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BDC Filing Season Q2 2019 - Week 3 Update

Posted by Sourav Srimal on Aug 16, 2019 4:10:57 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 16th, 2019 Aggregate Fair Value reported by BDCs that have filed in Q2 2019 is at 101.1 Billion USD (Fair Value) which is approximately 97% of aggregate AUM of all BDCs.

Image 1-3Please contact info@advantagedata.com for BDC Holdings Data.

 

 Non-Accruals

Out of BDC’s that have filed so far, 50 BDC’s have reported at least one Non–Accrual in their portfolio. Aggregate Non-Accruals so far amounts to 2.5 Billion USD in Cost. Fair Value of these Non-Accruals are reported at a significant Mark Down of 902 Million USD.

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

Image 2-1Please 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 4 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

Prospect Capital

247,570

Goldman Sachs BDC

197,259

Apollo Investment Corp

188,776

TPG Specialty Lending, Inc.

169,739

BlackRock TCP Capital Corp.

167,340

TCW Direct Lending LLC

152,970

Main Street Capital Corp.

143,263

FS Energy & Power Fund

129,614

Golub Capital

99,541

TCG BDC Inc.

97,293

Great Elm Capital Corp.

85,977

Medley Capital Corp.

85,469

Monroe Capital

75,804

Sierra Income Corp.

72,857

Hercules Capital Inc.

63,675

Capitala Finance Corp.

63,139

Golub Capital Investment Corp.

59,916

Business Development Corp. Of America

58,681

THL Credit

57,994

Gladstone Investment Corporation

57,495

MVC Capital

53,926

Hms Income Fund Inc.

51,875

Cion Investment Corp.

45,362

TriplePoint Venture Growth BDC Corp.

43,286

WhiteHorse Finance

42,272

Runway Growth Credit Fund Inc.

36,205

Oaktree Specialty Lending Corp.

35,891

Fidus Investment Corp

33,910

Venture Lending & Leasing VIII Inc.

28,068

BlackRock Capital Investment Corporation

24,966

Harvest Capital Credit

23,962

Firsthand Technology Value Fund Inc.

23,485

OFS Capital

23,395

CM Finance Inc.

22,117

FS Investment Corp. II

20,503

Garrison Capital

19,736

Saratoga Investment Corp.

19,234

Terra Income Fund 6 Inc.

19,197

Venture Lending & Leasing VII Inc.

18,451

Princeton Capital Corp.

18,138

Stellus Capital Investment Corp.

17,615

Owl Rock Capital Corp.

17,053

Medallion Financial Corp.

16,788

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

FS Investment Corp. III

7,132

Parkview Capital Credit Inc.

5,443

PennantPark Floating Rate Capital

5,057

Flat Rock Capital Corp.

4,620

Solar Senior Capital

4,439

Portman Ridge Finance Corp.

4,384

Guggenheim Credit Income Fund 2019

4,077

OWL Rock Capital Corp. II

3,264

OHA Investment Corporation

2,532

Pennant Park Investment

2,373

Monroe Capital Income Plus Corp

2,000

Rand Capital Corp.

1,920

Siguler Guff Small Business Credit Opportunities Fund Inc.

1,274

TP Flexible Income Fund Inc.

1,017

Audax Credit BDC Inc.

959

Golub Capital BDC 3 Inc.

800

Sutter Rock Capital Corp.

713

Owl Rock Technology Finance Corp.

631

NexPoint Capital Inc.

553

Venture Lending & Leasing IX Inc.

241

FS Investment Corp IV

34

AB Private Credit Investors Corp.

31

Grand Total

4,063,007

 

Where BDC are marking their Investments at?

Via below Table it can be inferred that while 92% of BDCs Investments at cost are marked at 91 and up, it is important to note that 4.8% of BDCs Investment at cost are marked at 80 or below.

Price Range

Cost (1000)

Cost

Fair Value (1000)

Fair Value

>91

81,143,090

91.83%

81,111,728

93.67%

81-90

2,899,435

3.28%

2,578,837

2.98%

71-80

1,906,257

2.16%

1,594,451

1.84%

61-70

738,124

0.84%

542,743

0.63%

51-60

436,333

0.49%

299,056

0.35%

0-50

1,242,648

1.41%

465,745

0.54%

Grand Total

88,365,886

100.00%

86,592,561

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 33 Billion USD (Cost) accounting to 32% of their aggregate holdings (Cost).

Download The Data!


 

Fair Value and Cost Exposure of BDC’s by State

California, Texas and New York continue to be the top 3 states where BDCs Portfolio Companies are located. Below report captures the Fair Value and Cost of BDC’s Investments by State.

State

Cost (1000)

% of Portfolio (Cost)

FV (1000)

% of Portfolio (FV)

CA

10,055,394

14.17%

10,096,396

14.50%

TX

7,398,171

10.42%

7,324,646

10.52%

NY

6,849,486

9.65%

6,938,727

9.97%

FL

4,127,267

5.82%

3,882,368

5.58%

IL

3,734,535

5.26%

3,785,321

5.44%

MA

3,363,599

4.74%

3,356,212

4.82%

PA

3,423,293

4.82%

3,235,836

4.65%

NJ

2,685,208

3.78%

2,593,929

3.73%

CO

2,253,218

3.17%

2,124,870

3.05%

OH

1,819,206

2.56%

1,712,683

2.46%

GA

1,739,570

2.45%

1,700,658

2.44%

TN

1,587,754

2.24%

1,539,561

2.21%

VA

1,490,228

2.10%

1,450,695

2.08%

NC

1,435,127

2.02%

1,338,267

1.92%

CT

1,214,517

1.71%

1,208,670

1.74%

MN

1,242,793

1.75%

1,190,195

1.71%

WA

1,168,782

1.65%

1,126,803

1.62%

MD

1,201,638

1.69%

1,112,666

1.60%

DE

1,108,231

1.56%

1,047,906

1.51%

UT

858,840

1.21%

934,928

1.34%

AZ

934,518

1.32%

910,752

1.31%

OK

908,799

1.28%

881,545

1.27%

MO

858,846

1.21%

826,774

1.19%

WI

769,773

1.08%

788,601

1.13%

IN

740,413

1.04%

741,244

1.06%

MI

738,313

1.04%

733,567

1.05%

ON

772,161

1.09%

732,392

1.05%

LA

709,558

1.00%

601,947

0.86%

SC

518,826

0.73%

564,344

0.81%

KY

525,608

0.74%

526,706

0.76%

KS

519,767

0.73%

518,455

0.74%

AL

500,968

0.71%

504,354

0.72%

OR

410,483

0.58%

486,110

0.70%

AR

373,917

0.53%

430,640

0.62%

DC

378,625

0.53%

361,632

0.52%

ID

306,665

0.43%

303,882

0.44%

IA

270,705

0.38%

270,114

0.39%

NH

244,268

0.34%

233,777

0.34%

US

216,811

0.31%

214,817

0.31%

SD

134,992

0.19%

137,918

0.20%

VT

137,795

0.19%

136,995

0.20%

ME

107,391

0.15%

124,697

0.18%

NV

143,834

0.20%

112,816

0.16%

NE

110,240

0.16%

111,952

0.16%

AB

112,265

0.16%

109,129

0.16%

MS

164,769

0.23%

93,525

0.13%

WV

82,932

0.12%

88,302

0.13%

NM

85,005

0.12%

80,857

0.12%

RI

83,103

0.12%

75,488

0.11%

PR

180,021

0.25%

72,767

0.10%

WY

85,629

0.12%

34,645

0.05%

UK

31,779

0.04%

32,482

0.05%

QC

19,628

0.03%

24,510

0.04%

GU

22,713

0.03%

23,061

0.03%

BC

13,401

0.02%

13,488

0.02%

AM

3,483

0.00%

3,572

0.01%

HI

1,150

0.00%

1,627

0.00%

SG

34

0.00%

357

0.00%

Please contact info@advantagedata.com for supporting 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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