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Closed-End Fund Weekly
CEFinsight's Weekly Review and Outlook provides actionable intelligence on what's driving price behavior and shareholder activism in closed-end funds. The weekly update offers readers objective and unique insights from the closed-end fund experts at AST Fund Solutions.
Closed-End Fund Monthly
AST's monthly update on key actions by closed-end funds and activist investors in CEFs is a widely-read resource utilized by closed-end fund executives and investors alike. We supplement this report with daily Alerts on this website and Special Reports from the closed-end fund group at AST Fund Solutions.
Special Reports
Special Reports from AST Fund Solutions cover topics ranging from studies of tender offers (and other fund actions) to institutional investment behavior in closed-end funds. Our Special Reports are designed to be concise and actionable. The research team at AST Fund Solutions also conducts special studies at the request of issuers.





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Business Development Companies                    BDC Alerts
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CSWC Capital Southwest Corporation $17.88 12/31/2016 285 4.21% 4/21/2017 www.capitalsouthwest.com NASDAQ
EQS Equus Total Return, Inc $3.37 12/31/20162016 43 0.00% 4/21/2017 www.equuscap.com NYSE
GLAD Gladstone Capital Corporation $8.36 12/31/2016 214 8.77% 4/21/2017 www.gladstonecapital.investorroom.com NASDAQ
RAND Rand Capital Corporation $5.16 12/31/2016 33 0.00% 4/21/2017 www.randcapital.com NASDAQ
MVC MVC Capital, Inc. $12.39 10/31/2016 280 6.21% 4/21/2017 www.mvccapital.com NYSE
AINV Apollo Investment Corporation $6.86 12/31/2016 1507 9.06% 4/21/2017 www.apolloic.com NASDAQ
OHAI OHA Investment Corporation $3.99 12/31/2016 80 15.48% 4/21/2017 www.ohainvestmentcorporation.com NASDAQ
ARCC Ares Capital Corporation $16.45 12/31/2016 5165 8.74% 4/21/2017 www.arescapitalcorp.com NASDAQ
ACAS American Capital, Ltd. $21.40 9/30/2016 4576 0.00% 12/23/2016 www.americancapital.com NASDAQ
HTGC Hercules Capital, Inc. $9.90 12/31/2016 788 8.08% 4/21/2017 www.htgc.com NYSE
PSEC Prospect Capital Corporation $9.62 12/31/2016 3455 10.67% 4/21/2017 www.prospectstreet.com NASDAQ
GAIN Gladstone Investment Corporation $9.82 12/31/2016 297 7.92% 4/21/2017 www.gladstoneinvestment.investorroom.com NASDAQ
SLRC Solar Capital Ltd. $21.74 12/31/2016 919 7.10% 4/21/2017 www.solarcapltd.com NASDAQ
XRDC Crossroads Capital, Inc. $2.96 12/31/2016 28 0.00% 4/21/2017 www.xroadscap.com NASDAQ
BKCC BlackRock Capital Investment Corp. $8.21 12/31/2016 596 11.51% 4/21/2017 www.blackrockbkcc.com NASDAQ
FDUS Fidus Investment Corporation $15.76 12/31/2016 354 8.74% 4/21/2017 www.fdus.com NASDAQ
FSC Fifth Street Finance Corp. $7.31 12/31/2016 1030 16.25% 4/21/2017 www.fifthstreetfinance.com NASDAQ
SVVC Firsthand Technology Value Fund, Inc. $20.04 12/31/2016 149 0.00% 4/21/2017 www.firsthandtvf.com NASDAQ
GECC Great Elm Capital Corp. $13.52 12/31/2016 173 8.81% 4/21/2017 www.greatelmcc.com NASDAQ
GBDC Golub Capital BDC, Inc. $15.74 12/31/2016 870 6.34% 4/21/2017 www.golubcapitalbdc.com NASDAQ
GSVC GSV Capital Corp. 8.66 12/31/2016 192 3.52% 4/21/2017 www.gsvcap.com NASDAQ
HRZN Horizon Technology Finance Corporation $12.09 12/31/2016 139 10.37% 4/21/2017 www.horizontechfinance.com NASDAQ
KCAP KCAP Financial, Inc. $5.24 12/31/2016 195 12.80% 4/21/2017 www.kcapfinancial.com NASDAQ
MAIN Main Street Capital Corporation $22.10 12/31/2016 1201 5.62% 4/21/2017 www.mainstcapital.com NYSE
MFIN Medallion Financial Corp. $11.91 12/31/2016 286 9.76% 4/21/2017 www.medallionfinancial.com NASDAQ
MCC Medley Capital Corporation $9.39 12/31/2016 511 11.38% 4/21/2017 www.medleycapitalcorp.com NYSE
MRCC Monroe Capital Corporation $14.52 12/31/2016 241 8.81% 4/21/2017 www.monroecap.com NASDAQ
NMFC New Mountain Finance Corporation $13.46 12/31/2016 939 9.13% 4/21/2017 www.newmountainfinance.com NYSE
OFS OFS Capital Corporation $14.82 12/31/2016 143 9.44% 4/21/2017 www.ofscapital.com NASDAQ
PFLT PennantPark Floating Rate Capital Ltd. $14.11 12/31/2016 377 8.30% 4/21/2017 www.pennantpark.com NASDAQ
PNNT PennantPark Investment Corporation $9.11 12/31/2016 648 14.27% 4/21/2017 www.pennantpark.com NASDAQ
SAR Saratoga Investment Corp. $22.21 11/30/2016 128 8.42% 4/21/2017 www.saratogainvestmentcorp.com NYSE
SUNS Solar Senior Capital Ltd. $16.80 12/31/2016 269 7.83% 4/13/2017 www.solarseniorcap.com NASDAQ
TCRD THL Credit, Inc. $11.84 12/31/2016 393 10.95% 4/13/2017 www.thlcredit.com NASDAQ
TICC TICC Capital Corp. $7.50 12/31/2016 386 15.85% 4/13/2017 www.ticc.com NASDAQ
TCAP Triangle Capital Corporation $15.13 12/31/2016 611 9.72% 4/13/2017 www.tcap.com NYSE
WHF WhiteHorse Finance, Inc. $13.63 12/31/2016 249 10.15% 4/13/2017 www.whitehorsefinance.com NASDAQ
ACSF American Capital Senior Floating, Ltd. $13.68 12/31/2016 137 8.62-% 4/21/2017 www.acsf.com NASDAQ
CMFN CM Finance Inc. $12.13 12/31/2016 166 13.14% 4/21/2017 cmfn-inc.com NASDAQ
FSFR Fifth Street Senior Floating Rate Corp. $10.86 12/31/2016 320 10.98% 4/21/2017 fsfr.fifthstreetfinance.com NASDAQ
GARS Garrison Capital Inc. $12.42 12/31/2016 199 11.55% 4/21/2017 www.garrisoncapitalbdc.com NASDAQ
HCAP Harvest Capital Credit Corporation $13.86 12/31/2016 87 9.92% 4/21/2017 harvestcapitalcredit.com NASDAQ
SCM Stellus Capital Investment Corporation $13.57 12/31/2016 169 9.62% 4/13/2017 stelluscapital.com NYSE
TCPC TCP Capital Corp. $14.91 12/31/2016 791 8.40% 4/13/2017 investors.tcpcapital.com 9/16/2016
TPVG TriplePoint Venture Growth BDC Corp. $13.51 12/31/2016 216 10.40% 4/13/2017 www.tpvg.com NYSE
TSLX TPG Specialty Lending, Inc. $15.95 12/31/2016 952 7.64% 4/13/2017 www.tpgspecialtylending.com NYSE
CPTA Capitala Finance Corp. $15.79 12/31/2016 251 11.06% 4/21/2017 www.capitalagroup.com NASDAQ
FSIC FS Investment Corporation $9.41 12/31/2016 2297 9.09% 4/21/2017 www.fsinvestmentcorp.com NYSE
ABDC Alcentra Capital Corporation $13.72 12/31/2016 185 9.45% 4/21/2017 www.alcentracapital.com NASDAQ
NEWT Newtek Business Services Corp. $14.30 12/31/2016 209 9.67% 4/21/2017 www.thesba.com NASDAQ
GSBD Goldman Sachs BDC, Inc. $18.31 12/31/2016 665 7.25% 4/21/2017 www.goldmansachsbdc.com NYSE


BDC Alerts
April 7, 2017 | New Mountain Finance Corporation (NMFC) announced that it had completed an underwritten offering of 5,000,0000 shares of its common stock at a public offering price of $14.60 per share. The BDC raised $73 million in gross proceeds, excluding any exercise of the underwriters’ 30-day option to purchase up to an additional 750,000 shares of the company’s common stock.
 

March 30, 2017 | 180 Degree Capital Corp. (TURN) filed a N-54C on March 30, 2017, withdrawing its election to be treated as a BDC, such that the ’40 Act investment company is now a listed closed-end fund. The filing explained: “180 Degree Capital Corp. (the ‘Company’) has changed the nature of its business so as to cease to be a business development company (‘BDC’) and operate as a closed-end management investment company registered under the Investment Company Act of 1940. The change was authorized by the vote of a majority of its outstanding voting securities at the company's special meeting held on March 24, 2017.”
 

March 24, 2017 | Harris & Harris Group (TINY) announced on March 24 that following shareholder approval at a special meeting of shareholders held that day, the company has filed to change its corporate name to 180 Degree Capital Corp. (which will start trading on the NASDAQ under the symbol TURN on March 27, 2017), and plans to file a notice to withdraw its election to be treated as a BDC on, or before, March 31.
 

February 14, 2017 | PennantPark Floating Rate Capital Ltd. (PFLT) announced on Feb. 14 that it had priced a public offering of its common stock, and had agreed to sell 5,000,000 shares of common stock resulting in net proceeds of approximately $70.4 million (exclusive of offering expenses to the company and an underwriters’ option to purchase up to an additional 750,000 shares of common stock).
 

January 25, 2017 | Newtek Business Services Corp. (NEWT) announced on Jan. 25 that it had priced an underwritten offering of 2,250,000 shares of common stock at a public offering price of $15.25, resulting in gross proceeds of approximately $34.3 million.
 

January 6, 2017 | Equus Total Return, Inc. (EQS) announced on Jan. 6 that its shareholders authorized the company’s Board of Directors to potentially withdraw its election to be treated as a business development company under the Investment Company Act of 1940. The authorization expires on July 31, 2017, and is related to the company’s Plan of Reorganization announced on May 15, 2014. The Plan entailed: (i) the restructuring of the company by way of an acquisition of, or merger with, an operating company, and (ii) a withdrawal of the company’s election to be classified as a BDC. The company’s release explained that: “Although Equus has now been authorized to withdraw and terminate the Company’s BDC election under the 1940 Act, it will not submit any such withdrawal unless and until Equus has entered into a definitive agreement to effect a Consolidation – ergo to acquire or merge with an operating company. The Company is presently evaluating suitable target companies which Equus may acquire or with which Equus or a special purpose subsidiary may merge into to accomplish a Consolidation.” For more details on various conditions, risks, and uncertainties related to the Plan and the potential withdrawal of the company’s election to be treated as a BDC, see the company’s press release at www.equuscap.com.
 

January 4, 2017 | American Capital Senior Floating, Ltd. (ACSF) announced on Jan. 4 the appointment of Ivy Hill Asset Management, L.P. (a wholly owned portfolio company of Ares Capital Corporation [ARCC]) as ACSF’s new investment manager effective Jan. 3. Kevin Braddish, President of Ivy Hill, was also appointed as CEO and a Director of ACSF. The company’s release explained that on Dec. 19 ACSF’s board had approved both interim and regular investment management agreements with Ivy Hill, along with an administration agreement with Ares Operations LLC, a subsidiary of Ares Management, L.P. (ARES), subject to the completion of Ares Capital’s acquisition of American Capital, Ltd. On January 3, with the completion of Ares Capital’s acquisition of American Capital, Ltd., the interim investment management agreement became effective - and will remain in effect pending stockholder approval of the regular investment management agreement, which is expected to be voted on by ACSF stockholders at a special meeting during the first half of 2017.
 

January 3, 2017 | New Mountain Finance Corp. (NMFC) announced on Jan. 3 that its board of directors authorized the extension of its common stock repurchase program. The company’s release explained that: “Unless further extended by NMFC’s board of directors, NMFC expects the repurchase program to be in place until the earlier of December 31, 2017 or until $50 million worth of NMFC’s outstanding shares of common stock have been repurchased. To date, approximately $2.9 million worth of repurchases have been made by NMFC under the repurchase program.” The release also noted that “NMFC’s board of directors authorized the extension of the repurchase program because it believes that sustained market volatility and uncertainty may cause NMFC’s common stock to be undervalued from time to time.”
 

December 20, 2016 | Harris & Harris Group, Inc. (TINY) issued a letter to shareholders dated Dec. 20, 2016 (full text at http://ir.hhvc.com/letters.cfm) regarding a: “proposed plan for a strategic restructuring that we believe has the opportunity to unlock value for our shareholders. Specifically, we are recommending the separation of Harris & Harris Group, currently a business development company (‘BDC’), into two distinct entities. The first entity will be a registered closed-end fund named 180 Degree Capital Corp (‘180’) that will focus on (1) optimizing the value in our existing portfolio; and (2) pursuing a new investment strategy focused on constructive activism in substantially undervalued small, publicly traded companies. The second entity, HALE.life Corp (‘HALE’), will be an operating company focused exclusively on building a high-growth, precision health and medicine business.” The company named “180 Degree Capital Corp” would be operated as an internally managed, non-diversified registered closed-end fund rather than electing to be regulated as a BDC. For more details, see the company’s press release at www.hhvc.com.
 

November 29, 2016 | Fidus Investment Corporation (FDUS) announced on Nov. 29 that it priced a public secondary offering of 2,800,000 shares of common stock in an underwritten public offering. The public offering price was $16.65 per share, with net proceeds of approximately $44.5 million (excluding any exercise by underwriters of an option, exercisable for 30 days, to purchase up to 420,000 additional shares of common stock).
 

November 21, 2016 | Newtek Business Services Corp. (NEWT) announced on Nov. 21 that its board approved a repurchase program under which the company may conduct open market repurchases of up to an aggregate total of 200,000 shares of its common stock (approximately 1.4% of the outstanding shares). As the release explained: unless extended or terminated early by its board of directors, the termination date for the repurchase program is expected to be May 21, 2017. The company expects to finance the repurchases with existing capital, while the repurchased shares will be designated as authorized but unissued common stock. The release also explained that purchases may be made at management's discretion from time to time in open-market transactions depending upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by Newtek's management team. The repurchase program may be suspended or discontinued at any time. NEWT also announced on Nov. 21 that its board approved another repurchase program under which the company may conduct open market repurchases of up to an aggregate of 10%, or $832,400 in aggregate principal amount, of its 7.5% notes due 2022 (NEWTZ) and up to 10%, or $4,025,000 in aggregate principal amount, of its 7.0% notes due 2021 (NEWTL). The release explained that this program is also expected to terminate on May 21, 2017, unless extended or terminated earlier by the board. The release noted that the company expects to finance these repurchases with existing capital.
 

October 7, 2016 | Ironsides Partners LLC disclosed in a 13D/A filing on Oct. 7 (regarding its holdings of Fifth Street Senior Floating Rate Corp. [FSFR]) that on Sept. 30, Ironsides Partners (Master Fund and P Fund) entered into a Purchase and Settlement Agreement (PSA) by and among (i) Fifth Street Holdings L.P. and Leonard M. Tannenbaum (the buyers), and (ii) Ironsides. The buyers agreed to purchase 1,942,641 shares of common stock of the issuer from Ironsides for a per-share purchase price of $9.00, without interest. “The closing of the Purchase is contemplated to occur on November 30, 2016.” Ironsides also agreed to observe certain standstill provisions.
 

October 5, 2016 | Goldman Sachs BDC, Inc. (GSBD) disclosed in an 8-K filing on Oct. 5 that at the company’s annual meeting of shareholders held on Sept. 29, 2016: “the Company did not receive enough votes by non-affiliated persons to satisfy the 1940 Act approval requirements” for a proposal to authorize the Company, with the approval of the Company’s board of directors, to sell or otherwise issue shares of the Company’s common stock (during the 12 months following such stockholder authorization) at a price below the then-current net asset value per share, provided the number of shares issued does not exceed 25% of its then-outstanding common stock.
 

October 5, 2016 | October 5, 2016 | Sims Capital Management LLC (SCM) disclosed in a 13D/A filing on Oct. 5 that it held 1,206,324 shares (5.36%) of Full Circle Capital Corporation (FULL), and that SCM had sent another letter (dated Oct. 5) to the fund raising various issues regarding the company’s proposed merger with Great Elm Capital Corp. (a company formed by Great Elm Capital Group, Inc. [GEC] and funds managed by MAST Capital Management, LLC).
 

September 22, 2016 | Capitala Finance Corp. (CPTA), which is a BDC, announced on Sept. 22 that the company’s normal monthly distribution amount had been reduced by 17%. The company’s release indicated that: “Contributing factors in the distribution reduction were (1) pressure on the Company's net investment income from losses associated with reducing our exposure to energy, (2) an unwillingness to chase yield on new investment opportunities, (3) an emphasis on distribution coverage with net investment income without reliance on realized capital gains, and (4) the drag on net investment income from recent repayments, exits and sales of investments.”
 

September 7, 2016 | Sims Capital Management LLC disclosed in a 13D/A filing on Sept. 7 that it had increased its holdings of Full Circle Capital Corp. (FULL), which is a BDC, to 1,206,324 shares (5.36%) as a result of a series of transactions between June 14 and Aug. 8 (+575,316 shares). Item 4 indicated that the firm also sent another letter, dated September 6, 2016, to the fund’s Board (a copy of which is available in the filing). See also our alert on FULL dated Aug. 12, 2016.
 

August 12, 2016 | Sims Capital Management LLC (“SCM”) disclosed in a 13D/A filing that it had increased its holdings of Full Circle Capital Corporation (FULL) to 1,206,324 shares (5.36%), which is up from the 1,116,014 shares disclosed in the initial 13D filing by Sims Capital Management on July 28. SCM disclosed in the initial 13D filing that it had sent a letter to the Board of FULL in late April 2016 proposing various strategic options, and then sent three additional letters to the Board raising various issues regarding the company’s proposed merger with Great Elm Capital Corp. (a company formed by Great Elm Capital Group, Inc. [GEC] and funds managed by MAST Capital Management, LLC). SCM has indicated in the filings that it is advocating turning down the proposed merger, and then proceeding to liquidate the Fund. The most recent 13D/A filing disclosed that SCM sent another letter to the Board, dated Aug. 11, regarding the sale process, certain consulting payments payable post-closing, and a potential Section 25 advisory report from the SEC. The Milwaukee (WI)-based SCM is owned and managed by David C. Sims and Luke E. Sims.
 

July 6, 2016 | Crossroads Capital, Inc. (XRDC), which is a business development company, announced on July 6 that Phillip Goldstein (of Bulldog Investors) had been appointed to serve on its Board to fill a vacancy created by the resignation of Richard Cohen. On June 30, 2016, Mr. Cohen had notified the Board of his resignation effective on that date. The company’s release indicated that: “Mr. Cohen's resignation was not the result of any disagreement with the Company, including regarding any matters relating to the Company's operations, policies or practices.” The Board appointed Mr. Goldstein to fill the vacant Board seat and to serve as a director for the remainder of Mr. Cohen's current term, or until his successor is duly elected and qualified. The Board also appointed Mr. Goldstein to serve on the Audit Committee, the Compensation Committee, and the Nominating Committee, effective June 30, 2016. Note: on May 5, XRDC filed a preliminary proxy statement (PRE 14A) that contained several proposals, among them, to (proposal 1) authorize the withdrawal of the company’s election to be regulated as a business development company and authorize a Plan of Liquidation to convert the company into a liquidating trust for the purpose of liquidating and distributing the company’s assets, if proposal 1 is approved.
 

June 24, 2016 | Full Circle Capital Corporation (FULL), which is a business development company, announced that it had entered into a merger agreement with Great Elm Capital Corp. (formed by Great Elm Capital Group, Inc. [GEC]) and funds managed by MAST Capital Management, LLC. The company’s release indicated that the merger is subject to approval by Full Circle’s stockholders, and that the combined company will be named Great Elm Capital Corp. (and apply for listing on the NASDAQ under the symbol “GECC”). Great Elm Capital Corp. will elect to be regulated as a BDC under the Investment Company Act of 1940, and be externally managed by Great Elm Capital Management, Inc. (a joint venture led by MAST Capital’s investment team). For more details, see the full release at fccapital.com.
 

June 6, 2016 | Fidus Investment Corporation (FDUS), which is a BDC, announced that the underwriters of the company’s May 2016 public offering of common stock exercised in full their option to purchase 375,000 additional shares of common stock at the public offering price of $15.27 per share. FDUS has received net proceeds of approximately $43.7 million from the offering (of 2,500,000 shares plus the overallotment).
 

June 3, 2016 | Fidus Investment Corporation (FDUS) disclosed in an 8-K filing that shareholders at the company’s 2016 annual meeting held on June 2 approved a proposal to authorize the Company, pursuant to approval by the Board of Directors of the Company, to sell or otherwise issue shares of its common stock during the next year at a price below the Company’s then current net asset value per share, subject to certain conditions as set forth in the proxy statement (including that the cumulative number of shares sold pursuant to such authority does not exceed 25% of its then outstanding common stock immediately prior to each such sale).
 

June 1, 2016 | The activist manager Wynnefield Capital, Inc. (WCI), along with founding partners Nelson Obus and Joshua Landes, disclosed in a new 13D filing (filed by Wynnefield Partners Small Cap Value, L.P. I) that they hold 1,600,000 shares (7.0%) of MVC Capital, Inc. (MVC). Item 4 of the filing noted that the reporting persons “may seek to engage in discussions with other stockholders and/or with management and the Board of the Issuer concerning the business, operations or future plans of the Issuer.”
 

May 23, 2016 | Ares Capital Corporation (ARCC) and American Capital, Ltd. (ACAS) announced that they had entered into a definitive merger agreement under which Ares Capital will acquire American Capital, excluding American Capital Mortgage Management, LLC. The Boards of both companies unanimously approved the transaction. The release explained that following the transaction, “Ares Capital shareholders are expected to own approximately 73.9% and American Capital shareholders are expected to own approximately 26.1% of the combined company.” The acquisition is subject to American Capital and Ares Capital shareholder approvals, customary regulatory approvals and other closing conditions (see the release for more details). The release also noted that: “Elliott Management, holder of a 14.4% interest in American Capital, strongly supports the transactions and will vote its shares in favor at the upcoming Special Meeting.” Elliott Associates L.P. provided more details on that arrangement in a 13D/A filing on May 23 (see also our related alert dated May 23).
 

May 23, 2016 | Elliott Associates, L.P. disclosed in a 13D/A filing on May 23 that it, along with co-filers Elliott International, L.P., and Elliott International Capital Advisors Inc., held 12,475,000 shares (5.71%) of American Capital, Ltd. (ACAS), and had entered into agreements with ACAS and Ares Capital Corporation (ARCC) in connection with the proposed acquisition of ACAS by ARCC (also announced on May 23). Item 4 of the filing noted that Elliott and Elliott International had entered into a “Stockholder Voting and Support Agreement” with Ares Capital Corporation in connection with the proposed acquisition of ACAS. The reporting persons also disclosed that they had entered into a “Letter Agreement” with ACAS regarding reasonable best efforts: “to enter into an agreement providing, among other things, (i) that in the event the Acquisition is terminated for any reason (a ‘Termination Event’), the Issuer will, as promptly as practicable, appoint four individuals to the Board, one selected by the Reporting Persons and three mutually agreed upon by the Issuer and the Reporting Persons, to replace four incumbent directors, (ii) the new directors will be appointed to appropriate committees of the Board promptly following their appointment to the Board, (iii) the Issuer will nominate the new directors for election at the Issuer's 2017 annual meeting of stockholders, (iv) a new Chairman of the Board (other than the incumbent) will be selected and (v) for customary standstill, voting and mutual non-disparagement provisions. The Reporting Persons also agreed that, provided a Termination Event has not occurred, they will vote all shares of Common Stock they beneficially own in favor of the slate of directors nominated by the Board at the Issuer's 2016 annual meeting of stockholders. The Issuer further agreed to reimburse the Reporting Persons for up to $3.0 million in expenses, with $1.5 million paid within five calendar days after the execution of the Support Agreement and $1.5 million paid upon the earlier of a Termination Event or the closing of the Acquisition. The Letter Agreement also included a mutual non-disparagement provision.” Background: Elliott Associates, L.P. had filed a 13D on Nov. 16, 2015, in connection with its holdings of ACAS, and sent a letter to ACAS in which it opposed the company’s plan to spin out investment assets into a new business development company and create a stand-alone, external asset manager (while also filing a preliminary proxy statement). Elliott also urged the company to, among a range of actions, engage in a “meaningful strategic review.”
 

May 19, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Firsthand Technology Value Fund, Inc. (SVVC) to 383,946 shares (4.98%) as a result of a series of sales between 5/4 and 5/18 (-18,170 shares).
 

May 11, 2016 | Newtek Business Services Corp. (NEWT) announced that its Board had approved a new share repurchase program under which the Company may repurchase up to 150,000 shares (approximately 1.0%) of its common stock through open market purchases at management's discretion. This program is expected to end on November 11, 2016, unless extended or terminated by the Board. The company’s release also noted that: “Newtek's Board of Directors previously authorized a share repurchase program, in December 2015, under which the Company may purchase up to 150,000 shares of Newtek Common Stock. During the first quarter of 2016, the Company repurchased 70,000 shares of Newtek Common Stock under the program at a weighted average price of $12.37 per share. The termination date for this repurchase program is June 3, 2016.”
 

May 3, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Firsthand Technology Value Fund, Inc. (SVVC) to 402,116 shares (5.22%) as a result of a series of sales between 3/28 and 4/29 (-78,302 shares).
 

April 27, 2016 | Firsthand Technology Value Fund, Inc. (SVVC) announced that its Board had approved a discretionary share repurchase plan through which the BDC may purchase in the open market up to $2 million of the company’s shares. The company’s release explained that the plan allows the fund to: “acquire its own shares at certain thresholds below its net asset value (NAV) per share, in accordance with the guidelines specified in Rule 10b-18 of the Securities Act of 1934, as amended. The intent of the Plan is to increase the NAV per share and thereby enhance shareholder value. Executing the Plan may also moderate the discount at which the Fund’s shares currently trade. Based on closing price of $7.40 per share for the Fund’s common stock as of April 26, 2016 on the Nasdaq Global Market, the Fund has been authorized to repurchase approximately 3.5% of its outstanding stock.” The release also indicated that the repurchase plan will be in effect until September 30, 2016, or until the approved dollar amount has been used to repurchase shares.
 

April 12, 2016 | Fifth Street Senior Floating Rate Corp. (FSFR) disclosed the results of its contested 2016 Annual Meeting of Stockholders, which was held on April 7, 2016. The company announced that the stockholders had elected to serve on the Board of Directors Ivelin M. Dimitrov (CEO of FSFR and CIO of the entire Fifth Street platform) and Richard W. Cohen (who was nominated by the dissident shareholder Ironsides Partners LLC). Stockholders voted against approving a binding stockholder proposal put forth by Ironsides to terminate the Investment Advisory Agreement with Fifth Street Management LLC, and against approving an advisory non-binding stockholder proposal put forth by Ironsides regarding Fifth Street Management LLC (if stockholders had voted in favor of terminating the Investment Advisory Agreement).
 

March 28, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Firsthand Technology Value Fund, Inc. (SVVC) to 480,418 shares (6.24%) as a result of a series of sales between 3/8 and 3/24 (-30,042 shares).
 

March 11, 2016 | Apollo Investment Corporation (AINV) announced that Apollo Investment Management, L.P. (the Company’s investment adviser) agreed to reduce fees for FY2017. The release explained that: “From April 1, 2016 through March 31, 2017, the base management fee will be reduced to 1.50% on gross assets. In addition, the calculation of the incentive fee will include a performance adjustment that could lower the incentive fee rate to as low as 15% based on the Company’s cumulative change in net asset value during the period. In order to simplify the Company’s fee structure, this reduction supersedes waivers in place during prior years.” AINV also announced that it had been informed that a subsidiary of Apollo Global Management, LLC (APO) will undertake a program to purchase $50 million of Apollo Investment’s common stock through open market transactions, subject to certain regulatory approvals. As the release detailed: “Similar to the investment made by a subsidiary of Apollo Global Management in Apollo Investment in 2012, this share purchase program combined with the fee reductions being announced today, demonstrate Apollo Global Management’s support for Apollo Investment and will further align Apollo Investment’s shareholders with Apollo Global Management and its employees, who may receive a portion of such shares in the form of compensation. Including the $50 million investment being announced today, Apollo Global Management’s total investment in Apollo Investment will be approximately $118 million.”
 

March 8, 2016 | TPG Specialty Lending, Inc. (TSLX) announced that it closed a public offering of 5,000,000 shares of common stock at a public offering price of $16.42 per share.
 

February 22, 2016 | Ironsides Partners LLC (with Ironsides Partners Special Situations Master Fund II L.P., Ironsides P Fund L.P., and Robert C. Knapp) disclosed in a new 13D filing that it held 1,702,271 shares (5.8% O/S) of the Fifth Street Senior Floating Rate Corp. (FSFR). Item 4 of the filing noted that on January 13, 2016, Ironsides, Master Fund, P Fund, Mr. Knapp and Richard W. Cohen filed a preliminary proxy statement containing two director nominees, including Mr. Knapp, along with a binding proposal to terminate the company’s existing Investment Advisory Agreement with Fifth Street Management LLC and, if the termination proposal is approved, a non-binding proposal advising the Board not to engage FSM, its principals or other affiliates in any advisory or management capacity.
 

February 19, 2016 | Fifth Street Finance Corp. (FSC) announced that it had entered into an agreement with RiverNorth Capital Management, LLC under which RiverNorth will not contest FSC’s slate of director nominees at the 2016 annual meeting and withdraw its proposal to terminate FSC’s investment advisory agreement with Fifth Street Management LLC. FSC also announced that it would repurchase at least $50 million of its common stock by the end of 2016 (FSC had previously announced a reduction in the base management fee). Patrick Galley, RiverNorth’s Chief Investment Officer, is quoted in the release referring to the company’s steps to improve its fee structure and the share repurchase commitment. The release also explained that in a separate agreement: “RiverNorth, including its director nominees, will sell its holdings of FSC common stock to a combination of an affiliate of FSAM and FSAM’s Chairman and Chief Executive Officer, Leonard M. Tannenbaum. In addition, an affiliate of FSAM has agreed to settle the FSC common stock swap arrangements held by RiverNorth. Further, RiverNorth has agreed to abide by certain standstill provisions through FSC’s 2017 Annual Meeting of Stockholders.”
 

February 4, 2016 | TPG Specialty Lending, Inc. (TSLX) announced that it had sent a letter to TICC Capital Corp. (TICC) regarding a director nominee and an intent to submit a proposal to terminate the investment advisory agreement between TICC and its external manager.
 

February 4, 2016 | New Mountain Finance Corporation (NMFC) announced that its board had authorized a share repurchase program under which the company may repurchase up to $50 million of its common stock in the open market through December 31, 2016. The company’s release explained that “NMFC’s board of directors authorized the repurchase program because it believes the sustained market volatility and uncertainty may cause NMFC’s common stock to be undervalued from time to time.”
 

December 28, 2015 | Newtek Business Services Corp. (NEWT), which is a business development company, announced that approximately 87% of the company’s shares outstanding had elected to receive a special dividend in cash and 13% elected shares of the company's common stock. As the company’s release explained: “Because the total amount of cash payable is limited to 27% of the aggregate amount of the dividend, 27% of the special dividend will be paid in cash and 73% will be paid in Shares. Stockholders who have elected to receive cash will receive $0.84 per share, with the balance paid in Shares at the volume-weighted average price of $13.48 per share. As a result, on December 31, 2015, the Company will issue approximately 1.8 million Shares to stockholders of record as of November 18, 2015.”
 

December 22, 2015 | Fifth Street Senior Floating Rate Corp. (FSFR) disclosed in an 8-K filing that the company had received on Dec. 18: “a letter from Ironsides Partners Special Situations Master Fund II L.P. (“Ironsides”), in which Ironsides states that it will, at the Company’s 2016 Annual Meeting of Stockholders, (i) nominate for election to the Company’s Board of Directors Robert C. Knapp and Richard W. Cohen, (ii) put forth a binding proposal to terminate the Investment Advisory Agreement (the “Investment Advisory Agreement”) between the Company and Fifth Street Management LLC (“FSM”) and (iii) put forth an advisory proposal, if the proposal to terminate the Investment Advisory Agreement is successful, advising the Company’s Board of Directors that none of FSM or any of its principals or other affiliates should be engaged to manage or advise any of the assets of the Company in any capacity. Prior to the submission of the nominations and proposals, Ironsides had not contacted the Company or had any dialogue with the Company regarding the nominations and proposals.”
 

December 22, 2015 | TICC Capital Corp. (TICC) announced preliminary results from its contested special meeting held on Dec. 22, including that the proposal to approve a new investment advisory agreement between the company and TICC Management, LLC did not receive the required (’40 Act) approval from stockholders.
 

November 25, 2015 | American Capital, Ltd. (ACAS) announced that its Board of Directors had instructed the company to undertake a “full strategic review of all alternatives…including a sale of the Company or its various business lines in whole or in part.” ACAS also announced that its Board had expanded its stock buyback program by increasing it to a range of $600 million to $1 billion (up from a range of $300 million to $600 million). The company’s release noted that “purchases will only be made at per share prices below 85% of the Company's net asset value per share as of September 30, 2015.”
 

November 25, 2015 | The hedge fund Elliott Associates, L.P. (Paul E. Singer) disclosed in a 13D/A filing that Elliott Associates, L.P., Elliott International, L.P., and Elliott International Capital Advisors Inc. had a combined “economic exposure” in American Capital, Ltd. (ACAS) of approximately 9.1% of the shares of common stock outstanding (including beneficial ownership of 12,225,000 shares of common stock [approximately 4.6%] and economic exposure pursuant to derivative agreements comparable to approximately 4.4% of the common stock outstanding). On Nov. 16, 2015, Elliott disclosed in its initial 13D filing that it had sent a letter to ACAS in which it opposed the company’s plan to spin out investment assets into a new business development company and create a stand-alone, external asset manager. Elliott Associates, L.P. also filed a preliminary proxy statement.
 

November 17, 2015 | RiverNorth Capital Management, LLC disclosed in a new 13D filing on Nov. 16 that it held 8,987,510 shares (5.9%) of Fifth Street Finance Corp. (FSC). The filing also disclosed that RiverNorth Institutional Partners L.P. (“RNIP”) delivered a letter to FSC on Nov. 6 nominating three director candidates and submitting a proposal seeking stockholder approval to terminate the investment advisory agreement between the issuer and Fifth Street Management LLC. The filing also includes a copy of another letter RiverNorth submitted to the company’s Board (dated Nov. 16) detailing a number of: “strategic changes that RiverNorth seeks the Issuer to implement immediately, which include: (i) the reduction of the Investment Advisory Agreement’s base management and incentive fees; (ii) the application of a total return high watermark to the Investment Advisory Agreement’s net investment income incentive fee calculation; and (iii) a significant increase to the size of the Issuer’s stock buyback program.”
 

November 17, 2015 | Fifth Street Finance Corp. (FSC) responded on Nov. 17 to a RiverNorth Capital Management, LLC 13D filing on Nov. 16, and a related press release by RiverNorth, detailing a number of changes that it wants FSC to implement. In the press release by FSC (8-K, 11/17/15) the company indicated that: “FSC believes that the RiverNorth press release was inflammatory and misleading. Since its founding 17 years ago, Fifth Street has created a long-term track record as a middle market credit-focused asset manager with strong underwriting and portfolio management expertise. We agree with RiverNorth's assertion that we have built a solid portfolio that has been undervalued by the market. RiverNorth has only recently begun acquiring shares of FSC with most of their shares purchased while FSC was trading at a discount in the last six weeks. Additionally, we are disappointed that RiverNorth disregarded FSC's invitation for a meeting and launched its initiative without making a good-faith effort to learn the facts. FSC looks forward to further describing its decisions to build value for investors and remains committed to engaging in a transparent dialogue with its shareholders.” See also our alert (dated Nov. 17) on RiverNorth Capital Management’s 13D filing on Nov. 16.
 

October 20, 2015 | WhiteHorse Finance, Inc. (WHF), which is a business development company, announced a non-transferable rights offering with a record date of Oct. 23, 2015. Rights issued will entitle shareholders to subscribe for up to an aggregate of 3,321,033 shares of common stock at a price equal to $13.55 per share (the closing price as of October 16, 2015).
 

October 16, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Firsthand Technology Value Fund, Inc. (SVVC) down to 657,778 shares (8.54%) as a result of a series of transactions between 10/5 and 10/15 (-67,780 shares).
 

October 10, 2015 | DG Capital Management, LLC (Dov Gertzulin) filed a 13D disclosing that it held 1,151,334 shares (3.1%) of KCAP Financial, Inc. (KCAP) and that it had sent a letter to the business development company pressing it to undertake actions to maximize shareholder value, including a possible sale of the entire company to another BDC.
 

October 7, 2015 | BDCA Venture, Inc. (BDCV), which is a business development company, announced that its Board of Directors had approved on October 5 the termination of the investment advisory and administrative services agreement between the company and BDCA Venture Adviser, LLC (effective Dec. 6, 2015, unless shortened or extended). The company’s release noted that: “Following the effective date of termination, the Company will become internally managed. However, the Company currently intends to engage one or more third parties to provide certain administrative and other services to the Company.” The release also quoted Andrew Dakos, Chairman of the Board of Directors, as commenting that the moves are “cost saving actions,” and that the “Company will no longer make investments in new venture companies and will now shift its focus to the orderly monetization of its current holdings.” See also our alert on BDCV dated July 14, 2015.
 

October 5, 2015 | Garrison Capital Inc. (GARS), a business development company, announced that its board of directors authorized the repurchase, through open market or privately negotiated transactions, of up to $10.0 million of its common stock at prices below the company’s net asset value per share. The company’s release explained that the: “stock repurchase program is intended to minimize the adverse effects of market volatility on the price of the Company's common stock.”
 

September 23, 2015 | NexPoint Advisors, L.P. filed a PREC14A in connection with the upcoming special meeting of stockholders of TICC Capital Corp. (TICC), which is scheduled for Oct. 27, 2015. On Sept. 22, Barron’s (online) ran a story detailing recent developments in the contest over the fate of TICC.
 

September 22, 2015 | New Mountain Finance Corporation (NMFC) announced that it had priced an underwritten offering of 5,000,000 shares of its common stock at a public offering price of $14.14 per share.
 

August 18, 2015 | PennantPark Floating Rate Capital Ltd. (PFLT) and MCG Capital Corporation (MCGC) announced that their merger, pursuant to a merger agreement dated April 28, 2015, among MCG, PFLT, two of PFLT’s wholly-owned subsidiaries and PFLT’s investment adviser, had closed. For more details on PFLT’s acquisition of MCG Capital Corporation, see PFLT’s 8-K filed on Aug. 18, 2015.
 

July 23, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the business development company Full Circle Capital Corporation (FULL) to 1,561,657 shares (6.72%) following a series of purchases between 6/8 and 7/22 (+239,513 shares).
 

July 14, 2015 | BDCA Venture, Inc. (BDCV), which is a business development company, announced that at the company’s Annual Meeting BDCV’s stockholders had (based on preliminary voting results) elected as directors three persons nominated by Bulldog Investors, LLC and approved a shareholder proposal submitted by Bulldog Investors to have the company’s Board of Directors “consider a plan to maximize shareholder value within a reasonable period of time.” Another proposal submitted by Bulldog Investors to terminate the company’s investment advisory agreement with BDCA Venture Adviser, LLC “failed to receive the required vote of the stockholders and was not adopted by the stockholders of the Company.”
 

June 26, 2015 | BDCA Venture, Inc. (BDCV) announced that the proxy advisory firm Glass, Lewis & Co., LLC had issued a report recommending that stockholders vote in favor of 4 of the company’s director nominees. The company’s press release noted that Glass Lewis had rejected the nomination by stockholder Bulldog Investors, LLC of three individuals for election to the company’s Board of Directors.
 

June 11, 2015 | | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,097,407 shares (11.20%) of the business development company BDCA Venture, Inc. (BDCV). The filing also contained a copy of a letter to the SEC dated June 8 regarding an issue contested by Bulldog Investors.
 

June 4, 2015 | Bulldog Investors, LLC disclosed in a 13D filing that it held 1,322,147 common shares (5.69%) of the business development company Full Circle Capital Corporation (FULL), which follows a series of purchases between 4/7/15 and 6/3/15 (+1,259,307 shares). Item 4 of the filing noted that the filing persons “may communicate with management about measures to enhance shareholder value.”
 

May 12, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the business development company Firsthand Technology Value Fund, Inc. (SVVC) had been trimmed to 746,424 shares (9.69%) after a series of sales between 4/20 and 5/8/15 (-43,176 shares).
 

May 5, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,095,998 shares (11.19%) of the business development company BDCA Venture, Inc. (BDCV). The filing also disclosed that Phillip Goldstein had sent a letter to BDCA Venture (dated May 1) indicating that at the fund’s 2015 annual meeting Full Value Partners L.P. (a member of the “Bulldog Investors Group of Funds”) intends to nominate three persons for election as directors of the fund and propose that the board of directors consider adopting a plan to “maximize shareholder value within a reasonable period of time.”
 

April 29, 2015 | PennantPark Floating Rate Capital Ltd. (PFLT) and MCG Capital Corporation (MCGC), which are both business development companies, announced that they had entered into a merger agreement under which PFLT would acquire MCGC in a stock and cash transaction valued at approximately $175 million (or approximately $4.75 per MCGC common share at closing). The proposed business combination is subject to the approval of stockholders of PFLT and the stockholders of MCGC. Further details on the structure of the transaction can be found posted on PFLT’s website at pennantpark.mwnewsroom.com, and in 8-K and Form 425 filings by PFLT on April 29, 2015.
 

April 13, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of BDCA Venture, Inc. (BDCV) had increased to 1,039,733 shares (10.62%) after a series of purchases between 3/23/15 and 4/9/15 (+100,577 shares). Bulldog Investors had previously disclosed, in a 13D filing on March 23, 2015, that Phillip Goldstein had sent a letter to the board (dated March 23) calling for a “liquidity event.”
 

March 25, 2015 | American Capital, Ltd. (ACAS) announced that its Board of Directors had reinstated authorization for share repurchases as part of its Share Repurchase and Dividend Program. The company’s release indicated that ACAS “expects to begin considering share repurchases under the Program in the second quarter.” The release also noted that the Board “determined that it is appropriate to reinstate authorization for share repurchases while the Company seeks to accomplish the announced spin-off” of new business development companies to its shareholders. For more details on the planned spin-off, see our alert on ACAS dated November 5, 2014.
 

March 18, 2015 | Goldman Sachs BDC Inc. (GSBD) started trading on the NYSE (March 18, 2015) following an initial public offering priced at $20 per share (raising $120 million in gross proceeds). GSBD is an externally managed specialty finance company that is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company. The investment adviser for GSBD is Goldman Sachs Asset Management, L.P.
 

February 23, 2015 | Full Circle Capital Corporation (FULL), which is a BDC, announced a rights offering in which stockholders of record on March 6, 2015, will receive one non-transferable right for each outstanding share of common stock owned. The rights (to subscribe for up to 11,949,034 shares of common stock) will entitle holders to purchase one new share of common stock for each right held. The company’s release also noted that: “Full Circle Advisors will commit, either directly or through FCA Investments LLC, a subsidiary of the Company's investment adviser, to over-subscribe for $5.0 million in shares of Full Circle Capital's common stock. Any over-subscription by Full Circle Advisors will be effected in accordance with the pro-rata allocation of shares in connection with the over-subscription privilege.” For additional details on the offering, see the company’s related press release at www.fccapital.com.
 

February 13, 2015 | Triangle Capital Corporation (TCAP) announced that underwriters for the BDC’s recent public offering of $75.0 million in aggregate principal amount of 6.375% notes due 2022 had fully exercised their option to purchase an additional $11.25 million of notes to cover overallotments (resulting in a total offering size of $86.25 million [with approximately $83.3 million in net proceeds]). The notes started trading on the NYSE on Feb. 10 under the symbol TCCB.
 

December 4, 2014 | MCG Capital Corporation (MCGC) announced the preliminary results of its modified “Dutch auction” tender offer, which expired on Dec. 3, 2014. The cash tender offer was for up to $75 million of its common stock. The release noted that an aggregate of 4,996,072 shares were properly tendered and not withdrawn at or below a price of $3.75, including 343,670 shares tendered through notice of guaranteed delivery. MCG indicated that it expects to accept for payment an aggregate of 4,996,072 shares of its common stock (amounting to approximately 11.5% of the shares issued and outstanding as of Nov. 3, 2014).
 

December 2, 2014 | Firsthand Technology Value Fund, Inc. (SVVC) announced that it expects to commence, on Dec. 22, 2014, an issuer tender offer for up to “$30 million” of its issued and outstanding shares of common stock (where the offer amount, at the time the tender offer commences, will be minus the total of funds, up to a maximum of $10 million, which may be used by SVVC under its current discretionary share repurchase plan [that SVVC intends to terminate on December 12, 2014]). The cash tender offer’s purchase price per share will be equal to 95% of SVVC’s NAV as of the close of ordinary trading on the NASDAQ Global Market on December 31, 2014. The tender offer’s expiration date is expected to be January 21, 2015, unless extended.
 

December 2, 2014 | Capital Southwest Corporation (CSWC) announced that its Board of Directors had approved a plan to spin off certain of its control assets into a stand-alone publicly-traded diversified industrial growth company (“Industrial Co.”). The company’s release explained that the “newly formed Industrial Co. will be structured as a C Corporation and operate as a diversified industrial growth company with well-established, scalable platforms and deep domain expertise initially across two core industries: industrial products and specialty chemicals.” In addition, CSWC: “will maintain operations as an internally-managed business development company (‘BDC’) and pursue a credit-focused investing strategy akin to similarly structured organizations. The business will continue to provide capital to middle-market companies in the Southwest and across the country that have strong management teams and have demonstrated sound financial performance. It will focus on generating current income that will allow shareholders to receive a market based dividend in a tax efficient manner. CSWC intends to primarily invest in debt securities, including senior ‘unitranche’ debt, second lien and subordinated debt, and may also invest in preferred stock and common stock alongside its debt investments or through warrants.” The proposed spin-off, which is subject to approval by CSWC’s shareholders, is expected to be consummated by the end of the third quarter of 2015.
 

November 18, 2014 | Newtek Business Services Corp. (NASDAQ: NEWT) announced that it had closed an underwritten offering of 2,530,000 shares of its common stock at a public offering price of $12.50 per share (for gross proceeds of $31.625 million). Prior to the pricing of the offering, Newtek Business Services, Inc. merged into the company, which filed an election to be regulated as a business development company under the Investment Company Act of 1940 (as amended).
 

November 6, 2014 | BlackRock Kelso Capital Corporation (BKCC) disclosed in a 10-Q filing the following: “On November 5, 2014, BlackRock Advisors, LLC (‘BlackRock Advisors’), a wholly-owned subsidiary of BlackRock, Inc. (‘BlackRock’), and BlackRock Kelso Capital Advisors LLC (‘BKCA’), the advisor to the Company, entered into a definitive agreement wherein BlackRock Advisors will acquire certain assets of BKCA (the ‘Transaction’). Contingent upon BlackRock Kelso Capital Corporation (‘BKCC’) stockholder approval and subject to other closing conditions, BlackRock Advisors will enter into an investment management agreement with the Company and serve as BKCC’s investment manager following the completion of the Transaction.”
 

November 5, 2014 | American Capital, Ltd. (ACAS) announced that its Board had approved a plan to split the company’s businesses by transferring most of the company’s investment assets to two new business development companies (BDCs), which will be spun out, and having American Capital continue primarily in the asset management business – resulting in three publicly-traded companies. The two planned BDCs are: 1) American Capital Growth and Income, Ltd., with assets consisting primarily of securities issued by operating companies purchased through American Capital One Stop Buyouts, senior floating rate loans to private companies and CLO equity investments, and 2) American Capital Income, Ltd., with assets consisting primarily of second lien and mezzanine loans to middle market companies of the type currently originated by American Capital's Sponsor Finance business. Each of the new BDCs will enter into management agreements with American Capital. The release also noted that the transaction is subject to a number of conditions, included among them, “the approval of American Capital shareholders who, among other matters, must approve American Capital's de-election to be regulated as a BDC under the Investment Company Act of 1940, as amended.”
 

October 22, 2014 | Newtek Business Services, Inc. (NASDAQ Capital Market: NEWT) announced that shareholders had approved the company’s plan and related steps to convert to a business development company (BDC). The plan includes a merger between the Company and Newtek Business Services Corp., a Maryland corporation, for the purpose of reincorporating the Company in the state of Maryland in anticipation of the election by the Company to be regulated as a BDC under the Investment Company Act of 1940. A Newtek Business Services Corp. N-2/A filed on 10/17/14 indicated that the company intends to apply to transfer the ticker symbol NEWT to Newtek Business Services Corp.
 

September 25, 2014 | BDCA Venture, Inc. (BDCV) announced that its Board of Directors decided to change the company’s investment objective to maximize total returns by generating current income, and, to a lesser extent, capital appreciation by primarily lending with warrants to emerging growth companies. The company’s release indicated that BDCA Venture Adviser, LLC, the company’s investment adviser, does not expect the company’s position in debt investments will constitute a meaningful portion of the portfolio prior to December 1, 2014. The company’s Board also authorized the repurchase of up to $5 million of the company’s stock through open market transactions, subject to certain restrictions. The program will run through March 22, 2015, unless extended.
 

September 23, 2014 | NGP Capital Resources Company (NGPC) announced additional details on an unsolicited proposal received by the Board of Directors from a third party also seeking to replace NGP Investment Advisor, LP as the company’s investment advisor. The release noted that the Board determined that the “alternative proposal did not constitute a superior proposal to the OHA Transaction” (the proposed investment advisory agreement with Oak Hill Advisors, LP [OHA]).
 

September 23, 2014 | Indaba Capital Management, L.P. (manager of the Indaba Capital Fund, L.P.) issued an open letter to the chairman of the board and shareholders of NGP Capital Resources Company (NGPC) ahead of that company’s annual meeting, which will include a vote on a proposed investment advisory agreement with Oak Hill Advisors, LP. See also our alert on a release that same day by NGPC.
 

September 18, 2014 | Saratoga Investment Corp. (SAR) announced that Institutional Shareholder Services, Inc. (ISS) had issued a report recommending “FOR” all of the proposals included in the proxy statement for the company’s 2014 annual meeting, which includes a proposal (#2, SAR DEF 14A, 8/20) “to authorize the Company to sell or otherwise issue the Company's common stock at an offering price per share to investors that is not less than 85% of the Company's then current net asset value per share.”
 

August 14, 2014 | The Fifth Street Senior Floating Rate Corp. (FSFR) announced that it had priced a public offering of 22,800,000 shares of its common stock at a public offering price of $12.91 per share, resulting in gross proceeds of $294,348,000.
 

August 12, 2014 | Triangle Capital Corporation (TCAP) announced that it priced a public offering of 4,300,000 shares of common stock at $26.85 per share, resulting in net proceeds (excluding the underwriters’ option to purchase up to 645,000 additional shares of common stock) of approximately $111 million.
 

August 12, 2014 | TPG Specialty Lending, Inc. (TSLX) announced the completion of a secondary public offering of 5,000,000 shares of its common stock by certain of its pre-IPO existing stockholders at a public offering price of $18.63 per share.
 

August 11, 2014 | The Firsthand Technology Value Fund (SVVC) announced that its Board of Directors had approved a discretionary share repurchase plan under which the fund may repurchase in the open market (between 8/11/14 and 12/31/14) up to $10 million worth of its common stock. The plan allows the fund to repurchase shares in the open market at a discount to NAV.
 

August 5, 2014 | Ares Capital Corporation (ARCC) announced that it had completed in July 2014 a public offering in which the company sold 15,525,000 shares of its common stock at a price of $16.63 per share to the participating underwriters. Total proceeds from the offering were approximately $257.7 million (net of estimated offering expenses payable by Ares Capital).
 

July 29, 2014 | TCP Capital Corp. (TCPC) announced that it had priced a public offering of 5.4 million shares of its common stock at $17.33 per share, resulting in gross proceeds of approximately $93.6 million.
 

July 2, 2014 | After the completion of the sale of 100% of the issued and outstanding equity interests of Keating Investments, LLC to BDCA Adviser, LLC, Keating Capital, Inc. (previously traded under the symbol KIPO) had its name changed to BDCA Venture, Inc., and now trades under the ticker symbol BDCV (NASDAQ listed).
 

June 19, 2014 | Full Circle Capital Corporation (FULL) announced that it had priced an offering of 1,351,352 shares of its common stock at $7.40 per share (for gross proceeds of approximately $10 million).
 

June 17, 2014 | 13D/A MVC Capital, Inc. (MVC), The Tokarz Group Advisers, LLC, and Michael Tokarz, disclosed that their holdings of Equus Total Return, Inc. (EQS) had increased to 4,444,644 shares (35.07%), which is up from the 2,624,557 shares (20.71%) reported in MVC’s 13D filing on May 27, 2014. In the earlier 13D filing, Item 4 includes a description of an agreement between MVC and EQS dated May 14, 2014, which was entered into as part of a plan of reorganization of EQS: “Under the terms of the plan of reorganization, the Issuer intends to pursue a merger or consolidation with MVC, a subsidiary of MVC, or one or more of MVC's portfolio companies. Absent the Issuer merging or consolidating with/into MVC itself (whereby MVC would own a majority of the Issuer shares), the Issuer may (i) restructure into a publicly-traded operating company focused on the energy and/or financial services sectors and (ii) seek to terminate its election as a business development company. As part of the reorganization, MVC may acquire additional Issuer shares from time to time (in addition to the shares referenced under Item 3), either through the Issuer's direct sale of newly issued Common Stock to MVC or through the Issuer’s facilitation of purchases of Common Stock by MVC through the introduction of brokers representing current third-party shareholders of the Issuer, where such brokers have indicated to the Issuer their clients’ intent to dispose of large blocks of Common Stock. The consummation of the reorganization is anticipated to occur within one year, and the Issuer currently intends to maintain Common Stock listed on the New York Stock Exchange after that point unless the Issuer is merged with MVC.” For more details on this reorganization see the related EQS press release of May 15.
 

June 12, 2014 | TCP Capital Corp. (TCPC) priced $100 million of 5.25% convertible senior unsecured notes maturing on December 15, 2019, unless previously converted.
 

June 11, 2014 | Prospect Capital Corporation (PSEC) announced that after discussions with staff at the SEC, PSEC will not have to restate prior period financial statements to consolidate certain wholly-owned or substantially wholly-owned holding company subsidiaries (which the SEC staff had asserted were investment companies, and thus required to be consolidated in financial results). Looking ahead, for the June 30, 2015, fiscal year, Prospect will begin consolidating certain of its wholly-owned and substantially wholly-owned holding companies, which were formed by Prospect in order to facilitate its investment strategy.
 

June 3, 2014 | Jay G. Baris of Morrison & Foerster LLP published an article on “Best Practices for Independent Directors of Business Development Companies.” www.mofo.com.
 

February 25, 2014 | A number of BDCs were under pressure after S&P Dow Jones Indices announced the night before that as a result of a change in their methodology for structuring indices, which would become effective after the close of trading on March 21, 2014, all identified BDCs would be removed from its U.S. Indices (citing certain reporting requirements, expenses, and investment restrictions for BDCs).
 

February 24, 2014 | The Apollo Investment Corporation (AINV)announced plans for a public offering of 12.0 million shares of common stock (and an underwriters’ overallotment option to purchase up to an additional 1.8 million shares).
 

February 14, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of Firsthand Technology Value Fund, Inc. (SVVC) had increased to 1,277,934 shares (14.09%) as a result of a series of purchases between 2/3 and 2/13 (+102,405 shares).
 

February 12, 2014 | CM Finance Inc(CMFN), which started trading on Feb. 6, 2014, announced that it had completed its initial public offering of 7,666,666 shares of common stock, including 1,000,000 shares pursuant to the exercise of the underwriters’ overallotment option, at a price of $15.00 per share. CMFN raised $115.0 million in gross proceeds. CMFN’s investment adviser is CM Investment Partners LLC. CMFN indicated in its press release that it seeks to invest primarily in middle-market companies with annual revenues of at least $50 million and EBITDA of at least $20 million.
 

January 27, 2014 | Full Circle Capital Corporation (FULL) announced the full exercise of the underwriters’ overallotment option related to its previously announced offering of 1,650,000 shares of common stock, which closed on January 17, 2014 (with gross proceeds of $11.764 million). Full Circle issued 242,300 additional shares of common stock at a public offering price of $7.13 per share (bringing Full Circle’s total outstanding shares of common stock up to 9,461,682).
 

January 2, 2014 | 13D/A Bulldog Investors, LLC disclosed that is holdings of the business development company Firsthand Technology Value Fund, Inc. (SVVC) had increased to 1,002,845 shares (11.05%) as of 12/30/13 (+108,848 shares after a series of purchases between 12/17 and 12/30). The filing also disclosed a letter to the Fund (dated 12/30) from Phillip Goldstein (Full Value Partners L.P.).
 

December 18, 2013 | Ares Capital Corporation (ARCC) announced that it had raised approximately $283.2 million in net proceeds from the sale of 16,293,522 shares of common stock.
 

December 11, 2013 | 13D/A Bulldog Investors, LLC disclosed that it had increased its holdings of the business development company Firsthand Technology Value Fund, Inc. (SVVC) to 907,168 shares (9.99%) as of 12/10/13 (up from 797,171 shares as of 11/27/13 [13D on 12/2/13]). The filing also contained a letter sent by Phillip Goldstein to SVVC dated 12/9/13, regarding issues raised by the Fund in connection with a prior letter to SVVC (dated 11/12/13) from Phillip Goldstein and Full Value Partners L.P.
 




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