SBIA BDC Modernization Agenda

SMALL BUSINESS INVESTOR ALLIANCE:

BDC Modernization AgendaLegislative Recommendations for Members of the 114th Congress

ii SBIA: BDC Modernization Agenda

ABOUT THE SMALL BUSINESS INVESTOR ALLIANCE

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.

BDC Modernization AgendaLegislative Recommendations for Members of the 114th Congress

SMALL BUSINESS INVESTOR ALLIANCE:

iv SBIA: BDC Modernization Agenda

TABLE OF CONTENTS

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

1 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.

FAST FACTS ON THE LEGAL STRUCTURE OF BDCS:

• 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?

Investment Return

Investment Dollars

Investment Re

turn

Inve

st

ment Dollars

Business Development CompaniesInvestment

Company Act of 1940

Private Equity Firms

Small and Middle-Market

Businesses

Accredited Investors

Retail InvestorsPublic Equity

Capital Markets

BDCs are designed to provide loans and management expertise to small and

middle-market businesses.


WHAT TYPE OF FINANCINGS DO BDCS 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

Senior Term Loan

§ Secured by 1st lien behind the bank revolver

§ 2nd in the capital stack

§ Repaid after Senior Revolver

§ Traditional banks provide “Senior Revolver loans”

Unitranche 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

Second Lien

§ Secured by 2nd lien behind the bank’s senior debt portion

Subordinated Debt

§ Secured/unsecured debt

§ If secured, it is paid after all Senior debt is repaid (including Second Liens)

Preferred/Common Stock

§ Equity

§ Total loss if company fails, lower value than preferred stock

§ High risk/higher return

Traditional Banks BDCs Private Equity/Mezzanine Funds

Source: Jonathan Bock, BDC Analyst, Wells Fargo Securities


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.

Hawaii

California$11,756

Nevada $1,173

Oregon $495

Washington $467

Idaho $78

Montana $24

Utah $1,300

Arizona$603 New Mexico

$5

Colorado $2,093

North Dakota

South Dakota $67

Texas $4,415

Oklahoma $1,465

Kansas $284

Nebraska $298

Minnesota $1,202

Iowa $377

Wisconsin $294

Missouri $798

Arkansas$14

Illinois $1,920

Puerto Rico $254

Michigan $574

Indiana $856

Kentucky $120

West Virginia

Tennessee $1,525

Mississippi $588

Louisiana $412

Alabama$513

Ohio $1,384

Florida $3,767

Georgia $2,593

Virginia $1,682

North Carolina $2,580

South Carolina $1,030

Pennsylvania $2,812

New York $7,220

Vermont $54

Maine $36

New Hampshire

$133

Massachusetts $2,930

Rhode Island $128

Connecticut $1,093

New Jersey $1,434

Delaware $1,522

Maryland $927

District of Columbia

$18

State by State BDCs Total Exposure (In Millions)

Alaska$67

Wyoming $100

Data Provided by Wells Fargo Securities, LLC


FAST FACTS ABOUT BDC 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)

0

5

10

15

20

25

30

35

40

45

50

55

Source: Wells Fargo Securities, Thomson Reuters LPC

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

BDCS INVEST IN “MIDDLE MARKET” COMPANIES

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


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

Percentage of middle market companies that reported positive revenue growth

4Q’14

52%4Q’13

38%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.

BACKGROUND OF BDC LEGISLATIONBDC 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.


“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.


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.

BACKGROUND OF BDCS: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.

REASON FOR LEGISLATION: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.


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.


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,


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.


Current List of BDCs (As of April 2015)

Ticker BDC Name City

California

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

Colorado

Non-Traded Integrity Capital Income Fund, Inc. Colorado Springs, CO

Connecticut

FULL Full Circle Capital Corporation Greenwich, CT

HRZN Horizon Technology Finance Corporation Farmington, CT

TICC TICC Capital Corporation Greenwich, CT

Florida

Non-Traded Corporate Capital Trust, Inc. Orlando, FL

WHF WhiteHorse Finance, Inc. Miami, FL

Hawaii

Non-Traded mBloom Business Development Company, LLC Kahului, HI


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

Maryland

ACSF American Capital Senior Floating, Ltd. Bethesda, MD

ACAS American Capital Bethesda, MD

Massachusetts

TCRD THL Credit, Inc. Boston, MA

Minnesota

ISAT ISA Internationale, Inc. St. Paul, MN

MCVT Mill City Ventures III, Ltd Wayzata, MN

Nevada

IDEA INVENT Ventures, Inc. Las Vegas, NV

New Jersey

PTCI Point Capital, Inc. Englewood, NJ

New York

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


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

North Carolina

CPTA Capitala Finance Corporation Charlotte, NC

TCAP Triangle Capital Corporation Raleigh, NC

Pennsylvania

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

Texas

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

Utah

Non-Traded Yorke Capital Corporation Salt Lake City, UT

Virginia

GLAD Gladstone Capital Corporation McLean, VA

GAIN Gladstone Investment Corporation McLean, VA

MCGC MCG Capital Corporation Arlington, VA


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 PalmerPresident(202)628 [email protected]

Chris WaltersSenior Director, Governmental and Regulatory Affairs(202)628 [email protected]

Chris HayesLegislative and Regulatory Counsel

(202)628 [email protected]

mailto:bpalmer%40sbia.org?subject=

mailto:cwalters%40sbia.org?subject=

mailto:chayes%40sbia.org?subject=

1100 H Street, N.W.

Suite 1200

Washington, D.C. 20005

(202) 628-5055

www.SBIA.org

http://www.sbia.org

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SBIA BDC Modernization Agenda

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