BDC Facts & Stats | 40 
Areas of Focus 
Plans for IPO, liquidation, or liquidity 
event14 
vest in senior secured debt obligations 
No 
vest in “one stop loans” (loan that combines 
haracteristics of traditional first lien senior secured 
ans and second lien or subordinated loans; often 
eferred to by other middle-market lenders as 
nitranche loans) and other senior secured loans of 
.S. middle-market companies which, in most cases, 
re sponsored by private equity firms 
No 
vest directly in privately held, middle-market 
ompanies to help these companies fund 
cquisitions, growth, or refinancing 
No 
vest in middle-market companies with earnings 
efore interest expense, income tax expense, 
epreciation, and amortization, or “EBITDA,” 
etween $30 million and $125 million annually, 
nd/or annual revenue of $75 million to $1.5 billion 
No 
riginate loans and other securities, including 
roadly syndicated loans, of U.S. private companies 
No 
vest primarily in first and second lien senior 
ecured loans, and to a lesser extent, mezzanine 
ans, unsecured loans, and equity of predominantly 
rivate U.S. middle-market companies 
Plan for Drawdown Period after 2 
years 
 
vest in predominantly senior secured private debt 
vestments in well-established middle-market 
usinesses and syndicated senior secured loans, 
ructured product investments, bonds, and other 
xed income securities 
Plan to liquidate within 7 years 
rimary focus is in the debt of defensive growth 
ompanies 
No 

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