Grid IconAll Posts Blog

BDC Filing Season Q4 2019: Week 2 Recap

Posted on February 18, 2020

BDC Filing season is in full swing. So far, we have seen 18 BDCs file for Q4 2019, however, this report will focus on the 8 BDCs that filed last week as of Friday, February 14, 2020. Aggregate Fair Value reported by the BDCs that filed last week was 26.06 Billion USD which is approximately 23% of aggregate AUM of all BDCs.


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

 

Non-Accruals

At least 5 of the BDCs that filed last week have reported Non-Accruals amounting to 903.7 Million USD at Cost. Ares Capital and Prospect Capital are leading the Non-Accrual list by a wide margin. However, compared to Q3 2019, Ares has reported 5 fewer Non-Accruals and Prospect Capital 1 more.

Non-Accruals Q4 2019

 

Non-Accruals 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 985.8 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)
Ares Capital 311,700 326,500
Golub Capital 169,968 163,581
Golub Capital BDC 3 Inc. 1,256 1,262
Investcorp Credit Management BDC Inc. 21,838 17,654
Medley Capital Corp. 66,455 36,244
Oaktree Strategic Income II Inc. 454 467
Prospect Capital 459,146 440,053
Grand Total 1,030,817 985,761

 

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, they are primary determinants of BDC’s portfolio performance. Top 10 Investments of BDCs that filed last week amount to about 7.1 Billion USD (Cost) accounting for 26.5% of their aggregate holdings (Cost).

BDC COST (1000)
Ares Capital 3,369,700
Golub Capital 862,016
Golub Capital BDC 3 Inc. 222,368
Investcorp Credit Management BDC Inc. 150,519
Mackenzie Realty Capital Inc. 68,534
Medley Capital Corp. 240,496
Oaktree Strategic Income II Inc. 86,452
Prospect Capital 2,133,819
Grand Total 7,133,904

 

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


This BDC Filing Season Recap was written by Sourav Srimal, Global Head of Operations, and Andrew Robartes, Junior Analyst. To contact Sourav or Andrew, email ssrimal@advantagedata.com or arobartes@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