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Alcentra Capital (ABDC)
A May
2014 IPO, Alcentra offers subordinated debt and equity capital in the $5
million to $20 million range to growth focused middle market companies.
Externally managed by BNY Alcentra Group Holdings.
American Capital Strategies
Once the largest BDC
in terms of asset size, American stumbled in
2008 and suspended its quarterly dividend in December 2008, and was
acquired by Ares Capital in January 2017.
American Capital Senior
Floating (ACSF)
Externally managed by a unit of Ares Capital, ACSF
invests in
first lien and second lien floating rate loans made to large U.S. based
companies.
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.
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 once the largest BDC, in April
2010, and acquired American Capital Strategies in January 2017.
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.
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 March 2009.
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)
Acquired by Great Elm Capital in November 2016.
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. Pays monthly dividends.
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. Pays monthly dividends.
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.
Great Elm Capital (GECC)
Acquired the assets of Full Circle Capital
and began trading as Great Elm Capital in November 2016.
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)
Acquired by private equity firm K.K.R. in 2014.
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.
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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. Internally managed.
MCG Capital
(MCGC)
Acquired by PennantPark Floating Rate Capital (PFLT)
for $4.75 per share in August 2015.
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.
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.
OHA Investment Corp. (OHAI)
Externally managed by Oak Hill Advisors, LP, OHIA provides
$10 million to $100 million senior secured and mezzanine loans to small
and mid-size 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.
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.
TCG BDC
(CGBD)
CGBD, a June 2017 IPO, is externally managed by
Carlyle GMS Investment
Management LLC, a unit of Carlyle Group. CGBD takes equity
positions in, and offers
debt financing to middle market
companies.
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)
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.
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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