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BDC Filing Season Q2 2019 - Week 2 Update

Posted by Sourav Srimal on Aug 9, 2019 4:08:29 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 9th, 2019 Aggregate Fair Value reported by BDCs that have filed in Q2 2019 is at 68 Billion USD (Fair Value) which is approximately 65% of aggregate AUM of all BDCs.

IMAGE1Please contact info@advantagedata.com for BDC Holdings Data.

 

Non-Accruals

Out of 42 BDC’s that have filed so far, 29 BDC’s have reported at least one Non–Accrual in their portfolio. Aggregate Non-Accruals so far amounts to 1.3 Billion USD in Cost. Fair Value of these Non-Accruals are reported at a significant Mark Down of 563 Million USD.

Ares, FS KKR and Oaktree are leading the Non-Accruals list.  Compared to Q1 2019, Ares has reported 3 more Non-Accruals while Oak Tree has reported 1 more Non- Accrual in Q2 2019.

IMAGE2-1Please 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 2.7 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

FS KKR Capital Corp.

414,000

Goldman Sachs BDC

197,259

Apollo Investment Corp

188,776

Solar Senior Capital

178,991

TPG Specialty Lending, Inc.

169,739

BlackRock TCP Capital Corp.

130,844

Golub Capital

99,541

TCG BDC Inc.

97,293

Monroe Capital

75,804

Hercules Capital Inc.

63,675

Capitala Finance Corp.

63,139

Gladstone Investment Corporation

57,495

MVC Capital

53,926

TriplePoint Venture Growth BDC Corp.

43,286

Oaktree Specialty Lending Corp.

35,891

Fidus Investment Corp

33,910

Owl Rock Capital Corp.

26,644

BlackRock Capital Investment Corporation

24,966

SCP Private Credit Income BDC LLC

24,936

Harvest Capital Credit

23,962

OFS Capital

23,395

Saratoga Investment Corp.

19,234

Solar Capital

15,935

Gladstone Capital Corp.

13,965

Capital Southwest Corporation

12,522

Bain Capital Specialty Finance Inc.

9,272

Horizon Technology Finance Corp.

8,883

Alcentra Capital Corp.

8,729

PennantPark Floating Rate Capital

5,057

OWL Rock Capital Corp. II

4,811

Portman Ridge Finance Corp.

4,384

Pennant Park Investment

2,373

Rand Capital Corp.

1,920

Owl Rock Technology Finance Corp.

631

Grand Total

2,731,588

 

Where BDC are marking their Investments at?

Via below Table it can be inferred that while 93.4% of BDCs Investments at cost are marked at 91 and up, it is important to note that 3.92% of BDCs Investment at cost are marked at 80 or below.

Price Range

Cost (1000)

Cost

Fair Value (1000)

Fair Value

>91

56,751,752

93.41%

56,723,993

94.84%

81-90

1,620,236

2.67%

1,433,818

2.40%

71-80

1,041,104

1.71%

873,287

1.46%

61-70

426,860

0.70%

319,349

0.53%

51-60

285,218

0.47%

202,555

0.34%

0-50

627,267

1.03%

259,445

0.43%

Grand Total

60,752,436

100.00%

59,812,447

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 21.2 Billion USD accounting to 30% 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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