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BDC Filing Season Q4 2020: February Recap

Posted 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 info@advantagedata.com for BDC Holdings Data.

 

Non-Accruals

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 info@advantagedata.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 info@advantagedata.com 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 info@advantagedata.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
Ares Capital	692,700	591,300
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	390,658	367,383
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
PhenixFIN Corp.	97,170	30,431
Prospect Capital	127,229	87,580
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 Capital	13,705	13,640
Solar Senior Capital	6,265	6,271
TCG BDC Inc.	282,662	268,509
Total	2,906,170	2,445,645

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)
Ares Capital	3,600,500.00	3,792,100.00
Owl Rock Capital Corp.	2,273,116.00	2,295,899.00
Prospect Capital	2,232,209.00	2,936,067.00
Solar Capital	1,220,390.00	1,219,197.00
New Mountain Finance	809,606.00	837,485.00
Golub Capital	767,952.00	763,895.00
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
PhenixFIN Corp.	80,544.46	117,046.60
Prospect Flexible Income Fund Inc.	19,199.33	19,310.89
Grand Total	20,172,270.63	21,270,541.98

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

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