b'04AttributesStructure & Registration Asset Fit Closed-end fund registered under the 1940 Act Lending to private credit borrowers.with special BDC provisions, focused on small and mid-sized U.S. businesses. Flexible structure for middle-market financing. Can be public or private.Retail-friendly alternative to PE credit funds. Subject to a 150200% asset coverage ratio.Time to Market Private BDCsFour to six months (possibly longerFeesif application for co-investment relief is required).Base management fees: ~1.52% of gross assets. Public BDCsSix months (possibly longer if Incentive fees: 1520% of income/capital gains.application for co-investment relief is required).Other fees: Often modeled after privateequity-style compensation.Liquidity Public BDCs: Shares trade on an exchange. Non-traded BDCs: Periodic liquidity via tenderoffers or share repurchase programs. Read our BDC Facts & Stats, whichPrivate BDCs: Illiquid; secondary trades limited. provides a compendium of informationregarding BDCs, including BDCs that Eligible Investors have increased their use of leverage, the terms of BDC advisory agreements,Public BDCs: All investors. and more. Non-traded BDCs: Retail-eligible with~$1,000 to $5,000 minimums. Private BDCs: Accredited investors; institutional investors; and qualified purchasers.Mayer Brown|Business Development Companies 18'