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An Acuris CompanyBDC Health Report An Acuris Company

A Debtwire Middle Market Special Report

2Q17

BDC Health

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Quarterly Overview of the BDC Industry

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BDC Health Report

Debtwire Middle Market

CONTENTS

OVERVIEW: 3

METHODOLOGY: 4

DISCOUNTED HOLDINGS AND STOCK PRICE/NAV: 5-6

INDUSTRY-WISE DISTRESSED EXPOSURE: 7

LEVERAGE - DEBT/ASSETS: 8

NET INVESTMENT INCOME: 9

BDC MARKET PERFORMANCE: 10

CONTACT INFO: 11

2Q17

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BDC Health Report

The BDC Health Report

BDCs have now become an integral part of the middle market

space. The BDC count has grown exponentially from 5 to 10 a few

years back to ~ 60 today.

Debtwire Middle Market’s BDC Health Report features financial

statistics and key portfolio measures for the ~40 public BDCs

that we cover, from the universe of ~55 public BDCs. The

analysis in this report illustrates a high-level overview of our

coverage universe as of the most recent quarter, 2Q17. The

report features various individual and industry-wide BDC

performance data and comparative analysis.

Part of our analysis includes a graph which displays the per-

centage of assets marked below 95% face value and 80% face

value (defined as fair value divided by principal, per public filings)

for each BDC under our coverage, to highlight portfolio distress.

Similar to the BDCs, our focus is on middle market corporate debt

and hence we exclude CLO and equity investments.

We also highlight stock price/NAV, an important market per-

formance metric for BDCs, strongly related to capital markets

accessibility. Additionally, we’ve highlighted debt/asset ratio for

each BDC, indicating leverage.

In our analysis we also focus on industry-wise exposure of below

95% face value loans as a percentage of total assets. We con-

tinue to see portfolio distress in certain sectors, like energy, retail

and healthcare.

Concerning market performance, our report features analysis on

stock returns and dividend yields, including comparisons to other

yield products.

Lastly, the attached spreadsheet highlights net investment income,

total assets and the ratio of that for last four quarters, displaying

the trend for each BDC under our coverage.

For 2Q17, we have added Carlyle’s BDC, TCG BDC, Inc. (CGBD)

to our coverage.

An increased supply of middle-market direct lenders continues

to be a theme for the sector and a possible concern for BDCs,

considering the excess liquidity in the space. As tolerance for

borrower friendly conditions persist, BDCs (especially those with

less robust origination platforms) may face lower quality

opportunity sets. We expect BDCs to remain especially cautious

when financing deals in the retail (including food & beverage)

industry, given the distress in the sector. We also continue to see a

steady supply of BDC portfolio distress from energy sector loans.

2Q17 | Overview

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BDC Health Report

Methodology

Debtwire Middle Market’s BDC Health Report features financial statistics and key portfolio measuresfor the ~ 40 largest public BDCs in terms of market capitalization that we cover. The analysis in thisreport illustrates a high-level overview of our coverage universe as of the most recent quarter.

Similar to the BDCs, our focus is on middle market corporate debt. For our calculation of the percentageof assets marked below 95% face value, the total portfolio does not include CLO and equity investments,which may include a meaningful portion of a BDC’s portfolio composition.

BDCS UNDER COVERAGE AS OF 2Q17

AINV HCAP TCPC PFLT GSBD

ARCC HTGC TCRD FSFR SLRC

BKCC HRZN TICC SUNS TPVG

CPTA KCAP TSLX CSWC GAIN

FDUS MAIN TCAP OHAI CGBD

FSC MCC WHF SCM

FSIC NMFC MRCC CMFN

GARS PNNT ABDC OFS

GLAD PSEC GBDC ACSF

2Q17 | Methodology

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BDC Health Report

2Q17 - BELOW 95C AND 80C AS A % OF TOTAL ASSETS

Source: Debtwire, SEC filings

1Q17 - BELOW 95C AND 80C AS A % OF TOTAL ASSETS


1Q17 - STOCK PRICE/NAV


2Q17 - STOCK PRICE/NAV


2Q17 | Discounted Holdings and Stock Price/NAV

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2Q17 Stock price/NAV Minimum bar to raise additional capital

Minimum bar to raise

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2Q17 Stock price/NAV

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1Q17 Stock price/NAV

1Q17 Stock price/NAV Minimum bar to raise additional capital

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2Q17 <95c/total assets 2Q17 <80c/total assets

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1Q17 <95c/total assets 1Q17 <80c/total assets

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BDC Health Report

Discounted Holdings and Stock Price/NAV

OVERVIEW:

The graphs on the previous page show the loans marked below 95% and 80% as a percentage of total assets and the stock price-to-NAV ratio for each of the BDCs under Debtwire coverage.

In 2Q17, there were 14 BDCs trading at a stock price/NAV ratio of more than 1.0x, the minimum bar to raise additional capital, a decrease from 19 BDCs last quarter. The average stock price/NAV ratio continues to remain steady at 1.0x.

MCC and TSLX saw strong improvements in reducing exposure to assets marked below 95%, while NMFC and TCPC saw large increases in exposure to stressed assets.

CMFN, which has a relatively small portfolio, continues to have the highest exposure to distressed assets.

2Q17 | Discounted Holdings and Stock Price/NAV

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BDC Health Report

2Q17 | Select Industry-wise Distressed Exposure

BDC Manufacturing (other) Energy Healthcare Media Retail Consumer: Foods

Alcentra Capital Corp (ABDC) 3.2% 4.1%

Apollo Investment Corporation (AINV) 1.1% 0.4%

Ares Capital Corporation (ARCC) 0.0% 2.2% 2.1% 0.5% 0.1%

Fidus Investment Corporation (FDUS) 3.5%

FS Investment Corporation (FSIC) 0.2% 0.3% 0.1% 0.5%

Garrison Capital Inc (GARS) 1.9% 1.0%

Gladstone Capital Corporation (GLAD) 3.1% 2.3% 0.7% 1.0%

Goldman Sachs (GSBD) 2.4% 1.1%

Hercules Technology Growth Capital (HTGC)

KCAP Financial Inc (KCAP) 2.2% 2.5% 0.7%

Main Street Capital (MAIN) 1.5% 0.6% 0.2% 0.9% 2.3%

Medley Capital Corp (MCC) 2.2% 2.5% 1.6%

PennantPark (PNNT) 6.0%

Prospect Capital Corporation (PSEC) 0.2% 1.7%

Solar Capital Ltd (SLRC) 0.8%

TPG Specialty Lending (TSLX) 0.8%

Triangle Capital Corporation (TCAP) 5.1% 1.1% 0.8% 0.4% 0.4% 0.8%

Whitehorse Finance (WHF) 2.2% 2.4% 2.9%

Pennantpark Floating Rate Capital Ltd (PFLT) 0.2% 1.4% 1.7% 0.4%

Gladstone Investment Corporation (GAIN) 5.4%

CM Finance Inc (CMFN) 9.7% 5.8% 5.2%

Solar Senior Capital Ltd (SUNS)

Fifth Street Senior Floating Rate Corp (FSFR) 2.2% 4.1%

TCP Capital Corp (TCPC) 0.9% 0.3% 0.1%

Golub Capital BDC, Inc. (GBDC) 0.4% 0.4% 0.0% 0.0%

Fifth Street Finance Corp (FSC) 0.2% 7.5%

THL Credit, Inc. (TCRD) 2.2% 3.6% 2.8%

Blackrock Capital Investment Corp (BKCC) 1.5%

Horizon Technology Finance Corp (HRZN) 5.7%

Monroe Capital Corp (MRCC) 0.0% 0.5% 1.5% 2.2% 1.1%

Capitala Finance Corp (CPTA) 3.5% 0.8% 1.1% 1.8%

TICC Capital Corp. (TICC)

OHA Investment Corp (OHAI) 5.2%

OFS Capital Corp (OFS) 1.0% 0.9% 1.1%

TriplePoint Venture Growth BDC Corp (TPVG) 1.2%

American Capital Senior Floating Ltd (ACSF) 1.2% 1.6% 0.4% 0.4%

Harvest Capital Credit Corp (HCAP)

Stellus Capital Investment Corp (SCM) 1.0%

New Mountain Finance Corporation (NMFC) 0.7%

TCG BDC Inc (CGBD) 3.1% 0.8%

Portfolio distress related to energy assets continues to be common, as three BDCs had exposure to distressed energy assets at over 5% (unchanged QoQ).

TCAP and GAIN had a relatively high concentration of distressed credits in the manufacturing industry. FSC’s exposure to underperforming healthcareportfolio companies continues to increase.

Portfolio stress from food sector loans seems to be widespread, although each BDC appears to have only moderate exposure.

Source: Debtwire, SEC filings.

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BDC Health Report

LEVERAGE - DEBT/ASSETS (2Q17)


2Q17 | Leverage - Debt/Assets

OVERVIEW:

The debt/assets chart above demonstrates the current leverage level for the BDCs under Debtwire’s coverage.

As of 2Q17, the average debt/assets ratio was 39.1%, a second consecutive QoQ decrease.

This quarter, CPTA has the highest leverage ratio at 56%. OHAI’s ratio decreased considerably to 28%, from 57% in1Q17.

37%39%

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35%

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8%

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Avg Debt/Assets 39.1%

0%

10%

20%

30%

40%

50%

60%

AINV

ARCC

BKCC

CPTA

FDUS

FSC

FSIC

GARS

GLAD

GSBD

HCAP

HTG

C

HRZN

KCAP

MAIN

MCC

NMFC

PNNT

PSEC

SLRC

TCPC

TCRD

TICC

TSLX

TCAP

WHF

MRCC

ABDC

GBDC

TPVG

PFLT

FSFR

SUNS

CSW

C

OHAI

SCM

CMFN OFS

ACSF

GAIN

CGBD

Avg Debt/AssetsDebt/Assets

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BDC Health Report

NET INVESTMENT INCOME


2Q17 | Net Investment Income

OVERVIEW:

Most BDCs have continued to generate relatively stable, positive net investment income (NII). In 2Q17, CSWC andOFS had large YoY increases in NII, while CPTA and OHAI had large YoY decreases in NII.

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2Q17 1Q17 4Q16 3Q16 2Q16

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BDC Health Report

BDC DIVIDEND YIELDS VS. ETF YIELDS


BDC YTD STOCK RETURNS VS. ETF RETURNS


2Q17 | BDC Market Performance

OVERVIEW:

The relative performance for the BDCs continuesto be fairly strong when compared to otheryield products such as REIT and MLP. However,BDC ETF’s (BIZD) YTD return has deterioratedto 4.5%. It was 8.4% as of 1Q17. High YieldETF, HYG (5.4% return) has outperformedBZID thus far in 2017.

CPTA, TCAP and OHAI are the lowestperforming stocks YTD in 2017.

The BDC ETF dividend yield continues to bemost attractive (~7.9%), as compared to otheryield products.

While CPTA was the lowest performing stock,its dividend yield was the highest at 17.1%.

CGBD, our newest addition to coverage,IPO’ed in June 2017, and had a yield of 8.1%.

4.4% REIT ETF (VNQ)5.0% HY Corp Bond ETF (HYG)

7.7% MLP ETF (AMLP)7.9% BDC ETF (BIZD)

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DC

GB

DC

TP

VG

PF

LT

FS

FR

SU

NS

CS

WC

OH

AI

SC

M

CM

FN

OF

S

AC

SF

GA

IN

CG

BD

-1.4% MLP ETF (AMLP)

4.5% BDC ETF (BIZD)3.8% REIT ETF (VNQ)

5.4% High Yield ETF (HYG)

Debtwire.com


Debtwire.com

2Q17

Contacts

BDC Health Report

Debtwire Middle Market Editorial Debtwire Middle Market Research Sales

Jon Berke, Middle Market Editor, Debtwire North America+1 212 686 2741, [email protected]

Suneet Chandvani, Head of Mid-Market Research+1 646 378 3170, [email protected]

Jonathan Reed, Managing Director+1 212 686 5418, [email protected]

Bill Weisbrod, Reporter+1 212-500-1399, [email protected]

Alex Federbusch, Analyst+1 212 500 7554, [email protected]

Brian Fitzgerald, Head of Debtwire Sales Americas+1 212 686 5277, [email protected]

Rachel Butt, Energy Reporter+1 212-500-1387, [email protected]

Amol Shinde, Middle Market Analyst+91-22-61331670, [email protected]

Tanvi Acharya, Reporter+1 646-378-3142, [email protected]

Rahul Ramaswamy, Middle Market Analyst+91-22-62351533, [email protected]

mailto:[email protected]










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An Acuris CompanyBDC Health Report An Acuris Company2Q17

Debtwire.com

BDC Health Report

Debtwire reports on corporate debt situations before credit ratings are changed. Offering unique insights, credit analysis, debt data, and analytics for distressed debt and leveraged finance markets.

Subscribers choose Debtwire for speed and depth of coverage they can’t get anywhere else. Our reporters talk to an impressive range of contacts every day to bring you valuable early insight into fast evolving situations.

To complement your newsfeed, Debtwire’s credit analysis and research teams provide deep technical details and angles that help you understand situations more clearly.

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Find mandate opportunities in stressed/ distressed/restructuring situations, ahead of the market

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Get the full story on restructurings and the players involved

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Disclaimer

We have obtained the information provided in this report in good faith from sources that we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and Debtwire intelligence.

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