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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 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 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 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 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 for a complete list of the Top 10 BDC Investments.

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