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BDC Filing Season Q1 2019 - Week 1 Update

Posted by Sourav Srimal on May 3, 2019 4:46:11 PM
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BDC Filing season is in full swing. This report will analyze nine BDCs that have filed this week. Aggregate Fair Value reported by these BDCs is 19.3 Billion USD which is approximately 20% of aggregate AUM of all BDCs.

Q1 Filing 2019

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

Non-Accruals

At least 5 BDC’s so far have reported Non –Accruals amounting to 536 Million USD in Principal Vale. Ares by far is leading the Non-Accruals list.  Compared to Q4 18, Ares has reported 5 more Non-Accruals, adding 75 Million USD to its non-accruing Principal Value. TriplePoint and Gladstone Capital Corp combined have added 9 Million to their non-accruing Principal Value as of Q1 2019.

 Q1 2019 Non Accruals

Non Accruals as Q1 2019

 Q4 2018 Non Accruals

Non Accruals as Q4 2018

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 9 BDC’s will have Investments worth 821 Million USD in Fair Value maturating. Below table summarizes aggregate Investments of BDCs that are maturing in the next 12 months.

BDC

FV (1000)

Ares Capital

529,100

BlackRock Capital Investment Corporation

8,117

Gladstone Capital Corp.

18,068

Hercules Capital Inc.

88,528

Horizon Technology Finance Corp.

14,407

Rand Capital Corp.

4,712

TPG Specialty Lending, Inc.

79,912

TriplePoint Venture Growth BDC Corp.

78,984

Grand Total

821,828


Below Table refers to the Top 5 industries where investments are maturing in the next 12 months.

BDC

FV (1000)

Engineering services

190,900

Services, not elsewhere classified

148,200

Offices of holding companies, not elsewhere classified

90,719

Molded, extruded, and lathe-cut mechanical rubber goods

63,300

Business services, not elsewhere classified

35,269


Top 5 BDC Investments  

Top 5 Investments of the nine BDCs that have file in Q1 19 amount to 3.8 Billion USD accounting to 20% of their aggregate holdings.

RANK

BDC

Portfolio Company

FV  (1000)

1

Ares Capital

Senior Secured Loan Fund LLC

791,900

2

Ares Capital

Ivy Hill Asset Management

534,000

3

Ares Capital

Athenahealth Inc.

368,500

4

Ares Capital

MacLean Fogg Co.

270,900

5

Ares Capital

American Academy Hldgs LLC

264,200

1

BlackRock Capital Investment Corporation

Gordon Brothers Finance Co.

153,358

2

BlackRock Capital Investment Corporation

BCIC Senior Loan Partners LLC

93,443

3

BlackRock Capital Investment Corporation

First Boston Construction Holdings LLC

47,508

4

BlackRock Capital Investment Corporation

AGY Holding Corp.

46,981

5

BlackRock Capital Investment Corporation

Vertellus Specialties Inc.

37,420

1

Gladstone Capital Corp.

Imperative Hldgs Corp.

32,314

2

Gladstone Capital Corp.

IA Tech LLC

30,450

3

Gladstone Capital Corp.

Lignetics Inc.

24,836

4

Gladstone Capital Corp.

NetFortris Corp.

24,086

5

Gladstone Capital Corp.

EL Academies Inc.

22,580

1

Hercules Capital Inc.

Paratek Pharmaceuticals Inc.

71,595

2

Hercules Capital Inc.

EverFi Inc.

61,662

3

Hercules Capital Inc.

Bridgebio Pharma LLC

57,824

4

Hercules Capital Inc.

Businessolver.Com Inc.

54,682

5

Hercules Capital Inc.

Lithium Technology Corp.

53,859

1

Horizon Technology Finance Corp.

HealthEdge Software Inc.

15,772

2

Horizon Technology Finance Corp.

GroundTruth (xAd Inc.)

15,038

3

Horizon Technology Finance Corp.

Mohawk Group Inc.

14,866

4

Horizon Technology Finance Corp.

Mustang Bio Inc.

14,800

5

Horizon Technology Finance Corp.

Horizon Secured Loan Fund I LLC

13,345

1

Oxford Square Capital Corp.

Sound Point CLO XVI Ltd

38,220

2

Oxford Square Capital Corp.

Quest Software US Holdings Inc

20,651

3

Oxford Square Capital Corp.

Keystone Acquisition Corp

19,862

4

Oxford Square Capital Corp.

ECI Software

19,613

5

Oxford Square Capital Corp.

Lighthouse Network LLC

19,567

1

Rand Capital Corp.

Tilson Technology Mgmt Inc.

4,960

2

Rand Capital Corp.

Genicon Inc.

3,465

3

Rand Capital Corp.

ACV Auctions Inc.

2,777

4

Rand Capital Corp.

Microcision LLC

2,548

5

Rand Capital Corp.

Rheonix Inc.

2,203

1

TPG Specialty Lending, Inc.

Ferrellgas Partners LP

84,188

2

TPG Specialty Lending, Inc.

Nektar Therapeutics

76,824

3

TPG Specialty Lending, Inc.

Nintex Global LTD

76,710

4

TPG Specialty Lending, Inc.

Transform SR Holdings LLC

75,000

5

TPG Specialty Lending, Inc.

Motus LLC

71,136

1

TriplePoint Venture Growth BDC Corp.

US Treasury Bill

49,994

2

TriplePoint Venture Growth BDC Corp.

Prodigy Finance LTD

40,857

3

TriplePoint Venture Growth BDC Corp.

Viewray Inc.

34,999

4

TriplePoint Venture Growth BDC Corp.

Virtual Instruments Inc.

31,035

5

TriplePoint Venture Growth BDC Corp.

Adjust GmbH

27,599


Adds & Exits

Below Table summarizes New Investments in Portfolio Companies by 9 BDCs that have filed as of Q1 19.

BDC

FV (1000)

Ares Capital

1525200

BlackRock Capital Investment Corporation

4638.376

Gladstone Capital Corp.

36815

Hercules Capital Inc.

20570

Horizon Technology Finance Corp.

33085

Oxford Square Capital Corp.

11615.22

Rand Capital Corp.

4960.012

TPG Specialty Lending, Inc.

130669

TriplePoint Venture Growth BDC Corp.

66987


Below Table summarizes BDCs Exits in Portfolio Companies

BDC

FV (1000)

Ares Capital

556,800

Gladstone Capital Corp.

81,997

Hercules Capital Inc.

30,909

Horizon Technology Finance Corp.

4,158

Oxford Square Capital Corp.

7,406

Rand Capital Corp.

3,500

TPG Specialty Lending, Inc.

26,945

TriplePoint Venture Growth BDC Corp.

13,393

Please contact info@advantagedata.com for a complete list of BDCs New Investments and Exits.

 

Topics: Analytics, BDC, AUM, market analytics, business development company, Non-accruals, BDC Filings, fair value, market update, top 5, adds & exits


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