Business Development Companies
Apollo Investment Corporation (AINV) is business development company and operates as a closed-end management investment company. The company invests in middle market companies. It provides direct equity capital, mezzanine and senior secured loans, and subordinated debt and loans. It also seeks to invest in PIPES transactions. The company may also invest in public companies that are thinly traded and may acquire investments in the secondary market. It prefers to invest in warrants, makes equity co-investments, and may also invest in cash equivalents, U.S. government securities, high-quality debt investments that mature in one year or less, high-yield bonds, distressed debt, non-U.S. investments, or securities of public companies that are not thinly traded. The company typically invests in building materials, business services, cable television, chemicals, consumer products, direct marketing, distribution, energy and utilities, financial services, healthcare, manufacturing, media, publishing, retail and transportation. It primarily invests between $20 million and $250 million in its portfolio companies. The company seeks to make investments with stated maturities of five to ten years. (Daily Chart) (Weekly Chart)
Ares Capital Corporation (ARCC) is a specialty finance company that provides one-stop solutions to meet the distinct and underserved financing needs of private middle-market companies across diverse industries. Our flexibility, structuring expertise and self-origination capabilities enable us to invest across the capital structure and to meet the full spectrum of our clients' financing needs. As a patient, long-term investor with permanent capital, we have developed a reputation for the flexibility of our approach, a willingness to hold large positions and the ability to offer sponsors and management teams increased certainty of execution. We provide flexible debt capital to middle-market companies and, on a lesser scale, to (i) power generation and infrastructure projects and (ii) early stage and emerging growth companies backed by venture capital firms. Ares Capital is managed by Ares Capital Management LLC ("Ares Capital Management"), a wholly owned subsidiary of Ares Management LLC ("Ares"), a global alternative asset management firm and SEC-registered investment adviser with offices located across the U.S., Europe, Asia and Australia. As of December 31, 2013, Ares Management LLC had approximately $71 billion(1) of committed capital under management. Ares Capital Management is able to leverage the power of the broader Ares platform to access resources, relationships and significant capital markets, trading and research expertise to provide ARCC with attractive investment opportunities. (Daily Chart) (Weekly Chart)
BlackRock Kelso Capital Corporation (BKCC) is a private equity firm specializing in investments in middle market companies. The firm invests in all industries. It prefers to invest between $10 million and $50 million and can invest more or less in companies with EBITDA or operating cash flow between $10 million and $50 million. The firm invests in the form of senior and junior secured, unsecured, and subordinated debt securities and loans including cash flow, asset backed, and junior lien facilities and equity securities. It's equity investments can be structured in the form of warrants, preferred stock, common equity co-investments, and direct investments in common stock. The firm debt investments are principally structured to provide for current cash interest and to a lesser extent non-cash interest, particularly with subordinated debt investments, through a pay-in-kind (PIK) feature. It can also make non-control investments. Blackrock Kelso Capital Corporation was founded in 2005 and is based in New York, New York with an additional office in Chicago, Illinois. (Daily Chart) (Weekly Chart)
Fidus Investment Corporation (FDUS) invests debt and equity capital primarily in lower middle market companies based in the United States. We invest in a wide range of industries where we have expertise, and look to partner with business owners, management teams, and transaction sponsors seeking long term capital for change of control, recapitalizations, acquisitions, and growth oriented transactions. We have a team of highly experienced investment professionals and pride ourselves on investing with a partnership-oriented approach and utilizing our flexible investment mandate to deliver custom-tailored financing solutions designed to meet the specific needs of our portfolio companies. (Daily Chart) (Weekly Chart)
Fifth Street Finance Corp. (FSC) is a business development company specializing in investments in middle market, bridge financing, first and second lien debt financing, mezzanine debt, senior and junior secured debt, expansions, sponsor-led acquisitions, and management buyouts in small and mid-sized companies. It seeks to invest in education services, business services, retail and consumer, healthcare, manufacturing, food and restaurants, construction and engineering, and media and advertising sectors. The fund invests between $5 million to $75 million principally in the form of one-stop, first lien, and second lien debt investments, which may include an equity component in companies with enterprise value between $20 million and $150 million and EBITDA between $3 million and $50 million. It has a hold size of up to $75 million and may underwrite transactions up to $100 million. The fund primarily invests in North America. It seeks to be a lead investor in its portfolio companies. (Daily Chart) (Weekly Chart)
Full Circle Capital Corporation (FULL) is an externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Full Circle invests primarily in asset-based senior secured loans and, to a lesser extent, mezzanine loans and equity securities issued by smaller and lower middle-market companies that operate in a diverse range of industries. Our investments generally range in size from $3 million to $10 million or more. In our lending activities, we focus primarily on portfolio companies with both (i) tangible and intangible assets available as collateral and security against our loan to help mitigate our risk of loss, and (ii) cash flow to cover debt service. Our investment activities are managed by Full Circle Advisors, LLC, an investment adviser that is registered under the Investment Advisers Act of 1940. (Daily Chart) (Weekly Chart)
Garrison Capital Inc. (GARS) is a recently-organized, externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company. Their investment objective is to provide our stockholders with current income and capital appreciation through debt and minority equity investments in middle-market companies. We intend to pursue an investment strategy focused on investing in first lien, second lien, unitranche and mezzanine loans of, and, to a lesser extent, warrants and minority equity securities in, U.S. middle-market companies. We will seek to create a broad portfolio consisting of investments generally in the range of $10 million to $25 million that we believe have attractive risk adjusted returns. We expect the majority of our focus to generally be centered upon traditional direct lending but at times will seek to enhance returns by purchasing loans in the secondary market, which purchases we refer to as capital markets activities, and extending credit for certain restructuring of financially troubled companies, which we refer to as special situations. Garrison Capital Inc. became a public company in March 2013. (Daily Chart) (Weekly Chart)
Gladstone Capital Corporation (GLAD) is a publicly traded business development company (“BDC”) that pays monthly dividends to its stockholders and invests in small and medium sized private businesses, seeking to achieve returns from current income and capital gains through debt and equity investments. The company's debt investments primarily consist of three types of loans to small and medium sized businesses in the US: senior term loans, senior subordinated loans, and junior subordinated loans. Loans range from $5-$30 million with terms of up to seven years. Gladstone Capital's equity investments typically take the form of preferred or common equity (or warrants to acquire the foregoing). Gladstone Capital aims to maintain a portfolio consisting of approximately 95% debt investments and 5% equity investments, at cost. Their goals are to achieve and grow current income through our debt investments that will allow distributions to stockholders to grow over time and to provide stockholders with long term appreciation in the value of our assets by investing in equity securities that we believe can grow over time to permit us to sell our equity investments for capital gains. (Daily Chart) (Weekly Chart)
Gladstone Investment Corporation (GAIN) is a publicly traded business development company (“BDC”) that pays monthly dividends to its stockholders and invests in small and medium sized private businesses, seeking to achieve returns from current income and capital gains through debt and equity investments. Gladstone Investment’s debt investments primarily consist of three types of loans to small and medium sized businesses in the United States: senior term loans, senior subordinated loans, and junior subordinated loans. Loans range from $5 million to $30 million with terms of up to seven years. Gladstone Investment’s equity investments typically take the form of preferred or common equity (or warrants to acquire the foregoing). Historically, as Gladstone Investment has primarily been a buyout fund, it aims to maintain a portfolio consisting of approximately 80% debt investments and 20% equity investments, at cost. Their goals are to achieve and grow current income through our debt investments that will allow distributions to stockholders to grow over time and to provide stockholders with long term appreciation in the value of our assets by investing in equity securities that we believe can grow over time to permit us to sell our equity investments for capital gains. (Daily Chart) (Weekly Chart)
Golub Capital BDC Inc (GBDC) is a nationally recognized credit asset manager with over $8 billion of capital under management. We specialize in debt oriented investments through three complementary business lines: Middle Market Lending, Broadly Syndicated Loans and Opportunistic Credit. Middle Market Lending. Golub Capital's award-winning Middle Market Lending business structures and holds senior, one-stop, second lien and subordinated debt, and also preferred stock and co-investment equity. We fully underwrite and arrange senior and GOLD (Golub One-Loan Debt) facilities. Broadly Syndicated Loans. Golub Capital's Broadly Syndicated Loan business focuses on investing in larger syndicated loans that are generally liquid in the secondary market. The Broadly Syndicated Loan team manages these loans primarily through a series of collateralized loan obligations (CLOs). Opportunistic Credit. Golub Capital's Opportunistic Credit business targets dislocations in liquid and illiquid markets that offer attractive expected returns relative to risk. The Opportunistic Credit business pursues strategies rooted in granular, fundamental research that leverages resources and relationships across the Golub Capital platform. (Daily Chart) (Weekly Chart)
Harvest Capital Credit Corporation (HCAP) is a publicly traded Business Development Company that provides customized financing to small and midsized businesses located throughout North America. Our products include senior secured debt, unitranche term loans, junior secured term loans, subordinated debt investments and minority equity co-investments. Our ability to invest in multiple layers of a company’s capital structure allows us to offer creative and flexible financing solutions. We seek to partner with owners and operators as well as private equity sponsors and other debt providers. We will consider both cash flow-based financings for companies with a history of consistent profitability and opportunistic asset-based transactions in situations where collateral coverage mitigates recent operational under-performance. Our origination appetite includes transactions initiated by private equity sponsors as well as non-sponsored deals for companies with revenues of $10 million to $100 million. We intend to directly originate transactions but will also consider syndicated or club transactions. Investments usually take the form of subordinated debt, junior secured term loans, unitranche term loans and, to a lesser extent, senior secured term loans. We will also consider minority equity investments alongside a portfolio company’s ownership and/or private equity sponsor. We seek to make debt investments ranging in size from $2.0 million to $10.0 million, or larger amounts through our limited partner relationships, and equity co-investments of up to $1.0 million. (Daily Chart) (Weekly Chart)
Hercules Technology Growth Capital, Inc. (HTGC) is a private equity, venture capital, and venture debt firm specializing in providing debt and equity to privately held venture capital and private equity backed companies and select publicly-traded companies. It offers growth and emerging growth capital and structured debt financing to companies at all stages of development and specializes in venture debt in the forms of senior secured and subordinated working capital loans, senior revolving loans and bridge loans, venture leasing, and select direct equity capital. The firm also provides private equity financing for recapitalizations, leveraged buyouts, spin-off transactions, mergers and acquisitions, public to private financings, and PIPEs. It invests in debt and equity investments in later stage, venture, and lower middle market companies. The firm invests primarily in structured debt with warrants and, to a lesser extent, in senior debt and equity investments. It primarily provides senior secured revolvers and term loans; Unitranche and "one-stop" financings; and mezzanine debt, including "last-out" and second lien financings. The firm typically provides non-control financing solutions used for refinancing of existing indebtedness; acquisition financing – control buyouts and minority recaps; dividend recaps; and growth capital. It prefers to invest in technology, energy technology, health care, life sciences, business services, and manufacturing sectors. The firm provided loans in the range of $1 million and $30 million and can underwrite transactions up to $40 million. It seeks to provide emerging growth capital with focus on first institutional round (Series A/B). The firm also invests in expansion stage with focus on follow-on rounds of growth capital (Series B-F). It also co-invests with other private equity firms. Hercules Technology Growth Capital, Inc. was founded in December 2003 and is based in Palo Alto, California with additional offices across United States. (Daily Chart) (Weekly Chart)
Horizon Technology Finance Corp (HRZN) is a specialty finance company that lends to and invests in development-stage companies in the technology, life science, healthcare information and services, and cleantech industries (collectively, our “Target Industries”). Our investment objective is to generate current income from the loans we make and capital appreciation from the warrants we receive when making such loans. We make secured loans (“Venture Loans”) to companies backed by established venture capital and private equity firms in our Target Industries (“Venture Lending”). We also selectively lend to publicly traded companies in our Target Industries. Horizon Technology Finance is externally managed and advised by their Advisor, Horizon Technology Finance Management LLC. (Daily Chart) (Weekly Chart)
KKR Financial Holdings LLC, (KFN) together with its subsidiaries, operates as a specialty finance company with expertise in a range of asset classes. The company’s Credit segment primarily invests in financial assets, such as below investment grade corporate debt comprising senior secured and unsecured loans, mezzanine loans, private and public equity investments, high yield bonds, and distressed and stressed debt securities; and marketable equity securities. Its corporate loans and high yield debt securities are held in collateralized loan obligation (CLO) transactions that are used as long term financing for the company's investments in corporate debt. The senior secured debt issued by the CLO transactions is owned by unaffiliated third party investors and the company owns the majority of the subordinated notes in the CLO transactions. Its Natural Resources segment owns non-operated working and overriding royalty interests in oil and natural gas properties. The Other segment includes other portfolio holdings, including commercial real estate. KKR Financial Advisors LLC serves as the manager of the company. KKR Financial Holdings LLC was founded in 2004 and is based in San Francisco, California. (Daily Chart) (Weekly Chart)
KCAP Financial Inc. (KCAP) is an internally managed business development company ("BDC"), our activities include our middle market investment business which we conduct under the KCAP Financial name and the asset management business of Katonah Debt Advisors and Trimaran, our wholly owned portfolio company. Their investment objective is to generate current income and capital appreciation primarily from the investments made by our middle market business in senior secured term loans, mezzanine debt and selected equity investments in middle market companies. We may invest up to 30% of our capital in other investments such as loans to larger, publicly-traded companies, high-yield bonds, distressed debt securities and debt and equity securities issued by CLO Funds. They also expect to receive distributions of recurring fee income and to generate capital appreciation from our investment in the asset management business of Katonah Debt Advisors. (Daily Chart) (Weekly Chart)
Main Street Capital Corporation (MAIN) is a business development company specializing in long- term equity, equity related, and debt investments in small and lower middle market companies. The firm focuses on investments in warrants, PIK (Payment in Kind) interest, convertible securities, junior secured or unsecured, subordinated loans, private equity, venture debt, mezzanine investments, mature, mid venture, industry consolidation, later stage, late venture, emerging growth, management buyouts, ownership transitions, recapitalizations, strategic acquisitions, business expansion, growth financings, and other growth initiatives primarily for later stage businesses. It does not seek to invest in start-up companies or companies with speculative business plans. It seeks to invest in traditional or basic businesses. The firm primarily invests in companies based in the Southern, South Central, and Southwestern regions of the United States but also considers other domestic investment opportunities. It invests between $2 million and $15 million in companies with revenues between $5 million and $300 million, enterprise values between $3 million and $50 million, and EBITDA between $1 million and $10 million. The firm seeks to charge a fixed interest rate between 12 percent and 14 percent, payable in cash, in case of its mezzanine loan investments. The firm typically invests in the form of term debt with equity participation and/or direct equity investments. It prefers to maintain fully diluted equity positions in its portfolio companies of 5 percent to 50 percent, and may have controlling interests in some instances. The firm also co-invests with other investment firms. It seeks to exit its debt investments through the repayment of the investment from internally generated cash flow and/or refinancing within a period of three to seven years. Main Street Capital Corporation was founded in 1997 and is based at Houston, Texas. (Daily Chart) (Weekly Chart)
MCG Capital Corporation (MCGC) is a private equity firm specializing in investments in middle market companies. The firm does not prefer investments in highly cyclical and volatile industry sectors and businesses with significant volatility exposure. It seeks to invest in small to mid sized companies. The firm prefers to invest in acquisitions, growth financings, organic growth, recapitalization, working capital, and leveraged buyouts. It invests in companies based in the United States. The firm seeks to invest upto $75 million in debt and equity in companies having revenues between $20 million and $200 million and EBITDA between $3 million and $25 million. It seeks to invest in the form of senior debt, including amortizing, bullet maturity, term loans, and revolving credit facilities; institutional sub debt, including junior capital; second lien debt, that includes term loans on sole source and participant basis; secured and unsecured subordinate loans structured as current interest, deferred interest, and equity linked components; mezzanine debt and equity that includes minority equity investments. The firm may invest in minority or control equity positions. It was formerly known as MCG Credit Corporation. MCG Capital Corporation was founded in 1990 and is based in Arlington, Virginia. (Daily Chart) (Weekly Chart)
Medley Capital Corporation (MCC) is a business development company. The fund seeks to invest in privately negotiated debt and equity securities of small and middle market companies. It targets private debt transactions ranging in size from $10 million to $50 million to borrowers principally located in North America. It structures its investments as first lien senior secured loans, second lien senior secured loans, senior secured notes, senior subordinated notes, unitranche loans, and seeks warrants or other equity participation. The fund may take a board seat on its investee companies and exits its investments between three years and seven years. (Daily Chart) (Weekly Chart)
Monroe Capital (MRCC) is a leading provider of senior and junior debt and equity co-investments to middle market companies in the U.S. and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. Monroe is committed to being a value-added and user-friendly partner to owners, senior management and private equity sponsors. Monroe Capital has been recognized by Global M&A Network as the 2013 Small Mid Market Lender of the Year. (Daily Chart) (Weekly Chart)
MVC Capital, Inc (MVC) is a business development company traded on the New York Stock Exchange, under the listing symbol MVC and is advised by The Tokarz Group Advisers LLC ("TTG Advisers"). MVC provides long-term equity and debt investment capital to fund growth, acquisitions and recapitalizations of small and middle-market companies in a variety of industries primarily located in the U.S. MVC's investments can take the form of common and preferred stock (control and non-control investments) and warrants or rights to acquire equity interests; senior and subordinated loans; or convertible securities. MVC serves as the lead investor for transactions, as well as a co-investor in companies along with other private equity sponsors. (Daily Chart) (Weekly Chart)
New Mountain Finance Corporation (NMFC) operates as a closed-end, non-diversified management investment company. The company, through its interest in New Mountain Finance Holdings, L.L.C., invests in debt securities at various levels of the capital structure, including first and second lien debt, notes, bonds, and mezzanine securities; in equity interests, such as preferred stock, common stock, warrants, or options received in connection with its debt investments; and directly in the equity of private companies. It invests in various industries that include software, healthcare services and products, education, business services, federal services, consumer and information services, logistics, industrial services, healthcare information technology, media, specialty chemicals and materials, power generation, information technology, and telecommunication. New Mountain Finance Corporation, formerly known as New Mountain Guardian Corporation, was incorporated in 2010 and is based in New York, New York. (Daily Chart) (Weekly Chart)
NGP Capital Resources Company (NGPC) is a financial services company, which invests primarily in small and mid-size private energy companies. It is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (BDC). The Company’s objective is to generate both current income and capital appreciation primarily through debt investments with certain equity components. A focus area for its investments in the energy industry is domestic upstream businesses that produces, develops, acquires and explores for oil and natural gas (E&P) companies. Its investments consists debt instruments, including senior and subordinated loans combined in one facility. NGP Investment Advisor, LP is the investment manager of the company. (Daily Chart) (Weekly Chart)
OFS Capital Corporation (OFS) is an externally managed, closed-end, non-diversified investment company, which has elected to be treated as a business development company under the Investment Company Act of 1940.With our long-term focus, OFS Capital's investment objective is to provide our stockholders with both current income and capital appreciation primarily through debt investments. Our investment strategy is focused primarily on investments that meet the distinct needs of U.S. middle-market companies and their ownership. Our investments include asset classes in which our external manager has expertise, including in senior secured, unitranche, second-lien and mezzanine loans and equity securities. The two complementary segments of our investment strategy consist of: Senior loan fund: This segment is comprised of senior-secured club loans to companies with an EBITDA in the range of $5 million to $50 million. The pool of floating rate assets is match-funded through a floating rate credit facility with Wells Fargo; and SBIC fund: This segment is focused on directly originating structured equity and debt investments in companies with an EBITDA in the range of $3 million to $12 million. Generally these assets have a low-teens fixed rate of interest, complemented in certain instances by equity investments. The pool of fixed-rate assets is funded through a long-term, fixed-rate SBA debenture program. (Daily Chart) (Weekly Chart)
Oxford Lane Capital Corp. (OXLC) is a non-diversified closed-end management investment company. The Fund’s investment objective is to maximize its portfolio’s total return and seeks to achieve its investment objective by investing primarily in senior secured loans and the equity and junior debt tranches of collateralized loan obligation (CLO) vehicles. It may ay also seek to make direct investment in corporate debt securities. It currently seeks to achieve its investment objective of maximizing total return by investing in securitization vehicles which, in turn, primarily invest in senior secured loans made to companies whose debt is rated below investment grade or is unrated. The Fund’s investment activities are managed by Oxford Lane Management LLC. (Daily Chart) (Weekly Chart)
PennantPark Floating Rate Capital Ltd. (PFLT) is an externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Our investment objective is to seek current income and capital appreciation by investing primarily in Floating Rate Loans and other investment made to U.S. middle-market private companies whose debt is rated below investment grade. Under normal market conditions, we generally expect that at least 80% of the value of our Managed Assets, which means our net assets plus any borrowings for investment purposes, will be invested in Floating Rate Loans and investments with similar economic characteristics, including cash equivalents invested in money market funds. We generally expect that senior secured loans will represent at least 65% of our overall portfolio. We also generally expect to invest up to 35% of our overall portfolio opportunistically in other types of investments, including second-lien, high yield, mezzanine and distressed debt securities and equity investments. Our investment size may generally range between $1 million and $10 million, on average, although we expect that this investment size will vary proportionately with the size of our capital base. (Daily Chart) (Weekly Chart)
PennantPark Investment Corporation (PNNT) is an externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940 and as a regulated investment company, or RIC. PennantPark seeks to generate both current income and capital appreciation through debt and equity investments. We invest primarily in U.S. middle-market private companies in the form of senior secured loans, mezzanine debt and equity investments. The companies in which we invest are typically highly leveraged, often as a result of leveraged buy-outs or other recapitalization transactions. We expect that our investments in senior secured loans, mezzanine loans and other investments will range between $10 million and $50 million each, although this investment size will vary proportionately with the size of our capital base. (Daily Chart) (Weekly Chart)
Prospect Capital Corporation (PSEC) is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, buyouts, recapitalizations, turnaround, growth capital, development, subordinated debt tranches of collateralized loan obligations, cash flow term loans, and bridge transactions. It also makes real estate investments particularly in multi-family residential real estate asset class. The fund makes secured debt, senior debt, unitranche debt, first-lien and second lien, private debt, mezzanine debt, and equity investments in private and microcap public businesses. It typically invests across all industry sectors, with a particular expertise in the energy and industrial sectors. The fund invests in aerospace and defense, chemicals, conglomerate services, consumer services, ecological, electronics, financial services, machinery, manufacturing, media, pharmaceuticals, retail, software, specialty minerals, textiles and leather, transportation, oil and gas production, coal production, materials, industrials, consumer discretionary, information technology, utilities, pipeline, storage, power generation and distribution, renewable and clean energy, oilfield services, healthcare, food and beverage, education, business services, and other select sectors. It prefers to invest in the United States and Canada. The fund seeks to invest between $10 million to $250 million per transaction in companies with EBITDA between $5 million and $150 million, sales value between $25 million and $500 million, and enterprise value between $5 million and $1000 million. It fund also co-invests for larger deals. The fund seeks control acquisitions by providing multiple levels of the capital structure. The fund focuses on sole, agented, club, or syndicated deals. (Daily Chart) (Weekly Chart)
Solar Capital Ltd. (SLRC) is a business development company specializing in investments in leveraged middle market companies. The fund invests in aerospace and defense; automotive; banking; beverage, food and tobacco; buildings and real estate; broadcasting and entertainment; cargo transport; chemicals, plastics and rubber; containers, packaging and glass; diversified/conglomerate manufacturing; diversified/conglomerate services; electronics; farming and agriculture; finance; grocery; healthcare, education and childcare; home and office furnishing, durable consumer products; hotels, motels, inns and gaming; insurance; leisure, amusement, and entertainment; machinery; mining, steel, iron, and non precious metals; oil and gas; personal, food and miscellaneous services; printing and publishing; retail stores; telecommunications; textiles and leather; and utilities. The fund primarily invests in United States. The fund’s investments generally range between $20 million and $100 million. It invests in the form of senior secured loans, mezzanine loans, and equity securities. The fund invests in United States. It may also seek investments in thinly traded public companies and also make secondary investments. The fund makes non-control equity investments. (Daily Chart) (Weekly Chart)
Solar Senior Capital Ltd. (SUNS) is a business development company specializing in investments in leveraged, middle-market companies in the United States. The fund invests in the form of senior secured loans, including first lien, unitranche, and second lien debt instruments. It does not invest in start-up companies or companies having speculative business plans. The fund invests between $5 million and $30 million in companies with EBITDA between $20 million and $60 million. (Daily Chart) (Weekly Chart)
Stellus Capital Investment Corporation (SCM) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940.Stellus Capital Investment Corporation’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) through first lien, second lien, unitranche and mezzanine debt financing, often with a corresponding equity investment. Stellus Capital Investment Corporation’s investment activities are managed by its investment adviser, Stellus Capital Management, an investment advisory firm led by the former head and certain senior investment professionals of the D. E. Shaw group’s direct capital business, which was spun out of the D. E. Shaw group in January 2012. (Daily Chart) (Weekly Chart)
TICC Capital Corp. (TICC), a business development company, operates as a closed-end, non-diversified management investment company. The firm invests in both public and private companies. It invests in secured and unsecured senior debt, subordinated debt, junior subordinated debt, preferred stock, and common stock. The firm primarily invests in debt and/or equity securities of technology-related companies that operate in the computer software, Internet, information technology infrastructure and services, media, telecommunications and telecommunications equipment, semiconductors, hardware, technology-enabled services, semiconductor capital equipment, medical device technology, diversified technology, and networking systems sectors. It concentrates its investments in companies having annual revenues of less than $200 million and a market capitalization or enterprise value of less than $300 million. The firm invests between $5 million and $30 million per transaction. It seeks to exit its investments within 7 years. It serves as the investment adviser to TICC. The company was formerly known as Technology Investment Capital Corp. and changed its name to TICC Capital Corp. in December 2007. TICC Capital Corp. was founded in 2003 and is headquartered in Greenwich, Connecticut. (Daily Chart) (Weekly Chart)
TCP Capital Corp. (TCPC) is an externally-managed specialty finance company focused on middle-market lending. We have elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940. Our stock is traded on NASDAQ under the ticker symbol "TCPC".TCP Capital's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We invest primarily in debt of private, middle-market companies with enterprise values typically between $100 million and $1.5 billion, including complex situations requiring specialized industry knowledge. While we invest primarily in senior debt instruments, we have the flexibility to provide financing solutions at any level of the capital structure. With our rigorous approach to due diligence, active investment monitoring and long-term perspective, we are an ideal partner for companies and sponsors seeking a stable source of capital. (Daily Chart) (Weekly Chart)
THL Credit (TCRD) is a specialized high yield credit manager responsible for $2.7 billion(1) of assets under management. They have the ability to invest across the capital structure – from broadly syndicated senior debt to common equity in middle-market companies. Their investment activities are managed by dedicated teams in our Direct Lending and Senior Loan Strategies platforms. Their teams collectively benefit from a scaled and integrated business that draws on a diverse resource base and the credit and industry expertise of the entire platform. Fundamental credit analysis, rigorous and disciplined underwriting, well-structured investments and ongoing monitoring are the hallmarks of our credit culture. THL Credit’s senior loan strategies team invests in the non-investment grade credit market, particularly in syndicated bank loans and high yield bonds. Investments are managed by THL Credit Senior Loan Strategies LLC and made through collateralized loan obligations (CLOs), separate accounts and co-mingled funds. (Daily Chart) (Weekly Chart)
Triangle Capital Corporation (TCAP) is a business development company specializing in private equity and mezzanine investments. It focuses on leveraged buyouts, management buyouts, ESOPs, change of control transactions, acquisition financings, growth financing, and recapitalizations in lower middle market, mature, and later stage companies. The firm prefers to make investments in many business sectors including manufacturing, distribution, transportation, energy, communications, health services, restaurants, media, and others. It primarily invests in companies located throughout the United States, with an emphasis on the Southeast and Midatlantic. The firm makes equity investments between $1 million and $25 million and debt investments between $5 million and $30 million per transaction, in companies having annual revenues between $20 million and $200 million and EBITDA between $3 million and $35 million and can also co-invest. It primarily invests in senior subordinated debt securities secured by second lien security interests in portfolio company assets, coupled with equity interests. The firm also invests in senior debt securities secured by first lien security interests in portfolio companies. Triangle Capital Corporation was founded in 2002 and is based in Raleigh, North Carolina. (Daily Chart) (Weekly Chart)
WhiteHorse Finance, Inc. (WHF) is an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. WhiteHorse Finance's investment objective is to generate attractive risk-adjusted returns for our investors primarily by originating senior secured loans to privately held small-cap companies across a broad range of industries. We believe that market inefficiencies and an imbalance between the supply of, and demand for, capital in the small-cap credit market creates attractive investment opportunities. Their investment activities are managed by an affiliate of H.I.G. Capital, one of the leading global alternative asset managers focused on the small-cap market. H.I.G. Capital manages over $13 billion of capital through a number of leveraged buyout, credit-oriented and growth capital funds focused on the small-cap market. (Daily Chart) (Weekly Chart)
