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BDC Filing Season Q4 2019: Week 2 Recap
Posted on February 18, 2020BDC 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
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