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BDC Filing Season Q2 2019 - Week 1 Update

Posted by Sourav Srimal on Aug 2, 2019 4:32:29 PM
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BDCs Filing season is in full swing. This report will utilize Advantage Data’s BDC workstation to analyze Q2 2019 filing data. As of Friday, August 2nd, 2019 Aggregate Fair Value reported by BDCs that have filed in Q2 2019 is at 33 Billion USD (Fair Value) which is approximately 31% of aggregate AUM of all BDCs.

image 1-2Please contact info@advantagedata.com for BDC Holdings Data.

 

Non-Accruals

Out of 15 BDC’s that have filed so far, 9 BDC’s have reported at least one Non–Accrual in their portfolio. Aggregate Non-Accruals so far amounts to 599 Million USD in Cost. Fair Value of these Non-Accruals are reported at a significant Mark Down of 213 Million USD.

Ares, TriplePoint Venture Growth and Fidus Investment Corp. are leading the Non-Accruals list.  Compared to Q1 2019, Ares has reported 2 more Non-Accruals while TriplePoint Venture Growth has reported 22 more Non-Accruals and Fidus Investment Corp has reported 6 more Non-Accruals in Q2 2019.

image 2Please contact info@advantagedata.com for a complete list of Portfolio Companies that are in Non-Accrual.

 

BDCs Investments Maturing in the next 12 Months

In the next 12 months, the aforementioned BDC’s will have Investments worth 1.2 Billion USD in Fair Value maturating. Below table summarizes aggregate Investments by Fair Value of BDCs in portfolio companies that are maturing in the next 12 months.

BDC

FV (1000)

Ares Capital

596,400

Goldman Sachs BDC

197,259

TPG Specialty Lending, Inc.

169,739

Hercules Capital Inc.

63,675

Gladstone Investment Corporation

57,495

MVC Capital

45,384

TriplePoint Venture Growth BDC Corp.

43,286

Fidus Investment Corp

33,910

Owl Rock Capital Corp.

26,882

BlackRock Capital Investment Corporation

24,966

Saratoga Investment Corp.

19,234

Horizon Technology Finance Corp.

8,883

Grand Total

1,287,113

 

Below Table summarizes aggregate Investment Types by Fair Value held by BDCs that are maturing in the next 12 months.

BDC

FV (1000)

First Lien

1,036,417

Second Lien

82,164

Unitranche

66,530

Subordinated Loan

48,784

Subordinated Note

41,710

Equity

8,200

Senior Note

3,308

Grand Total

1,287,113

 

Where BDC are marking their Investments at?

Via below Table it can be inferred that while 94% of BDCs Investments at cost are marked at 91 and up, it is important to note that 3.62% of BDCs Investment at cost are marked at 80 or below.

Price Range

Cost (1000)

Cost

Fair Value (1000)

Fair Value

>91

26,918,694

94.19%

26,902,608

95.42%

81-90

626,093

2.19%

561,114

1.99%

71-80

475,571

1.66%

402,903

1.43%

61-70

152,499

0.53%

117,150

0.42%

51-60

92,023

0.32%

72,563

0.26%

0-50

313,034

1.10%

138,052

0.49%

Grand Total

28,577,914

100.00%

28,194,390

100.00%

 

 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, these investments are primary determinants of BDC’s portfolio performance. Top 10 Investments of BDCs that have filed so far in Q2 2019 amount to 9.8 Billion USD accounting to 29% of their aggregate holdings.

 

Please click below to download data.

Download The Data!

 

 

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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