SMALL BUSINESS INVESTOR ALLIANCE:
BDC Modernization Agenda
Legislative Recommendations for
Members of the 114th Congress
ABO U T T HE SM A LL B U SINE S S INVES TOR ALLIANC E
The Small Business Investor Alliance (SBIA) is the premier organization of Business
Development Companies (BDCs), representing a significant proportion of this growing
industry. SBIA’s BDC members provide vital capital to small and medium sized
businesses growing nationwide, resulting in job creation and economic growth.
SBIA was formed in 1958 as the National Association of Small Business Investment
Companies (NASBIC). Since that time, SBIA has grown significantly, representing not only
Small Business Investment Companies (SBICs), but also the entire BDC industry and
lower middle market private equity funds and their investors. SBIA currently represents
over 225 members nationwide, and is the largest voice for BDCs in Washington, D.C.
The SBIA believes public policies that help small and midsize businesses gain access
to capital is crucial to the nation’s economic growth and job creation. The SBIA BDC
Modernization Agenda is a guide to how BDCs are making a difference in providing
business investment, and some of SBIA’s legislative recommendations which will ensure
the continued growth of this valuable industry.
ii SBIA: BDC Modernization Agenda
SMALL BUSINESS INVESTOR ALLIANCE:
BDC Modernization Agenda
Legislative Recommendations for
Members of the 114th Congress
TA B LE OF CONT ENTS
What is a BDC?
1
What Type of Financings Do BDCs Make?
2
BDC Growth and Economic Impact
3
SBIA Legislative Recommendations:
Modernize Business Development Companies
for the 21st Century
6
Make Changes to the Tax Code to Attract Foreign
Capital in Business Development Companies (BDCs)
8
What Types of Companies Do BDCs Invest In?
9
Current List of BDCs (As of April 2015)
12
SBIA Government Relations Team
15
iv SBIA: BDC Modernization Agenda
What is a BDC?
Congress created Business Development Companies (BDCs) in 1980 to facilitate capital formation into
small- and medium-sized businesses. BDCs give regular people (retail investors) access to investments
that were accessible only to the wealthy (accredited investors). BDCs are investment companies that are
designed and required to provide loans and management expertise to growing businesses nationwide. BDCs
are structured as pass-through entities for tax purposes (Registered Investment Company or RIC), register
and sell shares in public offerings under the SEC rules, and generally trade on national exchanges (although
some BDCs are sold through retail broker-dealer networks and are known as non-traded BDCs). As BDCs are
registered public funds, retail investors are eligible to invest in them.
FA ST FACT S ON T HE LE GA L S TRUC TURE OF BDC S :
••
BDCs are a hybrid between an operating company and an investment company.
••
BDCs are structured as a Regulated Investment Company (RIC) for tax purposes.
••
BDCs must invest 70% of their assets in certain eligible portfolio companies (active small and
mid-sized businesses), with the remaining 30% open to other types of investment.
••
BDCs invest in either debt or equity of small and mid-sized businesses.
••
BDCs must provide managerial assistance to the companies they invest in.
What is the difference between a BDC and a traditional private equity fund?
BDCs are designed to provide loans and
management expertise to small and
middle-market businesses.
Investme
nt
1 SBIA: BDC Modernization Agenda
eturn
t Dollars
Accredited
Investors
Private
Equity
Firms
Re
st
ent
R
en
st
Inve
llars
Investment
Company Act
of 1940
Inve
m
Do
Business
Development
Companies
m
turn
Retail Investors
Public Equity
Capital Markets
Small and
Middle-Market
Businesses
Investme
nt
WH AT T Y P E OF FINA NCINGS DO BDC S MAKE?
There are currently over 80 BDCs in existence in the U.S. with over $70 billion in assets. BDCs have various
investment strategies that run the gamut from debt to equity. BDCs typically make secured/unsecured loans
between $10 and $50 million to middle market companies. BDC loans consist of senior secured loans,
second-lien term loans, and mezzanine loans. In addition, many BDCs receive a warrant or pure equity as
part of the financing.
Traditional lenders, such as banks, are facing increased regulatory burdens and are unable to lend to small
and mid-sized businesses, resulting in increased demand for BDC capital. The BDC percentage of leveraged
loans is likely to grow significantly given the current regulatory landscape and recent guidance from federal
banking regulators curtailing bank involvement in this area. BDCs, including the amount of capital raised,
have grown significantly.
The following illustrates the broad spectrum of lending engaged in by BDCs, as opposed to banks and
traditional private equity
Traditional Banks
BDCs
Private Equity/Mezzanine Funds
Senior Term Loan
Unitranche Loans
Second Lien
Subordinated Debt
§§Secured by 1st
lien behind the
bank revolver
§§2nd in the capital
stack
§§Repaid after
Senior Revolver
§§Traditional banks
provide “Senior
Revolver loans”
§§Secured by 1st
lien behind the
bank revolver
§§Repaid after
Senior Revolver
§§Blended
combination
of senior/
subordinated into
one loan with
blended interest
rate
§§Secured by 2nd
lien behind the
bank’s senior
debt portion
§§Secured/
unsecured debt
§§If secured, it is
paid after all
Senior debt is
repaid (including
Second Liens)
Source: Jonathan Bock, BDC Analyst, Wells Fargo Securities
2 SBIA: BDC Modernization Agenda
Preferred/Common
Stock
§§Equity
§§Total loss if
company fails,
lower value than
preferred stock
§§High risk/higher
return
BDC Growth and Economic Impact
The BDC industry is growing rapidly. Currently, BDCs have over $70 billion in outstanding loans in middle
market businesses. This financing helps businesses expand and create jobs. Growing companies across the
country rely on BDCs to finance new capital projects such as land, equipment, and factories.
State by State BDCs Total Exposure (In Millions)
New
Hampshire
$133
Washington
$467
Montana
$24
North Dakota
Oregon
$495
Idaho
$78
Nevada
$1,173
Wyoming
$100
Utah
$1,300
Colorado
$2,093
New Mexico
$5
Alaska
$67
Wisconsin
$294
New York
$7,220
Michigan
$574
Iowa
$377
Kansas
$284
Oklahoma
$1,465
Texas
$4,415
Hawaii
Vermont
$54
South Dakota
$67
Nebraska
$298
California
$11,756
Arizona
$603
Minnesota
$1,202
Illinois
$1,920
Missouri
$798
Ohio
$1,384
Indiana
$856
Kentucky
$120
Tennessee
$1,525
Arkansas
$14
Mississippi
$588 Alabama
$513
Pennsylvania
$2,812
West
Virginia
Virginia
$1,682
3 SBIA: BDC Modernization Agenda
Massachusetts
$2,930
Rhode Island
$128
Connecticut
$1,093
New Jersey
$1,434
Delaware
$1,522
Maryland
North Carolina
$927
$2,580
District of
South
Columbia
Carolina
$18
$1,030
Georgia
$2,593
Louisiana
$412
Florida
$3,767
Puerto Rico
$254
Data Provided by Wells Fargo Securities, LLC
Maine
$36
FA ST FACT S A B OU T B DC GROWTH
••
There are currently over 84 BDCs in existence and the sector is growing rapidly.
••
BDC loan balances have more than tripled since the start of the 2008–09 economic downturn.
••
There have been 21 new initial public offerings (IPOs) of BDCs since 2011.
••
There have been 28 follow-on offerings by BDCs since the beginning of 2014.
••
There are now 57 publicly traded BDCs, allowing retail investors a chance to purchase shares in the
growth of middle market America.
The chart below shows the rapid growth of BDC loan balances after 2010, illustrating the significant growth
in BDC lending to middle market companies.
Estimated Publicly Traded BDC Loan Balances (Nov. 2014)
55
50
45
40
35
30
25
20
15
10
5
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Source: Wells Fargo Securities, Thomson Reuters LPC
BD C S INV E ST IN “M IDDLE MARKET” C OMPANIES
BDCs make capital investments in middle market companies, which are businesses valued between $10
million to $1 billion. The middle market sector of the economy is responsible for one-third of the private
sector GDP and these businesses produce $10 billion in revenues annually. For the first time since the
National Center for the Middle Market began surveying middle market companies in its quarterly middle
market indicator (MMI), over half (52 percent) of middle market companies expect to add jobs in the next
year. At the end of 2013, less than 40 percent of firms expected to hire.1
1 Data compiled by the National Center for the Middle Market www.middlemarketcenter.org/performance-data-on-the-middle-market
4 SBIA: BDC Modernization Agenda
According to the National Center for the Middle Market, nearly three-quarters (75 percent) of middle market
companies expect revenues to increase in 2015. The overall middle market expects to grow by six percent
over the next year. During 2014, revenue growth (7.9%) for the entire middle market outpaced revenue
growth for the Standard & Poor’s 500 (4.9%).
Percentage of middle
market companies that
expect to add jobs
4Q’14
52%
5 SBIA: BDC Modernization Agenda
4Q’13
38%
Percentage of middle market
companies that reported
positive revenue growth
4Q’14
73%
4Q’13
59%
SBIA Legislative Recommendation:
Modernize Business Development Companies for the 21st Century
SBIA recommends passing legislation to make several changes to the Investment Company Act of 1980 to
reform and modernize BDC regulations. Modernizing the regulations that impact BDCs will unleash more
capital for job creation and business growth and help the industry mature to reach its full potential.
BAC K G ROU ND OF B DC LE GIS LATION
BDC modernization legislation would enable BDCs to deploy more capital to small and medium businesses by
changing what is known as the “asset coverage ratio.” BDCs are currently limited to a 1:1 debt-to-equity ratio
as opposed to banks and other financial vehicles that are often leveraged at a 9:1 ratio or higher. Allowing a
modest increase in the leverage would enable BDCs to deploy significantly more capital to small and mid-sized
businesses, while simultaneously reducing the risk in their portfolios, as they can invest in lower yielding,
lower risk investments and still generate valuable returns to their shareholders.
Modernization legislation also included provisions to streamline the offering, filing, and registration processes
for BDCs at the Securities and Exchange Commission (SEC), eliminating significant regulatory burdens, and
aligning the BDCs with other traditional operating companies.
SBIA recommends making the following offering reforms as part of BDC modernization legislation:
••
Incorporation by Reference: Allow BDCs to incorporate already filed information by reference into current registration
statements with the SEC. This will streamline disclosure requirements and reduce burdensome, duplicative regulatory
paperwork for BDCs, while still ensuring investors would receive relevant and necessary disclosures.
••
WKSI & Shelf Registration: Allow BDCs to file automatic shelf registration statements and permit them to qualify for
Well Known Seasoned Issuer status. These changes will allow BDCs that have a lengthy track record in the market more
flexibility and efficiency while seeking to raise capital in the public market by allowing them to time offerings when they
will best be received by the market.
••
Communications with Investors: Allow BDCs to communicate with investors more freely during the preparation and
filing periods for a registration statement. This will permit investors to attain access to more information about a
BDC during the time in which it is conducting an offering; thus, eliminating unnecessary liability risks for BDCs in the
offering process.
••
Research Dissemination: Allow broker-dealers and others flexibility to disseminate research on BDCs; thereby, better
informing the market and shareholders. A number of brokerage firms provide research to their clients, thereby driving
investor interest in purchasing BDC shares and creating more capital available to lend to small and mid-size businesses.
••
Safe Harbors for Additional Information: Provide a safe harbor for BDCs to allow dissemination of additional information
during an offering. This safe harbor will allow BDCs to provide investors with updated disclosures or recent developments
during the offering process, promoting more expeditious information sharing for investors, while also reducing the cost
and time burden of re-circulating lengthy disclosure documents.
••
Synchronize Prospectus Filing Requirements: Synchronize the prospectus filing requirements to those of other public
companies, as was originally contemplated by Congress in 1980. Many other companies are permitted to forgo the
immense expense of sending the lengthy final prospectus to all individual investors, and are only required to file it with
the SEC and deliver it to those investors that wish to receive it. Allowing BDCs the same option will save millions of
dollars in delivery costs, and prevent investors from having to accept lengthy documents that they don’t wish to receive.
••
Regulatory Parity: Relieve BDCs of the requirement to provide written confirmations of sales, notifications of allocation,
and deliveries of securities. Eliminating this requirement, as it has been removed for other companies, will do away with
significant regulatory paperwork and permit BDCs more flexibility in the sales process.
••
Investment Adviser Ownership: Allow BDCs to own investment advisers without having to file an application for
exemptive relief. Many BDCs have already received exemptive relief from the SEC, allowing them to own registered
investment advisers. Removing the exemptive relief requirement will level the playing field for all BDCs and avoid the legal
costs of seeking relief as well as eliminate the lengthy time period that it takes the SEC to approve such requests.
6 SBIA: BDC Modernization Agenda
“The Investment Company Act of 1940 places very significant operational
restrictions on BDC’s including severely limiting the ability to deploy leverage,
restrictions on ownership of registered investment advisers, prohibitions and
limitations on many types of joint and affiliated transactions, and requiring
extensive public disclosure on everything from its portfolio investments to its
financing arrangements.”
—Curtis Hartman, Chief Credit Officer, Main Street Capital, a BDC in Houston, Texas.
“BDCs can fill a larger void for small business capital if Congress modernizes
the current BDC regulatory structure. BDCs are currently being held back
on their ability to grow their capital structure, with restrictions placed on
leverage levels and preferred stock. BDCs are also left at a disadvantage
when they offer their securities on market exchanges and in their
compliance and reporting responsibilities with the Securities and Exchange
Commission (SEC).”
—Tom Aronson, Managing Director, Monroe Capital, a BDC in Chicago, Illinois
“While the BDC industry continues to grow, I strongly believe that we can
expand our scope and do more to fulfill our policy mandate. To that end, I
am here today on behalf of the BDC industry to express support for current
proposed legislation that seeks to make straightforward, prudent changes
to the Investment Company Act of 1940 in order to enable BDCs to more
easily raise and deploy capital to small and medium size businesses. It is
important to note that BDCs are not seeking any government or taxpayer
support or subsidy. The BDC industry is simply asking Congress to modernize
their regulatory framework so that BDCs can more easily fulfill their
Congressional mandate.”
—Michael Arougheti, CEO, Ares Capital Corporation, Testimony before the
House Subcommittee on Capital Markets & GSEs, October 23, 2013.
7 SBIA: BDC Modernization Agenda
SBIA Legislative Recommendation:
Make Changes to the Tax Code to Attract Foreign Capital
in Business Development Companies (BDCs)
SBIA supports making permanent a tax provision that incentivizes and attracts foreign investment in
domestic business development companies (BDCs), which are an important source of capital for small and
medium sized companies.
BAC K G ROU ND OF B DCS:
BDCs are government-regulated investment companies that were created in 1980 by Congress to spur
investment in and allow a new source of capital for small and mid-sized businesses. BDCs allow retail
investors an opportunity to invest in a portfolio of private small and mid-sized companies by purchasing
shares in the BDCs. Most BDCs are publicly traded.
Today, the BDC industry is a $70 billion industry and growing rapidly. There are over 80 active BDCs in the
U.S., and the SBIA is the leading advocate for BDCs across the country. BDCs invest debt and equity capital
in “middle market” companies, which are mid-sized companies that are in the range of $10 million and $1
billion in gross receipts. The middle market loan industry is a part of the market not being met by traditional
lenders such as banks.
For tax purposes, BDCs are structured as Regulated Investment Companies (RICs), which are pass-through
taxable entities requiring BDCs to pass through at least 90 percent of their income to shareholders each year.
R E A SO N FOR LE GISLAT ION:
Section 871 of the U.S. Tax Code inhibits foreign investment in BDCs by requiring 30 percent withholding
of any interest to be paid to foreign investors of RICs. Legislation is needed to reduce permanently these
taxes, thereby encouraging more foreign investment in BDCs.
Incentivizing foreign capital to invest in BDCs will allow more capital for American job creation and business
growth and help the industry mature to reach its full potential. Not only will this encourage foreign
investment, it will give BDCs the ability to rely on a more stable flow of investment from abroad, allowing
them to pursue more confidently and aggressively their interests without the uncertainty of losing such
investment due to a gap of withholding protection. Foreign investors will also be able to ensure that their
long term investment plans will not be inhibited by tax barriers.
Legislative History:
On December 31, 2014, the temporary one-year removal of withholding tax on dividend interest payments
to foreign investors expired. As such, non-resident aliens are once again subject to a 30% withholding tax,
which has the potential to stymie further foreign investment. Congressman Erik Paulsen (R-MN) previously
introduced legislation to make permanent the removal of these withholding taxes on foreign investors. This
bill, H.R. 4555, introduced on May 1, 2014, in the last session of Congress, was not enacted.
8 SBIA: BDC Modernization Agenda
What Types of Companies
Do BDCs Invest In?
BDCs invest in the heart and soul of America, the companies that employ a large part of the American workforce.
BDCs invest in several different types of industries across America such as manufacturing, healthcare technology,
restaurants, energy companies, aerospace, media companies, IT companies, web technology, cloud-based
computing companies, biotech, healthcare services, educational services, consumer products, etc.
Below is a list of some of the companies receiving financing over the past couple years.
Anatrace Products, LLC
(Maumee, Ohio)
BDC Investment: In the fourth quarter of 2013, Fidus Investment Corporation, a BDC and SBIA member,
invested $9.8 million through a senior secured loan, and $360,000 of common equity in Anatrace Products.
Company Background: Anatrace is a developer, manufacturer, and global distributor of unique, high purity
detergents and synthetic lipids for use in cell membrane protein studies conducted by research facilities,
academic institutions, and industrial customers. Anatrace is well regarded for membrane protein structural
biology. The products are chosen for the uniquely pure molecules and the exacting chemistry behind them.
ARBOC Specialty Vehicles, LLC
(Middlebury, Indiana)
BDC Investment: ARBOC Specialty Vehicles received investment in March 2013 from Medley Capital Corp., a
BDC and SBIA member.
Company Background: ARBOC Specialty Vehicles, LLC, was founded in 2008 and designs and manufactures
specialty vehicles in North America. It builds buses for small transit and private operators that permit easy
wheelchair accessibility. ARBOC is the undisputed leader in low floor technology featuring a full line of low
floor buses for fleet, transit, and private operators. All ARBOC buses provide a single, non-discriminatory
patented angled and accessible entranceway for handicapped riders. ARBOC prides itself on its speed of
operation, ride quality, passenger dignity, and safety. The company offers its vehicles through a network of
dealers in the United States and Canada.
9 SBIA: BDC Modernization Agenda
Censis Technologies, Inc.
(Franklin, TN)
BDC Investment: Censis Technologies, Inc., received $12 million in investments from Saratoga Investment
Corp., a BDC and SBIA member.
Company Background: Censis provides SaaS-based surgical instrument tracking and workflow solutions for
sterile processing departments (SPDs) of hospitals and ambulatory surgical centers. Censis helps ensure
the accuracy and procedural compliance of SPDs, which are responsible for assembling instrument trays for
surgical procedures (trays can include hundreds of instruments); sterilizing instruments; and managing and
maintaining inventory from purchase to retirement. Disorganization in the SPD can cause costly disruptions
and delays, and improperly sterilized equipment can lead to widespread infections.
Community Investors, Inc.
(El Segundo, CA)
SBIC Investment: In June 2013, Community Investors, Inc. (CII), received $12.6 million in investment
from Saratoga Investment Corp., a BDC and SBIA member. The investment consists of a senior secured
unitranche credit facility, a revolving line of credit, and an equity co-investment.
Company Background: CII is a leading provider of software-as-a-service (“SaaS”)-based community
management software tools, serving a wide range of community associations and condominium associations
located throughout the United States and Canada. CII provides SaaS-based solutions to support
homeowners with better visibility into board and community business, securing their homes through visitor
management and access control, providing easy access to home warranty information, and providing
connections to top-tier real estate agents who utilize CII technology solutions.
East West Copolymer
& Rubber, LLC
(Baton Rouge, Louisiana)
BDC Investment: In October of 2014, East West Copolymer, LLC, received $12,000,000 in investment
consisting of a first lien, senior secured term loan with equity warrant participation, with Main Street Capital
Corporation funding $9.6 million of the invested capital. Main Street, a BDC and SBIA member, led the
financing to support East West’s working capital and expansion needs.
Company Background: East West Copolymer (formerly Lion Copolymer) is a synthetic rubbers manufacturer
with its production facility located in Baton Rouge, Louisiana. East West’s Styrene Butadiene Rubber (SBR)
and Nitrile Butadiene Rubber (NBR) products are primarily used in the production of tires for automobile,
industrial, and agricultural applications. East West’s SBR/NBR site has been a landmark of Baton Rouge,
10 SBIA: BDC Modernization Agenda
Louisiana, since the 1940s. Although poor economic conditions in some segments of the rubber industry
forced a brief shutdown of the facility, BDC investment allowed it to reopen. Prior to the shutdown, the
company employed between 501–1000 employees. The facility was designed and built by the U.S.
Government during World War II. Since then, it has played a major role in the development and advancement
in synthetic rubber technology. The company is one of only two independent rubber manufacturing plants in
the United States capable of producing SBR. In the early days, East West only produced SBR. Through further
investment, the Baton Rouge site continued to improve and expand its performance in the synthetic rubber
market and, in the 1960s, added NBR to its product line. The Baton Rouge plant is a continuous process
facility, operating 24-hours per day, year round, to support and supply customers’ quality rubber needs.
Roscoe Medical, Inc.
(Cleveland, OH)
BDC Investment: Roscoe Medical, Inc., received over $4 million in debt and equity investment from
Saratoga Investment Corp., a BDC and SBIA member.
Company Background: Roscoe Medical is a leading manufacturer that designs and distributes an extensive
line of high quality products for the home care environment. They offer a broad and growing inventory of
HME products, replacement parts, and supplies. Their core product lines include respiratory products,
CPAP products, and durable medical equipment that are sold throughout the United States, Canada, and
Puerto Rico.
Smokey Point Distributing, Inc.
(Arlington, Washington)
BDC Investment: In December 2008, Main Street Capital Corporation, a BDC and SBIA member, invested
$9 million in Smokey Point Distributing, Inc., to support Smokey Point’s growth.
Company Background: Smokey Point provides transportation services of general commodities such as
machinery, airplane parts, raw materials, manufactured goods, and all types of materials that can be
transported by open application trailers and curtain vans. Smokey Point distributing has served as a
platform company for creating a leading national specialty transportation and logistics business. Since
the original investment in 2008, Main Street has invested an additional $23.2 million in the business,
supporting its acquisitions of four other businesses. The company has grown from 100 employees to over
2,000 employees, with revenue growth from $40 million to $500 million. The company operates over 2,000
tractors and 3,600 trailers today.
11 SBIA: BDC Modernization Agenda
Current List of BDCs (As of April 2015)
Ticker
BDC Name
City
SVVC
Firsthand Technology Value Fund, Inc.
San Jose, CA
Non-Traded
Griffin-Benefit Street Partners BDC Corporation
El Segundo, CA
GSVC
GSV Capital Corporation
Woodside, CA
HTGC
Hercules Technology Growth Capital, Inc.
Palo Alto, CA
Non-Traded
MacKenzie Realty Capital, Inc.
Moraga, CA
MBDE
Morris Business Development Corporation
Redondo Beach, CA
RONE
Regal One Corporation
Los Angeles, CA
Non-Traded
Special Value Continuation Partners, LP
Santa Monica, CA
TCPC
TCP Capital Corporation
Santa Monica, CA
Non-Traded
TCW Direct Lending LLC
Los Angeles, CA
TPVG
TriplePoint Venture Growth BDC Corporation
Menlo Park, CA
Non-Traded
Triton Pacific Investment Corporation, Inc.
Los Angeles, CA
Non-Traded
Venture Lending & Leasing VI, Inc.
San Jose, CA
Non-Traded
Venture Lending & Leasing VII, Inc.
Portola Valley, CA
Non-Traded
VII Peaks Co-Optivist Income BDC II, Inc.
San Francisco, CA
Integrity Capital Income Fund, Inc.
Colorado Springs, CO
FULL
Full Circle Capital Corporation
Greenwich, CT
HRZN
Horizon Technology Finance Corporation
Farmington, CT
TICC
TICC Capital Corporation
Greenwich, CT
Non-Traded
Corporate Capital Trust, Inc.
Orlando, FL
WHF
WhiteHorse Finance, Inc.
Miami, FL
mBloom Business Development Company, LLC
Kahului, HI
California
Colorado
Non-Traded
Connecticut
Florida
Hawaii
Non-Traded
12 SBIA: BDC Modernization Agenda
Illinois
FDUS
Fidus Investment Corporation
Evanston, IL
GBDC
Golub Capital BDC, Inc.
Chicago, IL
MRCC
Monroe Capital Corporation
Chicago, IL
OFS
OFS Capital Corporation
Chicago, IL
ACSF
American Capital Senior Floating, Ltd.
Bethesda, MD
ACAS
American Capital
Bethesda, MD
THL Credit, Inc.
Boston, MA
ISAT
ISA Internationale, Inc.
St. Paul, MN
MCVT
Mill City Ventures III, Ltd
Wayzata, MN
INVENT Ventures, Inc.
Las Vegas, NV
Point Capital, Inc.
Englewood, NJ
ABDC
Alcentra Capital Corporation
New York, NY
AINV
Apollo Investment Corporation
New York, NY
ARCC
Ares Capital Corporation
New York, NY
Non-Traded
BDCA Venture Inc.
New York, NY
BKCC
BlackRock Kelso Capital Corporation
New York, NY
Non-Traded
Business Development Corporation of America
New York, NY
Non-Traded
Carey Credit Income Fund 2015 A
New York, NY
Non-Traded
Carey Credit Income Fund 2015 T
New York, NY
Non-Traded
Carlyle GMS Finance, Inc.
New York, NY
Non-Traded
CION Investment Corporation
New York, NY
CMFN
CM Finance Inc.
New York, NY
Non-Traded
Credit Suisse Corporate Credit Solutions Fund, Inc.
New York, NY
FSC
Fifth Street Finance Corporation
White Plains, NY
FSFR
Fifth Street Senior Floating Rate Corporation
White Plains, NY
GARS
Garrison Capital Inc.
New York, NY
GSBD
Goldman Sachs BDC, Inc.
New York, NY
TINY
Harris & Harris Group, Inc.
New York, NY
HCAP
Harvest Capital Credit Corporation
New York, NY
KCAP
KCAP Financial, Inc.
New York, NY
Maryland
Massachusetts
TCRD
Minnesota
Nevada
IDEA
New Jersey
PTCI
New York
13 SBIA: BDC Modernization Agenda
TAXI
Medallion Financial Corporation
New York, NY
MCC
Medley Capital Corporation
New York, NY
MVC
MVC Capital, Inc.
Purchase, NY
NMFC
New Mountain Finance Corporation
New York, NY
Non-Traded
NF Investment Corporation
New York, NY
OHAI
OHA Investment Corporation
New York, NY
PFLT
PennantPark Floating Rate Capital Ltd.
New York, NY
PNNT
PennantPark Investment Corporation
New York, NY
PSEC
Prospect Capital Corporation
New York, NY
RAND
Rand Capital Corporation
Buffalo, NY
SAR
Saratoga Investment Corporation
New York, NY
Non-Traded
Sierra Income Corporation
New York, NY
SLRC
Solar Capital Ltd.
New York, NY
SUNS
Solar Senior Capital Ltd.
New York, NY
CPTA
Capitala Finance Corporation
Charlotte, NC
TCAP
Triangle Capital Corporation
Raleigh, NC
Non-Traded
FS Energy & Power Fund
Philadelphia, PA
Non-Traded
FS Energy & Power Fund II
Philadelphia, PA
FSIC
FS Investment Corporation
Philadelphia, PA
Non-Traded
FS Investment Corporation II
Philadelphia, PA
Non-Traded
FS Investment Corporation III
Philadelphia, PA
CSWC
Capital Southwest Corporation
Dallas, TX
EQS
Equus Total Return, Inc.
Houston, TX
Non-Traded
HMS Income Fund, Inc.
Houston, TX
MAIN
Main Street Capital Corporation
Houston, TX
Non-Traded
NexPoint Capital, Inc.
Dallas, TX
SCM
Stellus Capital Investment Corporation
Houston, TX
TSLX
TPG Specialty Lending Inc.
Fort Worth, TX
Yorke Capital Corporation
Salt Lake City, UT
GLAD
Gladstone Capital Corporation
McLean, VA
GAIN
Gladstone Investment Corporation
McLean, VA
MCGC
MCG Capital Corporation
Arlington, VA
North Carolina
Pennsylvania
Texas
Utah
Non-Traded
Virginia
14 SBIA: BDC Modernization Agenda
SBIA Government Relations Team
SBIA’s Government Relations Team welcomes the opportunity to talk with you about the impact of BDC
investment in your state or district. We have a database of thousands of small and mid-size businesses
across the country that have received financing from our member funds. We are eager to work with you to
make progress on the SBIA BDC Modernization Agenda.
Brett Palmer
President
(202)628 5055
[email protected]
Chris Walters
Senior Director, Governmental
and Regulatory Affairs
(202)628 5055
[email protected]
15 SBIA: BDC Modernization Agenda
Chris Hayes
Legislative and
Regulatory Counsel
(202)628 5055
[email protected]
www.SBIA.org
1100 H Street, N.W.
Suite 1200
Washington, D.C. 20005
(202) 628-5055