BDC Filing Season Q3 2019 - Week 1 Update

Posted by Sourav Srimal on Nov 1, 2019, 3:42:05 PM
Sourav Srimal
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BDC Filing season is in full swing. This report will analyze 8 Public BDCs that have filed this week. Aggregate Fair Value reported by these BDCs is 27.7 Billion USD which is approximately 26% of aggregate AUM of all BDCs.

Week1A
Please contact info@advantagedata.com for BDC Holdings Data.


Non-Accruals

At least 6 BDC’s so far have reported Non –Accruals amounting to 347 Million USD at Cost. Ares by far is leading the Non-Accruals list.  However, compared to Q2 19, Ares has reported 7 fewer Non-Accruals.

Week1B
Non Accruals as Q3 2019
Week1C
Non Accruals as Q2 2019
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 BDC’s will have Investments worth 700 Million USD at Fair Value maturation. The table below summarizes aggregate Investments of BDCs that are maturing in the next 12 months.

BDC

Cost (1000)

Fair Value (1000)

Ares Capital

536,400

484,200

BlackRock Capital Investment Corporation

25,194

24,750

Fidus Investment Corp

29,946

28,826

Hercules Capital Inc.

116,153

116,020

Horizon Technology Finance Corp.

15,098

14,667

Owl Rock Capital Corp.

31,270

31,322

Grand Total

754,061

699,785

 

Where BDC are marking their Investments?

Via the following table, it can be inferred that while 93.7% of BDCs Investments at cost are marked at 91 and up, it is important to note that 3.3 % of BDCs Investment at cost are marked at 80 or below.

Price Range

Cost (1000)

Cost

Fair Value (1000)

Fair Value

>91

23,138,250.97

93.79%

23,036,050.44

94.99%

81-90

701,742.147

2.84%

632,643.438

2.61%

71-80

484,846.797

1.97%

395,668.172

1.63%

61-70

19,851.335

0.08%

13,023.075

0.05%

51-60

79,190.552

0.32%

47,540.415

0.20%

0-50

245,187.224

0.99%

127,050.215

0.52%

Grand Total

24,669,069.02

100.00%

24,251,975.75

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 in this week amounts to 7.2 Billion USD (Cost) accounting to 25% of their aggregate holdings (Cost).

BDC

Portfolio Company

Cost (1000)

Fair Value (1000)

Ares Capital

Senior Secured Loan Fund LLC

817,400.00

817,400.00

Ares Capital

Ivy Hill Asset Management

444,000.00

504,600.00

Ares Capital

Athenahealth Inc.

363,400.00

366,600.00

Ares Capital

Pathway Vet Alliance LLC

288,600.00

288,600.00

Ares Capital

Singer Sewing Company

257,500.00

233,800.00

Ares Capital

MacLean Fogg Co.

235,000.00

233,900.00

Ares Capital

Ultimate Software Group

218,000.00

216,100.00

Ares Capital

Ministry Brands Co.

208,300.00

206,800.00

Ares Capital

OTG Management LLC

206,300.00

244,700.00

Ares Capital

SymphonyIRI Group

201,900.00

204,700.00

Barings BDC

Dreyfus Mutual Funds

27,012.47

27,012.47

Barings BDC

State Street Corp.

24,539.78

24,539.78

Barings BDC

Accurus Aerospace Corp.

24,490.33

24,285.54

Barings BDC

BDP Intl. Inc.

24,369.58

24,483.80

Barings BDC

Professional DataSolutions Inc.

23,177.27

22,910.20

Barings BDC

Holley Performance Prods Inc.

22,066.28

21,750.92

Barings BDC

1WorldSync Inc.

22,063.10

22,030.35

Barings BDC

Transportation Insight LLC

21,378.13

21,517.82

Barings BDC

Campaign Monitor

20,225.14

20,187.65

Barings BDC

Heilbron 

17,378.13

17,106.45

BlackRock Capital Investment Corporation

Gordon Brothers Finance Co.

143,651.68

143,651.69

BlackRock Capital Investment Corporation

BCIC Senior Loan Partners LLC

96,333.33

90,866.17

BlackRock Capital Investment Corporation

First Boston Construction Holdings LLC

54,375.00

49,146.55

BlackRock Capital Investment Corporation

AGY Holding Corp.

48,919.32

41,925.43

BlackRock Capital Investment Corporation

St George Warehousing & Trucking Co. of California Inc.

38,688.58

34,239.39

BlackRock Capital Investment Corporation

Zest Acquisition Corp.

24,797.16

24,500.00

BlackRock Capital Investment Corporation

Red Apple Stores Inc.

23,050.00

17,518.00

BlackRock Capital Investment Corporation

Sur La Table Inc.

21,029.66

21,029.66

BlackRock Capital Investment Corporation

Paragon Films Inc.

20,610.54

20,790.00

BlackRock Capital Investment Corporation

Vertellus Specialties Inc.

17,461.30

17,461.30

Fidus Investment Corp

Accent Food Services LLC

36,126.00

35,032.00

Fidus Investment Corp

BCM One Group Hldg Inc.

28,214.00

28,493.00

Fidus Investment Corp

Hub Acquisition Sub LLC

25,203.00

26,424.00

Fidus Investment Corp

Pugh Lubricants LLC

24,096.00

24,733.00

Fidus Investment Corp

AVC Investors LLC

22,912.00

23,245.00

Fidus Investment Corp

Worldwide Express Operations LLC

22,683.00

24,231.00

Fidus Investment Corp

Allied 100 Group Inc.

22,647.00

22,846.00

Fidus Investment Corp

Wheel Pros LLC

21,311.00

21,311.00

Fidus Investment Corp

Pfanstiehl Inc.

7,050.00

25,154.00

Fidus Investment Corp

Pinnergy LTD

6,000.00

36,771.00

Hercules Capital Inc.

Bridgebio Pharma LLC

77,674.00

80,276.00

Hercules Capital Inc.

Paratek Pharmaceuticals Inc.

74,865.00

72,176.00

Hercules Capital Inc.

EverFi Inc.

71,470.00

71,787.00

Hercules Capital Inc.

Oak Street Health

60,969.00

60,683.00

Hercules Capital Inc.

Businessolver.Com Inc.

57,002.00

57,233.00

Hercules Capital Inc.

Khoros LLC

54,722.00

54,705.00

Hercules Capital Inc.

Impossible Foods Inc.

53,238.00

52,880.00

Hercules Capital Inc.

Mesoblast LTD

51,193.00

51,286.00

Hercules Capital Inc.

Snagajobcom Inc.

48,871.00

48,120.00

Hercules Capital Inc.

Gibraltar Business Capital LLC

42,772.00

48,955.00

Horizon Technology Finance Corp.

CVRx Inc.

19,800.00

19,800.00

Horizon Technology Finance Corp.

US Bank Money Market Deposit Account

19,400.00

19,400.00

Horizon Technology Finance Corp.

Bridge2 Solutions Inc.

15,411.00

15,730.00

Horizon Technology Finance Corp.

HealthEdge Software Inc.

15,036.00

15,019.00

Horizon Technology Finance Corp.

GroundTruth (xAd Inc.)

15,006.00

15,068.00

Horizon Technology Finance Corp.

Mohawk Group Inc.

14,916.00

14,729.00

Horizon Technology Finance Corp.

Horizon Secured Loan Fund I LLC

14,358.00

14,323.00

Horizon Technology Finance Corp.

IgnitionOne Inc

12,051.00

11,457.00

Horizon Technology Finance Corp.

CSA Medical Inc.

11,884.00

11,875.00

Horizon Technology Finance Corp.

MacuLogix Inc.

11,613.00

11,518.00

Owl Rock Capital Corp.

Gerson Lehrman Group Inc.

312,514.00

310,438.00

Owl Rock Capital Corp.

Associations Inc.

287,962.00

287,981.00

Owl Rock Capital Corp.

Nelipak Holding Co.

229,774.00

226,712.00

Owl Rock Capital Corp.

IQNavigator

196,814.00

196,298.00

Owl Rock Capital Corp.

Definitive Healthcare Hldgs LLC

193,802.00

193,742.00

Owl Rock Capital Corp.

Endries Acquisition Holdings

185,725.00

184,588.00

Owl Rock Capital Corp.

Pregis Topco Corp.

182,658.00

182,607.00

Owl Rock Capital Corp.

Troon Golf LLC

176,147.00

178,172.00

Owl Rock Capital Corp.

GC Agile Hldg Limited

157,951.00

157,465.00

Owl Rock Capital Corp.

Swipe Acquisition Corp.

156,904.00

155,631.00

Oxford Square Capital Corp.

Sound Point CLO XVI Ltd

42,989.44

24,570.00

Oxford Square Capital Corp.

Quest Software US Holdings Inc

20,794.39

20,558.06

Oxford Square Capital Corp.

Keystone Acquisition Corp

20,315.71

19,918.71

Oxford Square Capital Corp.

OMNIA Partners Inc.

19,866.28

19,521.18

Oxford Square Capital Corp.

ECI Software

19,850.79

19,298.47

Oxford Square Capital Corp.

Nassau 2019-I Ltd

19,810.07

17,390.00

Oxford Square Capital Corp.

Shift4 Payments LLC

19,772.15

19,549.13

Oxford Square Capital Corp.

Help/Systems LLC

19,441.24

19,415.81

Oxford Square Capital Corp.

Access CIG LLC

17,341.58

17,155.66

Oxford Square Capital Corp.

Global Tel Link Corp.

16,717.54

16,054.46

 

 

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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