Grid IconAll Posts Blog

BDC Filing Season Q4 2019: Week 1 Recap

Posted on February 7, 2020

BDC Filing season is in full swing. This report will analyze 10 Public BDCs that have reported their Q4 2019 earnings as of Friday, February 7, 2020 (4 PM). Aggregate Fair Value reported by these BDCs is 10.2 Billion USD which is approximately 9% of aggregate AUM of all BDCs.

Please contact info@advantagedata.com for BDC Holdings Data.

 

Non-Accruals

At least 7 BDC’s so far have reported Non –Accruals amounting to 223 Million USD at Cost. Apollo Investment Corp. and Oaktree Specialty Lending is leading the Non-Accrual list.  In the last quarter, Capital Southwest Corporation added Delphi Intermediate Healthco LLC to its Non-Accrual list. 

Non Accruals as Q4 2019 

Non Accruals as Q3 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 441 Million USD at Fair Value maturating. The below table summarizes aggregate Investments of BDCs that are maturing in the next 12 months.

BDC Cost (1000) Fair Value (1000)
Apollo Investment Corp 192,259 163,015
Capital Southwest Corporation 24,948 24,941
Gladstone Capital Corp. 47,680 42,958
Gladstone Investment Corporation 59,748 50,076
MVC Capital 55,601 51,136
Oaktree Specialty Lending Corp. 12,578 22,151
Oaktree Strategic Income Corp. 23,928 20,809
Pennant Park Investment 20,369 20,480
PennantPark Floating Rate Capital 30,021 29,790
Saratoga Investment Corp. 17,157 16,006
Grand Total 484,289 441,362

 

Where BDC are marking their Investments?

Via below Table it can be inferred that while 94.5% of BDCs Investments at cost are marked at 91 and up, it is important to note that 5.5 % of BDCs Investment at cost are marked at 90 or below.

Price Range Cost (1000)  Cost Fair Value (1000) Fair Value
>91 7,562,716 94.55% 7,570,541 95.77%
81-90 219,998 2.75% 190,366 2.41%
71-80 113,911 1.42% 93,515 1.18%
61-70 28,882 0.36% 20,080 0.25%
51-60 10,533 0.13% 6,321 0.08%
0-50 62,734 0.78% 23,983 0.30%
Grand Total 7,998,774 100.00% 7,904,806 100.00%

 

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 their Q4 19 earning amounts to 3.9 Billion USD (Cost) accounting to 37% of their aggregate holdings (Cost). 

Download The Data


Weekly BDC Filing Season Recaps are written by Sourav Srimal, Global Head of Operations at Advantage Data. To contact Sourav, email ssrimal@advantagedata.com


Are you using AdvantageData?

AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:

  • 500,000+ U.S. and international corporate bonds
  • Over 6,200+ CDS reference entities
  • Over 22,000+ syndicated loans
  • Over 100 equity markets worldwide
  • One platform 16 products and services from debt to CDS to loans to mid-market
  • Used by top buy and sell-side firms worldwide

Share

facebook share icon twitter share icon linkedin share icon
Ready to get Started? Free Trial