A Business Development Company (BDC for short), is a type of corporate structure made possible by regulation introduced by Congress in 1980. Under the structure, a BDC typically also elects to be treated as a Regulated Investment Company, or RIC for short. Often, these companies are referred to as "BDC/RICs" or most often just "BDCs" because in almost all cases within our coverage universe a BDC will also be a RIC.

The reason Congress created the BDC structure was to encourage the flow of public equity capital to private businesses in the United States. BDCs have a requirement to invest at least 70% of their assets in private U.S. companies (or very small public U.S. companies), and a requirement to make available significant managerial assistance to their portfolio companies. Much like a Real Estate Investment Trust (REIT), BDCs must distribute 90% of their taxable income to shareholders as dividends, and in doing so avoid double-taxation.

Learn more about BDCs at our Introduction to BDCs page.
RankBDCYield 
#1  KCAP 13.83% 
#2  GARS 13.46% 
#3  FSC 12.69% 
#4  PSEC 12.20% 
#5  TICC 11.82% 
#6  CPTA 11.80% 
#7  TCRD 11.34% 
#8  TPVG 10.66% 
#9  HRZN 10.58% 
#10  FSFR 10.30% 
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RankBDCPrice/NAV 
#1  MAIN 1.73x 
#2  HTGC 1.36x 
#3  TSLX 1.28x 
#4  GSBD 1.25x 
#5  GBDC 1.21x 
#6  GLAD 1.18x 
#7  NEWT 1.17x 
#8  TCAP 1.16x 
#9  TCPC 1.12x 
#10  NMFC 1.07x 
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