Industry
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.
Portfolio Composition By Asset Class
The chart below is a bird’s eye view of the aforementioned BDC’s aggregate Diversification by Asset Class. Senior Secured First Lien is leading this category.
Please contact email@example.com for more granular data on BDC’s Asset Exposure.
BDCs Investments Maturing in the next 12 Months
In the next 12 months, the aforementioned BDC’s will have Investments worth 4.2 Billion USD at Cost maturing. The table below summarizes aggregate Investments of BDCs that are maturing in the next 12 months.
|BDC||Fair Value (1000)||Cost (1000)|
|FS KKR Capital Corp. II||305,400||391,200|
|FS Energy & Power Fund||279,546||388,738|
|Business Development Corp. Of America||102,633||136,198|
|Hms Income Fund Inc.||61,741||71,398|
|OWL Rock Capital Corp. II||43,250||46,141|
|Terra Income Fund 6 Inc.||39,499||39,233|
|Gladstone Capital Corp.||26,996||43,061|
|Great Elm Capital Corp.||26,790||31,362|
|Runway Growth Credit Fund Inc.||18,333||20,986|
|Portman Ridge Finance Corp.||9,372||12,072|
|Owl Rock Technology Finance Corp.||8,510||9,202|
|Princeton Capital Corp.||2,432||3,766|
|NexPoint Capital Inc.||2,051||5,676|
|Monroe Capital Income Plus Corp||940||1,295|
|Prospect Flexible Income Fund Inc.||84||118|
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 amounts to 9 Billion USD (Cost) accounting to 35% of their aggregate holdings (Cost).
|BDC||Cost (1000)||Fair Value (1000)|
|Blackstone / GSO Secured Lending Fund||1,832,953||1,839,678|
|Business Development Corp. Of America||384,768||411,260|
|FS Energy & Power Fund||1,217,323||1,148,504|
|FS KKR Capital Corp. II||2,643,200||2,405,400|
|Gladstone Capital Corp.||250,495||236,694|
|Great Elm Capital Corp.||304,308||211,785|
|Hms Income Fund Inc.||173,284||191,492|
|Monroe Capital Income Plus Corp||67,423||67,714|
|NexPoint Capital Inc.||34,019||36,837|
|OWL Rock Capital Corp. II||407,702||407,385|
|Owl Rock Technology Finance Corp.||1,120,585||1,128,951|
|Portman Ridge Finance Corp.||120,882||112,785|
|Princeton Capital Corp.||39,247||21,270|
|Prospect Flexible Income Fund Inc.||19,231||19,011|
|Runway Growth Credit Fund Inc.||362,173||367,390|
|Terra Income Fund 6 Inc.||65,987||65,833|
Please contact firstname.lastname@example.org for a complete list of Top 10 BDC Investments.
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