Business Development Companies

BDCs provide investors with exposure to debt and equity investments typically closed to investments in predominately private companies.

Created by the U.S. Congress in 1980, BDCs are regulated investment companies (RICs), they must distribute over 90% of their profits to shareholders, and in doing so, they do not pay corporate income tax on profits before distribution; as a result, investors experience above average dividend yields.

As of 31-May-2022

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Apollo Investment Corp

AINV

12.40 $

1.24

10.00%

1,004,832.0

15.36

10.96

9.87 - 12.06

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Ares Capital Corp

ARCC

19.38 $

1.68

8.67%

8,868,000.0

20.92

21.95

19.75 - 24.14

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Barings BDC Inc.

BBDC

10.36 $

0.96

9.27%

741,930.8

15.27

12.08

10.87 - 13.28

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Bain Capital Specialty Finance

BCSF

14.61 $

1.36

9.31%

1,100,006.0

17.04

15.58

14.03 - 17.14

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

BlackRock Capital Investment

BKCC

4.05 $

0.4

9.88%

349,652.0

4.03

4.04

3.64 - 4.45

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Crescent Capital BDC Inc.

CCAP

17.41 $

1.64

9.42%

652,285.0

23.57

15.16

13.64 - 16.67

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Cion Investment Corporation

CION

10.99 $

1.12

10.19%

930,512.0

16.36

12.67

11.40 - 13.94

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Capital Southwest Corp

CSWC

22.35 $

1.92

8.59%

336,251.0

17.64

26.12

23.51 - 28.73

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Fidus Investment Corp

FDUS

19.81 $

1.44

7.27%

487,764.0

21.74

24.12

21.70 - 26.53

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

FS KKR Capital Corp

FSK

21.62 $

2.72

12.58%

7,730,000.0

62.19

29.42

26.48 - 32.36

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Gladstone Investment Corp

GAIN

15.23 $

0.9

5.91%

445,830.0

13.44

10.69

9.62 - 11.76

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Golub Capital BDC Inc

GBDC

14.14 $

1.2

8.49%

2,582,692.0

15.37

15.44

13.89 - 16.98

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Great Elm Capital Corp

GECC

12.50 $

1.8

14.40%

74,556.0

33.58

-34.15

-30.74 - -37.57

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Gladstone Capital Corp

GLAD

11.47 $

0.81

7.06%

318,439.0

9.58

11.6

10.44 - 12.76

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Goldman Sachs GDC Inc

GSBD

18.09 $

1.8

9.95%

1,614,400.0

29.93

21.66

19.50 - 23.83

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Horizon Technology Finance

HRZN

12.29 $

1.2

9.76%

245,335.0

14

30.54

27.49 - 33.60

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Hercules Tech Growth Capital

HTGC

14.08 $

1.32

9.38%

1,308,547.0

11.66

11.19

10.07 - 12.31

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Investcorp Credit Management

ICMB

4.76 $

0.6

12.61%

96,355.9

7.31

4.49

4.04 - 4.94

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Main Street Capital Corp

MAIN

38.13 $

2.58

6.77%

1,788,846.0

27.22

50.09

45.08 - 55.10

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Monroe Capital Corp

MRCC

10.20 $

1

9.80%

249,471.0

11.93

11

9.90 - 12.10

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Newtek Business Services

NEWT

24.31 $

3.35

13.78%

403,887.0

19.1

33.12

29.80 - 36.43

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

New Mountain Finance Corp

NMFC

12.93 $

1.2

9.28%

1,321,245.0

12

13.04

11.74 - 14.35

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Oaktree Specialty Lending

OCSL

6.94 $

0.66

9.51%

1,312,823.0

8.1

7.44

6.69 - 8.18

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

OFS Capital Corp

OFS

12.71 $

1.16

9.13%

203,744.0

15.22

12.64

11.37 - 13.90

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Owl Rock Capital

ORCC

13.65 $

1.24

9.08%

5,937,877.0

15.28

14.23

12.81 - 15.66

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Oxford Square Capital Corp

OXSQ

4.05 $

0.42

10.37%

244,595.1

4.94

1.82

1.64 - 2.00

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Pennantpark Floating Rate Cap

PFLT

11.75 $

1.14

9.70%

490,611.3

12.65

12.78

11.50 - 14.06

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Pennantpark Investment Corp

PNNT

7.08 $

0.58

8.19%

660,144.1

9.87

6.94

6.24 - 7.63

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Prospect Capital Corporation

PSEC

7.69 $

0.72

9.36%

3,945,517.0

10.33

8.26

7.43 - 9.09

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Portman Ridge Finance Corp

PTMN

22.37 $

2.52

11.27%

280,122.0

56.02

16.42

14.77 - 18.06

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Rand Capital Corp

RAND

15.03 $

0.6

3.99%

60,745.4

26.76

0.88

0.79 - 0.96

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Saratoga Investment Corp

SAR

26.57 $

2.11

7.94%

355,780.5

31.79

27.32

24.59 - 30.06

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Stellus Capital Investment Corp

SCM

12.69 $

1.12

8.83%

-488,289.2

-25.08

17.47

15.72 - 19.21

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

SLR Capital Ltd.

SLRC

15.90 $

1.64

10.31%

842,281.0

0.97

0.77

0.69 - 0.85

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Sutter Rock Capital Corp

SSSS

7.65 $

5.11

66.80%

364,846.6

16.74

10.28

9.25 - 11.31

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

BlackRock TCP Capital Corp

TCPC

13.43 $

1.2

8.94%

829,456.6

14.3

12.23

11.01 - 13.46

Fair Value

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

TriplePoint Venture Growth

TPVG

14.89 $

1.44

9.67%

434,491.0

14.21

20.13

18.11 - 22.14

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Trinity Capital Inc

TRIN

16.63 $

1.6

9.62%

446,533.0

0.7

1.12

1.01 - 1.23

Overvalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

Sixth Street Specialty Lending Inc

TSLX

20.69 $

1.64

7.93%

1,275,848.0

18.98

25.32

22.79 - 27.85

Undervalued

Business Development Company

Market Price

Dividend & Yield

Net Asset Value (NAV)

NAV
per Share

Implied
Share Price

Target Price

Analysis

WhiteHorse Finance, Inc.

WHF

14.17 $

1.42

10.02%

349,751.0

17.02

13.69

12.32 - 15.06

Fair Value