Dividend Investing – Market analysis, commentary and research

The list of business development companies (BDC) shows the key metrics most relevant to investors in evaluating the investment vehicle.

BDC Market Summary

There are a total 45 BDC companies listed on the US markets
The total market capitalization of the listed BDC companies ranges from $60b to $70b
The top 15 companies with a cut off of $1b, make up 83% of the total market size
The largest BDC is Ares Capital Corporation, managed by the private credit giant Ares Mgmt

Market Concentration Impact

One perspective to be aware of of is that as the sector is heavily concentrated towards the largest managers, the sector average metric is misleading. For example

The average premium / discount to NTA is 16.5% (discount) vs market cap weighted basis of 4.2%
The average dividend yield is 13.7% vs market cap weighted basis of 12%

BDC List

Number	Ticker	Name	Price	Market Cap ($m)	1 Day Change	30 Day Change	12 Mth Change	NTA	Premium to NTA	Dividend Yield	Reference	Backsolved
0.96	ARCC	Ares Capital Corporation	19.09	13,707	1.65%	6.29%	-4.07%	19.89	-4.0%	10.70%	ARCC	0.96x
0.80	OBDC	Blue Owl Capital Corporation	11.79	5,857	1.64%	5.74%	-12.60%	14.74	-20.0%	13.80%	OBDC	0.80x
0.92	BXSL	Blackstone Secured Lending Fund	24.67	5,730	0.53%	3.83%	-12.98%	26.82	-8.0%	13.40%	BXSL	0.92x
1.64	MAIN	Main Street Capital Corporation	54.82	4,940	2.54%	-0.35%	5.42%	33.33	64.5%	5.80%	MAIN	1.64x
0.92	GBDC	Golub Capital BDC, Inc.	13.63	3,588	2.56%	10.36%	-1.59%	14.82	-8.0%	10.50%	GBDC	0.92x
0.55	FSK	FS KKR Capital Corp.	11.39	3,190	3.83%	14.24%	-40.15%	20.71	-45.0%	17.80%	FSK	0.55x
1.32	HTGC	Hercules Capital, Inc.	15.96	2,932	2.11%	12.63%	-6.94%	12.09	32.0%	10.90%	HTGC	1.32x
1.14	TSLX	Sixth Street Specialty Lending, Inc.	19.42	1,845	1.04%	9.41%	-2.95%	17.04	14.0%	10.30%	TSLX	1.14x
1.45	CSWC	Capital Southwest Corporation	24.30	1,462	2.02%	12.34%	25.52%	16.76	45.0%	10.20%	CSWC	1.45x
0.45	PSEC	Prospect Capital Corporation	2.81	1,367	0.00%	12.40%	-19.48%	6.24	-55.0%	20.60%	PSEC	0.45x
1.20	TRIN	Trinity Capital Inc.	16.17	1,345	2.80%	12.76%	15.42%	13.48	20.0%	13.50%	TRIN	1.20x
0.76	MSDL	Morgan Stanley Direct Lending Fund	15.36	1,315	0.66%	6.67%	-19.58%	20.21	-24.0%	12.60%	MSDL	0.76x
0.80	OCSL	Oaktree Specialty Lending Corporation	13.12	1,156	3.23%	18.52%	-6.82%	16.40	-20.0%	13.50%	OCSL	0.80x
0.77	GSBD	Goldman Sachs BDC, Inc.	9.79	1,102	2.57%	8.30%	-5.41%	12.71	-23.0%	14.20%	GSBD	0.77x
0.84	MFIC	MidCap Financial Investment Corporation	11.88	1,095	1.45%	11.24%	3.48%	14.14	-16.0%	10.70%	MFIC	0.84x
0.81	BBDC	Barings BDC, Inc.	8.94	936	2.05%	9.96%	5.18%	11.04	-19.0%	12.50%	BBDC	0.81x
0.85	PFLT	PennantPark Floating Rate Capital Ltd.	8.92	885	3.12%	10.53%	-5.61%	10.49	-15.0%	14.70%	PFLT	0.85x
0.88	SLRC	SLR Investment Corp.	16.13	880	0.88%	14.72%	6.75%	18.33	-12.0%	11.00%	SLRC	0.88x
0.79	BCSF	Bain Capital Specialty Finance, Inc.	13.54	878	2.27%	11.72%	-6.30%	17.14	-21.0%	13.40%	BCSF	0.79x
0.74	NMFC	New Mountain Finance Corp.	8.50	837	2.16%	10.25%	-11.09%	11.49	-26.0%	12.70%	NMFC	0.74x
0.73	CGBD	Carlyle Secured Lending	11.82	835	2.16%	7.75%	-16.17%	16.19	-27.0%	14.80%	CGBD	0.73x
0.97	FDUS	Fidus Investment Corp.	18.92	718	1.99%	10.13%	4.24%	19.51	-3.0%	9.70%	FDUS	0.97x
0.82	NCDL	Nuveen Churchill Direct Lending Corp.	14.45	714	1.47%	10.81%	-3.60%	17.62	-18.0%	10.70%	NCDL	0.82x
1.07	GAIN	Gladstone Investment Corporation	15.94	635	2.84%	13.45%	17.64%	14.90	7.0%	6.60%	GAIN	1.07x
0.83	MSIF	MSC Income Fund, Inc.	13.13	604	2.66%	-0.68%	-13.62%	15.82	-17.0%	11.40%	MSIF	0.83x
0.71	CCAP	Crescent Capital BDC, Inc.	13.58	502	1.65%	6.34%	-10.24%	19.13	-29.0%	13.60%	CCAP	0.71x
0.91	GLAD	Gladstone Capital Corporation	19.22	434	1.80%	9.39%	-19.75%	21.12	-9.0%	10.30%	GLAD	0.91x
0.56	CION	CION Investment Corporation	7.75	391	2.92%	16.02%	-16.58%	13.84	-44.0%	16.90%	CION	0.56x
0.91	SAR	Saratoga Investment Corp.	23.37	379	1.70%	7.05%	0.34%	25.68	-9.0%	13.60%	SAR	0.91x
0.61	TCPC	BlackRock TCP Capital Corp.	4.33	365	2.12%	23.36%	-35.18%	7.10	-39.0%	17.80%	TCPC	0.61x
0.73	PSBD	Palmer Square Capital BDC Inc.	10.85	339	0.28%	4.43%	-13.75%	14.86	-27.0%	14.50%	PSBD	0.73x
1.64	SSSS	SuRo Capital Corp.	13.29	337	1.45%	38.58%	197.98%	8.09	64.3%	N/A	SSSS	1.64x
0.68	PNNT	PennantPark Investment Corp.	4.76	311	3.25%	5.31%	-21.84%	7.00	-32.0%	10.70%	PNNT	0.68x
0.63	HRZN	Horizon Technology Finance Corp.	4.38	299	-1.13%	6.83%	-46.91%	6.95	-37.0%	15.80%	HRZN	0.63x
0.78	SCM	Stellus Capital Investment Corp	10.01	290	1.93%	9.28%	-20.37%	12.83	-22.0%	14.60%	SCM	0.78x
0.50	RWAY	Runway Growth Finance Corp.	6.77	287	1.20%	-1.02%	-25.03%	13.54	-50.0%	20.00%	RWAY	0.50x
0.65	TPVG	TriplePoint Venture Growth BDC Corp.	5.65	229	4.63%	15.07%	-3.42%	8.69	-35.0%	18.00%	TPVG	0.65x
0.72	LIEN	Kayne Anderson BDC, Inc.	9.55	218	1.60%	-1.65%	-5.45%	13.26	-28.0%	11.40%	LIEN	0.72x
0.65	WHF	WhiteHorse Finance, Inc.	7.57	168	-0.26%	7.38%	-22.68%	11.65	-35.0%	13.10%	WHF	0.65x
1.12	OXSQ	Oxford Square Capital Corp.	1.90	166	1.60%	11.76%	-21.49%	1.70	12.0%	22.70%	OXSQ	1.12x
0.53	PFX	PhenixFIN Corporation	41.01	82	-0.18%	2.32%	-18.14%	77.38	-47.0%	N/A	PFX	0.53x
0.66	GECC	Great Elm Capital Corp.	5.35	74	0.56%	9.18%	-47.55%	8.11	-34.0%	23.40%	GECC	0.66x
0.45	OFS	OFS Capital Corp	4.14	55	-2.59%	47.86%	-50.24%	9.20	-55.0%	18.70%	OFS	0.45x
0.61	RAND	Rand Capital Corporation	10.80	32	-0.18%	-7.22%	-44.04%	17.70	-39.0%	N/A	RAND	0.61x
0.50	ICMB	Investcorp Credit Management BDC, Inc.	2.13	31	1.91%	24.56%	-27.80%	4.26	-50.0%	N/A	ICMB	0.50x
Number	Ticker	Name	Price	Market Cap ($m)	1 Day Change	30 Day Change	12 Mth Change	NTA	Premium to NTA	Dividend Yield	Reference	Backsolved