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BDC Filing Season Q3 2020: Week 3 Recap

Posted on November 13, 2020

By: Sourav Srimal, Head of Product Development at Advantage Data

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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 info@advantagedata.com for BDC Holdings Data.

Non-Accruals

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 info@advantagedata.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 info@advantagedata.com 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 info@advantagedata.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
WhiteHorse Finance	21,280	17,737
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
Total	4,229,571	5,062,000

 

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
Grand Total	9,043,579	8,671,989

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

 

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