Here’s a sortable list of BDCs that are publicly-traded by name and ticker symbol.
See also: List of non-traded BDCs.
The complete list of BDC stocks
These BDCs are all publicly-traded BDCs that are generally listed on either the NASDAQ or NYSE. There are currently about 50 publicly-traded BDC stocks, many of pay dividend yields of 8-12%. Including private BDCs, the BDC universe grows to more than 70 public and private business development companies.
It’s likely that many of the non-traded BDCs will eventually join this list to become publicly-traded. Most private BDCs have a requirement that they will seek a liquidity event, and a public listing is one of the easiest ways to do that. One BDC on this list, FS Investment Corp (FSIC), launched as a non-traded BDC.
Publicly-traded BDCs (those on this list) tend to be better investments because they are closely followed by Wall Street analysts and the investor community. Private BDCs aren’t closely scrutinized, and tend to have fewer shareholder-friendly protections.
A growing list of BDCs
The number of publicly-traded companies has exploded in recent years. Apollo Investment Corporation helped develop the market with its massive initial public offering in 2004. Its success encouraged copycats from AUM-hungry managers. That same year, Prospect Capital and Ares Capital also went public, raising smaller funds than Apollo’s BDC, which took in more than $900 million.
The BDC industry has attracted established asset managers as it matures. BlackRock, Blackstone (GSO Capital), Golub Capital, TPG, Goldman Sachs, and THL are just some. These are all household names in asset management, private equity, and alternatives that have launched publicly-traded business development companies.
New managers are also changing the landscape with fees, as many BDCs on the list above use clawbacks, high water marks, and total return requirements in their fee agreements. These investor protections were nowhere to be found during the early years of the BDC industry.