Larry Herman TABLE OF CONTENTS Jackson Gunn...Fidus Investment Corp. 176 Oaktree Strategic Income...

Larry Herman Managing Director 901.531.3237 [email protected]

Jackson Gunn Senior Analyst 901.579.3510 [email protected]

TABLE OF CONTENTS

Charts……………………………. 1 Key Statistics….......................... 3 Graphs….................................... 7 Current Pricing Summary........... 13 Select Financial Data…………... 14 Recent Issuance Activity………. 15

April 16, 2020

BDC Weekly Insight

February 2020Co-Manager

Goldman Sachs BDC, Inc.

$360,000,000Senior Unsecured Notes

January 2020Co-Manager

TPG Specialty Lending, Inc.


January 2020Co-Manager

Owl RockCapital Corporation


December 2019Bookrunner

WhiteHorse Finance, Inc.

$35,758,125Follow-On Offering

December 2019Bookrunner

Main StreetCapital Corporation


November 2019Co-Manager



October 2019Co-Manager



September 2019Bookrunner

Capital Southwest Corporation


Buyside AdvisorSeptember 2019

CM Investment Partners LLC

Investcorp Credit Management US LLC

Has acquired a majority interest in

August 2019Bookrunner

Blackrock TCPCapital Corporation


July 2019Bookrunner


$175,950,000Initial Public Offering

June 2019Book Running Manager



April 2019Book Running Manager

Main StreetCapital Corporation


April 2019Co-Manager



March 2019

Has merged with

to create TP FlexibleIncome Fund Inc.

March 2019Book Running Manager

Stellus Capital Investment Corporation


July 2018Book Running Manager


$30,000,000Senior Notes

Private Offering

March 2018Book Running Manager



January 2018Book Running Manager



November 2017

Main Street Capital


Book Running Manager

BDC INVESTMENT BANKING GROUP TRANSACTION HISTORY Since 2010, the Raymond James BDC Investment Banking team has completed

over 75 equity and debt financings raising over $8 billion of capital

CHARTS BDC Weekly Insight

1

Raymond James BDC Index YTD Total Return Performance

Raymond James BDC Index 1-Year Total Return Performance

Not Approved for Rollover Solicitations

1/6 1/13 1/20 1/27 2/3 2/10 2/17 2/24 3/2 3/9 3/16 3/23 3/30 4/6 4/1340

50

60

70

80

90

100

110

Tota

lRet

urn

0102030405060708090

VIX

-41.95%-35.70%-29.04%40.84-17.64%-13.85%-6.10%

RJ BDC IndexS&P 500KBW Regional Banking IndexDow Jones Industrial AverageRussell 2000S&P/LSTA U.S. Leveraged Loan 100CBOE Volatility Index

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr40

50

60

7080

90

100

110

120

Tota

lRet

urn

0102030405060708090

VIX

-38.55%-28.28%-25.03%40.84-10.92%-4.21%-2.67%


CHARTS BDC Weekly Insight

1



Not Approved for Rollover Solicitations

7/17 10/17 1/18 4/18 7/18 10/18 1/19 4/19 7/19 10/19 1/20 4/2040

60

80

100

120

140

160

Tota

lRet

urn

0102030405060708090

VIX

-37.80%-23.96%-11.99%40.845.59%14.92%19.51%


'15 '16 '17 '18 '1940

60

80

100

120

140

160

180

Tota

lRet

urn

0102030405060708090

VIX

-23.40%-7.16%-6.81%40.8412.40%29.76%32.12%


KEY STATISTICS BDC Weekly Insight

3

% Change From Last Week YTD Total Return (1) LTM Total Return (2)

Investcorp Credit Management BDC, Inc. 37.5 % Crescent Capital BDC, Inc. (21.6) % Horizon Technology Finance Corp. (13.2) %Fidus Investment Corp. 22.2 Oaktree Strategic Income (23.5) TPG Specialty Lending Inc. (17.3)Garrison Capital Inc. 19.4 Horizon Technology Finance Corp. (25.3) Gladstone Investment Corporation (17.5)MVC Capital Inc. 12.2 Gladstone Investment Corporation (26.3) Ow l Rock Capital Corporation (17.9)Great Elm Capital Corp. 12.1 TPG Specialty Lending Inc. (27.1) Oaktree Strategic Income (20.5)Stellus Capital Investment Corp 11.1 Oaktree Specialty Lending (28.1) New tek Business Services Corp. (21.0)Medley Capital Corp. 10.0 Solar Capital Ltd. (28.4) Oaktree Specialty Lending (21.2)Crescent Capital BDC, Inc. 9.8 Investcorp Credit Management BDC, Inc. (29.3) Hercules Capital (22.9)BlackRock TCP Capital Corp. 9.5 Monroe Capital Corporation (31.6) Ares Capital Corporation (24.9)Capitala Finance Corporation 8.7 Ow l Rock Capital Corporation (31.7) Solar Capital Ltd. (26.6)THL Credit Inc. 7.8 New tek Business Services Corp. (32.0) Goldman Sachs BDC, Inc. (27.6)Horizon Technology Finance Corp. 4.9 MVC Capital Inc. (32.2) Investcorp Credit Management BDC, Inc. (28.4)BlackRock Capital Investment Corp. 4.7 Solar Senior Capital Ltd (33.3) Barings BDC, Inc. (28.7)Monroe Capital Corporation 3.2 Prospect Capital Corporation (34.0) Solar Senior Capital Ltd (28.8)Goldman Sachs BDC, Inc. 2.2 Barings BDC, Inc. (34.1) MVC Capital Inc. (28.9)Gladstone Investment Corporation 1.2 Goldman Sachs BDC, Inc. (34.2) Gladstone Capital Corporation (30.2)Oaktree Specialty Lending 0.8 Ares Capital Corporation (34.6) Main Street Capital Corporation (30.6)Solar Capital Ltd. 0.6 Hercules Capital (35.3) Prospect Capital Corporation (31.2)WhiteHorse Finance, Inc. (0.6) Fidus Investment Corp. (38.1) Monroe Capital Corporation (33.2)Oxford Square Capital Corp. (1.1) FS KKR Capital Corp. (38.3) FS KKR Capital Corp. (33.4)FS KKR Capital Corp. (1.1) Gladstone Capital Corporation (38.5) Golub Capital BDC, Inc. (34.2)Solar Senior Capital Ltd (1.7) Golub Capital BDC, Inc. (38.7) Stellus Capital Investment Corp (35.0)New Mountain Finance Corp. (1.9) Stellus Capital Investment Corp (39.0) Fidus Investment Corp. (36.1)Oaktree Strategic Income (1.9) Main Street Capital Corporation (41.1) BlackRock TCP Capital Corp. (38.4)Saratoga Investment Corp. (2.6) BlackRock TCP Capital Corp. (41.4) Capital Southw est Corporation (40.3)Hercules Capital (3.1) Capital Southw est Corporation (44.5) Saratoga Investment Corp. (40.9)Bain Capital Specialty Finance, Inc. (3.3) Saratoga Investment Corp. (44.6) New Mountain Finance Corp. (42.1)Main Street Capital Corporation (4.8) WhiteHorse Finance, Inc. (45.2) WhiteHorse Finance, Inc. (42.5)New tek Business Services Corp. (5.2) Oxford Square Capital Corp. (45.5) Apollo Investment Corporation (42.7)TPG Specialty Lending Inc. (5.3) New Mountain Finance Corp. (46.0) Bain Capital Specialty Finance, Inc. (44.4)TriplePoint Venture Grow th BDC Corp. (5.8) Bain Capital Specialty Finance, Inc. (47.0) TriplePoint Venture Grow th BDC Corp. (45.1)TCG BDC, Inc. (5.8) Harvest Capital Credit Corporation (47.2) PennantPark Floating Rate Capital Ltd. (48.0)PennantPark Investment Corp. (6.9) PennantPark Floating Rate Capital Ltd. (48.1) PennantPark Investment Corp. (48.7)Gladstone Capital Corporation (7.0) BlackRock Capital Investment Corp. (48.2) Oxford Square Capital Corp. (48.7)Barings BDC, Inc. (7.2) PennantPark Investment Corp. (48.3) THL Credit Inc. (48.9)PennantPark Floating Rate Capital Ltd. (7.7) TriplePoint Venture Grow th BDC Corp. (49.9) Great Elm Capital Corp. (52.4)Capital Southw est Corporation (8.2) THL Credit Inc. (50.3) Harvest Capital Credit Corporation (52.9)Ares Capital Corporation (9.3) Portman Ridge Finance Cororation (51.1) BlackRock Capital Investment Corp. (53.9)Harvest Capital Credit Corporation (9.5) Apollo Investment Corporation (53.4) TCG BDC, Inc. (54.0)Prospect Capital Corporation (9.7) Great Elm Capital Corp. (53.5) Capitala Finance Corporation (55.9)Golub Capital BDC, Inc. (10.4) TCG BDC, Inc. (53.6) OFS Capital Corp (57.8)OFS Capital Corp (10.7) OFS Capital Corp (57.6) Portman Ridge Finance Cororation (63.7)Ow l Rock Capital Corporation (12.4) Capitala Finance Corporation (59.6) Garrison Capital Inc. (65.9)Portman Ridge Finance Cororation (17.9) Garrison Capital Inc. (61.4) Medley Capital Corp. (79.9)Apollo Investment Corporation (19.7) Medley Capital Corp. (69.7) Crescent Capital BDC, Inc. NA

MEAN (0.1) % MEAN (40.9) % MEAN (38.1) %MEDIAN (1.9) MEDIAN (39.0) MEDIAN (35.5)

Market Capitalization ($MM) Net Asset Value ($MM) Price / NAV

Ares Capital Corporation 5,050$ Ares Capital Corporation 7,467$ Main Street Capital Corporation 1.04 xOw l Rock Capital Corporation 4,620 Ow l Rock Capital Corporation 5,977 New tek Business Services Corp. 0.94Golub Capital BDC, Inc. 1,828 FS KKR Capital Corp. 3,866 TPG Specialty Lending Inc. 0.89FS KKR Capital Corp. 1,772 Prospect Capital Corporation 3,184 Hercules Capital 0.84Main Street Capital Corporation 1,605 Golub Capital BDC, Inc. 2,229 Goldman Sachs BDC, Inc. 0.81Prospect Capital Corporation 1,512 Main Street Capital Corporation 1,536 Horizon Technology Finance Corp. 0.78TPG Specialty Lending Inc. 1,001 New Mountain Finance Corp. 1,283 Ow l Rock Capital Corporation 0.78Hercules Capital 974 Apollo Investment Corporation 1,216 Gladstone Investment Corporation 0.77New Mountain Finance Corp. 695 Hercules Capital 1,133 Gladstone Capital Corporation 0.74Solar Capital Ltd. 592 TPG Specialty Lending Inc. 1,119 Solar Senior Capital Ltd 0.70Goldman Sachs BDC, Inc. 546 Bain Capital Specialty Finance, Inc. 1,018 Ares Capital Corporation 0.69Oaktree Specialty Lending 540 TCG BDC, Inc. 956 Capital Southw est Corporation 0.66Bain Capital Specialty Finance, Inc. 518 Oaktree Specialty Lending 931 Golub Capital BDC, Inc. 0.66Apollo Investment Corporation 512 Solar Capital Ltd. 906 Solar Capital Ltd. 0.65BlackRock TCP Capital Corp. 453 BlackRock TCP Capital Corp. 776 Crescent Capital BDC, Inc. 0.64Crescent Capital BDC, Inc. 349 Goldman Sachs BDC, Inc. 676 Oaktree Strategic Income 0.63TCG BDC, Inc. 332 PennantPark Investment Corp. 589 Stellus Capital Investment Corp 0.59Barings BDC, Inc. 326 Barings BDC, Inc. 571 BlackRock TCP Capital Corp. 0.59Gladstone Investment Corporation 317 PennantPark Floating Rate Capital Ltd. 502 Monroe Capital Corporation 0.58New tek Business Services Corp. 309 Crescent Capital BDC, Inc. 475 Oaktree Specialty Lending 0.58PennantPark Floating Rate Capital Ltd. 234 BlackRock Capital Investment Corp. 436 Barings BDC, Inc. 0.57Fidus Investment Corp. 216 Fidus Investment Corp. 412 New Mountain Finance Corp. 0.54PennantPark Investment Corp. 212 Gladstone Investment Corporation 410 Oxford Square Capital Corp. 0.54TriplePoint Venture Grow th BDC Corp. 210 TriplePoint Venture Grow th BDC Corp. 333 Saratoga Investment Corp. 0.54Capital Southw est Corporation 207 New tek Business Services Corp. 322 Fidus Investment Corp. 0.52Gladstone Capital Corporation 185 WhiteHorse Finance, Inc. 313 TriplePoint Venture Grow th BDC Corp. 0.51Solar Senior Capital Ltd 183 Capital Southw est Corporation 312 Bain Capital Specialty Finance, Inc. 0.51Oaktree Strategic Income 181 Oaktree Strategic Income 286 Prospect Capital Corporation 0.47BlackRock Capital Investment Corp. 168 Saratoga Investment Corp. 282 MVC Capital Inc. 0.47Stellus Capital Investment Corp 164 Stellus Capital Investment Corp 271 WhiteHorse Finance, Inc. 0.47Horizon Technology Finance Corp. 155 Solar Senior Capital Ltd 262 FS KKR Capital Corp. 0.47Saratoga Investment Corp. 152 Gladstone Capital Corporation 251 PennantPark Floating Rate Capital Ltd. 0.47WhiteHorse Finance, Inc. 148 Monroe Capital Corporation 249 Investcorp Credit Management BDC, Inc. 0.44Monroe Capital Corporation 145 Oxford Square Capital Corp. 248 Apollo Investment Corporation 0.42Oxford Square Capital Corp. 136 THL Credit Inc. 229 Great Elm Capital Corp. 0.40MVC Capital Inc. 108 MVC Capital Inc. 228 Harvest Capital Credit Corporation 0.40THL Credit Inc. 86 Medley Capital Corp. 221 BlackRock Capital Investment Corp. 0.39Investcorp Credit Management BDC, Inc. 62 Horizon Technology Finance Corp. 184 THL Credit Inc. 0.38OFS Capital Corp 58 OFS Capital Corp 167 Capitala Finance Corporation 0.37Capitala Finance Corporation 55 Portman Ridge Finance Cororation 152 PennantPark Investment Corp. 0.36Portman Ridge Finance Cororation 45 Capitala Finance Corporation 148 TCG BDC, Inc. 0.35Medley Capital Corp. 36 Investcorp Credit Management BDC, Inc. 140 OFS Capital Corp 0.35Great Elm Capital Corp. 35 Garrison Capital Inc. 137 Portman Ridge Finance Cororation 0.30Garrison Capital Inc. 34 Great Elm Capital Corp. 87 Garrison Capital Inc. 0.25Harvest Capital Credit Corporation 27 Harvest Capital Credit Corporation 67 Medley Capital Corp. 0.16

MEAN 602.0$ MEAN 945.7$ MEAN 0.56 xMEDIAN 211.9 MEDIAN 410.5 MEDIAN 0.54

See page 17 for footnotesSources: FactSet and SEC Filings


4

Dividend Yield (3)(4) Dividend Coverage(5)(6)(7) Year over Year Quarterly Dividend Growth (6)

OFS Capital Corp 31.2 % New tek Business Services Corp. 156.8 % Barings BDC, Inc. 33.3 %Capitala Finance Corporation 29.7 Horizon Technology Finance Corp. 143.3 MVC Capital Inc. 13.3Oxford Square Capital Corp. 29.0 Portman Ridge Finance Cororation 133.3 Capital Southw est Corporation 11.1THL Credit Inc. 29.0 TriplePoint Venture Grow th BDC Corp. 125.0 New tek Business Services Corp. 10.0Great Elm Capital Corp. 29.0 TPG Specialty Lending Inc. 124.4 Saratoga Investment Corp. 7.7Garrison Capital Inc. 28.7 Apollo Investment Corporation 120.0 Main Street Capital Corporation 5.1TCG BDC, Inc. 25.5 Crescent Capital BDC, Inc. 119.5 TPG Specialty Lending Inc. 5.1Portman Ridge Finance Cororation 23.8 Hercules Capital 118.8 Hercules Capital 3.2Apollo Investment Corporation 23.4 TCG BDC, Inc. 116.2 Golub Capital BDC, Inc. 3.1PennantPark Investment Corp. 22.8 Gladstone Investment Corporation 112.7 Ares Capital Corporation 2.6BlackRock Capital Investment Corp. 22.8 FS KKR Capital Corp. 110.5 Oxford Square Capital Corp. 0.5Investcorp Credit Management BDC, Inc. 22.5 Ares Capital Corporation 110.0 Oaktree Strategic Income 0.0Harvest Capital Credit Corporation 21.5 Capital Southw est Corporation 110.0 Gladstone Investment Corporation 0.0FS KKR Capital Corp. 21.3 Saratoga Investment Corp. 108.9 Fidus Investment Corp. 0.0TriplePoint Venture Grow th BDC Corp. 21.1 WhiteHorse Finance, Inc. 108.5 Investcorp Credit Management BDC, Inc. 0.0WhiteHorse Finance, Inc. 19.7 Investcorp Credit Management BDC, Inc. 108.0 Oaktree Specialty Lending 0.0Monroe Capital Corporation 19.7 Main Street Capital Corporation 107.3 Solar Capital Ltd. 0.0New Mountain Finance Corp. 18.9 Goldman Sachs BDC, Inc. 106.7 New Mountain Finance Corp. 0.0PennantPark Floating Rate Capital Ltd. 18.9 Garrison Capital Inc. 106.7 Stellus Capital Investment Corp 0.0Capital Southw est Corporation 18.4 Stellus Capital Investment Corp 106.2 Great Elm Capital Corp. 0.0BlackRock TCP Capital Corp. 18.3 New Mountain Finance Corp. 105.9 Gladstone Capital Corporation 0.0Fidus Investment Corp. 17.7 Ow l Rock Capital Corporation 105.7 TriplePoint Venture Grow th BDC Corp. 0.0Prospect Capital Corporation 17.5 Monroe Capital Corporation 105.7 WhiteHorse Finance, Inc. 0.0Saratoga Investment Corp. 16.5 BlackRock TCP Capital Corp. 105.6 Goldman Sachs BDC, Inc. 0.0Bain Capital Specialty Finance, Inc. 16.4 Oaktree Specialty Lending 105.3 Apollo Investment Corporation 0.0Stellus Capital Investment Corp 16.1 Oaktree Strategic Income 103.2 BlackRock TCP Capital Corp. 0.0New tek Business Services Corp. 14.8 MVC Capital Inc. 102.9 PennantPark Floating Rate Capital Ltd. 0.0Hercules Capital 14.5 PennantPark Floating Rate Capital Ltd. 101.8 PennantPark Investment Corp. 0.0Gladstone Capital Corporation 14.1 Great Elm Capital Corp. 100.4 FS KKR Capital Corp. 0.0Ares Capital Corporation 13.5 OFS Capital Corp 100.0 Prospect Capital Corporation 0.0Goldman Sachs BDC, Inc. 13.3 Solar Capital Ltd. 100.0 Solar Senior Capital Ltd 0.0Crescent Capital BDC, Inc. 13.2 Prospect Capital Corporation 100.0 Capitala Finance Corporation 0.0Horizon Technology Finance Corp. 13.0 Golub Capital BDC, Inc. 100.0 TCG BDC, Inc. 0.0Solar Senior Capital Ltd 12.4 BlackRock Capital Investment Corp. 100.0 OFS Capital Corp 0.0Ow l Rock Capital Corporation 12.2 Gladstone Capital Corporation 100.0 Monroe Capital Corporation 0.0Golub Capital BDC, Inc. 12.1 Bain Capital Specialty Finance, Inc. 100.0 Horizon Technology Finance Corp. 0.0Solar Capital Ltd. 11.7 Solar Senior Capital Ltd 99.3 Bain Capital Specialty Finance, Inc. 0.0TPG Specialty Lending Inc. 11.7 Barings BDC, Inc. 93.8 Harvest Capital Credit Corporation (15.8)Main Street Capital Corporation 11.7 Oxford Square Capital Corp. 89.6 BlackRock Capital Investment Corp. (22.2)MVC Capital Inc. 11.1 Fidus Investment Corp. 87.2 THL Credit Inc. (22.2)Oaktree Strategic Income 10.1 PennantPark Investment Corp. 83.3 Garrison Capital Inc. (34.8)Oaktree Specialty Lending 9.9 Harvest Capital Credit Corporation 79.2 Portman Ridge Finance Cororation (40.0)Barings BDC, Inc. 9.6 THL Credit Inc. 76.2 Ow l Rock Capital Corporation NA Gladstone Investment Corporation 8.5 Capitala Finance Corporation 48.0 Crescent Capital BDC, Inc. NM Medley Capital Corp. NM Medley Capital Corp. NA Medley Capital Corp. NM

MEAN 18.1 % MEAN 105.6 % MEAN (0.9) %MEDIAN 17.6 MEDIAN 105.7 MEDIAN 0.0

Assets ($MM) Debt / Equity (8) Regulatory Debt/Equity (9)

Ares Capital Corporation 14,905.0$ Garrison Capital Inc. 229.8 % Garrison Capital Inc. 187.0 %Ow l Rock Capital Corporation 9,203.6 OFS Capital Corp 211.5 Bain Capital Specialty Finance, Inc. 154.6FS KKR Capital Corp. 8,216.0 Capitala Finance Corporation 184.0 Apollo Investment Corporation 146.9Prospect Capital Corporation 5,432.3 Monroe Capital Corporation 158.9 PennantPark Floating Rate Capital Ltd. 137.9Golub Capital BDC, Inc. 4,597.5 Bain Capital Specialty Finance, Inc. 154.6 Great Elm Capital Corp. 137.9New Mountain Finance Corp. 3,266.1 New Mountain Finance Corp. 151.3 New tek Business Services Corp. 134.0Apollo Investment Corporation 3,060.0 Apollo Investment Corporation 146.9 New Mountain Finance Corp. 133.8Main Street Capital Corporation 2,711.5 PennantPark Floating Rate Capital Ltd. 137.9 TCG BDC, Inc. 123.1Bain Capital Specialty Finance, Inc. 2,645.6 Great Elm Capital Corp. 137.9 Investcorp Credit Management BDC, Inc. 122.8Hercules Capital 2,462.0 Stellus Capital Investment Corp 135.3 OFS Capital Corp 122.8TPG Specialty Lending Inc. 2,280.9 New tek Business Services Corp. 134.0 Barings BDC, Inc. 117.2TCG BDC, Inc. 2,187.5 PennantPark Investment Corp. 126.1 Goldman Sachs BDC, Inc. 113.8Solar Capital Ltd. 1,949.9 TCG BDC, Inc. 123.1 Monroe Capital Corporation 112.8BlackRock TCP Capital Corp. 1,722.1 Investcorp Credit Management BDC, Inc. 122.8 FS KKR Capital Corp. 107.9Oaktree Specialty Lending 1,516.6 Barings BDC, Inc. 117.2 Harvest Capital Credit Corporation 107.6Goldman Sachs BDC, Inc. 1,475.3 BlackRock TCP Capital Corp. 116.9 Oaktree Strategic Income 107.0PennantPark Investment Corp. 1,418.1 Goldman Sachs BDC, Inc. 113.8 PennantPark Investment Corp. 104.0PennantPark Floating Rate Capital Ltd. 1,294.4 Hercules Capital 113.6 Portman Ridge Finance Cororation 101.1Barings BDC, Inc. 1,252.6 FS KKR Capital Corp. 107.9 TriplePoint Venture Grow th BDC Corp. 101.0Crescent Capital BDC, Inc. 923.0 Harvest Capital Credit Corporation 107.6 Hercules Capital 100.5New tek Business Services Corp. 797.4 Oaktree Strategic Income 107.0 BlackRock TCP Capital Corp. 99.2Fidus Investment Corp. 789.4 Golub Capital BDC, Inc. 101.4 TPG Specialty Lending Inc. 97.8BlackRock Capital Investment Corp. 774.1 Portman Ridge Finance Cororation 101.1 WhiteHorse Finance, Inc. 95.5TriplePoint Venture Grow th BDC Corp. 684.1 TriplePoint Venture Grow th BDC Corp. 101.0 Ares Capital Corporation 93.4Monroe Capital Corporation 655.1 Saratoga Investment Corp. 98.3 Medley Capital Corp. 92.7Stellus Capital Investment Corp 648.5 TPG Specialty Lending Inc. 97.8 Golub Capital BDC, Inc. 88.5WhiteHorse Finance, Inc. 631.2 WhiteHorse Finance, Inc. 95.5 Capital Southw est Corporation 87.6Oaktree Strategic Income 613.1 Ares Capital Corporation 93.4 Capitala Finance Corporation 83.5Capital Southw est Corporation 599.3 Medley Capital Corp. 92.7 Horizon Technology Finance Corp. 82.6Gladstone Investment Corporation 582.8 Capital Southw est Corporation 87.6 Solar Senior Capital Ltd 79.9Solar Senior Capital Ltd 578.0 Fidus Investment Corp. 86.0 Stellus Capital Investment Corp 77.1Saratoga Investment Corp. 574.9 Horizon Technology Finance Corp. 82.6 Crescent Capital BDC, Inc. 77.0OFS Capital Corp 538.2 Solar Senior Capital Ltd 79.9 THL Credit Inc. 76.3Garrison Capital Inc. 464.4 Crescent Capital BDC, Inc. 77.0 Gladstone Capital Corporation 73.5Gladstone Capital Corporation 438.8 THL Credit Inc. 76.3 BlackRock Capital Investment Corp. 72.0Medley Capital Corp. 431.8 Gladstone Capital Corporation 73.5 Prospect Capital Corporation 67.2Capitala Finance Corporation 427.3 Main Street Capital Corporation 72.5 Solar Capital Ltd. 64.8THL Credit Inc. 411.9 BlackRock Capital Investment Corp. 72.0 Oaktree Specialty Lending 57.6Oxford Square Capital Corp. 385.3 Prospect Capital Corporation 67.2 MVC Capital Inc. 56.1MVC Capital Inc. 362.2 Solar Capital Ltd. 64.8 Oxford Square Capital Corp. 54.2Horizon Technology Finance Corp. 344.0 Oaktree Specialty Lending 57.6 Main Street Capital Corporation 52.6Investcorp Credit Management BDC, Inc. 339.3 MVC Capital Inc. 56.1 Ow l Rock Capital Corporation 50.8Portman Ridge Finance Cororation 310.4 Oxford Square Capital Corp. 54.2 Fidus Investment Corp. 48.7Great Elm Capital Corp. 291.0 Ow l Rock Capital Corporation 50.8 Saratoga Investment Corp. 45.2Harvest Capital Credit Corporation 140.1 Gladstone Investment Corporation 33.7 Gladstone Investment Corporation 33.7

MEAN 1,896.3$ MEAN 106.9 % MEAN 95.1 %MEDIAN 774.1 MEDIAN 101.1 MEDIAN 95.5



5

Weighted Average Yield (10) Efficiency Ratio (11)(18) OPEX as % of Assets (12)

Horizon Technology Finance Corp. 16.7 % Main Street Capital Corporation 14.7 % Solar Senior Capital Ltd 1.3 %TriplePoint Venture Grow th BDC Corp. 15.3 Solar Senior Capital Ltd 16.8 Main Street Capital Corporation 1.4Harvest Capital Credit Corporation 14.0 Goldman Sachs BDC, Inc. 20.0 Barings BDC, Inc. 1.6Hercules Capital 13.0 THL Credit Inc. 20.2 Golub Capital BDC, Inc. 1.7Prospect Capital Corporation 12.8 Ow l Rock Capital Corporation 21.5 Ow l Rock Capital Corporation 2.0Gladstone Investment Corporation 12.6 Apollo Investment Corporation 21.6 Goldman Sachs BDC, Inc. 2.0Fidus Investment Corp. 12.0 Oxford Square Capital Corp. 22.8 PennantPark Floating Rate Capital Ltd. 2.1

Capitala Finance Corporation 11.5 Bain Capital Specialty Finance, Inc. 23.6 Bain Capital Specialty Finance, Inc. 2.1Gladstone Capital Corporation 11.3 FS KKR Capital Corp. 24.6 Apollo Investment Corporation 2.1Capital Southw est Corporation 11.3 Barings BDC, Inc. 25.1 THL Credit Inc. 2.3BlackRock Capital Investment Corp. 10.9 Gladstone Capital Corporation 25.6 Oaktree Strategic Income 2.4Great Elm Capital Corp. 10.8 PennantPark Floating Rate Capital Ltd. 25.7 FS KKR Capital Corp. 2.4TPG Specialty Lending Inc. 10.7 Hercules Capital 26.1 Garrison Capital Inc. 2.6Solar Capital Ltd. 10.7 Capital Southw est Corporation 26.4 New Mountain Finance Corp. 2.6Investcorp Credit Management BDC, Inc. 10.4 BlackRock Capital Investment Corp. 26.4 MVC Capital Inc. 2.6OFS Capital Corp 10.4 Golub Capital BDC, Inc. 26.7 Crescent Capital BDC, Inc. 2.7WhiteHorse Finance, Inc. 10.4 Ares Capital Corporation 26.8 Monroe Capital Corporation 2.8BlackRock TCP Capital Corp. 10.3 New Mountain Finance Corp. 27.1 PennantPark Investment Corp. 2.8Main Street Capital Corporation 10.3 BlackRock TCP Capital Corp. 27.6 BlackRock Capital Investment Corp. 2.8Saratoga Investment Corp. 9.8 Monroe Capital Corporation 27.7 Capital Southw est Corporation 2.9FS KKR Capital Corp. 9.7 TPG Specialty Lending Inc. 28.0 Great Elm Capital Corp. 2.9Solar Senior Capital Ltd 9.7 TCG BDC, Inc. 28.3 Gladstone Capital Corporation 2.9Ares Capital Corporation 9.6 Oaktree Strategic Income 28.5 TCG BDC, Inc. 2.9PennantPark Investment Corp. 9.6 MVC Capital Inc. 30.5 Solar Capital Ltd. 2.9New Mountain Finance Corp. 9.5 Great Elm Capital Corp. 30.5 Ares Capital Corporation 2.9Medley Capital Corp. 9.4 TriplePoint Venture Grow th BDC Corp. 31.0 Capitala Finance Corporation 3.0Stellus Capital Investment Corp 9.2 Garrison Capital Inc. 31.4 Hercules Capital 3.2Oxford Square Capital Corp. 9.1 Capitala Finance Corporation 31.5 BlackRock TCP Capital Corp. 3.2Apollo Investment Corporation 9.1 Investcorp Credit Management BDC, Inc. 31.8 Oxford Square Capital Corp. 3.3Goldman Sachs BDC, Inc. 9.0 WhiteHorse Finance, Inc. 32.2 Oaktree Specialty Lending 3.4Monroe Capital Corporation 8.9 Horizon Technology Finance Corp. 32.7 Investcorp Credit Management BDC, Inc. 3.4THL Credit Inc. 8.7 Prospect Capital Corporation 33.2 TPG Specialty Lending Inc. 3.5Ow l Rock Capital Corporation 8.6 PennantPark Investment Corp. 33.4 OFS Capital Corp 3.6Oaktree Specialty Lending 8.6 OFS Capital Corp 33.5 Stellus Capital Investment Corp 3.7PennantPark Floating Rate Capital Ltd. 8.4 Solar Capital Ltd. 34.5 Fidus Investment Corp. 3.7TCG BDC, Inc. 8.2 Fidus Investment Corp. 35.7 WhiteHorse Finance, Inc. 3.8Garrison Capital Inc. 8.1 Stellus Capital Investment Corp 36.5 Prospect Capital Corporation 3.8Golub Capital BDC, Inc. 8.0 Oaktree Specialty Lending 37.0 TriplePoint Venture Grow th BDC Corp. 3.9Bain Capital Specialty Finance, Inc. 7.8 Gladstone Investment Corporation 37.5 Saratoga Investment Corp. 4.1Oaktree Strategic Income 7.2 Saratoga Investment Corp. 39.0 Gladstone Investment Corporation 4.1Barings BDC, Inc. 6.2 Crescent Capital BDC, Inc. 43.4 Harvest Capital Credit Corporation 4.3MVC Capital Inc. NA Harvest Capital Credit Corporation 44.9 Horizon Technology Finance Corp. 4.6New tek Business Services Corp. NA Portman Ridge Finance Cororation 57.2 Portman Ridge Finance Cororation 5.1Portman Ridge Finance Cororation NA New tek Business Services Corp. 74.2 New tek Business Services Corp. 6.1Crescent Capital BDC, Inc. NA Medley Capital Corp. 90.8 Medley Capital Corp. 6.3

MEAN 10.2 % MEAN 32.1 % MEAN 3.1 %MEDIAN 9.7 MEDIAN 28.5 MEDIAN 2.9

OPEX as % of NAV (13) Return on Equity (NII) (14)(18) Return on Equity (GAAP) (15)(18)

Main Street Capital Corporation 2.4 % Hercules Capital 13.7 % Hercules Capital 16.6 %Solar Senior Capital Ltd 2.6 Oxford Square Capital Corp. 13.7 Saratoga Investment Corp. 16.2Ow l Rock Capital Corporation 3.3 Horizon Technology Finance Corp. 12.9 TPG Specialty Lending Inc. 14.2Barings BDC, Inc. 3.4 BlackRock TCP Capital Corp. 11.8 New tek Business Services Corp. 13.5Golub Capital BDC, Inc. 3.5 TPG Specialty Lending Inc. 11.8 Oaktree Specialty Lending 12.5THL Credit Inc. 4.0 Monroe Capital Corporation 11.6 Horizon Technology Finance Corp. 12.3MVC Capital Inc. 4.1 Goldman Sachs BDC, Inc. 11.5 Fidus Investment Corp. 11.9Goldman Sachs BDC, Inc. 4.2 TriplePoint Venture Grow th BDC Corp. 11.5 Ow l Rock Capital Corporation 10.8BlackRock Capital Investment Corp. 4.5 OFS Capital Corp 11.2 Ares Capital Corporation 10.7Apollo Investment Corporation 4.6 Great Elm Capital Corp. 11.1 Stellus Capital Investment Corp 10.7Bain Capital Specialty Finance, Inc. 4.6 Ares Capital Corporation 11.0 Barings BDC, Inc. 10.3PennantPark Floating Rate Capital Ltd. 4.7 Apollo Investment Corporation 11.0 Gladstone Capital Corporation 10.2FS KKR Capital Corp. 4.8 Ow l Rock Capital Corporation 10.8 New Mountain Finance Corp. 9.8Oaktree Strategic Income 5.0 TCG BDC, Inc. 10.7 WhiteHorse Finance, Inc. 9.8Oxford Square Capital Corp. 5.1 Gladstone Capital Corporation 10.5 Bain Capital Specialty Finance, Inc. 9.7Capital Southw est Corporation 5.1 Main Street Capital Corporation 10.4 TriplePoint Venture Grow th BDC Corp. 9.5Crescent Capital BDC, Inc. 5.2 THL Credit Inc. 10.4 Oaktree Strategic Income 9.3Gladstone Capital Corporation 5.4 New Mountain Finance Corp. 10.2 Solar Senior Capital Ltd 8.8Ares Capital Corporation 5.6 FS KKR Capital Corp. 10.2 Main Street Capital Corporation 8.6Oaktree Specialty Lending 5.8 WhiteHorse Finance, Inc. 9.9 Gladstone Investment Corporation 8.0Solar Capital Ltd. 5.8 Investcorp Credit Management BDC, Inc. 9.2 Monroe Capital Corporation 7.7Gladstone Investment Corporation 6.0 BlackRock Capital Investment Corp. 9.1 MVC Capital Inc. 7.2PennantPark Investment Corp. 6.1 Stellus Capital Investment Corp 9.1 Solar Capital Ltd. 6.1TCG BDC, Inc. 6.2 Capital Southw est Corporation 8.9 FS KKR Capital Corp. 6.1TPG Specialty Lending Inc. 6.4 PennantPark Floating Rate Capital Ltd. 8.8 TCG BDC, Inc. 6.1New Mountain Finance Corp. 6.5 Prospect Capital Corporation 8.8 Crescent Capital BDC, Inc. 5.8Hercules Capital 6.7 Solar Senior Capital Ltd 8.6 OFS Capital Corp 5.6BlackRock TCP Capital Corp. 6.7 Bain Capital Specialty Finance, Inc. 8.4 Goldman Sachs BDC, Inc. 5.2Prospect Capital Corporation 6.7 Garrison Capital Inc. 8.3 Apollo Investment Corporation 5.0Fidus Investment Corp. 6.8 Solar Capital Ltd. 7.9 PennantPark Investment Corp. 4.7TriplePoint Venture Grow th BDC Corp. 6.8 Fidus Investment Corp. 7.8 Capital Southw est Corporation 4.2WhiteHorse Finance, Inc. 6.9 Capitala Finance Corporation 7.7 Prospect Capital Corporation 4.2Investcorp Credit Management BDC, Inc. 7.5 Saratoga Investment Corp. 7.6 BlackRock TCP Capital Corp. 3.8Monroe Capital Corporation 7.5 Oaktree Strategic Income 7.4 PennantPark Floating Rate Capital Ltd. 3.2Harvest Capital Credit Corporation 7.8 PennantPark Investment Corp. 7.0 Golub Capital BDC, Inc. 0.6Garrison Capital Inc. 8.2 Crescent Capital BDC, Inc. 6.7 Great Elm Capital Corp. NMCapitala Finance Corporation 8.2 Gladstone Investment Corporation 6.6 BlackRock Capital Investment Corp. NMGreat Elm Capital Corp. 8.4 Oaktree Specialty Lending 6.5 Portman Ridge Finance Cororation NMStellus Capital Investment Corp 8.7 Golub Capital BDC, Inc. 6.2 Oxford Square Capital Corp. NMHorizon Technology Finance Corp. 8.9 Barings BDC, Inc. 5.4 THL Credit Inc. NMSaratoga Investment Corp. 9.2 Harvest Capital Credit Corporation 5.3 Capitala Finance Corporation NMPortman Ridge Finance Cororation 9.8 MVC Capital Inc. 5.1 Medley Capital Corp. NMOFS Capital Corp 10.3 Portman Ridge Finance Cororation 2.0 Garrison Capital Inc. NMMedley Capital Corp. 13.7 New tek Business Services Corp. NM Investcorp Credit Management BDC, Inc. NMNew tek Business Services Corp. 14.4 Medley Capital Corp. NM Harvest Capital Credit Corporation NM

MEAN 6.4 % MEAN 9.2 % MEAN 8.5 %MEDIAN 6.1 MEDIAN 9.1 MEDIAN 8.8



6

Institutional Ownership % (16) Price / 2020E EPS (17) Price / 2021E EPS (17)

Solar Capital Ltd. 51.2 % New tek Business Services Corp. 13.1 x Gladstone Investment Corporation 12.7 xTPG Specialty Lending Inc. 47.7 Main Street Capital Corporation 11.6 Main Street Capital Corporation 10.8MVC Capital Inc. 45.3 Gladstone Investment Corporation 11.5 Oaktree Strategic Income 10.0Oaktree Specialty Lending 43.1 Barings BDC, Inc. 10.5 Golub Capital BDC, Inc. 9.8THL Credit Inc. 42.7 MVC Capital Inc. 9.9 Ow l Rock Capital Corporation 9.6Garrison Capital Inc. 40.0 Oaktree Specialty Lending 9.3 Barings BDC, Inc. 9.3PennantPark Investment Corp. 36.8 Oaktree Strategic Income 9.2 Solar Senior Capital Ltd 8.6Golub Capital BDC, Inc. 33.1 Golub Capital BDC, Inc. 9.0 Solar Capital Ltd. 8.4Barings BDC, Inc. 32.2 Solar Capital Ltd. 8.6 TPG Specialty Lending Inc. 7.9BlackRock Capital Investment Corp. 31.5 Solar Senior Capital Ltd 8.5 Crescent Capital BDC, Inc. 7.3PennantPark Floating Rate Capital Ltd. 30.6 Ow l Rock Capital Corporation 8.2 Horizon Technology Finance Corp. 7.2Apollo Investment Corporation 29.6 TPG Specialty Lending Inc. 8.0 Goldman Sachs BDC, Inc. 7.2New Mountain Finance Corp. 29.5 Crescent Capital BDC, Inc. 7.5 Stellus Capital Investment Corp 7.1Bain Capital Specialty Finance, Inc. 27.2 Goldman Sachs BDC, Inc. 7.3 Ares Capital Corporation 6.9Hercules Capital 26.8 Stellus Capital Investment Corp 7.2 Fidus Investment Corp. 6.7TriplePoint Venture Grow th BDC Corp. 26.7 Horizon Technology Finance Corp. 7.1 Bain Capital Specialty Finance, Inc. 6.7Ares Capital Corporation 26.3 Prospect Capital Corporation 7.1 Capital Southw est Corporation 6.5Ow l Rock Capital Corporation 26.2 Gladstone Capital Corporation 7.0 New tek Business Services Corp. 6.5BlackRock TCP Capital Corp. 25.7 Ares Capital Corporation 7.0 Hercules Capital 6.3FS KKR Capital Corp. 24.8 Capital Southw est Corporation 6.9 Saratoga Investment Corp. 6.1Capital Southw est Corporation 24.5 Fidus Investment Corp. 6.8 Harvest Capital Credit Corporation 5.9Goldman Sachs BDC, Inc. 24.2 Harvest Capital Credit Corporation 6.6 New Mountain Finance Corp. 5.7TCG BDC, Inc. 21.9 Bain Capital Specialty Finance, Inc. 6.5 BlackRock TCP Capital Corp. 5.7Oaktree Strategic Income 21.0 Hercules Capital 6.3 Portman Ridge Finance Cororation 5.5Fidus Investment Corp. 20.5 Saratoga Investment Corp. 6.1 Monroe Capital Corporation 5.4Medley Capital Corp. 19.7 BlackRock TCP Capital Corp. 5.7 WhiteHorse Finance, Inc. 5.0Saratoga Investment Corp. 19.3 New Mountain Finance Corp. 5.7 FS KKR Capital Corp. 5.0Harvest Capital Credit Corporation 18.9 Portman Ridge Finance Cororation 5.6 Capitala Finance Corporation 4.8Main Street Capital Corporation 18.7 Monroe Capital Corporation 5.3 THL Credit Inc. 4.8New tek Business Services Corp. 17.5 WhiteHorse Finance, Inc. 5.2 Apollo Investment Corporation 4.5WhiteHorse Finance, Inc. 17.4 PennantPark Floating Rate Capital Ltd. 5.2 TriplePoint Venture Grow th BDC Corp. 4.4Portman Ridge Finance Cororation 16.4 Capitala Finance Corporation 5.1 BlackRock Capital Investment Corp. 4.3Great Elm Capital Corp. 13.7 PennantPark Investment Corp. 4.9 TCG BDC, Inc. 4.1Investcorp Credit Management BDC, Inc. 13.5 FS KKR Capital Corp. 4.6 Garrison Capital Inc. 3.5Oxford Square Capital Corp. 13.0 THL Credit Inc. 4.5 OFS Capital Corp 3.2Prospect Capital Corporation 12.9 BlackRock Capital Investment Corp. 4.4 Prospect Capital Corporation NAMonroe Capital Corporation 12.6 Investcorp Credit Management BDC, Inc. 4.4 PennantPark Investment Corp. NASolar Senior Capital Ltd 12.2 TriplePoint Venture Grow th BDC Corp. 4.3 Great Elm Capital Corp. NAStellus Capital Investment Corp 11.6 Apollo Investment Corporation 4.3 Oxford Square Capital Corp. NAGladstone Investment Corporation 11.0 Oxford Square Capital Corp. 4.1 Investcorp Credit Management BDC, Inc. NACapitala Finance Corporation 11.0 TCG BDC, Inc. 4.0 MVC Capital Inc. NAHorizon Technology Finance Corp. 10.4 Garrison Capital Inc. 3.5 Medley Capital Corp. NAOFS Capital Corp 9.8 OFS Capital Corp 3.3 Gladstone Capital Corporation NAGladstone Capital Corporation 9.6 Medley Capital Corp. NA Oaktree Specialty Lending NACrescent Capital BDC, Inc. NA Great Elm Capital Corp. NM PennantPark Floating Rate Capital Ltd. NA

MEAN 24.0 % MEAN 6.8 x MEAN 6.7 xMEDIAN 23.0 MEDIAN 6.6 MEDIAN 6.5


GRAPHS BDC Weekly Insight

7

Market Capitalization ($MM)

5,050

4,620

1,8281,7721,6051,512

1,001974695 592 546 540 518 512 453 349 332 326 317 309 234 216 212 210 207 185 183 181 168 164 155 152 148 145 136 108 86 62 58 55 45 36 35 34 27

$602

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Assets ($MM)

14,905

9,2048,216

5,4324,597

3,2663,0602,7122,6462,4622,2812,1881,9501,7221,5171,4751,4181,2941,253923 797 789 774 684 655 649 631 613 599 583 578 575 538 464 439 432 427 412 385 362 344 339 310 291 140

$1,896

$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Dividend Yield(3)(4)

31.229.729.029.029.028.7

25.523.823.422.822.822.5

21.521.321.119.719.718.918.918.418.317.717.5

16.516.416.114.814.514.113.513.313.213.012.412.212.111.711.711.711.1

10.1 9.9 9.68.5

NM

18.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

See page 17 for footnotes Sources: FactSet and SEC Filings


8

Price / NAV

1.04

0.940.89

0.840.810.780.780.770.740.700.690.660.660.650.640.63

0.590.590.580.580.570.540.540.540.520.510.510.470.470.470.470.470.440.420.400.400.390.380.370.360.350.35

0.300.25

0.16

0.56x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

% Change From Last Week

37.5

22.2 19.4

12.2 12.1 11.1 10.0 9.8 9.5 8.7 7.8 4.9 4.7 3.2 2.2 1.2 0.8 0.6

(0.6)(1.1)(1.1)(1.7)(1.9)(1.9)(2.6)(3.1)(3.3)(4.8)(5.2)(5.3)(5.8)(5.8)(6.9)(7.0)(7.2)(7.7)(8.2)(9.3)(9.5)(9.7)(10.4)(10.7)(12.4)

(17.9)(19.7)

0.4%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

LTM Total Return(2)

(13.2)(17.3)(17.5)(17.9)

(20.5)(21.0)(21.2)(22.9)(24.9)(26.6)(27.6)(28.4)(28.7)(28.8)(28.9)(30.2)(30.6)(31.2)(33.2)(33.4)(34.2)(35.0)(36.1)(38.4)(40.3)(40.9)(42.1)(42.5)(42.7)(44.4)(45.1)

(48.0)(48.7)(48.7)(48.9)(52.4)(52.9)(53.9)(54.0)(55.9)(57.8)

(63.7)(65.9)

(79.9)

NA

-38.1%

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%



9

Year over Year Quarterly Dividend Growth(6)

33.3

13.3 11.1 10.0 7.7 5.1 5.1 3.2 3.1 2.6 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

(15.8)

(22.2)(22.2)

(34.8)(40.0)

NM NM NA -0.9%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Dividend Coverage(5)(6)(7)

157

143133

125 124 120 120 119 116 113 111 110 110 109 108 108 107 107 107 106 106 106 106 106 105 103 103 102 100 100 100 100 100 100 100 100 9994 90 87 83 79 76

48

NA

106%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

Debt / Equity(8)

230

212

184

159 155 151 147138 138 135 134

126 123 123 117 117 114 114 108 108 107 101 101 101 98 98 96 93 93 88 86 83 80 77 76 74 73 72 67 6558 56 54 51

34

107%

0%

50%

100%

150%

200%

250%



10

Institutional Ownership %(16)

51.2 47.7

45.3 43.1 42.7

40.0 36.8

33.1 32.2 31.5 30.6 29.6 29.5 27.2 26.8 26.7 26.3 26.2 25.7 24.8 24.5 24.2

21.9 21.0 20.5 19.7 19.3 18.9 18.7 17.5 17.4 16.4 13.7 13.5 13.0 12.9 12.6 12.2 11.6 11.0 11.0 10.4 9.8 9.6

NA

24%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Price / 2020E EPS(17)

13.1

11.611.5

10.59.9

9.3 9.2 9.08.6 8.5

8.2 8.07.5 7.3 7.2 7.1 7.1 7.0 7.0 6.9 6.8 6.6 6.5 6.3 6.1

5.7 5.7 5.6 5.3 5.2 5.2 5.1 4.9 4.6 4.5 4.4 4.4 4.3 4.3 4.1 4.03.5 3.3

NA NA

6.8x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Price / 2021E EPS(17)

12.7

10.810.0 9.8 9.6 9.3

8.6 8.47.9

7.3 7.2 7.2 7.1 6.9 6.7 6.7 6.5 6.5 6.3 6.1 5.9 5.7 5.7 5.5 5.45.0 5.0 4.8 4.8 4.5 4.4 4.3 4.1

3.5 3.2

NA NA NA NA NA NA NA NA NA NA

7.2x

0.0X

2.0X

4.0X

6.0X

8.0X

10.0X

12.0X

14.0X



11

YTD Total Return(1)

(21.6)(23.5)(25.3)(26.3)(27.1)(28.1)(28.4)(29.3)(31.6)(31.7)(32.0)(32.2)(33.3)(34.0)(34.1)(34.2)(34.6)(35.3)

(38.1)(38.3)(38.5)(38.7)(39.0)(41.1)(41.4)

(44.5)(44.6)(45.2)(45.5)(46.0)(47.0)(47.2)(48.1)(48.2)(48.3)(49.9)(50.3)(51.1)(53.4)(53.5)(53.6)

(57.6)(59.6)(61.4)

(69.7)

-40.3%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

Return on Equity (NII)(14)

13.7 13.7 12.9

11.8 11.8 11.6 11.5 11.5 11.2 11.1 11.0 11.0 10.8 10.7 10.5 10.4 10.4 10.2 10.2 9.9 9.2 9.1 9.1 8.9 8.8 8.8 8.6 8.4 8.3 7.9 7.8 7.7 7.6 7.4

7.0 6.7 6.6 6.5 6.2 5.4 5.3 5.1

2.0

NM NM

9.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Return on Equity (GAAP)(15)

16.6 16.2

14.2 13.5

12.5 12.3 11.9 10.8 10.7 10.7 10.3 10.2 9.8 9.8 9.7 9.5 9.3

8.8 8.6 8.0 7.7

7.2 6.1 6.1 6.1 5.8 5.6 5.2 5.0 4.7

4.2 4.2 3.8 3.2

0.6 NM NM NM NM NM NM NM NM NM NM

8.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%



12

Weighted Average Yield(10) 16.7

15.3

14.0 13.0 12.8 12.6

12.0 11.5 11.3 11.3 10.9 10.8 10.7 10.7 10.4 10.4 10.4 10.3 10.3

9.8 9.7 9.7 9.6 9.6 9.5 9.4 9.2 9.1 9.1 9.0 8.9 8.7 8.6 8.6 8.4 8.2 8.1 8.0 7.8 7.2

6.2

NA NA NA NA

10.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

OPEX as % of Assets(12)

1.3 1.41.6 1.7

2.0 2.0 2.1 2.1 2.1 2.3 2.4 2.4 2.6 2.6 2.6 2.7 2.8 2.8 2.8 2.9 2.9 2.9 2.9 2.9 2.9 3.0 3.2 3.2 3.3 3.4 3.4 3.5 3.6 3.7 3.7 3.8 3.8 3.9 4.1 4.1 4.34.6

5.1

6.16.3

3.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Efficiency Ratio(11)

14.716.820.020.221.521.622.823.624.625.125.625.726.126.426.426.726.827.127.627.728.028.328.530.530.531.031.431.531.832.232.733.233.433.534.535.736.537.037.539.0

43.444.9

57.2

74.2

90.8

32.1%

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%

100.0%

See page 17 for footnotes Sources: FactSet and SEC Filing

CURRENT PRICING SUMMARY BDC Weekly Insight

13

Market Cap. Price Week LTM 52 Week Dividend Dividend Year over Year Price / P/ECompany Ticker ($MM) 04/16/20 Return Return(2) High Low Yield(3)(4) Coverage(5)(6) Div. Growth NAV 2020E 2021E

Apollo Investment Corporation AINV 511.7 7.69 (19.7%) (42.7%) 18.33 5.20 23.4% 120.0% 0.0% 0.42 4.3 4.5 Ares Capital Corporation ARCC 5,050.1 11.88 (9.3%) (24.9%) 19.33 7.90 13.5% 110.0% 2.6% 0.69 7.0 6.9 Barings BDC, Inc. BBDC 326.0 6.66 (7.2%) (28.7%) 10.59 4.67 9.6% 100.0% 33.3% 0.57 10.5 9.3 Bain Capital Specialty Finance, Inc. BCSF 517.5 10.02 (3.3%) (44.4%) 20.50 7.11 16.4% 100.0% 0.0% 0.51 6.5 6.7 BlackRock Capital Investment Corp. BKCC 167.7 2.46 4.7% (53.9%) 6.30 1.47 22.8% 100.0% (22.2%) 0.39 4.4 4.3 TCG BDC, Inc. CGBD 332.2 5.81 (5.8%) (54.0%) 15.56 4.30 25.5% 116.2% 0.0% 0.35 4.0 4.1 Capitala Finance Corporation CPTA 54.7 3.37 8.7% (55.9%) 9.99 2.50 29.7% 48.0% 0.0% 0.37 5.1 4.8 Capital Southw est Corporation CSWC 206.8 11.10 (8.2%) (40.3%) 22.90 7.39 18.4% 110.0% 11.1% 0.66 6.9 6.5 Crescent Capital BDC, Inc. CCAP 349.4 12.38 9.8% NA 17.99 6.21 13.2% 119.5% NM 0.64 7.5 7.3 Fidus Investment Corp. FDUS 215.5 8.81 22.2% (36.1%) 16.50 4.45 17.7% 87.2% 0.0% 0.52 6.8 6.7 FS KKR Capital Corp. FSK 1,771.9 3.57 (1.1%) (33.4%) 6.40 1.90 21.3% 110.5% 0.0% 0.47 4.6 5.0 Gladstone Investment Corporation GAIN 316.6 9.58 1.2% (17.5%) 15.34 6.43 8.5% 112.7% 0.0% 0.77 11.5 12.7 Garrison Capital Inc. GARS 33.5 2.09 19.4% (65.9%) 7.26 1.04 28.7% 106.7% (34.8%) 0.25 3.5 3.5 Golub Capital BDC, Inc. GBDC 1,828.1 10.93 (10.4%) (34.2%) 18.85 8.94 12.1% 100.0% 3.1% 0.66 9.0 9.8 Great Elm Capital Corp. GECC 34.6 3.44 12.1% (52.4%) 9.05 2.25 29.0% 100.4% 0.0% 0.40 NM NA Gladstone Capital Corporation GLAD 185.4 5.95 (7.0%) (30.2%) 10.69 4.04 14.1% 100.0% 0.0% 0.74 7.0 NA Goldman Sachs BDC, Inc. GSBD 545.8 13.51 2.2% (27.6%) 22.50 8.00 13.3% 106.7% 0.0% 0.81 7.3 7.2 Harvest Capital Credit Corporation HCAP 26.6 4.47 (9.5%) (52.9%) 10.73 2.66 21.5% 79.2% (15.8%) 0.40 6.6 5.9 Horizon Technology Finance Corp. HRZN 154.9 9.24 4.9% (13.2%) 13.78 4.51 13.0% 143.3% 0.0% 0.78 7.1 7.2 Hercules Capital HTGC 974.0 8.81 (3.1%) (22.9%) 16.40 5.42 14.5% 118.8% 3.2% 0.84 6.3 6.3 Investcorp Credit Management BDC, Inc. ICMB 61.6 4.44 37.5% (28.4%) 7.70 1.38 22.5% 108.0% 0.0% 0.44 4.4 NA Main Street Capital Corporation MAIN 1,605.2 24.92 (4.8%) (30.6%) 45.10 14.11 11.7% 107.3% 5.1% 1.04 11.6 10.8 Medley Capital Corp. MCC 36.0 0.66 10.0% (79.9%) 3.49 0.35 NM NA NM 0.16 NA NA Monroe Capital Corporation MRCC 145.4 7.11 3.2% (33.2%) 12.43 3.56 19.7% 105.7% 0.0% 0.58 5.3 5.4 MVC Capital Inc. MVC 108.1 6.10 12.2% (28.9%) 10.45 3.00 11.1% 102.9% 13.3% 0.47 9.9 NA New tek Business Services Corp. NEWT 308.6 14.82 (5.2%) (21.0%) 23.99 7.59 14.8% 156.8% 10.0% 0.94 13.1 6.5 New Mountain Finance Corp. NMFC 695.2 7.18 (1.9%) (42.1%) 14.45 4.62 18.9% 105.9% 0.0% 0.54 5.7 5.7 Oaktree Strategic Income OCSI 180.6 6.13 (1.9%) (20.5%) 8.81 4.28 10.1% 103.2% 0.0% 0.63 9.2 10.0 Oaktree Specialty Lending OCSL 539.9 3.83 0.8% (21.2%) 5.75 2.33 9.9% 105.3% 0.0% 0.58 9.3 NA OFS Capital Corp OFS 58.3 4.36 (10.7%) (57.8%) 12.81 3.39 31.2% 100.0% 0.0% 0.35 3.3 3.2 Ow l Rock Capital Corporation ORCC 4,619.9 11.82 (12.4%) (17.9%) 19.19 8.09 12.2% 105.7% NA 0.78 8.2 9.6 Oxford Square Capital Corp. OXSQ 135.7 2.77 (1.1%) (48.7%) 6.76 2.04 29.0% 89.6% 0.5% 0.54 4.1 NA PennantPark Floating Rate Capital Ltd. PFLT 233.8 6.03 (7.7%) (48.0%) 13.42 3.34 18.9% 101.8% 0.0% 0.47 5.2 NA PennantPark Investment Corp. PNNT 211.9 3.16 (6.9%) (48.7%) 7.19 1.76 22.8% 83.3% 0.0% 0.36 4.9 NA Prospect Capital Corporation PSEC 1,511.7 4.11 (9.7%) (31.2%) 6.87 3.68 17.5% 100.0% 0.0% 0.47 7.1 NA Portman Ridge Finance Cororation PTMN 45.3 1.01 (17.9%) (63.7%) 3.06 0.75 23.8% 133.3% (40.0%) 0.30 5.6 5.5 Saratoga Investment Corp. SAR 151.5 13.55 (2.6%) (40.9%) 28.70 5.94 16.5% 108.9% 7.7% 0.54 6.1 6.1 Stellus Capital Investment Corp SCM 163.8 8.41 11.1% (35.0%) 15.04 4.10 16.1% 106.2% 0.0% 0.59 7.2 7.1 Solar Capital Ltd. SLRC 591.7 14.00 0.6% (26.6%) 21.72 7.42 11.7% 100.0% 0.0% 0.65 8.6 8.4 Solar Senior Capital Ltd SUNS 182.9 11.40 (1.7%) (28.8%) 18.29 6.30 12.4% 99.3% 0.0% 0.70 8.5 8.6 BlackRock TCP Capital Corp. TCPC 453.5 7.85 9.5% (38.4%) 14.80 4.02 18.3% 105.6% 0.0% 0.59 5.7 5.7 THL Credit Inc. TCRD 86.2 2.90 7.8% (48.9%) 7.04 1.56 29.0% 76.2% (22.2%) 0.38 4.5 4.8 TriplePoint Venture Grow th BDC Corp. TPVG 210.3 6.84 (5.8%) (45.1%) 17.17 2.80 21.1% 125.0% 0.0% 0.51 4.3 4.4 TPG Specialty Lending Inc. TSLX 1,000.8 15.00 (5.3%) (17.3%) 23.67 11.25 11.7% 124.4% 5.1% 0.89 8.0 7.9 WhiteHorse Finance, Inc. WHF 147.9 7.20 (0.6%) (42.5%) 14.86 5.51 19.7% 108.5% 0.0% 0.47 5.2 5.0

Min (19.7%) (79.9%) 8.5% 48.0% (40.0%) 0.16 x 3.3 x 3.2 xMean (0.1%) (38.1%) 18.1% 105.7% (0.9%) 0.56 6.8 6.7 Median (1.9%) (35.5%) 17.6% 105.7% 0.0% 0.54 6.6 6.5 Max 37.5% (13.2%) 31.2% 156.8% 33.3% 1.04 13.1 12.7

SELECT FINANCIAL DATA BDC Weekly Insight

14

IPO Balance Sheet Information ($MM) Debt to Investment MgmtCompany Ticker Date Assets Investments Debt Equity Equity Market Cap. Total Cap. Vehicles Structure

Apollo Investment Corporation AINV 04/05/04 3,060.0 2,967.2 1,785.6 1,215.9 146.9% 348.9% 59.5% A,B,C,E ExternalAres Capital Corporation ARCC 10/05/04 14,905.0 14,426.0 6,971.0 7,467.0 93.4% 138.0% 48.3% A,B,C,E ExternalBarings BDC, Inc. BBDC 02/15/07 1,252.6 1,173.6 669.2 570.9 117.2% 205.3% 54.0% A,B,C,D ExternalBain Capital Specialty Finance, Inc. BCSF 11/15/18 2,645.6 2,527.1 1,574.6 1,018.4 154.6% 304.3% 60.7% A ExternalBlackRock Capital Investment Corp. BKCC 06/26/07 774.1 749.9 313.6 435.6 72.0% 187.0% 41.9% A,B,C ExternalTCG BDC, Inc. CGBD 06/13/17 2,187.5 2,124.0 1,177.8 956.5 123.1% 354.5% 55.2% A,C,E ExternalCapitala Finance Corporation CPTA 09/24/13 427.3 362.5 272.6 148.1 184.0% 498.7% 64.8% A,B,C,D ExternalCapital Southw est Corporation CSWC 10/01/15 599.3 558.6 273.1 311.9 87.6% 132.1% 46.7% A,C InternalCrescent Capital BDC, Inc. CCAP 02/03/20 923.0 923.0 366.0 475.4 77.0% 104.8% 43.5% A,B,C,E ExternalFidus Investment Corp. FDUS 06/20/11 789.4 766.9 354.6 412.3 86.0% 164.5% 46.2% A,B,C,D ExternalFS KKR Capital Corp. FSK 04/17/14 8,216.0 7,357.0 4,173.0 3,866.0 107.9% 235.5% 51.9% A,B,C,E ExternalGladstone Investment Corporation GAIN 06/22/05 582.8 560.8 138.3 410.5 33.7% 43.7% 25.2% A,B,C ExternalGarrison Capital Inc. GARS 03/26/13 464.4 418.9 313.8 136.6 229.8% 935.4% 69.7% A,B,C ExternalGolub Capital BDC, Inc. GBDC 04/14/10 4,597.5 4,448.3 2,259.4 2,229.1 101.4% 123.6% 50.3% A,B,C,D ExternalGreat Elm Capital Corp. GECC 11/04/16 291.0 283.3 119.8 86.9 137.9% 346.1% 58.0% A,B,C ExternalGladstone Capital Corporation GLAD 08/23/01 438.8 429.0 184.3 250.8 73.5% 99.5% 42.4% A,B,C ExternalGoldman Sachs BDC, Inc. GSBD 03/17/15 1,475.3 1,454.3 769.7 676.1 113.8% 141.0% 53.2% A,B,C ExternalHarvest Capital Credit Corporation HCAP 05/02/13 140.1 116.8 71.8 66.8 107.6% 269.9% 51.8% A,B,C,E ExternalHorizon Technology Finance Corp. HRZN 10/28/10 344.0 319.6 152.1 184.1 82.6% 98.2% 45.2% A,B,C,F ExternalHercules Capital HTGC 06/08/05 2,462.0 2,314.5 1,287.1 1,133.0 113.6% 132.1% 53.2% A,C,D,F InternalInvestcorp Credit Management BDC, Inc. ICMB 02/05/14 339.3 305.0 171.4 139.6 122.8% 278.3% 55.1% A,B,C ExternalMain Street Capital Corporation MAIN 10/04/07 2,711.5 2,602.3 1,114.0 1,536.4 72.5% 69.4% 42.0% A,B,C,D InternalMedley Capital Corp. MCC 01/20/11 431.8 342.0 204.5 220.6 92.7% 568.6% 48.1% A,B,C,D ExternalMonroe Capital Corporation MRCC 10/24/12 655.1 616.2 396.2 249.4 158.9% 272.6% 61.4% A,B,C,D ExternalMVC Capital Inc. MVC 03/28/00 362.2 340.2 127.8 228.0 56.1% 118.2% 35.9% A,B,C ExternalNew tek Business Services Corp. NEWT 11/12/14 797.4 659.0 431.9 322.2 134.0% 140.0% 57.3% A,C InternalNew Mountain Finance Corp. NMFC 05/19/11 3,266.1 3,160.3 1,942.3 1,283.5 151.3% 279.4% 60.2% A,B,C,D ExternalOaktree Strategic Income OCSI 07/11/13 613.1 584.5 306.2 286.0 107.0% 169.5% 51.7% A,B ExternalOaktree Specialty Lending OCSL 06/11/08 1,516.6 1,467.6 536.5 931.1 57.6% 99.4% 36.6% A,B,C,D,E ExternalOFS Capital Corp OFS 11/07/12 538.2 516.9 352.5 166.6 211.5% 604.4% 67.9% A,B,C,D ExternalOw l Rock Capital Corporation ORCC 07/17/19 9,203.6 8,799.2 3,038.2 5,977.3 50.8% 65.8% 33.7% A,B,C ExternalOxford Square Capital Corp. OXSQ 11/20/03 385.3 364.8 134.4 248.0 54.2% 99.0% 35.1% A,B,C,E ExternalPennantPark Floating Rate Capital Ltd. PFLT 04/08/11 1,294.4 1,176.1 692.3 502.0 137.9% 296.1% 58.0% A,B,C ExternalPennantPark Investment Corp. PNNT 04/19/07 1,418.1 1,378.9 743.0 589.0 126.1% 350.7% 55.8% A,B,C,D ExternalProspect Capital Corporation PSEC 07/27/04 5,432.3 5,268.5 2,140.6 3,183.9 67.2% 141.6% 40.2% A,B,C,E ExternalPortman Ridge Finance Cororation PTMN 12/11/06 310.4 277.9 153.9 152.2 101.1% 339.7% 50.3% A,B,C,E ExternalSaratoga Investment Corp. SAR 03/23/07 574.9 487.0 277.4 282.2 98.3% 183.1% 49.6% A,B,C,D,E ExternalStellus Capital Investment Corp SCM 11/07/12 648.5 628.9 366.0 270.6 135.3% 223.5% 57.5% A,B,C,D ExternalSolar Capital Ltd. SLRC 02/09/10 1,949.9 1,494.8 587.1 905.9 64.8% 99.2% 39.3% A,B,C ExternalSolar Senior Capital Ltd SUNS 02/24/11 578.0 460.3 209.3 261.8 79.9% 114.4% 44.4% A,B,C ExternalBlackRock TCP Capital Corp. TCPC 04/03/12 1,722.1 1,649.5 907.8 776.3 116.9% 200.2% 53.9% A,B,C,D ExternalTHL Credit Inc. TCRD 04/21/10 411.9 384.1 175.0 229.5 76.3% 203.1% 43.3% A,B,C,E ExternalTriplePoint Venture Grow th BDC Corp. TPVG 03/05/14 684.1 653.1 335.8 332.5 101.0% 159.7% 50.2% A,C ExternalTPG Specialty Lending Inc. TSLX 03/20/14 2,280.9 2,245.9 1,094.5 1,119.3 97.8% 109.4% 49.4% A,B,C ExternalWhiteHorse Finance, Inc. WHF 12/04/12 631.2 589.7 298.9 313.0 95.5% 202.1% 48.9% A,B,C External

Min 140.1$ 116.8$ 71.8$ 66.8$ 33.7% 43.7% 25.2%Mean 1,896.3 1,794.1 888.1 945.7 106.9% 227.8% 49.9%Median 774.1 659.0 366.0 410.5 101.1% 183.1% 50.3%Max 14,905.0 14,426.0 6,971.0 7,467.0 229.8% 935.4% 69.7%

Investment Vehicles KeyA: Senior DebtB: Subordinated DebtC: Equity InstrumentsD: SBA LeverageE: Structured ProductsF: Technology Focus

RECENT ISSUANCE ACTIVITY BDC Weekly Insight

15

BDC IPOs 01/20/11 to 04/16/20Deal Post-Deal % of Above /

Pricing Value Market Cap. Market Below / % Change Offer toDate Issuer Ticker ($MM) ($MM) Cap Sold In Range 1 Day 1 Week 1 Month 04/16/20

07/17/19 Ow l Rock Capital Corporation ORCC 176.0$ 5,893.5$ 3% In Range 1.2% 1.6% 2.5% (22.7%)11/14/18 Bain Capital Specialty Finance, Inc. BCSF 151.9 1,042.5 15% In Range (11.1%) (9.6%) (14.0%) (50.5%)06/13/17 TCG BDC, Inc. CGBD 174.9 1,127.9 16% In Range (2.1%) (0.8%) (1.6%) (68.6%)03/17/15 Goldman Sach BDC, Inc. GSBD 138.0 707.6 20% In Range 0.3% 3.8% 7.2% (32.5%)05/08/14 Alcentra Capital Corp ABDC 111.2 202.8 55% In Range 0.3% (0.5%) (1.9%) NA03/20/14 TPG Specialty Lending Inc. TSLX 128.8 845.5 15% In Range 0.0% 2.2% 10.4% (6.3%)03/05/14 TriplePoint Venture Grow th BDC Corp TPVG 143.7 147.6 97% In Range 4.3% 4.3% 6.0% (54.4%)02/05/14 CM Finance Inc CMFN 115.0 205.0 56% In Range 5.4% 4.3% 2.5% (70.4%)01/15/14 American Capital Senior Floating Ltd. ACSF 172.5 172.5 100% In Range (10.8%) (8.7%) (4.0%) NA09/24/13 Capitala Finance Corp CPTA 80.0 263.9 30% In Range (6.0%) (5.3%) (4.5%) (83.2%)07/11/13 Fifth Street Senior Floating Rate Corp FSFR 100.0 100.0 100% In Range (5.7%) (4.0%) (8.0%) (59.1%)05/02/13 Harvest Capital Credit Corp HCAP 57.5 91.2 63% In Range 0.0% 0.1% 0.4% (70.2%)03/26/13 Garrison Capital Inc GARS 92.0 255.6 36% In Range 0.0% 1.0% 1.9% (86.1%)12/04/12 WhiteHorse Finance LLC WHF 100.0 224.5 45% In Range (7.3%) (4.9%) (0.1%) (52.0%)11/07/12 Stellus Capital Investment Corp SCM 138.0 179.2 77% In Range 0.5% 0.7% 0.5% (43.9%)11/07/12 OFS Capital Corp OFS 100.0 143.0 70% In Range (4.3%) (12.3%) (9.1%) (70.9%)10/24/12 Monroe Capital Corp MRCC 86.3 86.3 100% In Range 1.7% 1.7% 0.0% (52.6%)04/04/12 TCP Capital Corp TCPC 84.8 314.7 27% In Range (1.4%) (1.7%) 0.0% (46.8%)06/20/11 Fidus Investment Corp FDUS 80.6 141.4 57% In Range 0.0% (1.0%) (6.4%) (41.3%)05/19/11 New Mountain Finance Corp NMFC 100.0 583.1 17% Below (5.5%) (4.4%) (6.2%) (47.8%)04/28/11 GSV Capital Corp GSVC 50.0 50.0 100% In Range (2.7%) (8.1%) (8.8%) (59.3%)04/08/11 PennantPark Floating Rate Capital Ltd PFLT 102.8 102.8 100% In Range (10.7%) (11.0%) (8.7%) (59.8%)02/24/11 Solar Senior Capital Ltd SUNS 180.0 190.0 95% In Range (2.0%) (3.0%) (4.3%) (43.0%)01/20/11 Medley Capital Corp MCC 128.7 216.0 60% Below 1.2% (0.7%) (1.4%) (94.5%)

Min 3% (11.1%) (12.3%) (14.0%) (94.5%)Mean 56% (2.3%) (2.3%) (2.0%) (55.3%)Median 57% (0.7%) (0.9%) (1.5%) (53.5%)Max 100% 5.4% 4.3% 10.4% (6.3%)

RECENT ISSUANCE ACTIVITY BDC Weekly Insight

16

Deal Post-Deal % of % ChangePricing Value Market Cap. Market File to % Change Offer to

Date Issuer Ticker ($MM) ($MM) Cap Sold Execution Offer 1 Week 1 Month 04/16/20

01/08/20 TriplePoint Venture Grow th BDC Corp TPVG 81.0$ 440.4$ 19% Accelerated (2.0%) (0.6%) (2.3%) (51.4%)12/05/19 Whitehorse Finance, Inc. WHF 35.8 293.0 12% Accelerated (3.0%) 2.5% (1.1%) (47.9%)10/23/19 New Mountain Finance Corp NMFC 121.9 1,298.2 10% Accelerated (2.2%) 1.9% 1.1% (45.8%)07/09/19 New Mountain Finance Corp NMFC 94.4 1,223.0 8% Accelerated (2.2%) 0.2% (1.1%) (47.5%)06/14/19 Whitehorse Finance, Inc. qWHF 36.1 297.0 12% Accelerated (3.5%) (1.3%) 0.2% (48.6%)06/12/19 Hercules Capital, Inc HTGC 72.7 1,328.2 6% Accelerated (2.0%) 1.5% 2.8% (30.3%)03/22/19 Horizon Technology Finance Corp HRZN 24.3 169.4 15% Accelerated (3.0%) (1.7%) (2.6%) (23.9%)03/15/19 Stellus Capital Investment Corp SCM 42.6 278.2 15% Accelerated (2.0%) (3.0%) (2.1%) (41.7%)02/12/19 New Mountain Finance Corp NMFC 58.5 1,116.3 5% Accelerated (2.2%) 2.0% (0.2%) (47.1%)08/07/18 TriplePoint Venture Grow th BDC Corp TPVG 89.4 338.7 27% Accelerated (1.7%) (4.5%) (4.1%) (50.1%)07/11/18 Saratoga Investment Corp SAR 28.8 199.8 15% Accelerated (6.7%) (0.8%) (2.0%) (45.8%)06/12/18 Hercules Capital, Inc HTGC 83.8 1,158.3 7% Accelerated (2.0%) 2.2% 6.8% (27.5%)03/21/18 TPG Specialty Lending Inc. TSLX 74.6 1,157.6 7% Accelerated (2.5%) 0.1% 1.9% (14.0%)10/25/17 PennantPark Floating Rate Capital Ltd PFLT 84.9 561.4 15% Accelerated (3.6%) (1.0%) 0.0% (57.1%)06/27/17 Whitehorse Finance, Inc. WHF 30.7 272.5 11% Accelerated (2.8%) (3.8%) (4.7%) (48.5%)06/20/17 Fidus Investment Corp FDUS 33.8 417.6 8% Accelerated (2.6%) 0.0% 1.1% (47.6%)06/09/17 Monroe Capital Corp MRCC 51.8 349.9 15% Accelerated (2.7%) 1.9% (0.5%) (52.6%)06/06/17 Golub Capital BDC Inc GBDC 33.8 1,163.9 3% Accelerated (2.0%) 0.7% (0.7%) (43.4%)05/18/17 Goldman Sachs BDC, Inc. GSBD 84.1 914.1 9% Accelerated (2.5%) (0.1%) 0.6% (40.0%)05/17/17 Alcentra Capital Corp ABDC 34.2 177.9 19% Accelerated (2.5%) (2.0%) (2.9%) NA04/19/17 TCP Capital Corp TCPC 96.8 982.0 10% Accelerated (2.3%) 1.6% (0.4%) (53.4%)04/05/17 Stellus Capital Investment Corp SCM 44.6 176.5 25% Accelerated (2.0%) (0.4%) (0.5%) (40.4%)04/04/17 New Mountain Finance Corp NMFC 84.0 1,084.4 8% Accelerated (2.3%) 0.0% 0.0% (50.8%)03/30/17 OFS Capital Corp. OFS 52.8 248.7 21% Accelerated (2.7%) (1.4%) (0.6%) (70.1%)03/21/17 Golub Capital BDC Inc GBDC 38.3 1,125.5 3% Accelerated (0.9%) 2.5% 6.0% (42.6%)02/27/17 Triangle Capital Corp TCAP 136.5 1,088.5 13% Accelerated (2.5%) (0.7%) (3.9%) (65.8%)02/14/17 PennantPark Floating Rate Capital Ltd PFLT 78.3 429.9 18% Accelerated (2.8%) 0.4% (0.6%) (55.7%)01/25/17 New tek Business Services Corp. NEWT 39.5 258.6 15% Accelerated (6.2%) 1.3% 7.1% (2.8%)11/29/16 Fidus Investment Corp FDUS 53.9 356.8 15% Accelerated (2.5%) (2.4%) (5.3%) (47.1%)10/26/16 Gladstone Capital Corp. GLAD 16.0 201.0 8% Accelerated (2.6%) (5.4%) 1.5% (25.4%)10/25/16 New Mountain Finance Corp NMFC 67.5 946.8 7% Accelerated (2.3%) (0.4%) 4.4% (46.8%)09/08/16 Solar Senior Capital Ltd. SUNS 73.6 262.4 28% Accelerated (2.9%) (1.3%) 0.0% (30.5%)08/15/16 Golub Capital BDC Inc GBDC 32.1 1,058.1 3% Accelerated (2.0%) 3.7% 1.6% (40.4%)07/26/16 Triangle Capital Corp TCAP 134.2 951.2 14% Accelerated (3.0%) (0.6%) (0.3%) (66.5%)07/20/16 Monroe Capital Corp MRCC 55.3 250.5 22% Accelerated (2.6%) 0.7% 2.8% (54.1%)05/27/16 Fidus Investment Corp FDUS 43.9 293.3 15% Accelerated (2.1%) 0.7% (2.0%) (42.3%)03/03/16 TPG Specialty Lending Inc. TSLX 82.1 960.6 9% Accelerated (2.5%) (2.8%) (1.9%) (8.6%)10/27/15 Gladstone Capital Corp. GLAD 19.7 205.4 10% Accelerated (3.7%) 2.1% 2.8% (30.4%)10/08/15 New tek Business Services Corp. NEWT 38.0 224.7 17% Accelerated (4.1%) 7.8% 0.6% (10.2%)09/22/15 New Mountain Finance Corp NMFC 81.3 899.4 9% Accelerated (2.5%) (4.7%) (0.2%) (49.2%)04/15/15 Monroe Capital Corp MRCC 41.8 233.5 18% Accelerated (2.6%) (2.4%) (0.7%) (52.1%)04/10/15 Golub Capital BDC Inc GBDC 69.7 900.9 8% Accelerated (2.0%) 1.8% (1.5%) (37.3%)04/08/15 Capitala Finance Corp. CPTA 64.1 233.5 27% Accelerated (3.0%) (1.1%) (5.3%) (81.6%)03/27/15 Triple Point Venture Grow th TPVG 94.6 240.8 39% Accelerated (1.2%) (3.6%) (1.6%) (53.0%)03/24/15 Hercules Capital, Inc HTGC 103.5 973.3 11% Accelerated (2.0%) (1.2%) 2.4% (35.4%)03/19/15 Garrison Capital Inc. GARS 12.9 251.1 5% Accelerated (2.7%) 2.5% 2.4% (85.7%)03/19/15 Horizon Technology Finance Corp HRZN 33.2 166.3 20% Accelerated (2.4%) (1.9%) 0.7% (33.8%)03/10/15 Gladstone Investment Corp GAIN 24.4 220.1 11% Accelerated (2.6%) (0.7%) 0.8% 29.5%03/10/15 Main Street Capital Corp MAIN 132.4 1,508.0 9% Bought Deal (2.7%) 0.5% 3.1% (17.8%)11/21/14 TCP Capital Corp TCPC 100.6 830.5 12% Accelerated (2.4%) (2.3%) (4.5%) (54.0%)10/23/14 New Mountain Finance Corp NMFC 72.7 832.1 9% Accelerated (2.5%) (0.6%) 2.6% (50.6%)10/07/14 KCAP Financial Inc. KCAP 25.8 294.5 9% Accelerated (6.6%) (0.9%) (4.9%) (87.4%)09/30/14 Fidus Investment Corp FDUS 34.0 270.8 13% Accelerated (2.1%) (1.0%) 0.5% (48.2%)09/05/14 PennantPark Investment Corp PNNT 127.9 902.4 14% Accelerated (1.9%) (0.9%) (6.3%) (72.8%)08/20/14 Medley Capital Corp MCC 74.9 755.6 10% Accelerated (2.0%) (2.8%) (4.8%) (94.9%)08/14/14 Fifth Street Senior Floating Rate Corp FSFR 294.3 380.4 77% Accelerated (3.0%) (4.0%) (7.6%) (52.5%)08/12/14 Triangle Capital Corp TCAP 132.8 883.0 15% Accelerated (2.9%) 1.4% 0.7% (75.2%)08/05/14 TPG Specialty Lending Inc. TSLX 93.2 997.9 9% Accelerated (2.0%) (3.8%) (9.3%) (19.5%)07/29/14 TCP Capital Corp TCPC 107.6 735.0 15% Accelerated (2.5%) (0.8%) 1.5% (54.7%)07/17/14 Garrison Capital Inc. GARS 29.0 243.0 12% Accelerated (1.8%) (0.6%) 0.2% (85.6%)07/16/14 Ares Capital Corp ARCC 263.8 5,331.4 5% Bought Deal (2.4%) 0.1% (1.1%) (30.1%)07/11/14 Fifth Street Finance Corp FSC 131.8 1,516.8 9% Accelerated (1.5%) (1.8%) (1.1%) (61.5%)04/23/14 Medley Capital Corp MCC 79.5 691.6 11% Accelerated (2.1%) (1.7%) (4.3%) (95.0%)04/09/14 New Mountain Finance Corp NMFC 50.1 736.0 7% Accelerated (1.9%) 0.4% (2.7%) (49.8%)04/08/14 Main Street Capital Corp MAIN 144.9 1,403.2 10% Accelerated (3.3%) 0.6% (1.1%) (20.9%)03/18/14 Golub Capital BDC Inc GBDC 66.2 848.2 8% Accelerated (2.0%) 1.1% (6.2%) (39.4%)03/14/14 TICC Capital Corp TICC 68.4 609.2 11% Bought Deal (2.8%) (0.2%) (6.0%) (72.7%)02/25/14 Apollo Investment Corp AINV 106.0 2,090.4 5% Bought Deal (3.5%) (1.0%) (6.2%) (12.9%)01/31/14 Medley Capital Corp MCC 84.0 646.1 13% Accelerated (2.4%) (2.4%) 0.2% (95.3%)01/29/14 New Mountain Finance Corp NMFC 39.3 664.8 6% Bought Deal (2.1%) (0.5%) 1.5% (51.2%)01/14/14 Full Circle Capital Corp FULL 13.5 67.5 20% Accelerated (4.0%) (1.8%) 4.5% (51.8%)12/17/13 Keating Capital Inc KIPO 17.7 70.7 25% Rights Offer (14.9%) 0.0% 1.5% NA12/13/13 TCP Capital Corp TCPC 82.8 579.2 14% Accelerated (3.0%) 5.1% 8.2% (50.9%)12/10/13 Ares Capital Corp ARCC 292.6 5,296.0 6% Bought Deal (2.7%) (2.8%) (0.6%) (33.2%)12/03/13 Medallion Financial Corp TAXI 47.6 408.9 12% Accelerated (6.5%) (3.8%) (13.6%) (85.4%)10/11/13 New Mountain Finance Corp NMFC 98.9 591.7 17% Accelerated (2.0%) 0.6% (0.6%) (49.9%)09/26/13 TCP Capital Corp TCPC 68.9 488.9 14% Accelerated (3.0%) 3.2% 7.2% (50.2%)09/26/13 Ares Capital Corp ARCC 216.9 4,818.5 5% Bought Deal (2.3%) 1.0% 2.6% (30.7%)09/19/13 Fifth Street Finance Corp FSC 181.9 1,432.1 13% Accelerated (2.0%) 0.0% (1.1%) (62.9%)09/12/13 Golub Capital BDC Inc GBDC 50.9 725.3 7% Accelerated (2.0%) 1.8% 1.4% (35.5%)

Min 3% (14.9%) (5.4%) (13.6%) (95.3%)Mean 13% (2.8%) (0.4%) (0.6%) (47.3%)Median 12% (2.5%) (0.5%) (0.4%) (48.3%)Max 77% (0.9%) 7.8% 8.2% 29.5%

NOTES & DISCLOSURES BDC Weekly Insight

17

Footnotes (1) YTD total return assumes dividends are reinvested (2) LTM (last twelve months) total return assumes dividends are reinvested. Owl Rock Capital Corp.’s total return begins on IPO date (July

17, 2019) (3) Dividend yield uses current dividend annualized (4) MAIN and TSLX include supplemental dividends (5) Dividend coverage is the prior quarter’s net investment income divided by the prior quarter’s dividend (6) MAIN and TSLX’s dividend coverages and LTM dividend growths do not include supplemental dividend (7) Adjusted Net Investment Income used when available (8) Debt / Equity calculation includes SBA debentures (9) Regulatory Debt/Equity calculation excludes SBA debentures (10) Weighted average yield as disclosed in filings (11) LTM total expenses exclusive of interest and financing fees divided by LTM total investment income (12) LTM total expenses exclusive of interest and financing fees divided by LTM average total assets (13) LTM total expenses exclusive of interest and financing fees, divided by LTM average net assets (14) LTM net investment income divided by LTM average net assets (15) LTM GAAP (generally accepted accounting principles) earnings divided by LTM average net assets (16) Institutional ownership as of 12/31/19; excludes brokers and private bank/wealth management firms, as reported in FactSet (17) Calendar year earnings estimates are FactSet mean EPS estimates ** All financial figures contained in this document and/or used in calculations herein are drawn from each BDC’s most recent SEC filing.** **The S&P/LSTA U.S. Leveraged Loan 100 Index is designed to reflect the performance of the largest facilities in the leveraged loan market.** RAYMOND JAMES BDC INDEX CLASSIFICATION: Price Weighting: Market Cap (Current Shares); Valuation Weighting: Market Value- Weighted Average RAYMOND JAMES BDC INDEX CONSTITUENTS Apollo Investment Corporation (AINV) Ares Capital Corporation (ARCC) Bain Capital Specialty Finance, Inc. (BCSF) Barings BDC, Inc. (BBDC) BlackRock Capital Investment Corporation (BKCC) TCG BDC (CGBD) Capital Southwest Corporation (CSWC) Capitala Finance Corporation (CPTA) Crescent Capital BDC, Inc. (CCAP) – CCAP’s financial information is based on estimates from CCAP’s proxy and RJ Research Fidus Investment Corp. (FDUS) FS KKR Capital Corp. (FSK) Gladstone Investment Corporation (GAIN) Garrison Capital Inc. (GARS) Golub Capital BDC, Inc. (GBDC) Gladstone Capital Corporation (GLAD) Goldman Sachs BDC, Inc. (GSBD) Great Elm Capital Corporation (GECC) Harvest Capital Credit Corporation (HCAP) Horizon Technology Finance Corp. (HRZN) Hercules Capital, Inc. (HTGC) Investcorp Credit Management BDC, Inc. (ICMB) Main Street Capital Corporation (MAIN) Medley Capital Corp. (MCC) Monroe Capital Corporation (MRCC) MVC Capital Inc. (MVC) Newtek Business Services Corp. (NEWT) New Mountain Finance Corp. (NMFC) Oaktree Strategic Income (OCSI) Oaktree Specialty Lending (OCSL) OFS Capital Corp (OFS) Owl Rock Capital Corp. (ORCC) Oxford Square Capital Corp. (OXSQ) PennantPark Floating Rate Capital Ltd (PFLT) PennantPark Investment Corp. (PNNT) Portman Ridge Finance Corporation (PTMN) Prospect Capital Corporation (PSEC) Saratoga Investment Corp. (SAR) Stellus Capital Investment Corp (SCM) Solar Capital Ltd. (SLRC) Solar Senior Capital Ltd (SUNS) BlackRock TCP Capital Corporation (TCPC) THL Credit Inc. (TCRD) TriplePoint Venture Growth BDC Corp. (TPVG) TPG Specialty Lending Inc. (TSLX) Whitehorse Finance, Inc. (WHF) Sources of data include Capital IQ, SNL Financial, FactSet, Dealogic and other news organizations. Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate or complete. This report was prepared within Raymond James & Associates’ Investment Banking Department and is for information purposes only. This report is not a product of Raymond James & Associates’ Research Department; recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. BDCs involve substantial costs to purchase and high costs to own. Raymond James & Associates, Inc. member New York Stock Exchange/SIPC

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