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American Capital Strategies (ACAS)
Offers senior debt, mezzanine debt and equity to fund growth,
acquisitions, recapitalizations and securitizations. American invests
from $5 million to $800 million per company.
Once the largest BDC
in terms of asset size, American stumbled in
2008 and suspended its quarterly dividend in December 2008.
Apollo Investment (AINV)
Apollo Investment, managed by private
equity firm Apollo Management, offers $20
million to $150 million mezzanine and senior secured loans.
Apollo may also take equity positions, and may invest in public
companies.
Ares
Capital (ARCC)
Externally managed by Ares Capital
Management LLC, Ares offers $10 million to
$50 million senior and senior subordinated debt, and mezzanine
debt, which sometimes includes an equity component, to middle market
companies.
Acquired Allied Capital, the first and formerly the largest BDC,
in April 2010.
BlackRock Kelso Capital (BKCC)
Externally managed by BlackRock Kelso
Capital Advisors, BlackRock provides debt and equity in the $10
million to $50 million range in the form of senior and junior secured
and unsecured debt securities and loans, each of which may include an
equity component, to middle-market companies. May also make direct
investments.
Compass Diversified
Holdings (CODI)
Not a BDC, Compass operates like a private
equity investor, acquiring controlling interests in profitable
small to middle market businesses with revenues of $10 million to $40
million operating in attractive niche industries.
CorEnergy Infrastructure
Trust (CORR)
Invests
$5 million to $30 million in equity and debt of
privately held and
micro-cap companies operating in the mid-stream to downstream sections
of the energy infrastructure industry such
as pipeline operators.
Equus Total Return (EQS)
Invests
$4 million to $12 million in companies with revenues in the $10 million
to $100 million range. Investments include stock, convertible debt
and debt combined with warrants or options. Suspended quarterly
dividend in November 2008. High risk.
Fidus
Investment Corp (FDUS)
Founded in 2007, and a June 2011 IPO, Fidus offers mezzanine debt and
equity financing to firms with revenues from $10 million to $150
million.
Fifth Street Finance (FSC)
Invests in small and mid-sized companies, primarily in connection with
investments by private equity sponsors.
Full Circle Capital (FULL)
A September 2010 IPO, Full Circle lends to and invests mainly in senior
secured loans and, to a lesser extent, mezzanine loans and equity
securities issued by smaller and lower middle-market companies. Typical
transaction is $3 million to $10 million. Externally managed by Full
Circle Advisors. Pays monthly dividends.
Gladstone Capital (GLAD)
Externally managed by Gladstone Management
Corporation, GLAD offers debt securities consisting
primarily of senior term loans, second lien loans, and senior
subordinate loans in the $3 million to $15 million range to small and
medium sized businesses.
Gladstone
Investment (GAIN)
Externally managed by Gladstone Management
Corporation, GAIN makes
debt and equity investments in small and mid-sized private businesses to
facilitate acquisitions, changes in control and recapitalizations.
Gladstone Investment makes riskier loans than Gladstone Capital. Also
Gladstone Capital may take direct equity positions in its client
companies.
Golub Capital
(GBDC)
An April
2010 IPO, Golub offers senior loans up to $200 million, second lien and
subordinated debt, preferred stock and co-investment equity to middle
market companies with operating cash flows of $5 million or more.
Hercules Technology
Growth Capital (HTGC)
Provides debt and equity growth
capital to technology and life science companies at all stages of
development, mostly privately held start-ups backed by leading venture
capital and private equity firms.
Horizon Technology
(HRZN)
Externally managed by Horizon Technology Finance Management LLC,
Horizon, and October 2010 IPO, makes secured loans to
development-stage companies backed by venture capital and private equity
firms within the technology, life science, healthcare information and
services, and clean-tech industries.
KKR Financial Holdings
(KFN)
Managed by a unit of private equity
superstar Kohlberg Kravis Roberts & Co., KKR Financial invests in
secured and unsecured corporate loans, including mezzanine loans,
high-yield corporate bonds, asset-backed securities, and debt and equity
securities.
KCAP Capital
(KCAP)
Formerly Kohlberg Capital, KCAP originates, structures, finances and manages term loans, mezzanine
investments and equity securities in middle market companies. Its
Katonah Debt Advisors and Trimaran Advisors units manage
collateralized loan obligation (CLO) funds that invest in syndicated
corporate term loans, high-yield bonds and other credit instruments.
Kohlberg Capital
(KCAP)
Originates, structures, finances and manages term loans, mezzanine
investments and selected equity securities in middle market companies.
Wholly-owned units Katonah Debt Advisors and Trimaran Advisors, manage
collateralized loan obligation funds ("CLO Funds") which invest in
broadly syndicated loans, high-yield bonds and other credit instruments.
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Main Street Capital
(MAIN)
Provides
$2 million to $15 million of long-term debt and equity capital to lower
middle market companies with revenues in the $10 million to $100 million
range.
MCG Capital (MCGC)
Offers
capital and advisory services to middle market companies with revenues
in the $20 million to $200 million range.
Medley Capital (MCC)
A January 2011 IPO, Medley offers
loans in the $10 million to $50 million range to middle market companies,
primarily in North America.
Externally managed by MCC Advisors, LLC.
Div Score 23
Monroe Capital (MRCC)
An October 2012 IPO, Monroe invests in senior, unitranche and
junior secured debt
of lower middle market companies.
Externally managed by Monroe Capital BDC Advisors, LLC,
MVC Capital (MVC)
Provides long-term equity and debt
investment capital to fund growth, acquisitions and recapitalizations of
small and middle-market companies. Investments may be stock, convertible
securities, warrants, and senior or subordinated loans.
New Mountain Finance (NMFC)
A May 2011 IPO, New Mountain offers
debt securities at all levels of the capital structure, including first
and second lien debt, notes, bonds and mezzanine securities. Investments
may include small equity interests. Externally managed by New Mountain
Finance Advisers BDC, LLC.
NGP Capital Resources
Company (NGPC)
Externally managed by NGP Investment Advisor, LP, NGPC provides
$10 million to $100 million senior secured and mezzanine loans to small
and mid-size energy related private companies. It may also take equity
positions in client firms.
Oxford Lane Capital
(OXLC)
An August 2011 IPO, externally managed by Oxford Lane Capital
Management, LLC, Oxford invests in corporate Collateralized Loan
Obligation (CLO) instruments.
PennantPark
Floating Rate Capital
(PFLT)
Externally managed by PennantPark Investment Advisers, LLC.,
PennantPark Floating Rate Capital, an April 2011 IPO, invests mostly
in floating rate senior secured loans of middle-market private
companies. May also invest in mezzanine debt and equity investments.
PennantPark Investment
(PNNT)
Externally managed by PennantPark Investment Advisers, LLC.,
PennantPark Investment nvests
$15 million to $50 million in stock, warrants, options, subordinated
loans, mezzanine loans, and senior secured loans of middle-market
private companies. Div
Score 15
Prospect Capital
(PSEC)
Lends to and invests in private and micro-cap public businesses.
Prospect offers private mezzanine debt, senior secured debt, senior
unsecured debt, publicly traded high-yield debt, bridge loans and
private equity. Acquired Patriot Capital Funding in December 2009.
Div Score 14
Solar Capital
(SLRC)
Externally managed by
Solar Capital
Partners LLC, SLRC, a February 2010
IPO, offers senior secured loans, mezzanine loans, and equity
investments in leveraged middle market firms.
Solar Senior Capital
(SUNS)
Externally managed by
Solar Capital
Partners LLC, SUNS, a November 2012
IPO, invests in senior secured loans including first lien,
unitranche, and second lien debt instruments of middle market, leveraged
companies.
Stellus Capital Investment Senior
(SCM)
Externally managed by Stellus Capital
Management, SCM, a February 2011
IPO, offers first lien, second lien, unitranche and mezzanine
debt financing to middle market
companies.
TICC Capital
(TICC)
Formerly
Technology Investment Capital, TICC offers
financing to technology-related companies with annual revenues below
$200 million and/or a market capitalization or enterprise value of less
than $300 million.
Div Score 16
TCP Capital
(TCPC)
April
2012 IPO. Invests in debt securities
of firms with enterprise values between $100 million and $1.5 billion.
Externally managed by Tennenbaum Capital Partners, LLC.
THL Credit
(TCRD)
An April 2010 IPO, THL offers junior debt and equity investments in
middle market companies for acquisitions, recapitalizations and change
in control transactions.
Div Score 15
Triangle Capital (TCAP)
Offers
customized financing in the $5 million to $15 million range to lower
middle market companies with revenues from $20 million to $75 million.
Also may take equity positions.
Whitehorse Finance (WHF)
A
December 2012 IPO, Whitehorse invests $10 million to $50 million to
companies with enterprise values (market-cap + debt) between $50 and
$350 million. Externally managed by
H.I.G. Capital.
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