BDC Filing Season Q4 2020: February RecapPosted on February 26, 2021
By: Sourav Srimal, Head of Product Development, Advantage Data
BDC Filing season is in full swing. This report will analyze 31 BDCs that have reported Q4 earnings. The aggregate Fair Value reported by these BDCs is 70.7 Billion USD which is approximately 62% of aggregate AUM of all BDCs.
Please contact firstname.lastname@example.org for BDC Holdings Data.
At least 25 BDC’s out of 31 BDC’s that filed so far have reported Non–Accruals amounting to 1.6 Billion USD at Cost. Ares Capital and Prospect Capital are leading the Non-Accruals list.
Non Accruals as Q4 2020
Please contact email@example.com for a complete list of Non-Accruals.
Portfolio Composition By Industry
The chart below is a birds-eye view of the aforementioned BDC’s aggregate Industry Diversification. The service sector dwarfs all other industries.
Please contact firstname.lastname@example.org for more granular data on BDC’s Industry Exposure.
Portfolio Composition By Asset Class
The chart below is a birds-eye view of the aforementioned BDC’s aggregate Diversification by Asset Class. Senior Secured First Lien is leading this category.
Please contact email@example.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 2.9 Billion USD at Cost maturing. The table below summarizes aggregate Investments of BDCs that are maturing in the next 12 months.
|BDC||Cost (1000)||Fair Value (1000)|
|Apollo Investment Corp||199,600||88,737|
|Bain Capital Specialty Finance Inc.||13,727||13,122|
|BlackRock TCP Capital Corp.||208,186||172,636|
|Capital Southwest Corporation||20,999||18,327|
|Crescent Capital BDC Inc.||25,091||23,844|
|Fidus Investment Corp||45,157||45,003|
|Gladstone Capital Corp.||49,792||35,889|
|Gladstone Investment Corporation||38,770||36,898|
|Goldman Sachs BDC||17,061||11,536|
|Golub Capital BDC 3 Inc.||14,079||14,096|
|Hercules Capital Inc.||186,308||168,653|
|Investcorp Credit Management BDC Inc.||34,807||22,933|
|New Mountain Finance||54,332||51,360|
|Oaktree Specialty Lending Corp.||12,755||12,219|
|Oaktree Strategic Income Corp.||17,244||14,741|
|Oaktree Strategic Income II Inc.|
|Owl Rock Capital Corp.||152,438||149,520|
|Pennant Park Investment||13,079||12,933|
|PennantPark Floating Rate Capital||26,319||25,836|
|Prospect Flexible Income Fund Inc.||124||75|
|Saratoga Investment Corp.||113,949||110,476|
|SCP Private Credit Income BDC LLC||2,999||3,000|
|Sixth Street Specialty Lending, Inc.||48,965||48,697|
|Solar Senior Capital||6,265||6,271|
|TCG BDC Inc.||282,662||268,509|
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. BDC Top 10 Investments have so far amounted to 20.1 Billion USD (Cost), accounting for 28% of their aggregate holdings (Cost).
|BDC||Cost (1000)||Fair Value (1000)|
|Owl Rock Capital Corp.||2,273,116.00||2,295,899.00|
|New Mountain Finance||809,606.00||837,485.00|
|Apollo Investment Corp||750,641.00||733,971.00|
|Goldman Sachs BDC||699,489.00||724,752.00|
|Sixth Street Specialty Lending, Inc.||699,420.00||716,756.00|
|Hercules Capital Inc.||630,111.00||701,201.00|
|TCG BDC Inc.||625,590.00||608,410.00|
|Bain Capital Specialty Finance Inc.||597,170.00||568,111.00|
|Goldman Sachs Private Middle Market Credit Corp.||572,603.00||577,937.00|
|Pennant Park Investment||546,909.69||590,763.65|
|Oaktree Specialty Lending Corp.||503,832.00||478,936.00|
|Solar Senior Capital||489,945.00||484,469.00|
|BlackRock TCP Capital Corp.||456,553.40||465,390.78|
|PennantPark Floating Rate Capital||392,385.66||381,139.66|
|Gladstone Investment Corporation||332,244.00||375,240.00|
|Saratoga Investment Corp.||293,030.16||292,786.06|
|Capital Southwest Corporation||257,154.00||247,997.00|
|Gladstone Capital Corp.||248,642.00||235,014.00|
|Golub Capital BDC 3 Inc.||244,468.00||246,440.00|
|Crescent Capital BDC Inc.||199,826.00||212,517.00|
|Fidus Investment Corp||193,216.00||243,336.00|
|Oaktree Strategic Income Corp.||184,414.38||170,931.45|
|SCP Private Credit Income BDC LLC||127,646.00||128,669.00|
|Investcorp Credit Management BDC Inc.||123,463.55||104,773.89|
|Prospect Flexible Income Fund Inc.||19,199.33||19,310.89|
Please contact firstname.lastname@example.org for a complete list of the Top 10 BDC Investments.
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