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Unrealized Losses In Top 5 BDCs

Posted by Alex Buzby on Jan 26, 2017 4:06:44 PM

BDC Unrealized Losses and Percentage Loss - First Liens

Looking at the 5 largest public externally managed BDCs by AUM, first lien loans comprise over $9.8 billion or nearly 40% of their holdings as of 3Q16. The health of these loans is a potential indicator of overall BDC well-being given they are by nature the least risky investments they make.  
 
 
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Topics: Middle Market, BDC, First Lien

BDC First Lien Marks Rise While Non-Accruals Stay Relatively Flat

Posted by Alex Buzby on Jan 23, 2017 11:49:45 AM

Interesting divergence between the first and second middle market liens on non-accrual vs. percentage loss over the 12 months from Q4 2015 through Q3 2016. In BDC portfolios, first lien non-accruals as a percentage of cost exceed second liens, while on a percentage loss basis second liens exceed first liens.

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Topics: Middle Market, First Lien, Non-accruals

Middle Market Dealflow Update - Q3 2016

Posted by Alex Buzby on Nov 15, 2016 2:24:09 PM

As of November 14, AdvantageData has recorded 55 BDC filings for Q3 2016 making up nearly $70 of the $83 billion in the space. Using this aggregate data to track dealflow in the middle market we can provide unique insight into trends in lending.

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Topics: Middle Market, BDC, First Lien, Dealflow


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