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  TPVG 17.76% 
#2  ICMB 15.95% 
#3  PTMN 14.40% 
#4  MRCC 14.27% 
#5  OXSQ 13.95% 
#6  FSK 13.90% 
#7  OFS 13.84% 
#8  TRIN 13.82% 
#9  RWAY 13.62% 
#10  TCPC 13.49% 
• • •   
RankBDCPrice/NAV 
#1  HTGC 1.58x 
#2  MAIN 1.58x 
#3  CSWC 1.41x 
#4  TSLX 1.21x 
#5  HRZN 1.17x 
#6  BXSL 1.14x 
#7  TRIN 1.12x 
#8  GLAD 1.08x 
#9  OXSQ 1.08x 
#10  GAIN 1.07x 
• • •   
 

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