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BDC Filing Season Q4 2019: Week 1 Recap
Posted on February 7, 2020BDC 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).
Weekly BDC Filing Season Recaps are written by Sourav Srimal, Global Head of Operations at Advantage Data. To contact Sourav, email ssrimal@advantagedata.com
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