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.
Please 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.
Please 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).
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.
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