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01. Debt-Focused Business Development Company (BDC) Index

Data as of 09/28/2020 08/31/2020 07/31/2020 06/30/2020 05/29/2020 04/30/2020 03/31/2020 02/28/2020 01/31/2020 12/31/2019 11/29/2019 10/31/2019 09/30/2019 08/30/2019 07/31/2019 06/28/2019 05/31/2019 04/30/2019 03/29/2019 02/28/2019 01/31/2019 12/31/2018 11/30/2018 10/31/2018 09/28/2018 08/31/2018 07/31/2018 06/29/2018 05/31/2018 04/30/2018 03/29/2018 02/28/2018 01/31/2018 12/29/2017 11/30/2017 10/31/2017 09/29/2017 08/31/2017 06/30/2017

• About
• Performance
• Discount
• Characteristics
• Asset Allocation
• Constituents
• Prices
• Disclosure

Index Performance

	Current($)	Previous Day(%)	1 Week(%)	1 Month(%)	3 Month(%)	6 Month(%)	1 Year(%)	3 Year(%)	5 Year(%)	MTD(%)	QTD(%)	YTD(%)
Price	959.57	3.00	1.73	-0.82	8.76	43.58	-18.49	-3.10	4.27	-0.43	6.26	-21.72
NAV	1,187.40	0.00	0.06	0.37	4.57	-5.73	-2.37	4.02	5.08	0.29	3.83	-4.77
Difference		-3.00	-1.67	1.19	-4.19	-49.31	16.12	7.12	0.82	0.72	-2.43	16.95
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00

2020 - Monthly Performance (%) Show Previous Years
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2020
Price	1.24	-10.69	-40.04	-45.79	25.48	9.23	-0.85	35.89	-26.33	1.11	5.55	-	-	-	-	-	-	-	-
NAV	0.12	0.30	1.14	1.57	-10.68	0.40	0.70	-9.70	-8.28	1.54	1.96	-	-	-	-	-	-	-	-
Difference	-1.12	11.00	41.18	47.36	-36.16	-8.83	1.55	-45.59	18.05	0.43	-3.59	-	-	-	-	-	-	-	-
2019 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2019
Price	14.99	2.20	-0.60	16.81	4.09	-3.47	2.66	3.15	20.48	1.93	-0.75	2.06	3.26	0.83	3.18	-0.05	3.99	7.37	29.37
NAV	-1.75	0.17	1.36	-0.24	1.70	0.31	1.19	3.23	2.98	0.46	0.28	1.09	1.84	0.34	0.32	1.33	2.00	3.87	6.97
Difference	-16.74	-2.02	1.97	-17.04	-2.39	3.79	-1.48	0.08	-17.50	-1.47	1.03	-0.97	-1.42	-0.49	-2.86	1.38	-1.99	-3.50	-22.40
2018 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2018
Price	-0.88	-4.86	1.60	-4.19	3.66	3.66	-0.80	6.59	2.13	5.12	1.72	-2.13	4.65	-4.20	0.78	-9.27	-12.39	-8.32	-6.36
NAV	0.45	0.16	0.45	1.07	0.76	0.28	1.18	2.23	3.32	1.04	0.79	0.91	2.77	0.94	0.27	1.31	2.54	5.38	8.88
Difference	1.33	5.02	-1.15	5.25	-2.90	-3.39	1.98	-4.36	1.19	-4.08	-0.93	3.05	-1.88	5.13	-0.51	10.58	14.93	13.70	15.24
2017 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2017
Price	2.05	3.08	1.77	7.07	1.42	-4.85	1.35	-2.19	4.72	1.59	-4.43	3.73	0.71	-1.35	-1.00	-1.75	-4.04	-3.37	1.20
NAV	0.02	0.24	0.95	1.21	0.59	0.30	1.34	2.25	3.48	0.36	0.27	1.29	1.94	-0.05	0.25	1.30	1.49	3.46	7.06
Difference	-2.04	-2.85	-0.82	-5.86	-0.83	5.15	-0.01	4.44	-1.24	-1.23	4.71	-2.43	1.23	1.29	1.24	3.05	5.53	6.82	5.86
2016 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2016
Price	-7.70	2.73	6.72	1.19	3.54	-1.21	3.19	5.55	6.80	6.55	5.20	-1.53	10.38	-1.34	3.97	1.68	4.29	15.12	22.95
NAV	0.95	0.27	-0.40	0.82	0.90	0.43	2.01	3.37	4.22	0.90	0.33	1.96	3.21	0.82	0.35	1.15	2.34	5.63	10.09
Difference	8.65	-2.46	-7.12	-0.37	-2.64	1.64	-1.18	-2.18	-2.58	-5.65	-4.87	3.48	-7.17	2.17	-3.62	-0.53	-1.95	-9.49	-12.87
2015 - Monthly Performance (%)
	Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	1H	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4	2H	2015
Price	-0.90	6.71	-1.63	4.02	2.18	-0.69	-3.19	-1.76	2.19	-0.85	-1.36	-7.58	-9.61	4.56	5.72	-5.51	4.45	-5.58	-3.52
NAV	0.88	0.21	1.51	2.62	1.16	0.35	0.84	2.37	5.06	1.01	0.33	-0.44	0.89	0.78	0.61	-3.32	-1.98	-1.10	3.90
Difference	1.78	-6.50	3.15	-1.40	-1.02	1.05	4.03	4.14	2.87	1.85	1.69	7.13	10.50	-3.79	-5.12	2.20	-6.43	4.48	7.42

Performance Chart

Discount

Characteristics

PORTFOLIO Weighted Average Data
Discount -18.05%	1Yr Disc -11.42%	3Yr Disc -4.09%	5Yr Disc -2.95%	Rel Disc Range (3yr) 54.75%
Mkt Yield 11.93%	Lev Adj NAV Yield 6.37%	After Tax Yield* 9.01%	Est Tax Friction* 2.92%	3Yr NAV Volatiliy 8.74
Variable Loans 86.7%	Last Q NAV Growth 1.94%	Leverage 49.50%	Non Lev Exp Ratio 3.42%	Beta (2yr) 1.40
Equity Exposure 7.60%	Bond Exposure 89.87%	# Holdings 33	NII Coverage 112.7%	Adj Core NII Coverage 111.3%
Comp NAV TR 4.95%	Comp Discount 7.49%	Net Assets (M) 1,228	Liquidity - 90d (K) 4,406	Non Accruals 2.46%
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Constituents

33 Funds

Ticker	Name	Sponsor	Allocation	Discount	Market Yield	RoC(1yr)	Leverage	Net Assets	Liquidity (90d)
AINV	Apollo Inv Corp	Apollo	2.67	-44.08	14.50	0.00	62.64	1,028	3,802
ARCC	Ares Capital Corp	Ares	2.79	-10.87	11.34	0.00	50.96	6,690	30,243
BBDC	Barings BDC	Barings	2.95	-21.21	7.94	0.00	53.36	491	832
BCSF	Bain Cap Splty Fin	BCSF Advisors	2.88	-31.75	12.60	0.00	59.09	1,021	2,156
BKCC	BR Cap Inv Corp	BlackRock	2.83	-47.31	15.69	0.00	48.10	340	940
CGBD	TCG BDC	Carlyle	3.32	-35.54	13.42	0.00	55.44	833	2,314
CSWC	Cap Southwest Corp	Capital Southwest	3.11	-1.81	13.90	0.00	53.55	278	1,089
FDUS	Fidus Investment Corp	Fidus	3.27	-34.44	11.89	0.00	48.90	376	1,357
FSK	FS KKR Capital Corp	FS/KKR	3.41	-31.28	14.94	0.00	56.47	2,892	10,390
FSKR	FS KKR Capital Corp. II	FS/KKR	3.20	-40.21	15.19	0.00	43.65	4,163	10,275
GAIN	Gladstone Inv Corp	Gladstone	2.65	-13.80	8.96	0.00	34.38	361	1,871
GBDC	Golub Capital BDC	Golub Capital	3.23	-6.19	8.80	0.00	45.74	2,350	6,370
GLAD	Gladstone Cap Corp	Gladstone	2.98	3.30	10.39	1.51	49.64	227	1,133
GSBD	Goldman Sachs BDC	Goldman Sachs	2.92	6.47	11.17	0.00	58.64	612	2,484
HRZN	Horizon Tech Fin Corp	Horizon Tech Fin	3.29	5.50	9.77	0.00	48.51	201	1,723
HTGC	Hercules Capital	Hercules	3.21	12.46	11.17	0.00	51.25	1,164	8,185
MAIN	Main Street Cap Corp	Main Street Capital	2.84	45.61	8.10	0.00	44.46	1,373	10,046
MRCC	Monroe Capital Corp	Monroe Capital	2.84	-33.37	14.47	0.00	62.70	221	737
NEWT	Newtek Biz Serv Corp	Newtek	3.06	21.07	12.24	0.00	50.20	332	3,185
NMFC	New Mountain Fin Corp	New Mountain Capital	3.00	-15.91	12.27	5.36	59.40	1,126	4,522
OCSL	Oaktree Splty Lending	Oaktree Capital	3.11	-20.03	8.62	0.00	46.19	858	2,175
ORCC	Owl Rock Capital Corp	Owl Rock	2.97	-14.39	9.98	0.00	36.80	5,586	13,243
OXSQ	Oxford Square Cap Corp	Oxford Lane	2.69	-27.40	16.34	4.75	36.41	176	624
PFLT	PennantPark Flt Rt Cap	PennantPark	3.02	-29.19	13.24	0.00	58.68	471	1,428
PNNT	PennantPark Inv Corp	PennantPark	2.73	-58.44	14.77	0.00	60.96	524	865
PSEC	Prospect Capital Corp	Prospect Capital	2.96	-37.41	14.06	0.00	40.33	3,084	7,062
SAR	Saratoga Inv Corp	Saratoga	3.20	-30.94	9.23	0.00	43.80	282	1,024
SCM	Stellus Cap Inv Corp	Stellus Capital	3.57	-33.96	11.35	0.00	58.52	260	1,036
SLRC	Solar Capital	Solar Capital	2.98	-18.80	10.04	0.80	26.36	850	2,039
TCPC	BR TCP Capital Corp	BlackRock	3.18	-16.46	11.76	0.55	56.36	705	3,028
TPVG	TP Vntr Gwth BDC Corp	TriplePoint Capital	3.28	-13.06	12.58	0.00	41.84	405	2,132
TSLX	Sixth St Splty Lending	Sixth St Splty Lending	3.05	6.90	9.54	0.00	43.22	1,087	7,227
WHF	WhiteHorse Finance	H.I.G. Capital	2.84	-32.17	14.33	0.00	44.73	300	734

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2019. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

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