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Business Development Company (BDC) Directory

All Known Business Development Companies

by Harry Domash

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. Internally managed. Once the largest BDC in terms of asset size, American stumbled in 2008 and suspended its quarterly dividend in December 2008.

American Capital Senior Floating (ACSF)

Externally managed by a unit of American Capital Strategies, ACSF invests mainly in senior secured debt.

Apollo Investment (AINV)

Apollo Investment, externally 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. Externally managed.

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.  

Capitala Finance  (CPTA)

Externally managed by Capitala Investment Advisors, CPTA focuses on  traditional mezzanine,senior subordinated, and unitranche assets in the lower middle market.

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. Externally managed.

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.

Garrison Capital (GARS)

A March 2013 IPO, Garrison primarily invests in debt and equity of U.S. based middle-market companies. Typical transaction is $10 million to $25 million. Externally managed by Garrison Investment Group LP.

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 BDC (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.  

Harvest Capital Credit (HCAP)

An May 2013 IPO, Harvest targets companies with annual revenues between $10 million and $100 million. Externally managed by Harvest Capital Strategies LLC.

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. Internally managed.

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)

Externally 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, internally managed 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.

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. Internally managed.

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.

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.

OFS Capital (OFS)

An 11/2012 IPO, OFS focuses on middle market companies with annual EBITDA between $5 million and $50 million. Externally managed by  OFS Capital Management, LLC.

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. Externally managed.

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, Externally managed 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.

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. Externally managed.

TICC Capital (TICC)

Provides capital to established businesses, investing in syndicated bank loans and purchasing debt and equity tranches of collateralized loan obligations.

TPG Specialty Lending (TSLX)

A March 2014 IPO, TSLX generates income via direct originations of floating-rate senior secured loans and, to a lesser extent, mezzanine loans and corporate bonds of U.S.-based middle-market companies. Externally managed by TSL Advisers, LLC.

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. Internally managed.

Triple Point Venture Growth BDC (TPVG)

Externally managed, TPVG invests in venture growth stage businesses.

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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