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Business Development Corp of America

Filed: 13 May 21, 5:19pm



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 814-00821
BUSINESS DEVELOPMENT CORPORATION OF AMERICA
(Exact Name of Registrant as Specified in its Charter)

Maryland 27-2614444
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
   
9 West 57th Street, 49th Floor, Suite 4920
New York, New York
 10019
(Address of Principal Executive Office) (Zip Code)

(212) 588-6770
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act: None.
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $0.001 per share
(Title of Class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes o No x
    
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes x No o

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes o No o




    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o
Accelerated filer o
Non-accelerated filer x
Smaller reporting company o
Emerging growth company o

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

    Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of
the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.
7262(b)) by the registered public accounting firm that prepared or issued its audit report. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x
The number of shares of the registrant's common stock, $0.001 par value, outstanding as of May 10, 2021 was 199,247,698.



BUSINESS DEVELOPMENT CORPORATION OF AMERICA
FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2021

TABLE OF CONTENTS
 





PART I - FINANCIAL INFORMATION
Item 1. CONSOLIDATED FINANCIAL STATEMENTS
BUSINESS DEVELOPMENT CORPORATION OF AMERICA
 
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollars in thousands except share and per share data)
March 31,December 31,
 20212020
(Unaudited)
ASSETS 
Investments, at fair value:
Control Investments, at fair value (amortized cost of $493,149 and $198,405, respectively)$519,224 $232,605 
Affiliate Investments, at fair value (amortized cost of $197,136 and $254,478, respectively)153,027 189,259 
Non-affiliate Investments, at fair value (amortized cost of $1,697,226 and $2,261,118, respectively)1,667,406 2,201,652 
Investments, at fair value (amortized cost of $2,387,511 and $2,714,001, respectively)2,339,657 2,623,516 
Cash and cash equivalents60,103 53,182 
Interest and dividends receivable15,049 14,875 
Receivable for unsettled trades17,492 48,350 
Prepaid expenses and other assets3,050 2,675 
Total assets$2,435,351 $2,742,598 
LIABILITIES 
Debt (net of deferred financing costs of $11,761 and $13,098, respectively)$886,726 $1,104,723 
Stockholder distributions payable15,286 15,494 
Management fees payable9,611 9,558 
Incentive fee on income payable6,955 6,223 
Accounts payable and accrued expenses10,601 8,343 
Payable for unsettled trades65,509 192,008 
Interest and debt fees payable7,661 5,931 
Directors' fees payable60 86 
Unrealized depreciation on forward currency exchange contracts185 477 
Total liabilities1,002,594 1,342,843 
Commitments and contingencies (Note 7)
NET ASSETS
Preferred stock, $.001 par value, 50,000,000 shares authorized, none issued and outstanding— — 
Common stock, $.001 par value, 450,000,000 shares authorized;
229,947,803 issued and 199,247,868 outstanding at March 31, 2021,
and 229,288,951 issued and 201,390,728 outstanding at December 31, 2020
199 201 
Additional paid in capital1,893,898 1,908,116 
Total distributable loss(461,340)(508,562)
Total net assets1,432,757 1,399,755 
Total liabilities and net assets$2,435,351 $2,742,598 
Net asset value per share$7.19 $6.95 
The accompanying notes are an integral part of these consolidated financial statements.
4


BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands except share and per share data)
(Unaudited)
 For the three months ended March 31,
 20212020
Investment income:
From control investments
Interest income$3,480 $6,048 
Dividend income13,833 3,418 
Fee and other income35 
Total investment income from control investments17,348 9,469 
From affiliate investments
Interest income3,180 948 
Dividend income878 409 
Total investment income from affiliate investments4,058 1,357 
From non-affiliate investments
Interest income34,058 41,175 
Dividend income— 40 
Fee and other income969 1,066 
Total investment income from non-affiliate investments35,027 42,281 
Interest from cash and cash equivalents174 
Total investment income56,434 53,281 
Operating expenses:  
Management fees9,574 9,877 
Incentive fee on income6,655 — 
Interest and debt fees9,600 13,780 
Professional fees1,279 1,411 
Other general and administrative1,601 1,586 
Administrative services181 334 
Directors' fees226 261 
Total expenses29,116 27,249 
Income tax expense, including excise tax700 474 
Net investment income26,618 25,558 
Realized and unrealized gain (loss):
Net realized gain (loss)
   Control investments(500)
   Affiliate investments(307)189 
   Non-affiliate investments(443)(13,342)
   Net realized loss on foreign currency transactions(528)(332)
Net realized loss on extinguishment of debt(1,286)— 
Total net realized loss(2,563)(13,985)
Net change in unrealized appreciation (depreciation) on investments
   Control investments(8,125)(17,605)
   Affiliate investments21,111 (28,639)
   Non-affiliate investments29,645 (161,453)
Net change in deferred taxes— 714 
The accompanying notes are an integral part of these consolidated financial statements.
5

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands except share and per share data)
(Unaudited)
 For the three months ended March 31,
 20212020
Total net change in unrealized appreciation (depreciation) on investments, net of change in deferred taxes42,631 (206,983)
Net change in unrealized appreciation from forward currency exchange contracts293 1,691 
Net realized and unrealized gain (loss)40,361 (219,277)
Net increase (decrease) in net assets resulting from operations$66,979 $(193,719)
Per share information - basic and diluted
Net investment income$0.13 $0.13 
Net increase (decrease) in net assets resulting from operations$0.33 $(1.02)
Weighted average shares outstanding200,340,731 190,106,420 


The accompanying notes are an integral part of these consolidated financial statements.
6


BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(dollars in thousands except share and per share data)
(Unaudited)

 For the three months ended March 31,
20212020
Operations: 
Net investment income$26,618 $25,558 
Net realized loss from investments(749)(13,653)
Net realized loss on foreign currency transactions(528)(332)
Net realized loss on extinguishment of debt(1,286)— 
Net change in unrealized appreciation (depreciation) on investments42,631 (207,697)
Net change in deferred taxes— 714 
Net change in unrealized appreciation from forward currency exchange contracts293 1,691 
Net increase (decrease) in net assets resulting from operations66,979 (193,719)
Stockholder distributions: 
Distributions(19,757)(30,727)
Net decrease in net assets from stockholder distributions(19,757)(30,727)
Capital share transactions: 
Issuance of common stock, net of issuance costs— 55,000 
Reinvestment of stockholder distributions4,579 8,113 
Repurchases of common stock(18,799)(16,541)
Net increase (decrease) in net assets from capital share transactions(14,220)46,572 
Total increase (decrease) in net assets33,002 (177,874)
Net assets at beginning of period1,399,755 1,462,683 
Net assets at end of period$1,432,757 $1,284,809 
Net asset value per common share$7.19 $6.47 
Common shares outstanding at end of period199,247,868 198,651,991 

The accompanying notes are an integral part of these consolidated financial statements.
7

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)
 For the three months ended March 31,
20212020
Operating activities: 
Net increase (decrease) in net assets resulting from operations$66,979 $(193,719)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Payment-in-kind interest income(1,264)(1,836)
Net accretion of discount on investments(2,578)(1,446)
Amortization of deferred financing costs809 934 
Amortization of discount on unsecured notes122 195 
Sales and repayments of investments206,284 250,846 
Purchases of investments(221,050)(301,533)
Net realized loss from investments749 13,653 
Net realized loss on foreign currency transactions528 332 
Net realized loss on extinguishment of debt1,286 — 
Net change in unrealized (appreciation) depreciation on investments(42,631)207,697 
Net change in unrealized (appreciation) from forward currency exchange contracts(293)(1,691)
(Increase) decrease in operating assets:
Interest and dividends receivable(174)(835)
Receivable for unsettled trades30,858 3,651 
Prepaid expenses and other assets(375)793 
Increase (decrease) in operating liabilities:
Management fees payable53 781 
Incentive fee on income payable732 (6,099)
 Accounts payable and accrued expenses1,996 1,737 
Payable for unsettled trades(126,499)10,868 
Interest and debt fees payable1,730 1,361 
Directors' fees payable(26)29 
Net cash provided by (used in) operating activities(82,764)(14,282)
Financing activities: 
Repurchases of common stock(18,799)(16,541)
Proceeds from debt497,994 197,000 
Payments on debt(373,100)(27,000)
Payments of financing costs(496)— 
Stockholder distributions(15,386)(22,704)
Net cash provided by (used in) financing activities90,213 130,755 
Net increase in cash and cash equivalents7,449 116,473 
Effect of foreign currency exchange rates(528)(332)
Cash and cash equivalents, beginning of period53,182 46,470 
Cash and cash equivalents, end of period$60,103 $162,611 
Supplemental information: 
Interest paid during the period$5,463 $11,232 
Taxes, including excise tax, paid during the period$700 $— 
The accompanying notes are an integral part of these consolidated financial statements.
8

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)
 For the three months ended March 31,
20212020
Distributions reinvested$4,579 $8,113 
Assets and liabilities exchanged for interest in BDCA Senior Loan Fund, LLC (Note 3)$262,544 $— 
The accompanying notes are an integral part of these consolidated financial statements.
9

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Senior Secured First Lien Debt - 103.5% (b)
1236904 BC, Ltd. (c) (h)Software/ServicesL+7.50% (8.50%), 3/4/2027$10,318 $10,116 $10,117 0.7 %
1236904 BC, Ltd. (c) (h) (i)Software/ServicesL+5.50% (5.61%), 3/4/202718,781 18,135 18,781 1.3 %
Abaco Systems Holding Corp. (c) (h) (i)IndustrialsL+6.00% (7.00%), 12/7/202122,913 22,849 22,913 1.6 %
Abercrombie & Fitch, Co. (a)Consumer8.75%, 7/15/20253,182 3,182 3,516 0.2 %
Acrisure, LLC (h) (i)FinancialsL+3.50% (3.70%), 2/16/202719,622 19,535 19,360 1.4 %
Alchemy US Holdco 1, LLC (c) (h) (i)IndustrialsL+5.50% (5.61%), 10/10/20253,690 3,659 3,561 0.2 %
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (a)Transportation5.50%, 4/20/20267,895 7,895 8,216 0.6 %
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (a)Transportation5.75%, 4/20/20297,895 7,895 8,394 0.6 %
Anchor Glass Container Corp. (c) (j)Paper & PackagingL+5.00% (6.00%), 12/7/20239,576 9,576 8,499 0.6 %
Aq Carver Buyer, Inc. (c) (h) (i)Business ServicesL+5.00% (6.00%), 9/23/202512,954 12,377 12,954 0.9 %
Arch Global Precision, LLC (c) (h) (i)IndustrialsL+4.75% (4.86%), 4/1/202611,764 11,701 11,764 0.8 %
Arctic Holdco, LLC (c)Paper & PackagingL+6.00% (7.00%), 12/23/2026842 833 822 0.1 %
Arctic Holdco, LLC (c) (i)Paper & PackagingL+6.00% (7.00%), 12/23/202616,451 16,040 16,056 1.1 %
Aveanna Healthcare, LLC (h)HealthcareL+4.25% (5.25%), 3/18/2024774 748 770 0.1 %
Aveanna Healthcare, LLC (h) (i)HealthcareL+5.50% (6.50%), 3/18/20248,089 7,940 8,069 0.6 %
Axiom Global, Inc. (c) (i)Business ServicesL+4.75% (5.50%), 10/1/202616,226 16,094 16,226 1.1 %
BBB Industries, LLC (h)TransportationL+4.50% (4.61%), 8/1/202512,955 12,885 12,767 0.9 %
Bearcat Buyer, Inc. (c) (i)HealthcareL+4.25% (5.25%), 7/9/2026152 152 152 0.0 %
Bearcat Buyer, Inc. (c) (i)HealthcareL+4.25% (5.25%), 7/9/2026732 732 730 0.1 %
Beasley Mezzanine Holdings, LLCBroadcasting8.63%, 2/1/20262,174 2,174 2,185 0.2 %
Black Mountain Sand, LLC (c)EnergyL+9.00% (10.50%), 6/28/202422,108 21,984 22,108 1.5 %
Capstone Logistics (h)TransportationL+4.75% (5.75%), 11/12/202716,406 16,251 16,396 1.1 %
CareCentrix, Inc. (i)HealthcareL+4.50% (4.70%), 4/3/20257,969 7,948 7,260 0.5 %
CCW, LLC (c) (h) (i) (t)Food & BeverageL+8.00% (9.00%), 12/31/202128,461 25,612 16,195 1.1 %
CDHA Holdings, LLC (c) (h) (i) (j)HealthcareL+7.25% (8.25%) 1.00% PIK, 8/24/202316,041 15,926 15,873 1.1 %
CDS U.S. Intermediate Holdings, Inc. (a) (c) (h) (i) (p)Media/EntertainmentL+6.00% (7.00%), 11/24/20253,168 3,094 3,168 0.2 %
CHA Holdings, Inc. (c) (i)Business ServicesL+4.50% (5.50%), 4/10/2025524 492 524 0.0 %
Chloe Ox Parent, LLC (c) (i)HealthcareL+4.50% (5.50%), 12/23/202411,332 11,270 11,332 0.8 %
Chloe Ox Parent, LLC (c) (i)HealthcareL+5.25% (6.25%), 12/23/202422,479 21,847 22,479 1.6 %
CLP Health Services, Inc. (i)HealthcareL+4.25% (5.00%), 12/31/202613,013 12,847 13,056 0.9 %
The accompanying notes are an integral part of these consolidated financial statements.
10

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Cobblestone Intermediate Holdco, LLC (c) (i)ConsumerL+5.50% (6.50%), 1/29/2026$5,264 $5,160 $5,160 0.4 %
Cold Spring Brewing, Co. (c) (h) (i)Food & BeverageL+4.75% (5.75%), 12/19/20258,412 8,345 8,412 0.6 %
CommerceHub, Inc. (i)TechnologyL+4.00% (4.75%), 12/29/20277,697 7,660 7,702 0.5 %
Community Care Health Network, LLC (h)HealthcareL+4.50% (4.61%), 2/17/20251,678 1,621 1,681 0.1 %
Corfin Industries, LLC (c) (h) (i)IndustrialsL+6.00% (7.00%), 2/5/202612,174 11,977 12,174 0.8 %
Cornerstone Chemical, Co.Chemicals6.75%, 8/15/20244,850 4,621 4,628 0.3 %
CRS-SPV, Inc. (c) (j) (o) (w)IndustrialsL+4.50% (5.50%), 3/8/202262 62 62 0.0 %
Drilling Info Holdings, Inc. (c) (i)Business ServicesL+4.25% (4.36%), 7/30/20257,079 6,846 7,079 0.5 %
Dynagrid Holdings, LLC (c)UtilitiesL+6.00% (7.00%), 12/18/2025113 113 111 0.0 %
Dynagrid Holdings, LLC (c) (i)UtilitiesL+6.00% (7.00%), 12/18/202514,445 14,169 14,172 1.0 %
Dynasty Acqusition Co., Inc. (i)IndustrialsL+3.50% (3.70%), 4/6/2026344 344 333 0.0 %
Dynasty Acqusition Co., Inc. (i)IndustrialsL+3.50% (3.70%), 4/6/2026185 185 179 0.0 %
Enviva Holdings, LP (a) (c) (i)UtilitiesL+5.50% (6.50%), 2/17/20269,828 9,731 9,730 0.7 %
Florida Food Products, LLC (c) (h)Food & BeverageL+6.50% (7.50%), 9/6/202521,834 21,489 21,834 1.5 %
Florida Food Products, LLC (c) (i)Food & BeverageL+7.25% (8.25%), 9/8/20251,321 1,248 1,321 0.1 %
Florida Food Products, LLC (c) (j)Food & BeverageL+6.50% (7.50%), 9/6/2023461 461 461 0.0 %
Foresight Energy Operating, LLC (c) (p)EnergyL+8.00% (9.50%), 6/30/20271,323 1,323 1,351 0.1 %
Frontier Communications Corp.Telecom5.00%, 5/1/20281,240 1,240 1,264 0.1 %
Frontier Communications Corp. (h)TelecomL+4.75% (5.75%), 10/8/202718,988 18,871 18,909 1.3 %
Gold Standard Baking, Inc. (c)Food & BeverageL+6.50% (7.50%) 2.00% PIK, 7/25/20223,147 2,750 1,259 0.1 %
Gordian Medical, Inc. (i)HealthcareL+6.25% (7.00%), 1/31/202710,447 10,134 10,290 0.7 %
Green Energy Partners/Stonewall, LLCUtilitiesL+5.50% (6.50%), 11/15/2021987 987 919 0.1 %
Green Energy Partners/Stonewall, LLCUtilitiesL+5.50% (6.50%), 11/15/20211,307 1,306 1,218 0.1 %
Health Plan One, Inc. (c) (j)FinancialsL+7.50% (8.50%), 7/15/202510,695 10,236 10,695 0.7 %
Higginbotham Insurance Agency, Inc. (c) (h)FinancialsL+5.75% (6.50%), 11/25/202611,579 11,415 11,415 0.8 %
HireRight, Inc. (i)Business ServicesL+3.75% (3.86%), 7/11/20252,878 2,861 2,831 0.2 %
Hospice Care Buyer, Inc. (c)HealthcareL+6.50% (7.50%), 12/9/2026278 278 270 0.0 %
Hospice Care Buyer, Inc. (c) (h)HealthcareL+6.50% (7.50%), 12/9/202621,876 21,219 21,253 1.5 %
Hospice Care Buyer, Inc. (c) (h)HealthcareL+6.50% (7.50%), 12/9/20266,423 6,235 6,235 0.4 %
Hospice Care Buyer, Inc. (c)HealthcareL+6.50% (7.50%), 12/9/20262,220 2,220 2,157 0.2 %
Houghton Mifflin Harcourt Publishers, Inc. (a) (i)EducationL+6.25% (7.25%), 11/22/20241,438 1,427 1,432 0.1 %
The accompanying notes are an integral part of these consolidated financial statements.
11

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
ICR Operations, LLC (c) (h) (i)Business ServicesL+5.00% (6.00%), 3/26/2025$17,101 $16,901 $17,101 1.2 %
ICR Operations, LLC (c) (i)Business ServicesL+5.00% (6.00%), 3/26/20256,633 6,481 6,633 0.5 %
Ideal Tridon Holdings, Inc. (c)IndustrialsL+5.75% (6.75%), 7/31/202446 45 46 0.0 %
Ideal Tridon Holdings, Inc. (c) (h) (i)IndustrialsL+5.75% (6.75%), 7/31/2024826 816 826 0.1 %
Ideal Tridon Holdings, Inc. (c) (h) (i)IndustrialsL+5.75% (6.75%), 7/31/202426,837 26,633 26,837 1.9 %
Ideal Tridon Holdings, Inc. (c) (j)IndustrialsL+5.75% (6.75%), 7/31/2023442 442 442 0.0 %
Integral Ad Science, Inc. (c) (j)Software/ServicesL+6.00% (7.00%), 7/19/202415,515 15,346 15,515 1.1 %
Integrated Efficiency Solutions, Inc. (c) (w)IndustrialsL+2.50% (3.50%) 1.50% PIK, 6/30/20223,867 3,866 2,832 0.2 %
Integrated Global Services, Inc. (c) (i)IndustrialsL+6.00% (7.00%), 2/4/202611,414 11,230 10,955 0.8 %
Integrated Global Services, Inc. (c) (j)IndustrialsL+6.00% (7.00%), 2/4/20261,622 1,622 1,556 0.1 %
Intelsat Jackson Holdings, SA (a)TelecomP+4.75% (8.00%), 11/27/20231,124 1,121 1,141 0.1 %
Intelsat Jackson Holdings, SA (a)Telecom8.63%, 1/2/20242,367 2,374 2,412 0.2 %
Internap Corp. (c) (h) (p)Business ServicesL+6.50% (7.50%) 5.50% PIK, 5/8/20256,039 6,039 5,253 0.4 %
International Cruise & Excursions, Inc. (c) (i)Business ServicesL+5.25% (6.25%), 6/6/20254,938 4,906 4,380 0.3 %
Jakks Pacific, Inc. (c) (p)Consumer10.50%, 2.50% PIK, 2/9/202318,515 17,562 18,515 1.3 %
K2 Intelligence Holdings, Inc. (c) (h) (i)Business ServicesL+4.75% (5.75%), 9/23/202410,251 10,109 10,098 0.7 %
Kahala Ireland OpCo Designated Activity Company (a) (c) (j) (o)TransportationL+8.00% (13.00%), 12/22/202813,549 13,549 13,549 0.9 %
Kaman Distribution Corp. (c) (h) (i)IndustrialsL+5.00% (5.20%), 8/26/202621,229 19,746 21,229 1.5 %
KidKraft, Inc. (c) (w)ConsumerL+5.00%, (6.00%) PIK, 8/15/20221,060 218 827 0.1 %
KMTEX, LLC (c) (g) (o)ChemicalsP+3.00% (6.25%) PIK, 6/16/2025477 477 477 0.0 %
KMTEX, LLC (c) (g) (o)ChemicalsP+3.00% (6.25%) PIK, 6/16/2025842 842 611 0.0 %
KMTEX, LLC (c) (o)ChemicalsP+3.00% (6.25%) PIK, 6/16/20253,280 3,280 2,381 0.2 %
Labrie Environmental Group, LLC (a) (c) (h)IndustrialsL+5.50% (6.50%), 9/1/202622,752 22,341 22,752 1.6 %
Lakeland Tours, LLC (c) (h)EducationL+7.50% (8.75%) 6.00% PIK, 9/25/20253,412 3,395 3,412 0.2 %
Lakeland Tours, LLC (c) (h)EducationL+7.50% (8.75%) 6.00% PIK, 9/25/20254,135 3,699 3,639 0.3 %
Lakeland Tours, LLC (c) (h)EducationL+12.00% (13.25%) 6.00% PIK, 9/25/20231,806 1,806 1,806 0.1 %
Lakeland Tours, LLC (c) (h)Education13.25% PIK, 9/27/20274,375 2,475 2,187 0.2 %
Lakeview Health Holdings, Inc. (c) (t) (w)Healthcare9.75% PIK, 12/15/2021146 124 36 0.0 %
Lakeview Health Holdings, Inc. (c) (t) (w)Healthcare9.75% PIK, 12/15/20214,235 2,672 1,058 0.1 %
LightSquared, LPTelecom15.50%, 11/1/20231,540 1,540 1,548 0.1 %
Liquid Tech Solutions Holdings, LLC (h)IndustrialsL+4.75% (5.50%), 3/20/202810,267 10,216 10,216 0.7 %
The accompanying notes are an integral part of these consolidated financial statements.
12

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Manna Pro Products, LLC (c) (i)ConsumerL+6.00% (7.00%), 12/10/2026$24,597 $24,020 $24,014 1.7 %
McDonald Worley, P.C. (c)Business Services21.00% PIK, 12/31/202410,047 10,047 10,047 0.7 %
MCS Acquisition Corp. (c)Business ServicesL+6.00% (7.00%), 10/2/2025786 786 786 0.1 %
Medical Depot Holdings, Inc. (h) (i)HealthcareL+9.50% (10.50%) 4.00% PIK, 1/3/202319,332 18,820 17,705 1.2 %
MGTF Radio Company, LLC (c) (j) (o)Media/EntertainmentL+6.00% (7.00%), 4/1/202454,771 54,675 43,105 3.0 %
Midwest Can Company, LLC (c) (h) (i)Paper & PackagingL+6.00% (7.00%), 3/2/202629,907 29,390 29,907 2.1 %
Midwest Can Company, LLC (c) (j)Paper & PackagingL+6.00% (7.00%), 3/2/20261,413 1,413 1,413 0.1 %
Miller Environmental Group, Inc. (c) (h) (i)Business ServicesL+6.50% (7.50%), 3/15/202411,434 11,299 11,434 0.8 %
Miller Environmental Group, Inc. (c) (h) (i)Business ServicesL+6.50% (7.50%), 3/15/202410,457 10,310 10,457 0.7 %
Ministry Brands, LLC (c) (i)Software/ServicesL+4.00% (5.00%), 12/2/20225,655 5,609 5,655 0.4 %
Mintz Group, LLC (c) (i)Business ServicesL+4.75% (5.75%), 3/18/20264,215 4,180 4,215 0.3 %
Monitronics International, Inc. (j)Business ServicesL+6.50% (7.75%), 3/29/20245,551 5,557 5,393 0.4 %
MSG National Properties, LLC (a) (c) (h)Media/EntertainmentL+6.25% (7.00%), 11/12/202512,280 11,939 12,280 0.9 %
Muth Mirror Systems, LLC (c) (h) (i)TechnologyL+5.25% (6.25%), 4/23/202515,379 15,171 14,253 1.0 %
New Amsterdam Software Bidco, LLC (c) (h) (i)TechnologyL+5.00% (6.00%), 5/1/20266,057 5,969 6,057 0.4 %
New Star Metals, Inc. (c) (h) (i)IndustrialsL+6.00% (7.50%), 7/10/202321,803 21,450 21,803 1.5 %
Norvax, LLC (c) (j)Business ServicesL+6.50% (7.50%), 9/12/202511,345 11,124 11,345 0.8 %
NTM Acquisition Corp. (c) (h) (i)Media/EntertainmentL+7.25% (8.25%) 1.00% PIK, 6/7/202422,016 21,951 19,814 1.4 %
Olaplex, Inc. (c) (h) (i)ConsumerL+6.50% (7.50%), 1/8/202617,121 16,849 17,121 1.2 %
ORG GC Holdings, LLC (c) (h) (t)Business ServicesL+6.75% (7.75%), 7/31/202221,624 21,457 14,306 1.0 %
Pilot Air Freight, LLC (c) (i)TransportationL+4.75% (5.75%), 7/25/20247,933 7,814 7,814 0.5 %
Planet Equity Group, LLC (c) (h)Business ServicesP+5.25% (6.25%), 11/18/20251,087 1,069 1,087 0.1 %
Planet Equity Group, LLC (c) (h)Business ServicesL+5.25% (6.25%), 11/18/202514,754 14,583 14,754 1.0 %
Planet Equity Group, LLC (c) (j)Business ServicesL+4.25% (7.50%), 11/18/2024581 581 581 0.0 %
PlayPower, Inc. (c) (h) (i)IndustrialsL+5.50% (5.70%), 5/8/202625,284 25,006 25,056 1.7 %
Premier Dental Services, Inc. (h) (i)HealthcareL+5.25% (6.25%), 6/30/202331,939 31,814 31,061 2.2 %
Premier Global Services, Inc. (c)TelecomL+6.50% (7.50%), 6/8/20236,066 5,926 2,960 0.2 %
Prototek, LLC (c)IndustrialsL+5.75% (6.75%), 10/20/2026903 903 884 0.1 %
Prototek, LLC (c) (h)IndustrialsL+5.75% (6.75%), 10/20/202611,257 11,022 11,022 0.8 %
PSKW, LLC (c) (h) (i)HealthcareL+6.25% (7.25%), 3/9/202629,700 29,089 29,700 2.1 %
The accompanying notes are an integral part of these consolidated financial statements.
13

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
PT Network, LLC (c) (h)HealthcareL+7.50% (8.50%) 2.00% PIK, 11/30/2023$17,044 $16,994 $15,919 1.1 %
Questex, Inc. (c) (h) (i)Media/EntertainmentL+5.75% (6.75%), 9/9/202415,786 15,606 14,492 1.0 %
Questex, Inc. (c) (j)Media/EntertainmentL+5.75% (6.75%), 9/9/20241,895 1,895 1,738 0.1 %
RE Investment Company, LLC (c)IndustrialsL+8.00% (9.00%), 9/25/20255,652 5,652 5,526 0.4 %
RE Investment Company, LLC (c) (h)IndustrialsL+8.00% (9.00%), 9/25/202513,564 13,260 13,261 0.9 %
Red River Technology, LLC (c) (h) (i)Business ServicesL+5.00% (6.00%), 8/30/202423,372 23,130 23,372 1.6 %
Reddy Ice Corp. (c) (h) (i)Food & BeverageL+6.50% (7.50%), 7/1/202519,294 18,885 18,918 1.3 %
Reddy Ice Corp. (c) (j)Food & BeverageL+6.50% (7.50%), 7/1/20251,817 1,802 1,782 0.1 %
Refresh Parent Holdings, Inc. (c)HealthcareL+6.50% (7.50%), 12/9/20261,710 1,710 1,667 0.1 %
Refresh Parent Holdings, Inc. (c) (h)HealthcareL+6.50% (7.50%), 12/9/20269,559 9,328 9,318 0.7 %
REP TEC Intermediate Holdings, Inc. (c)Software/ServicesL+6.50% (7.50%), 6/19/2025494 494 494 0.0 %
REP TEC Intermediate Holdings, Inc. (c) (h)Software/ServicesL+6.50% (7.50%), 6/19/20251,540 1,525 1,525 0.1 %
REP TEC Intermediate Holdings, Inc. (c) (h) (i)Software/ServicesL+6.50% (7.50%), 6/19/20256,962 6,786 6,962 0.5 %
Resco Products, Inc. (c)IndustrialsL+7.00% (9.00%) 2.00% PIK, 6/5/20229,550 9,550 8,786 0.6 %
RXB Holdings, Inc. (h)HealthcareL+5.25% (6.00%), 12/20/20278,075 7,919 8,034 0.6 %
SCIH Salt Holdings, Inc. (c)IndustrialsL+4.00% (5.00%), 3/17/2025— — — — %
SCIH Salt Holdings, Inc. (h) (i)IndustrialsL+4.50% (5.50%), 3/16/202724,788 24,574 24,788 1.7 %
SFR Group, SA (a) (i)TelecomL+4.00% (4.20%), 8/14/20267,879 7,828 7,852 0.5 %
SitusAMC Holdings Corp. (c) (h) (i)FinancialsL+4.75% (5.75%), 6/30/20258,370 8,281 8,320 0.6 %
SitusAMC Holdings Corp. (c) (h) (i)FinancialsL+4.75% (5.75%), 6/28/20254,729 4,677 4,701 0.3 %
SitusAMC Holdings Corp. (c) (j)FinancialsL+4.75% (5.75%), 6/30/2025752 743 747 0.1 %
Skillsoft Corp.TechnologyL+7.50% (8.50%), 12/27/2024725 687 741 0.1 %
Skillsoft Corp. (c)TechnologyL+7.50% (8.50%), 12/27/2024638 608 638 0.0 %
Skillsoft Corp. (h)TechnologyL+7.50% (8.50%), 4/28/202512,918 12,857 12,864 0.9 %
St. Croix Hospice Acquisition Corp. (c) (i)HealthcareL+6.25% (7.25%), 10/30/202625,874 25,393 25,393 1.8 %
Striper Buyer, LLC (c) (h)Paper & PackagingL+5.50% (6.25%), 12/30/202612,487 12,364 12,363 0.9 %
Subsea Global Solutions, LLC (c) (i)Business ServicesL+7.00% (8.00%), 3/29/20234,744 4,689 4,744 0.3 %
Subsea Global Solutions, LLC (c) (i)Business ServicesL+7.00% (8.00%), 3/29/20237,980 7,916 7,980 0.6 %
Subsea Global Solutions, LLC (c) (j)Business ServicesL+7.00% (8.00%), 3/29/2023289 289 289 0.0 %
The accompanying notes are an integral part of these consolidated financial statements.
14

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Tax Defense Network, LLC (c) (p) (t)ConsumerL+6.00% (10.00%) PIK, 9/30/2021$6,152 $3,833 $431 0.0 %
Tax Defense Network, LLC (c) (p) (t)Consumer10.00% PIK, 9/30/20213,397 2,986 3,397 0.2 %
Tax Defense Network, LLC (c) (p) (t)ConsumerL+6.00% (10.00%) PIK, 9/30/202134,658 21,646 2,426 0.2 %
Tillamook Country Smoker, LLC (c) (h)Food & BeverageL+7.75% (8.75%), 5/19/20229,783 9,750 9,497 0.7 %
Tillamook Country Smoker, LLC (c) (j)Food & BeverageL+7.75% (8.75%), 5/19/20222,561 2,561 2,486 0.2 %
Trademark Global, LLC (c) (j) (w)ConsumerL+5.50% (6.50%), 10/31/20221,947 1,947 1,947 0.1 %
Travelport Finance (Luxembourg) S.A R. L. (a) (h)Business ServicesL+8.00% (9.00%) 6.50% PIK, 2/28/20256,776 6,725 6,892 0.5 %
Trilogy International Partners, LLC (a)Telecom8.88%, 5/1/202214,875 14,856 14,467 1.0 %
Trilogy International Partners, LLC (a) (c) (h)Telecom10.00%, 5/1/20226,298 6,091 6,172 0.4 %
University of St. Augustine Acquisition Corp. (c) (h) (i)EducationL+4.25% (5.25%), 2/2/202623,701 23,292 23,701 1.7 %
Urban One, Inc.Media/Entertainment7.38%, 2/1/202813,061 13,061 13,522 0.9 %
Veritext Corp. (h) (i)Business ServicesL+3.50% (3.61%), 8/1/20253,532 3,532 3,483 0.2 %
Vertex Aerospace Services Corp. (h) (i)IndustrialsL+4.00% (4.11%), 6/29/202710,169 10,139 10,163 0.7 %
WMK, LLC (c)Business ServicesL+7.50% (8.50%), 9/5/2025356 353 356 0.0 %
WMK, LLC (c) (h) (i)Business ServicesL+7.50% (8.50%), 9/5/202519,082 18,841 19,082 1.3 %
WMK, LLC (c) (j)Business ServicesL+7.50% (8.50%), 9/5/20252,582 2,572 2,582 0.2 %
WMK, LLC (c) (j)Business ServicesL+7.50% (8.50%), 9/5/20242,184 2,184 2,184 0.2 %
Subtotal Senior Secured First Lien Debt$1,539,830 $1,483,081 103.5 %
Senior Secured Second Lien Debt - 17.5% (b)
Accentcare, Inc. (c) (h)HealthcareL+8.75% (9.50%), 6/21/2027$30,152 $29,510 $30,152 2.1 %
Anchor Glass Container Corp. (c) (j)Paper & PackagingL+7.75% (8.75%), 12/6/20246,667 6,615 2,553 0.2 %
Aruba Investments Holdings, LLC (c) (i)ChemicalsL+7.75% (8.50%), 11/24/20283,759 3,705 3,759 0.3 %
Astro AB Merger Sub, Inc. (a) (c) (h)FinancialsL+8.00% (9.00%), 4/30/20259,638 9,604 9,638 0.7 %
Asurion, LLC (h)Business ServicesL+5.25% (5.36%), 1/31/202815,632 15,632 15,906 1.1 %
Avatar Purchaser, Inc. (c)Software/ServicesL+7.50% (8.50%), 11/17/20251,716 1,686 1,716 0.1 %
Aveanna Healthcare, LLC (h)HealthcareL+8.00% (9.00%), 3/17/20255,883 5,839 5,865 0.4 %
Barracuda Networks, Inc. (h)Software/ServicesL+6.75% (7.50%), 10/30/20284,698 4,653 4,774 0.3 %
BrandMuscle Holdings, Inc. (c) (j)Business ServicesL+8.50% (9.50%), 6/1/202224,500 24,411 24,500 1.7 %
Carlisle FoodService Products, Inc. (c) (h)ConsumerL+7.75% (8.75%), 3/20/202610,719 10,586 10,001 0.7 %
CDS U.S. Intermediate Holdings, Inc. (a) (c) (p)Media/EntertainmentL+8.00% (9.00%) 7.00% PIK, 11/24/20271,629 1,369 1,515 0.1 %
The accompanying notes are an integral part of these consolidated financial statements.
15

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
CommerceHub, Inc. (c) (h)TechnologyL+7.00% (7.75%), 12/29/2028$12,360 $12,300 $12,391 0.9 %
Dentalcorp Perfect Smile, ULC (a) (c) (j)HealthcareL+7.50% (8.50%), 6/8/202610,139 10,072 10,139 0.7 %
HAH Group Holding Company, LLC (c) (h)HealthcareL+8.50% (9.50%), 10/30/202812,445 12,150 12,445 0.9 %
Hyland Software, Inc. (c) (h)TechnologyL+7.00% (7.75%), 7/7/20257,575 7,589 7,619 0.5 %
MLN US Holdco, LLC (a) (c) (h) (i)TechnologyL+8.75% (8.85%), 11/30/20263,000 2,957 1,941 0.1 %
PetVet Care Centers, LLC (h)HealthcareL+6.25% (6.36%), 2/13/20263,539 3,528 3,532 0.3 %
Project Boost Purchaser, LLC (c) (j)Business ServicesL+8.00% (8.11%), 5/31/20271,848 1,848 1,835 0.1 %
QuickBase, Inc. (c)TechnologyL+8.00% (8.11%), 4/2/20277,484 7,372 7,476 0.5 %
RealPage, Inc. (a) (i)Software/ServicesL+6.50% (7.25%), 2/18/202913,647 13,442 13,988 1.0 %
Recess Holdings, Inc. (c) (h)IndustrialsL+7.75% (8.75%), 9/29/202516,134 15,976 15,618 1.1 %
Renaissance Holding Corp. (h)Software/ServicesL+7.00% (7.11%), 5/29/202611,029 10,900 10,985 0.8 %
River Cree Enterprises, LP (a) (c) (m)Gaming/Lodging10.00%, 5/17/2025CAD21,275 16,468 14,429 1.0 %
SSH Group Holdings, Inc. (c) (h)EducationL+8.25% (8.45%), 7/30/202610,122 10,054 9,717 0.7 %
TIBCO Software, Inc. (j)TechnologyL+7.25% (7.36%), 3/3/202813,020 12,963 13,146 0.9 %
Travelpro Products, Inc. (a) (c) (m) (w)Consumer13.00%, 2.00% PIK, 11/21/2022CAD3,049 2,349 1,875 0.1 %
Travelpro Products, Inc. (a) (c) (w)Consumer14.50%, 11.25% PIK, 11/21/20222,635 2,635 2,036 0.1 %
Vantage Mobility International, LLC (c) (p) (t) (w)TransportationL+6.00% (7.00%) PIK, 9/9/20213,399 2,914 960 0.1 %
Subtotal Senior Secured Second Lien Debt$259,127 $250,511 17.5 %
Subordinated Debt - 6.0% (b)
Del Real, LLC (c) (t) (w)Food & Beverage14.50%, 2.00% PIK, 4/1/2023$3,775 $3,131 $3,186 0.2 %
Gdb Debt Recovery Authority Of Commonwealth Puerto Rico (a)Financials7.50%, 8/20/204013,004 9,712 10,902 0.8 %
Jakks Pacific, Inc. (c) (p)Consumer6.00%, 2.75% PIK, 7/3/20231,566 1,448 1,448 0.1 %
Park Ave RE Holdings, LLC (c) (j) (o) (v)Financials13.00%, 12/31/202132,237 32,237 32,237 2.2 %
PCX Aerostructures, LLC (c) (j) (p) (w)Industrials6.00%, 8/9/20217,995 7,239 10,020 0.7 %
Siena Capital Finance, LLC (c) (j) (o)Financials12.50%, 5/15/202428,500 28,493 28,500 2.0 %
Subtotal Subordinated Debt$82,260 $86,293 6.0 %
Collateralized Securities - 2.8% (b)
Collateralized Securities - Debt Investments
NewStar Arlington Senior Loan Program, LLC 14-1A FR (a) (c) (j) (p)Diversified Investment VehiclesL+11.00% (11.22%), 4/25/2031$4,750 $4,572 $3,835 0.3 %
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F (a) (c) (j) (p)Diversified Investment VehiclesL+7.50% (7.72%), 1/20/202710,728 9,705 6,133 0.4 %
Whitehorse, Ltd. 2014-1A E (a) (c) (p)Diversified Investment VehiclesL+4.55% (4.76%), 5/1/20268,000 7,865 6,048 0.4 %
The accompanying notes are an integral part of these consolidated financial statements.
16

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Collateralized Securities - Equity Investments (n)
Figueroa CLO, Ltd. 2014-1A Side Letter (a) (c)Diversified Investment Vehicles25.44%, 1/15/2027$2,986 $59 $— — %
MidOcean Credit CLO 2013-2A INC (a) (c) (k) (p)Diversified Investment Vehicles0.00%, 1/29/203037,600 15,829 7,523 0.5 %
NewStar Arlington Senior Loan Program, LLC 14-1A SUB (a) (c) (j) (k) (p)Diversified Investment Vehicles20.15%, 4/25/203131,603 18,119 16,816 1.2 %
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (a) (c) (k) (p)Diversified Investment Vehicles0.00%, 1/20/202731,575 6,285 — — %
OFSI Fund, Ltd. 2014-6A Side Letter (a) (c)Diversified Investment Vehicles0.00%, 3/20/20251,970 263 — — %
Whitehorse, Ltd. 2014-1A Side Letter (a) (c) (p)Diversified Investment Vehicles0.00%, 5/1/20261,886 134 — — %
Whitehorse, Ltd. 2014-1A SUB (a) (c) (k) (p)Diversified Investment Vehicles0.00%, 5/1/202636,000 6,965 — — %
Subtotal Collateralized Securities$69,796 $40,355 2.8 %
Equity/Other - 33.5% (b) (d)
Aden & Anais Holdings, Inc. (c) (e) (w)Retail4,470 $— $— — %
Answers Corp. (c) (e) (p)Media/Entertainment908,911 10,643 145 0.0 %
Baker Hill Acquisition, LLC (c) (e) (w)Financials22,653 — — — %
BDCA Senior Loan Fund, LLC (a) (c) (o)Diversified Investment Vehicles304,934 304,934 304,934 21.3 %
Black Mountain Sand, LLC (c) (e) (u)Energy55,463 — 0.0 %
Capstone Nutrition Development, LLC (c) (e) (p) (u)Consumer47,883 4,468 14,753 1.0 %
CDS U.S. Intermediate Holdings, Inc. (a) (c) (e) (p)Media/Entertainment539,708 1,224 4,021 0.3 %
CDS U.S. Intermediate Holdings, Inc. (a) (c) (e) (p)Media/Entertainment874,000 437 1,311 0.1 %
Clover Technologies Group, LLC (c) (e)Industrials180,274 1,153 18 0.0 %
Clover Technologies Group, LLC (c) (e)Industrials2,753 275 405 0.0 %
CRD Holdings, LLC (a) (c) (o) (u)Energy9.00%52,285,603 10,221 10,050 0.7 %
CRS-SPV, Inc. (c) (e) (j) (o) (w)Industrials246 2,219 1,393 0.1 %
Danish CRJ, Ltd. (a) (c) (e) (p) (r)Transportation5,002 — — — %
Data Source Holdings, LLC (c) (e) (w)Business Services10,617 140 203 0.0 %
Del Real, LLC (c) (e) (u) (w)Food & Beverage670,510 382 — — %
Dyno Acquiror, Inc. (c) (e) (w)Consumer134,102 58 107 0.0 %
First Eagle Greenway Fund II, LLC (a) (j) (p)Diversified Investment Vehicles5,329 5,329 1,811 0.1 %
Foresight Energy Operating, LLC (c) (e) (p) (u)Energy158,093 2,087 3,729 0.3 %
HemaSource, Inc. (c) (e) (w)Healthcare223,503 168 268 0.0 %
Integrated Efficiency Solutions, Inc. (c) (e) (w)Industrials53,215 56 — — %
Integrated Efficiency Solutions, Inc. (c) (e) (w)Industrials2,975 — — %
Internap Corp (c) (e) (p)Business Services1,293,189 543 2,231 0.2 %
Jakks Pacific, Inc. (c) (e) (p)Consumer5,303 104 666 0.0 %
Jakks Pacific, Inc. (e) (p) (s)Consumer9,885 41 70 0.0 %
The accompanying notes are an integral part of these consolidated financial statements.
17

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Kahala Ireland OpCo Designated Activity Company (a) (c) (o) (y)Transportation$— $35,952 2.6 %
Kahala Ireland OpCo Designated Activity Company (a) (c) (o) (y)Transportation3,250,000 — 3,250 0.2 %
Kahala US OpCo, LLC (a) (c) (e) (o) (x)Transportation13.00%4,413,472 — — — %
KidKraft, Inc. (c) (e) (u) (w)Consumer2,682,257 — — — %
KMTEX, LLC (c) (e) (o) (u)Chemicals442,000 — — — %
KMTEX, LLC (c) (e) (o) (u)Chemicals4,162,000 2,793 — — %
Lakeview Health Holdings, Inc. (c) (e) (w)Healthcare447 — — — %
MCS Acquisition Corp. (c) (e)Business Services31,521 4,103 2,779 0.2 %
MGTF Holdco, LLC (c) (e) (o) (u)Media/Entertainment402,000 — — — %
Motor Vehicle Software Corp. (c) (e) (w)Business Services223,503 318 279 0.0 %
New Constellis Holdings Inc. (c) (e) (w)Business Services2,316 67 67 0.0 %
Nomacorc, LLC (c) (e) (u) (w)Industrials356,816 56 112 0.0 %
Park Ave RE Holdings, LLC (c) (e) (j) (o) (v)Financials719 2,818 3,300 0.2 %
PCX Aerostructures, LLC (c) (e) (p) (w)Industrials27,250 — — — %
PCX Aerostructures, LLC (c) (e) (p) (w)Industrials1,356 — 2,305 0.2 %
PCX Aerostructures, LLC (c) (e) (p) (w)Industrials315 — 606 0.0 %
PennantPark Credit Opportunities Fund II, LP (a) (p)Diversified Investment Vehicles8,739 8,132 9,394 0.7 %
PT Network, LLC (c) (e) (u)Healthcare— — — %
RMP Group, Inc. (c) (e) (u) (w)Financials223 164 340 0.0 %
Schweiger Dermatology Group, LLC (c) (e) (u) (w)Healthcare265,024 — — — %
Siena Capital Finance, LLC (c) (j) (o)Financials35,839,400 36,549 39,423 2.8 %
Skillsoft Corp. (c) (e)Technology39,794 4,993 7,163 0.5 %
Smile Brands, Inc. (c) (e) (w)Healthcare712 815 1,409 0.1 %
Squan Holding Corp. (c) (e)Telecom180,835 — — — %
SYNACOR, Inc. (e) (s)Technology59,785 — 131 0.0 %
Tap Rock Resources, LLC (c) (g) (p) (u)Energy18,356,442 9,067 10,463 0.7 %
Tax Advisors Group, LLC (c) (u) (w)Financials86 609 924 0.1 %
Tax Defense Network, LLC (c) (e) (p)Consumer147,099 425 — — %
Tax Defense Network, LLC (c) (e) (p)Consumer633,382 — — — %
Team Waste, LLC (c) (p) (u) (w)Industrials128,483 2,569 2,681 0.2 %
Tennenbaum Waterman Fund, LP (a) (j) (p)Diversified Investment Vehicles10,000 10,000 10,002 0.7 %
Travelpro Products, Inc. (a) (c) (e) (w)Consumer447,007 506 — — %
United Biologics, LLC (c) (e) (u) (w)Healthcare39,769 132 21 0.0 %
United Biologics, LLC (c) (e) (u) (w)Healthcare3,155 — — — %
United Biologics, LLC (c) (e) (u) (w)Healthcare4,206 31 15 0.0 %
The accompanying notes are an integral part of these consolidated financial statements.
18

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
United Biologics, LLC (c) (e) (u) (w)Healthcare99,236 $— $— — %
United Biologics, LLC (c) (e) (u) (w)Healthcare223 35 0.0 %
USASF Holdco, LLC (c) (e) (u)Financials10,000 10 — — %
USASF Holdco, LLC (c) (e) (u)Financials490 490 228 0.0 %
USASF Holdco, LLC (c) (e) (u)Financials139 139 278 0.0 %
Vantage Mobility International, LLC (c) (e) (p) (w)Transportation391,131 — — — %
Vantage Mobility International, LLC (c) (e) (p) (w)Transportation3,280,908 3,140 — — %
Vantage Mobility International, LLC (c) (e) (p) (w)Transportation1,468,221 — — — %
World Business Lenders, LLC (c) (e)Financials922,669 3,750 2,168 0.2 %
WPNT, LLC (c) (e) (o) (u)Media/Entertainment402,000 — — — %
Wythe Will Tzetzo, LLC (c) (e) (u) (w)Food & Beverage22,312 302 — — %
YummyEarth, Inc. (c) (e) (w)Food & Beverage223 — — — %
Subtotal Equity/Other$436,498 $479,417 33.5 %
TOTAL INVESTMENTS - 163.3% (b)$2,387,511 $2,339,657 163.3 %
Forward foreign currency contracts:
CounterpartyContract to DeliverIn Exchange ForMaturity DateUnrealized Depreciation
Goldman Sachs InternationalCAD 21,807$17,161 5/17/2021$185 
_____________
(a)All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Qualifying assets represent 74.9% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.
(b)Percentages are based on net assets as of March 31, 2021.
(c)The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).
(d)All amounts are in thousands except share amounts.
(e)Non-income producing at March 31, 2021.
(f)The Company has various unfunded commitments to portfolio companies. Please refer to Note 7 - Commitments and Contingencies for details of these unfunded commitments.
(g)The commitment related to this investment is discretionary.
(h)The Company's investment or a portion thereof is pledged as collateral under the JPM Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
(i)The Company's investment or a portion thereof is pledged as collateral under the Wells Fargo Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
(j)The Company's investment or a portion thereof is pledged as collateral under the MassMutual Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
(k)The Collateralized Securities - subordinated notes are treated as equity investments and are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
The accompanying notes are an integral part of these consolidated financial statements.
19

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

(l)The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L") or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the current interest rate in effect at March 31, 2021. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses.
(m)The principal amount (par amount) is denominated in Canadian Dollars ("CAD")
(n)For equity investments in Collateralized Securities, the effective yield is presented in place of the investment coupon rate for each investment. Refer to footnote (k) for a further description of an equity investment in a Collateralized Security.
(o)The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when the Company owns 25% or less of the portfolio company's voting securities and/or does not have the power to exercise control over the management or policies of such portfolio company. A company is generally presumed to be "controlled" when the Company owns more than 25% of the portfolio company's voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The Company classifies this investment as "controlled".
(p)The provisions of the 1940 Act classify investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities. The Company classifies this investment as "affiliated".
(q)Unless otherwise indicated, all investments in the consolidated schedule of investments are non-affiliated, non-controlled investments.
(r)The Company's investment is held through the Consolidated Holding Company, Kahala Aviation Holdings, LLC, which owns 49% of the operating company, Danish CRJ LTD.
(s)The investment is not a restricted security. All other securities are restricted securities.
(t)The investment is on non-accrual status as of March 31, 2021.
(u)Investments are held in the taxable wholly-owned, consolidated subsidiary, 54th Street Equity Holdings, Inc.
(v)The Company's investment is held through the consolidated subsidiary, Park Ave RE, Inc., which owns 100% of the equity of the operating company, Park Ave RE Holdings, LLC.
(w)The investment is held through BSP TCAP Acquisition Holdings LP which is an affiliated acquisition entity utilized for the Triangle Transaction. Due to certain restrictions, such as limits on the number of partners allowable within the equity structures of the newly acquired investments, these investments are still held within the acquisition entity as of March 31, 2021.
(x)The Company's investment is held through the consolidated subsidiaries, Kahala Aviation Holdings, LLC and Kahala Aviation US, Inc. which own 100% of the equity of the operating company, Kahala US OpCo LLC.
(y)The Company's investment is held through the consolidated subsidiary, Kahala Aviation Holdings, LLC, which owns 100% of the equity of the operating company, Kahala Ireland OpCo Designated Activity Company.

The accompanying notes are an integral part of these consolidated financial statements.
20

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
March 31, 2021
(Unaudited)

The following table shows the portfolio composition by industry grouping based on fair value at March 31, 2021:
 At March 31, 2021
 Investments at
Fair Value
Percentage of
Total Portfolio
Diversified Investment Vehicles (1)
$366,496 15.7 %
Healthcare325,353 13.9 %
Industrials303,124 13.0 %
Business Services286,248 12.2 %
Financials183,176 7.8 %
Media/Entertainment115,111 4.9 %
Consumer108,310 4.6 %
Transportation107,298 4.6 %
Technology92,122 3.9 %
Software/Services90,512 3.9 %
Food & Beverage85,351 3.7 %
Paper & Packaging71,613 3.1 %
Telecom56,725 2.4 %
Energy47,704 2.0 %
Education45,894 2.0 %
Utilities26,150 1.1 %
Gaming/Lodging14,429 0.6 %
Chemicals11,856 0.5 %
Broadcasting2,185 0.1 %
Total$2,339,657 100.0 %
______________
(1) Includes BDCA's investment in BDCA Senior Loan Fund, LLC, which represents 13.0% of the fair value of investments as of March 31, 2021.
The accompanying notes are an integral part of these consolidated financial statements.
21

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Senior Secured First Lien Debt - 137.8% (b)
1236904 BC, Ltd. (c) (h) (i)Software/ServicesL+5.50% (5.65%), 3/4/2027$18,828 $18,153 $17,680 1.3 %
Abaco Systems Holding Corp. (c) (h) (i)IndustrialsL+6.00% (7.00%), 12/7/202122,973 22,886 22,973 1.6 %
ABC Financial Intermediate, LLC (c) (j)TechnologyL+4.25% (5.25%), 1/2/202519,308 18,829 17,667 1.3 %
Abercrombie & Fitch, Co. (a)Consumer8.75%, 7/15/20253,182 3,182 3,522 0.3 %
Accentcare, Inc. (c) (j)HealthcareL+5.00% (5.15%), 6/22/202613,337 13,232 13,337 1.0 %
Accentcare, Inc. (j)HealthcareL+5.00% (5.50%), 6/22/20262,765 2,751 2,765 0.2 %
Access Cig, LLC (j)Business ServicesL+3.75% (3.98%), 2/27/20254,277 4,236 4,228 0.3 %
Achilles Acquisition, LLC (j)FinancialsL+4.50% (5.25%), 11/16/20274,508 4,405 4,508 0.3 %
Acrisure, LLC (i) (j)FinancialsL+3.50% (3.65%), 2/16/202724,649 24,632 24,130 1.7 %
Advisor Group, Inc. (j)FinancialsL+5.00% (5.15%), 7/31/20267,984 7,879 7,897 0.6 %
Affordable Care Holding Corp. (c) (j)HealthcareL+4.75% (5.75%), 10/24/20227,690 7,286 7,460 0.5 %
AHP Health Partners, Inc. (i) (j)HealthcareL+4.50% (5.50%), 6/30/202513,558 13,502 13,592 1.0 %
Alchemy US Holdco 1, LLC (c) (h) (i) (j)IndustrialsL+5.50% (5.65%), 10/10/20257,203 6,922 6,878 0.5 %
Aldevron, LLC (h) (i) (j)HealthcareL+4.25% (5.25%), 10/13/202610,689 10,609 10,711 0.8 %
Alvogen Pharma US, Inc. (j)HealthcareL+5.25% (6.25%), 12/29/202312,818 12,781 12,241 0.9 %
AMI Entertainment Network, LLC (c)Media/EntertainmentP+5.00% (10.25%), 7/21/20221,234 1,234 1,138 0.1 %
AMI Entertainment Network, LLC (c) (i)Media/EntertainmentL+8.00% (9.00%), 7/21/202212,161 12,086 11,227 0.8 %
AMI Entertainment Network, LLC (c) (i)Media/EntertainmentL+8.00% (9.00%), 7/21/20223,667 3,635 3,385 0.2 %
Anchor Glass Container Corp. (c) (k)Paper & PackagingL+5.00% (6.00%), 12/7/20239,600 9,600 8,093 0.6 %
AP Gaming I, LLC (a) (j)Gaming/LodgingL+3.50% (4.50%), 2/15/20247,544 7,540 7,191 0.5 %
Aq Carver Buyer, Inc. (h) (i)Business ServicesL+5.00% (6.00%), 9/23/20259,297 8,696 9,158 0.7 %
AqGen Ascensus, Inc. (j)Business ServicesL+4.00% (5.00%), 12/3/202618,206 18,148 18,233 1.3 %
Arch Global Precision, LLC (c) (h) (i)IndustrialsL+4.75% (5.00%), 4/1/202611,643 11,577 11,643 0.8 %
Arctic Holdco, LLC (c)Paper & PackagingL+6.00% (7.00%), 12/23/2026387 377 377 0.0 %
Arctic Holdco, LLC (c) (i)Paper & PackagingL+6.00% (7.00%), 12/23/202616,492 16,080 16,080 1.1 %
ASG Technologies Group, Inc. (c) (j)Software/ServicesL+3.50% (4.50%), 7/31/2024759 740 744 0.1 %
Asp Navigate Acquisition Corp. (j)HealthcareL+4.50% (5.50%), 10/6/20273,309 3,261 3,301 0.2 %
Athenahealth, Inc. (j)HealthcareL+4.50% (4.65%), 2/11/202612,663 12,531 12,629 0.9 %
Avaya Holdings Corp. (a) (j)TechnologyL+4.25% (4.41%), 12/16/202420,145 20,035 20,180 1.4 %
Aveanna Healthcare, LLC (h)HealthcareL+4.25% (5.25%), 3/18/2024776 748 754 0.1 %
The accompanying notes are an integral part of these consolidated financial statements.
22

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Aveanna Healthcare, LLC (h)HealthcareL+5.50% (6.50%), 3/18/2024$5,961 $5,799 $5,819 0.4 %
Aveanna Healthcare, LLC (j)HealthcareL+6.25% (7.25%), 3/18/20243,629 3,562 3,574 0.3 %
Axiom Global, Inc. (c) (i)Business ServicesL+4.75% (4.90%), 10/1/202611,378 11,289 11,276 0.8 %
Barbri, Inc. (c) (j)EducationL+4.00% (5.00%), 12/1/20236,953 6,675 6,849 0.5 %
BBB Industries, LLC (h)TransportationL+4.50% (4.65%), 8/1/202512,988 12,914 12,533 0.9 %
BCP Raptor, LLC (j)EnergyL+4.25% (5.25%), 6/24/202413,748 13,673 12,554 0.9 %
BCP Renaissance, LLC (j)EnergyL+3.50% (4.50%), 10/31/20243,384 3,375 3,263 0.2 %
Bearcat Buyer, Inc. (c) (i)HealthcareL+4.25% (5.25%), 7/9/2026152 152 148 0.0 %
Bearcat Buyer, Inc. (c) (i)HealthcareL+4.25% (5.25%), 7/9/2026734 734 712 0.1 %
Black Mountain Sand, LLC (c)EnergyL+9.00% (10.50%), 6/28/202423,000 22,861 21,850 1.6 %
BMC Software Finance, Inc. (j)TechnologyL+4.25% (4.40%), 10/2/202514,461 14,362 14,384 1.0 %
Bomgar Corp. (j)TechnologyL+4.00% (4.15%), 4/18/20251,942 1,937 1,930 0.1 %
Boston Market Corp. (c) (t)Food & Beverage5.00% PIK, 4/1/20222,477 — — — %
Bracket Intermediate Holding Corp. (c) (j)HealthcareL+4.25% (4.48%), 9/5/20255,255 5,193 5,177 0.4 %
Capstone Logistics (c)TransportationL+4.75% (5.75%), 11/12/2025139 137 137 0.0 %
Capstone Logistics (c) (h)TransportationL+4.75% (5.75%), 11/12/202716,447 16,284 16,284 1.2 %
CareCentrix, Inc. (i) (j)HealthcareL+4.50% (4.72%), 4/3/202520,095 19,991 19,618 1.4 %
CCW, LLC (c) (h) (i) (t)Food & BeverageL+8.00% (9.00%), 3/22/202128,799 26,608 16,387 1.2 %
CCW, LLC (c) (t)Food & BeverageL+8.00% (9.00%), 3/22/20211,005 925 572 0.0 %
CDHA Holdings, LLC (c) (h) (i) (k)HealthcareL+7.25% (8.25%) 1.00% PIK, 8/24/202316,082 15,955 15,568 1.1 %
CDS U.S. Intermediate Holdings, Inc. (a) (c) (h) (p)Media/EntertainmentL+6.00% (7.00%), 11/24/20252,041 1,941 1,940 0.1 %
Certara Holdco, Inc. (c) (j)HealthcareL+3.50% (3.75%), 8/15/20245,975 5,952 5,975 0.4 %
CHA Holdings, Inc. (c) (i)Business ServicesL+4.50% (5.50%), 4/10/2025526 491 512 0.0 %
Chloe Ox Parent, LLC (c) (i)HealthcareL+5.25% (6.25%), 12/23/202422,535 21,866 21,866 1.6 %
Chloe Ox Parent, LLC (i) (j)HealthcareL+4.50% (5.50%), 12/23/202413,287 13,151 12,756 0.9 %
Clarion Events, Ltd. (a) (j)Business ServicesL+5.00% (6.00%), 9/30/20246,038 5,965 5,369 0.4 %
Claros Mortgage Trust, Inc. (j)FinancialsL+5.00% (6.00%), 8/10/20266,384 6,218 6,400 0.5 %
Clover Technologies Group, LLC (c) (j)IndustrialsL+7.50% (8.50%), 2/3/20241,471 1,471 1,301 0.1 %
CLP Health Services, Inc. (i)HealthcareL+5.00% (6.00%), 12/31/202610,009 9,844 9,934 0.7 %
Cold Spring Brewing, Co. (c) (h) (i)Food & BeverageL+4.75% (5.75%), 12/19/20258,774 8,700 8,774 0.6 %
CommerceHub, Inc. (i)TechnologyL+4.00% (4.75%), 12/29/20277,716 7,677 7,706 0.6 %
The accompanying notes are an integral part of these consolidated financial statements.
23

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Community Care Health Network, LLC (h) (j)HealthcareL+4.50% (4.65%), 2/17/2025$9,863 $9,616 $9,802 0.7 %
Connect Finco SARL (a) (j)TelecomL+4.50% (5.50%), 12/11/20264,607 4,487 4,618 0.3 %
Conservice Midco, LLC (j)Business ServicesL+4.25% (4.50%), 5/13/20273,101 2,974 3,101 0.2 %
CONSOL Energy, Inc. (j)EnergyL+4.50% (4.65%), 9/27/20244,078 4,064 3,366 0.2 %
Conterra Ultra Broadband, LLC (c) (j)TelecomL+4.50% (4.65%), 4/30/20265,984 5,962 5,984 0.5 %
Corfin Industries, LLC (c) (h) (i)IndustrialsL+6.00% (7.00%), 2/5/202612,205 11,998 11,987 0.9 %
CRGT, Inc. (c) (j)Software/ServicesL+6.50% (7.50%), 2/28/20227,827 7,715 7,513 0.5 %
CRS-SPV, Inc. (c) (k) (o) (x)IndustrialsL+4.50% (5.50%), 3/8/202162 62 62 0.0 %
CVENT, Inc. (j)TechnologyL+3.75% (3.90%), 11/29/20247,843 7,492 7,529 0.5 %
Dealer Tire, LLC (j)RetailL+4.25% (4.40%), 12/12/20253,992 3,977 3,955 0.3 %
Drilling Info Holdings, Inc. (c) (i)Business ServicesL+4.25% (4.40%), 7/30/20257,097 6,851 6,884 0.5 %
Dunn Paper, Inc. (c) (j)Paper & PackagingL+4.75% (5.75%), 8/26/2022581 548 542 0.0 %
Dynagrid Holdings, LLC (c)UtilitiesL+6.00% (7.00%), 12/18/2025113 113 111 0.0 %
Dynagrid Holdings, LLC (c) (i)UtilitiesL+6.00% (7.00%), 12/18/202514,481 14,193 14,193 1.0 %
Dynasty Acqusition Co., Inc. (i) (j)IndustrialsL+3.50% (3.75%), 4/6/20263,038 2,866 2,886 0.2 %
Dynasty Acqusition Co., Inc. (i) (j)IndustrialsL+3.50% (3.75%), 4/6/20265,651 5,328 5,368 0.4 %
Emerald 2, Ltd. (a) (j)IndustrialsL+3.25% (3.50%), 7/10/2026522 517 515 0.0 %
eResearchTechnology, Inc. (j)HealthcareL+4.50% (5.50%), 2/4/20271,564 1,563 1,547 0.1 %
Fastlane Parent Co, Inc. (j)TransportationL+4.50% (4.65%), 2/4/20261,585 1,559 1,577 0.1 %
Florida Food Products, LLC (c) (h)Food & BeverageL+6.50% (7.50%), 9/6/202521,890 21,525 21,890 1.6 %
Florida Food Products, LLC (c) (i)Food & BeverageL+7.25% (8.25%), 9/8/20251,324 1,244 1,324 0.1 %
Florida Food Products, LLC (c) (k)Food & BeverageL+6.50% (7.50%), 9/6/2023461 461 461 0.0 %
Foresight Energy Operating, LLC (c) (p)EnergyL+8.00% (9.50%), 6/30/20271,326 1,326 1,354 0.1 %
Frontier Communications Corp.Telecom5.00%, 5/1/20281,240 1,240 1,290 0.1 %
Frontier Communications Corp. (h)TelecomL+4.75% (5.75%), 10/8/202118,988 18,867 19,047 1.4 %
Gold Standard Baking, Inc. (c)Food & BeverageL+6.50% (7.50%) 2.00% PIK, 7/25/20223,131 2,660 1,252 0.1 %
Green Energy Partners/Stonewall, LLCUtilitiesL+5.50% (6.50%), 11/15/20211,310 1,310 1,201 0.1 %
Green Energy Partners/Stonewall, LLCUtilitiesL+5.50% (6.50%), 11/15/2021989 989 907 0.1 %
Greenway Health, LLC (c) (j)HealthcareL+3.75% (4.75%), 2/16/20247,782 6,965 7,160 0.5 %
HAH Group Holding Company, LLC (c) (j)HealthcareL+5.00% (6.00%), 10/29/20275,871 5,785 5,785 0.4 %
HC2 Holdings, Inc. (c) (k)Industrials11.50%, 12/1/20217,818 7,792 7,685 0.5 %
The accompanying notes are an integral part of these consolidated financial statements.
24

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Health Plan One, Inc. (c) (k)FinancialsL+7.50% (8.50%), 7/15/2025$10,695 $10,210 $10,485 0.7 %
Heartland Dental, LLC (j)HealthcareL+3.50% (3.65%), 4/30/20254,197 4,033 4,088 0.3 %
Higginbotham Insurance Agency, Inc. (c) (h)FinancialsL+5.75% (6.50%), 11/25/202611,579 11,408 11,408 0.8 %
HireRight, Inc. (i)Business ServicesL+3.75% (3.90%), 7/11/20252,885 2,868 2,790 0.2 %
Hospice Care Buyer, Inc. (c)HealthcareL+6.50% (7.50%), 12/9/2026396 396 396 0.0 %
Hospice Care Buyer, Inc. (c) (h)HealthcareL+6.50% (7.50%), 12/9/202621,876 21,183 21,226 1.5 %
HS Purchaser, LLC (c) (j)Software/ServicesL+4.75% (5.75%), 11/19/2026160 160 160 0.0 %
ICR Operations, LLC (c) (h) (i)Business ServicesL+5.00% (6.00%), 3/26/202517,145 16,932 16,728 1.2 %
ICR Operations, LLC (c) (i)Business ServicesL+5.00% (6.00%), 3/26/20256,650 6,488 6,488 0.5 %
ICR Operations, LLC (c) (k)Business ServicesL+5.00% (6.00%), 3/26/2024907 907 885 0.1 %
Ideal Tridon Holdings, Inc. (c)IndustrialsL+5.75% (6.75%), 7/31/202446 45 46 0.0 %
Ideal Tridon Holdings, Inc. (c) (h) (i)IndustrialsL+5.75% (6.75%), 7/31/202426,837 26,612 26,837 1.9 %
Ideal Tridon Holdings, Inc. (c) (h) (i)IndustrialsL+5.75% (6.75%), 7/31/2024828 817 828 0.1 %
Ideal Tridon Holdings, Inc. (c) (k)IndustrialsL+5.75% (6.75%), 7/31/2023442 442 442 0.0 %
IDERA, Inc. (j)TechnologyL+4.00% (5.00%), 6/28/20245,475 5,458 5,458 0.4 %
Integral Ad Science, Inc. (c) (k)Software/ServicesL+7.25% (8.25%) 1.25% PIK, 7/19/202415,464 15,283 15,464 1.1 %
Integrated Efficiency Solutions, Inc. (c) (x)IndustrialsL+2.50% (3.50%) 1.50% PIK, 6/30/20223,833 3,833 2,990 0.2 %
Integrated Global Services, Inc. (c) (i)IndustrialsL+6.00% (7.00%), 2/4/202611,414 11,221 11,018 0.8 %
Integrated Global Services, Inc. (c) (k)IndustrialsL+6.00% (7.00%), 2/4/20261,622 1,622 1,565 0.1 %
Intelsat Jackson Holdings, SA (a)Telecom8.63%, 1/2/20242,367 2,375 2,403 0.2 %
Intelsat Jackson Holdings, SA (a)TelecomP+4.75% (8.00%), 11/27/20231,124 1,121 1,138 0.1 %
Internap Corp. (c) (h) (p)Business ServicesL+6.50% (7.50%) 5.50% PIK, 5/8/20255,955 5,955 5,181 0.4 %
International Cruise & Excursions, Inc. (c) (i)Business ServicesL+5.25% (6.25%), 6/6/20254,951 4,916 4,159 0.3 %
Iri Holdings, Inc. (j)Business ServicesL+4.25% (4.40%), 12/1/20257,900 7,822 7,801 0.6 %
Jakks Pacific, Inc. (c) (p)Consumer10.50%, 2.50% PIK, 2/9/202317,104 16,097 17,104 1.2 %
K2 Intelligence Holdings, Inc. (c) (h) (i)Business ServicesL+4.75% (5.75%), 9/23/202410,251 10,099 10,082 0.7 %
Kahala Ireland OpCo Designated Activity Company (a) (c) (k) (o)TransportationL+8.00% (13.00%), 12/22/202818,549 18,549 18,549 1.3 %
Kaman Distribution Corp. (c) (h) (i)IndustrialsL+5.00% (5.25%), 8/26/202621,283 19,729 19,793 1.4 %
KidKraft, Inc. (c) (t) (x)ConsumerL+5.50% (6.50%) PIK, 8/15/20221,043 50 335 0.0 %
KMTEX, LLC (c) (g) (o)ChemicalsP+3.00% (6.25%) PIK, 6/16/2025829 829 829 0.1 %
KMTEX, LLC (c) (g) (o)ChemicalsP+3.00% (6.25%) PIK, 6/16/2025218 218 218 0.0 %
The accompanying notes are an integral part of these consolidated financial statements.
25

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
KMTEX, LLC (c) (o)ChemicalsP+3.00% (6.25%) PIK, 6/16/2025$3,230 $3,230 $3,230 0.2 %
Labrie Environmental Group, LLC (a) (c) (h)IndustrialsL+5.50% (6.50%), 9/1/202622,809 22,378 22,353 1.6 %
Lakeland Tours, LLC (c) (h)Education13.25% PIK, 9/27/20274,101 2,129 2,051 0.2 %
Lakeland Tours, LLC (c) (h)EducationL+12.00% (13.25%) 6.00% PIK, 9/25/20231,783 1,783 1,783 0.1 %
Lakeland Tours, LLC (c) (h)EducationL+7.50% (8.75%) 6.00% PIK, 9/25/20253,369 3,352 3,369 0.2 %
Lakeland Tours, LLC (c) (h)EducationL+7.50% (8.75%) 6.00% PIK, 9/25/20254,083 3,622 3,593 0.3 %
Lakeview Health Holdings, Inc. (c) (t) (x)Healthcare9.75% PIK, 12/15/2021142 124 36 0.0 %
Lakeview Health Holdings, Inc. (c) (t) (x)Healthcare9.75% PIK, 12/15/20214,136 2,671 1,034 0.1 %
LightSquared, LPTelecom15.50%, 11/1/20231,540 1,540 1,494 0.1 %
LSCS Holdings, Inc. (c) (j)HealthcareL+4.25% (4.51%), 3/17/20251,595 1,555 1,547 0.1 %
LSCS Holdings, Inc. (c) (j)HealthcareL+4.25% (4.50%), 3/17/20256,180 6,025 5,994 0.4 %
Manna Pro Products, LLC (c) (i)ConsumerL+6.00% (7.00%), 12/10/202624,659 24,050 24,050 1.7 %
McDonald Worley, P.C. (c)Business Services21.00% PIK, 12/31/202410,047 10,047 10,047 0.7 %
MCS Acquisition Corp. (c)Business ServicesL+6.00% (7.00%), 10/2/2025788 788 788 0.1 %
MED Parentco, LP (j)HealthcareL+4.25% (4.40%), 8/31/20261,426 1,426 1,402 0.1 %
MED Parentco, LP (j)HealthcareL+4.25% (4.40%), 8/31/20265,688 5,642 5,590 0.4 %
Medallion Midland Acquisition, LP (j)EnergyL+3.25% (4.25%), 10/30/20243,651 3,646 3,578 0.3 %
Medical Depot Holdings, Inc. (c) (h) (i)HealthcareL+7.50% (8.50%) 2.00% PIK, 1/3/202319,236 18,652 16,158 1.2 %
Medical Solutions Holdings, Inc. (c) (j)HealthcareL+4.50% (5.50%), 6/14/20242,615 2,611 2,602 0.2 %
MGTF Radio Company, LLC (c) (k) (o)Media/EntertainmentL+6.00% (7.00%), 4/1/202455,146 55,042 43,400 3.1 %
Midwest Can Company, LLC (c) (h) (i)Paper & PackagingL+6.00% (7.00%), 3/2/202629,983 29,438 29,383 2.1 %
Millennium Park HoldCo, Inc. (c) (j)Business ServicesL+4.25% (5.25%), 6/5/2024908 894 881 0.1 %
Miller Environmental Group, Inc. (c) (h) (i)Business ServicesL+6.50% (7.50%), 3/15/202410,483 10,324 10,483 0.7 %
Miller Environmental Group, Inc. (c) (h) (i)Business ServicesL+6.50% (7.50%), 3/15/202411,463 11,316 11,463 0.8 %
Ministry Brands, LLC (c) (i)Software/ServicesL+4.00% (5.00%), 12/2/20225,670 5,617 5,599 0.4 %
Mintz Group, LLC (c) (i)Business ServicesL+4.75% (5.75%), 3/18/20264,711 4,670 4,670 0.3 %
Monitronics International, Inc. (a) (k)Business ServicesL+6.50% (7.75%), 3/29/20245,565 5,572 4,908 0.4 %
Montreign Operating Company, LLC (c)Gaming/LodgingL+3.25% (3.40%), 3/22/20217,896 7,880 7,896 0.6 %
MSG National Properties, LLC (a) (c) (h)Media/EntertainmentL+6.25% (7.00%), 11/12/202512,311 11,950 11,950 0.9 %
Muth Mirror Systems, LLC (c) (h) (i)TechnologyL+5.25% (6.25%), 4/23/202515,459 15,237 13,836 1.0 %
National Intergovernmental Purchasing Alliance Co. (j)Business ServicesL+3.75% (4.00%), 5/23/20251,573 1,559 1,553 0.1 %
The accompanying notes are an integral part of these consolidated financial statements.
26

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Navitas Midstream Midland Basin, LLC (j)EnergyL+4.50% (5.50%), 12/13/2024$21,563 $18,958 $21,199 1.5 %
New Amsterdam Software Bidco, LLC (c) (h) (i)TechnologyL+5.00% (6.00%), 5/1/20266,073 5,980 6,073 0.4 %
New Star Metals, Inc. (c) (h) (i)IndustrialsL+6.00% (7.50%), 7/10/202321,864 21,500 21,024 1.5 %
NN, Inc. (a) (h)IndustrialsL+5.75% (5.90%), 10/19/20221,011 978 1,005 0.1 %
NN, Inc. (a) (h)IndustrialsL+5.75% (6.50%), 10/19/2022918 877 913 0.1 %
Norvax, LLC (c) (k)Business ServicesL+6.50% (7.50%), 9/12/202511,374 11,139 11,374 0.8 %
NTM Acquisition Corp. (c) (h) (i)Media/EntertainmentL+7.25% (8.25%) 1.00% PIK, 6/7/202422,129 22,050 19,916 1.4 %
Olaplex, Inc. (c) (h) (i)ConsumerL+6.50% (7.50%), 1/8/202617,231 16,943 17,231 1.2 %
ORG GC Holdings, LLC (c) (h) (t)Business ServicesL+6.75% (7.75%), 7/31/202221,624 21,457 14,306 1.0 %
Pelican Products, Inc. (c) (j)ConsumerL+3.50% (4.50%), 5/1/20252,621 2,578 2,529 0.2 %
Perstorp Holding Ab (a) (j)ChemicalsL+4.75% (5.02%), 2/27/20268,868 8,774 8,010 0.6 %
Petrochoice Holdings, Inc. (c) (j)IndustrialsL+5.00% (6.00%), 8/19/20222,038 1,882 1,900 0.1 %
PG&E Corp. (a) (j)UtilitiesL+4.50% (5.50%), 6/23/20252,888 2,865 2,918 0.2 %
Planet Equity Group, LLC (c) (h)Business ServicesL+5.25% (6.25%), 11/18/20251,089 1,070 1,070 0.1 %
Planet Equity Group, LLC (c) (h)Business ServicesL+5.25% (6.25%), 11/18/202514,792 14,611 14,792 1.1 %
PlayPower, Inc. (c) (h) (i)IndustrialsL+5.50% (5.74%), 5/8/202625,350 25,059 24,083 1.7 %
Premier Dental Services, Inc. (c) (h) (i) (j)HealthcareL+5.25% (6.25%), 6/30/202332,590 32,448 31,873 2.3 %
Premier Global Services, Inc. (c) (j)TelecomL+6.50% (7.50%), 6/8/20236,069 5,929 3,077 0.2 %
Premise Health Holding Corp. (c) (j)HealthcareL+3.50% (3.75%), 7/10/2025730 712 721 0.1 %
Prototek, LLC (c)IndustrialsL+5.75% (6.75%), 10/20/2026677 677 663 0.0 %
Prototek, LLC (c) (h)IndustrialsL+5.75% (6.75%), 10/20/202611,285 11,040 11,040 0.8 %
PSC Industrial Holdings Corp. (j)IndustrialsL+3.75% (4.75%), 10/11/20244,542 4,417 4,383 0.3 %
PSKW, LLC (c) (h) (i)HealthcareL+6.25% (7.25%), 3/9/202629,775 29,132 29,477 2.1 %
PT Network, LLC (c) (h)HealthcareL+7.50% (8.50%) 2.00% PIK, 11/30/202316,999 16,941 15,418 1.1 %
Questex, Inc. (c) (h) (i)Media/EntertainmentL+5.75% (6.75%), 9/9/202415,827 15,633 14,529 1.0 %
Questex, Inc. (c) (k)Media/EntertainmentL+5.75% (6.75%), 9/9/20241,895 1,895 1,738 0.1 %
RE Investment Company, LLC (c)IndustrialsL+8.00% (9.00%), 9/25/20255,674 5,674 5,539 0.4 %
RE Investment Company, LLC (c) (h)IndustrialsL+8.00% (9.00%), 9/25/202513,616 13,294 13,293 0.9 %
Red River Technology, LLC (c) (h) (i)Business ServicesL+5.00% (6.00%), 8/30/202423,431 23,168 23,431 1.7 %
Reddy Ice Corp. (c) (h) (i)Food & BeverageL+6.50% (7.50%), 7/1/202519,343 18,909 18,811 1.3 %
The accompanying notes are an integral part of these consolidated financial statements.
27

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Reddy Ice Corp. (c) (k)Food & BeverageL+6.50% (7.50%), 7/1/2025$1,271 $1,255 $1,233 0.1 %
Refresh Parent Holdings, Inc. (c)HealthcareL+6.50% (7.50%), 12/9/2026320 320 312 0.0 %
Refresh Parent Holdings, Inc. (c) (h)HealthcareL+6.50% (7.50%), 12/9/20269,583 9,346 9,345 0.7 %
Regionalcare Hospital Partners Holdings, Inc. (j)HealthcareL+3.75% (3.90%), 11/14/202518,195 17,993 18,125 1.3 %
REP TEC Intermediate Holdings, Inc. (c) (h) (i)Software/ServicesL+6.50% (7.50%), 6/19/20256,980 6,793 6,823 0.5 %
Resco Products, Inc. (c)IndustrialsL+7.00% (9.00%) 2.00% PIK, 6/5/20229,700 9,700 8,924 0.6 %
RXB Holdings, Inc. (h)HealthcareL+5.25% (6.00%), 12/20/20278,095 7,933 8,014 0.6 %
Safety Products/JHC Acquisition Corp. (j)IndustrialsL+4.50% (4.65%), 6/28/202617,539 17,411 16,442 1.2 %
Safety Products/JHC Acquisition Corp. (j)IndustrialsL+4.50% (4.65%), 6/28/2026948 948 889 0.1 %
Schenectady International Group, Inc. (j)ChemicalsL+4.75% (4.90%), 10/15/202521,509 21,161 21,105 1.5 %
SCIH Salt Holdings, Inc. (c)IndustrialsL+4.00% (5.00%), 3/17/20251,153 1,153 1,147 0.1 %
SCIH Salt Holdings, Inc. (h) (i)IndustrialsL+4.50% (5.50%), 3/16/202724,850 24,627 24,819 1.8 %
SFR Group, SA (a) (i) (j)TelecomL+4.00% (4.24%), 8/14/202612,836 12,748 12,761 0.9 %
Shields Health Solutions Holdings, LLC (h) (i)HealthcareL+5.00% (5.15%), 8/19/20266,893 6,837 6,755 0.5 %
Sierra Acquisition, Inc. (c) (j)Food & BeverageL+4.00% (5.00%), 11/11/20244,953 4,705 4,879 0.4 %
SitusAMC Holdings Corp. (c) (h)FinancialsL+4.75% (5.75%), 6/28/20251,473 1,452 1,454 0.1 %
SitusAMC Holdings Corp. (c) (h) (i)FinancialsL+4.75% (5.75%), 6/30/20258,394 8,298 8,283 0.6 %
SitusAMC Holdings Corp. (c) (k)FinancialsL+4.75% (5.75%), 6/30/2025752 742 742 0.1 %
Skillsoft Corp. (c)TechnologyL+7.50% (8.50%), 12/27/2024725 685 725 0.1 %
Skillsoft Corp. (c)TechnologyL+7.50% (8.50%), 12/27/2024638 606 638 0.0 %
Skillsoft Corp. (c) (h)TechnologyL+7.50% (8.50%), 4/28/202512,918 12,857 12,918 0.9 %
Sotera Health Holdings, LLC (j)HealthcareL+4.50% (5.50%), 12/11/20263,187 3,110 3,196 0.2 %
Spirit Aerosystems, Inc. (a) (j)IndustrialsL+5.25% (6.00%), 1/15/20252,581 2,573 2,600 0.2 %
SSH Group Holdings, Inc. (j)EducationL+4.25% (4.50%), 7/30/202510,627 10,601 10,096 0.7 %
St. Croix Hospice Acquisition Corp. (c) (i)HealthcareL+6.25% (7.25%), 10/30/202625,939 25,435 25,436 1.8 %
Subsea Global Solutions, LLC (c) (i)Business ServicesL+7.00% (8.00%), 3/29/20234,744 4,682 4,611 0.3 %
Subsea Global Solutions, LLC (c) (i)Business ServicesL+7.00% (8.00%), 3/29/20238,001 7,930 7,776 0.6 %
Subsea Global Solutions, LLC (c) (k)Business ServicesL+7.00% (8.00%), 3/29/2023385 385 376 0.0 %
Tax Defense Network, LLC (c) (p) (t)Consumer10.00% PIK, 9/30/20213,311 2,986 3,311 0.2 %
Tax Defense Network, LLC (c) (p) (t)ConsumerL+6.00% (10.00%) PIK, 9/30/202133,829 21,646 2,368 0.2 %
Tax Defense Network, LLC (c) (p) (t)ConsumerL+6.00% (10.00%) PIK, 9/30/20216,005 3,833 420 0.0 %
The accompanying notes are an integral part of these consolidated financial statements.
28

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
The Dun & Bradstreet Corp. (j)Business ServicesL+3.75% (3.90%), 2/6/2026$9,925 $9,780 $9,921 0.7 %
Tillamook Country Smoker, LLC (c) (h)Food & BeverageL+7.75% (8.75%), 5/19/20229,834 9,794 9,547 0.7 %
Tillamook Country Smoker, LLC (c) (k)Food & BeverageL+7.75% (8.75%), 5/19/20222,561 2,561 2,486 0.2 %
Tivity Health, Inc. (a) (j)HealthcareL+4.25% (4.40%), 3/8/2024420 417 415 0.0 %
Tivity Health, Inc. (a) (j)HealthcareL+5.25% (5.40%), 3/6/20261,761 1,728 1,742 0.1 %
Trademark Global, LLC (c) (k) (x)ConsumerL+6.00% (7.00%), 10/31/20221,943 1,943 1,904 0.1 %
Traverse Midstream Partners, LLC (j)EnergyL+5.50% (6.50%), 9/27/202415,445 15,164 15,117 1.1 %
Trilogy International Partners, LLC (a)Telecom8.88%, 5/1/202214,875 14,852 14,317 1.0 %
Trilogy International Partners, LLC (a) (c) (h)Telecom10.00%, 5/1/20226,298 6,044 6,044 0.4 %
University of St. Augustine Acquisition Corp. (c) (h) (i)EducationL+4.25% (5.25%), 2/2/202623,762 23,330 23,999 1.7 %
Urban One, Inc. (j)Media/EntertainmentL+4.00% (5.00%), 4/18/2023539 510 498 0.0 %
Veritext Corp. (h) (i)Business ServicesL+3.50% (3.65%), 8/1/20254,924 4,924 4,851 0.4 %
Verscend Holding Corp. (j)HealthcareL+4.50% (4.65%), 8/27/20251,733 1,702 1,729 0.1 %
Vertex Aerospace Services Corp. (h) (i)IndustrialsL+4.50% (4.65%), 6/30/20258,133 8,107 8,092 0.6 %
Vyaire Medical, Inc. (c) (j)HealthcareL+4.75% (5.75%), 4/16/20257,912 7,716 6,330 0.5 %
WaterBridge Midstream Operating, LLC (j)EnergyL+5.75% (6.75%), 6/22/202613,769 13,539 11,781 0.9 %
Wirepath, LLC (c) (j)ConsumerL+4.00% (4.26%), 8/5/20247,883 7,627 7,627 0.5 %
WMK, LLC (c)Business ServicesL+6.25% (7.25%), 9/5/2025356 353 339 0.0 %
WMK, LLC (c) (h) (i)Business ServicesL+5.75% (6.75%), 9/5/202519,108 18,853 18,176 1.3 %
WMK, LLC (c) (k)Business ServicesL+6.25% (7.25%), 9/5/20242,182 2,182 2,074 0.1 %
WMK, LLC (c) (k)Business ServicesL+6.25% (7.25%), 9/5/20252,584 2,576 2,458 0.2 %
WP CityMD Bidco, LLC (j)HealthcareL+4.50% (5.50%), 8/13/20267,149 7,152 7,134 0.5 %
Wrench Group, LLC (c) (j)ConsumerL+4.00% (4.25%), 4/30/20263,185 3,145 3,121 0.2 %
YI, LLC (c) (j)HealthcareL+4.00% (5.00%), 11/7/20249,068 8,342 8,614 0.6 %
Zelis Payments Buyer, Inc. (j)HealthcareL+4.75% (4.90%), 9/30/20262,044 2,049 2,047 0.1 %
Subtotal Senior Secured First Lien Debt$2,009,503 $1,928,623 137.8 %
Senior Secured Second Lien Debt - 17.1% (b)
Accentcare, Inc. (c) (h)HealthcareL+8.75% (9.50%), 6/21/2027$30,152 $29,485 $30,152 2.2 %
Anchor Glass Container Corp. (c) (k)Paper & PackagingL+7.75% (8.75%), 12/6/20246,667 6,615 2,553 0.2 %
Aruba Investments Holdings, LLC (c) (i)ChemicalsL+7.75% (8.50%), 11/24/20283,759 3,703 3,703 0.3 %
Astro AB Merger Sub, Inc. (a) (c) (h)FinancialsL+8.00% (9.00%), 4/30/20259,638 9,602 9,638 0.7 %
The accompanying notes are an integral part of these consolidated financial statements.
29

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Avatar Purchaser, Inc. (c) (j)Software/ServicesL+7.50% (8.50%), 11/17/2025$11,716 $11,502 $11,517 0.8 %
Aveanna Healthcare, LLC (h)HealthcareL+8.00% (9.00%), 3/17/20255,883 5,836 5,854 0.4 %
Barracuda Networks, Inc. (h)Software/ServicesL+6.75% (7.50%), 10/30/20284,698 4,652 4,733 0.3 %
BrandMuscle Holdings, Inc. (c) (k)Business ServicesL+8.50% (9.50%), 6/1/202224,500 24,393 23,398 1.7 %
Carlisle FoodService Products, Inc. (c) (h)ConsumerL+7.75% (8.75%), 3/20/202610,719 10,579 10,001 0.7 %
CDS U.S. Intermediate Holdings, Inc. (a) (c) (p) (t)Media/EntertainmentL+8.00% (9.00%) 7.00% PIK, 11/24/20271,339 1,104 1,104 0.1 %
CommerceHub, Inc. (h)TechnologyL+7.00% (7.75%), 12/2/202812,360 12,298 12,391 0.9 %
Dentalcorp Perfect Smile, ULC (a) (c) (k)HealthcareL+7.50% (8.50%), 6/8/202610,139 10,069 10,098 0.7 %
Edelman Financial Services, LLC (a) (j)FinancialsL+6.75% (6.90%), 7/20/20268,852 8,837 8,852 0.6 %
HAH Group Holding Company, LLC (c) (h)HealthcareL+8.50% (9.50%), 10/20/202812,445 12,140 12,140 0.9 %
Hyland Software, Inc. (h)TechnologyL+7.00% (7.75%), 7/7/20256,075 6,094 6,111 0.4 %
MLN US Holdco, LLC (a) (c) (h) (i)TechnologyL+8.75% (8.90%), 11/30/20263,000 2,956 1,941 0.1 %
PetVet Care Centers, LLC (c) (h)HealthcareL+6.25% (6.40%), 2/13/20263,539 3,528 3,486 0.3 %
PI US Holdco III, Ltd. (a) (c) (k)FinancialsL+7.25% (8.25%), 12/22/20257,865 7,810 7,802 0.6 %
Project Boost Purchaser, LLC (k)Business ServicesL+8.00% (8.15%), 5/31/20271,848 1,848 1,783 0.1 %
QuickBase, Inc. (c)TechnologyL+8.00% (8.15%), 4/2/20277,484 7,367 7,353 0.5 %
Recess Holdings, Inc. (c) (h)IndustrialsL+7.75% (8.75%), 9/29/202516,134 15,968 14,843 1.1 %
Renaissance Holding Corp. (c)Software/ServicesL+7.00% (7.15%), 5/29/20268,456 8,341 8,287 0.6 %
River Cree Enterprises, LP (a) (c) (m)Gaming/Lodging10.00%, 5/17/2025CAD21,275 16,459 14,245 1.0 %
SSH Group Holdings, Inc. (c) (h)EducationL+8.25% (8.50%), 7/30/202610,122 10,051 9,717 0.7 %
TIBCO Software, Inc. (k)TechnologyL+7.25% (7.40%), 3/3/202813,020 12,961 13,129 0.9 %
Travelpro Products, Inc. (a) (c) (m) (x)Consumer13.00%, 2.00% PIK, 11/21/2022CAD2,966 2,282 1,894 0.1 %
Travelpro Products, Inc. (a) (c) (x)Consumer14.50%, 11.25% PIK, 11/21/20222,563 2,563 2,083 0.1 %
Vantage Mobility International, LLC (c) (p) (t) (x)TransportationL+6.00% (7.00%) PIK, 9/9/20213,341 2,914 944 0.1 %
Subtotal Senior Secured Second Lien Debt$251,957 $239,752 17.1 %
Subordinated Debt - 8.5% (b)
Captek Softgel International, Inc. (c) (t) (x)Health/Fitness11.50%, 1.50% PIK, 1/30/2023$7,208 $7,071 $6,012 0.4 %
Del Real, LLC (c) (t) (x)Food & Beverage14.50%, 2.00% PIK, 4/1/20233,639 3,131 3,071 0.2 %
DoorDash, Inc. (c) (k)Technology10.00% PIK, 3/1/202524,331 24,052 24,696 1.8 %
Gdb Debt Recovery Authority Of Commonwealth Puerto Rico (a)Financials7.50%, 8/20/204013,003 9,700 9,963 0.7 %
HemaSource, Inc. (c) (k) (x)Healthcare11.00%, 1/1/20242,235 2,173 2,235 0.2 %
The accompanying notes are an integral part of these consolidated financial statements.
30

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Park Ave RE Holdings, LLC (c) (k) (o) (w)Financials13.00%, 12/31/2021$37,237 $37,237 $37,237 2.7 %
PCX Aerostructures, LLC (c) (k) (p) (x)Industrials6.00%, 8/9/20217,995 6,717 9,859 0.7 %
Siena Capital Finance, LLC (c) (k) (o)Financials12.50%, 5/15/202425,500 25,493 25,500 1.8 %
Subtotal Subordinated Debt$115,574 $118,573 8.5 %
Collateralized Securities - 7.6% (b)
Collateralized Securities - Debt Investments
Avery Point CLO, Ltd. 15-6A E1 (a) (c) (k)Diversified Investment VehiclesL+5.50% (5.72%), 8/6/2027$3,500 $3,202 $3,074 0.2 %
Babson CLO, Ltd. 16-2A ER (a) (c)Diversified Investment VehiclesL+6.50% (6.72%), 7/20/20282,650 2,402 2,588 0.2 %
Ballyrock, Ltd. 16-1A ER (a) (c)Diversified Investment VehiclesL+6.95% (7.19%), 10/16/20282,600 2,305 2,554 0.2 %
Catamaran CLO, Ltd. 16-1A D (a) (c) (k)Diversified Investment VehiclesL+6.65% (6.87%), 1/18/20297,250 7,076 6,982 0.5 %
Cedar Funding, Ltd. 14-4A ER (a) (c)Diversified Investment VehiclesL+6.36% (6.57%), 7/23/20302,500 2,214 2,406 0.2 %
CIFC Funding, Ltd. 15-5A DR (a) (c)Diversified Investment VehiclesL+5.55% (5.76%), 10/25/20273,000 2,660 2,797 0.2 %
Dryden Senior Loan Fund 17-49A E (a) (c) (k)Diversified Investment VehiclesL+6.30% (6.52%), 7/18/20303,000 2,900 2,854 0.2 %
Dryden Senior Loan Fund 2014-36A ER2 (a) (c) (k)Diversified Investment VehiclesL+6.88% (7.12%), 4/15/20292,000 1,953 1,905 0.1 %
Eaton Vance CDO, Ltd. 15-1A FR (a) (c) (k)Diversified Investment VehiclesL+7.97% (8.19%), 1/20/20302,000 1,819 1,717 0.1 %
Greywolf CLO, Ltd. 20-3RA ER (a) (c) (k)Diversified Investment VehiclesL+8.74% (8.96%), 4/15/20331,000 934 868 0.1 %
Highbridge Loan Management, Ltd. 11A-17 E (a) (c)Diversified Investment VehiclesL+6.10% (6.33%), 5/6/20303,000 2,535 2,665 0.2 %
ICG US CLO, Ltd. 15-2RA D (a) (c) (k)Diversified Investment VehiclesL+6.99% (7.22%), 1/17/20331,500 1,430 1,350 0.1 %
Jamestown CLO, Ltd. 17-10A D (a) (c)Diversified Investment VehiclesL+6.70% (6.92%), 7/17/20291,200 978 1,114 0.1 %
LCM, Ltd. Partnership 16A ER2 (a) (c) (k)Diversified Investment VehiclesL+6.38% (6.62%), 10/15/20312,500 2,323 2,266 0.2 %
Madison Park Funding, Ltd. 14-13A ER (a) (c)Diversified Investment VehiclesL+5.75% (5.97%), 4/19/20302,500 2,031 2,281 0.2 %
NewStar Arlington Senior Loan Program, LLC 14-1A FR (a) (c) (k) (p)Diversified Investment VehiclesL+11.00% (11.21%), 4/25/20314,750 4,567 3,632 0.3 %
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F (a) (c) (k) (p) (t)Diversified Investment VehiclesL+7.50% (7.72%), 1/20/202710,728 9,626 5,459 0.4 %
OCP CLO, Ltd. 14-5A DR (a) (c) (k)Diversified Investment VehiclesL+5.70% (5.91%), 4/26/20312,200 2,072 2,069 0.1 %
OZLM, Ltd. 15-12A D (a) (c)Diversified Investment VehiclesL+5.40% (5.61%), 4/30/20272,489 2,148 2,223 0.2 %
Regatta II Funding, LP 13-2A DR2 (a) (c)Diversified Investment VehiclesL+6.95% (7.19%), 1/15/20292,000 1,790 1,915 0.1 %
Regatta IX Funding, Ltd. 17-1A E (a) (c)Diversified Investment VehiclesL+6.00% (6.22%), 4/17/20302,000 1,782 1,942 0.1 %
Sound Point CLO, Ltd. 16-1A ER (a) (c)Diversified Investment VehiclesL+5.25% (5.47%), 7/20/20283,750 3,076 3,469 0.2 %
Sound Point CLO, Ltd. 16-3A E (a) (c)Diversified Investment VehiclesL+6.65% (6.86%), 1/23/20292,500 2,136 2,381 0.2 %
Sound Point CLO, Ltd. 17-1A E (a) (c) (k)Diversified Investment VehiclesL+5.96% (6.17%), 1/23/20294,000 3,788 3,550 0.2 %
Sound Point CLO, Ltd. 17-2A E (a) (c)Diversified Investment VehiclesL+6.10% (6.31%), 7/25/20302,400 1,999 2,040 0.1 %
The accompanying notes are an integral part of these consolidated financial statements.
31

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Sound Point CLO, Ltd. 18-3A D (a) (c) (k)Diversified Investment VehiclesL+5.79% (6.00%), 10/26/2031$1,000 $917 $892 0.1 %
Sound Point CLO, Ltd. 2015-3A ER (a) (c) (k)Diversified Investment VehiclesL+5.25% (5.47%), 1/20/20282,000 1,896 1,902 0.1 %
Symphony CLO, Ltd. 2012-9A ER2 (a) (c) (k)Diversified Investment VehiclesL+6.95% (7.18%), 7/16/20323,000 2,947 2,757 0.2 %
TCW CLO 2019-1 AMR, Ltd. 19-1A F (a) (c) (k)Diversified Investment VehiclesL+8.67% (8.89%), 2/15/20292,500 2,407 2,277 0.2 %
Tralee CLO, Ltd. 13-1A DR (a) (c)Diversified Investment VehiclesL+4.18% (4.40%), 7/20/20292,500 2,306 2,356 0.2 %
Whitehorse, Ltd. 2014-1A E (a) (c) (p)Diversified Investment VehiclesL+4.55% (4.76%), 5/1/20268,000 7,854 5,592 0.4 %
Zais CLO 13, Ltd. 19-13A D1 (a) (c) (k)Diversified Investment VehiclesL+4.52% (4.76%), 7/15/20323,000 2,866 2,704 0.2 %
Collateralized Securities - Equity Investments (n)
Figueroa CLO, Ltd. 2014-1A Side Letter (a) (c)Diversified Investment Vehicles25.44%, 1/15/2027$2,986 $132 $— — %
MidOcean Credit CLO 2013-2A INC (a) (c) (p) (v)Diversified Investment Vehicles0.00%, 1/29/203037,600 15,829 6,313 0.4 %
NewStar Arlington Senior Loan Program, LLC 14-1A SUB (a) (c) (k) (p) (v)Diversified Investment Vehicles18.63%, 4/25/203131,603 19,045 15,631 1.1 %
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (a) (c) (p) (v)Diversified Investment Vehicles0.00%, 1/20/202731,575 6,285 — — %
OFSI Fund, Ltd. 2014-6A Side Letter (a) (c)Diversified Investment Vehicles0.00%, 3/20/20251,970 263 — — %
Whitehorse, Ltd. 2014-1A Side Letter (a) (c) (p)Diversified Investment Vehicles0.00%, 5/1/20261,886 134 — — %
Whitehorse, Ltd. 2014-1A SUB (a) (c) (p) (v)Diversified Investment Vehicles0.00%, 5/1/202636,000 6,965 — — %
Subtotal Collateralized Securities$139,592 $106,525 7.6 %
Equity/Other - 16.4% (b) (d)
Aden & Anais Holdings, Inc. (c) (e) (x)Retail4,470 $— $— — %
Answers Corp. (c) (e) (p)Media/Entertainment908,911 $11,361 $727 0.1 %
Baker Hill Acquisition, LLC (c) (e) (x)Financials22,653 — — — %
Black Mountain Sand, LLC (c) (e) (u)Energy55,463 — 0.0 %
Capstone Nutrition Development, LLC (c) (e) (p) (u)Consumer47,883 4,468 5,928 0.4 %
Captek Softgel International, Inc. (c) (e) (x)Health/Fitness8,498 942 — — %
CDS U.S. Intermediate Holdings, Inc. (a) (c) (e) (p)Media/Entertainment539,708 1,224 1,224 0.1 %
CDS U.S. Intermediate Holdings, Inc. (a) (c) (e) (p)Media/Entertainment874,000 437 437 0.0 %
Clover Technologies Group, LLC (c) (e)Industrials2,753 275 423 0.0 %
Clover Technologies Group, LLC (c) (e)Industrials180,274 1,153 20 0.0 %
CRD Holdings, LLC (a) (c) (o) (u)Energy9.00%52,285,603 13,770 14,557 1.0 %
CRS-SPV, Inc. (c) (e) (k) (o) (x)Industrials246 2,219 1,393 0.1 %
Danish CRJ, Ltd. (a) (c) (e) (p) (r)Transportation5,002 — — — %
Data Source Holdings, LLC (c) (e) (x)Business Services10,617 140 203 0.0 %
Del Real, LLC (c) (e) (u) (x)Food & Beverage670,510 382 — — %
Dyno Acquiror, Inc. (c) (e) (x)Consumer134,102 58 80 0.0 %
The accompanying notes are an integral part of these consolidated financial statements.
32

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
First Eagle Greenway Fund II, LLC (a) (k) (p)Diversified Investment Vehicles5,329 $5,329 $1,759 0.1 %
Foresight Energy Operating, LLC (c) (e) (p) (u)Energy158,093 2,087 2,520 0.2 %
HemaSource, Inc. (c) (e) (x)Healthcare223,503 168 246 0.0 %
Integrated Efficiency Solutions, Inc. (c) (e) (x)Industrials53,215 56 — — %
Integrated Efficiency Solutions, Inc. (c) (e) (x)Industrials2,975 — — %
Internap Corp (c) (e) (p)Business Services1,293,189 543 2,231 0.2 %
Jakks Pacific, Inc. (c) (e) (p)Consumer3,389 102 402 0.0 %
Jakks Pacific, Inc. (e) (p) (s)Consumer9,884 41 49 0.0 %
Kahala Ireland OpCo Designated Activity Company (a) (c) (e) (o) (z)Transportation— 42,952 3.1 %
Kahala Ireland OpCo Designated Activity Company (a) (c) (o) (z)Transportation3,250,000 — 3,250 0.2 %
Kahala US OpCo, LLC (a) (c) (e) (o) (y)Transportation13.00%4,413,472 — — — %
KidKraft, Inc. (c) (e) (u) (x)Consumer2,682,257 — — — %
KMTEX, LLC (c) (e) (o) (u)Chemicals4,162,000 2,793 2,289 0.2 %
KMTEX, LLC (c) (e) (o) (u)Chemicals442,000 — — — %
Lakeview Health Holdings, Inc. (c) (e) (x)Healthcare447 — — — %
LendingHome Corp. (c) (p)Financials8.00%13,986,239 59,823 59,823 4.3 %
MCS Acquisition Corp. (c) (e)Business Services31,521 4,103 3,089 0.2 %
MGTF Holdco, LLC (c) (e) (o) (u)Media/Entertainment402,000 — — — %
Motor Vehicle Software Corp. (c) (x)Business Services223,503 318 279 0.0 %
New Constellis Holdings Inc. (c) (e) (x)Business Services2,316 67 67 0.0 %
Nomacorc, LLC (c) (e) (u) (x)Industrials356,816 56 111 0.0 %
Park Ave RE Holdings, LLC (c) (e) (k) (o) (w)Financials719 2,415 3,300 0.3 %
PCX Aerostructures, LLC (c) (e) (p) (x)Industrials27,250 — — — %
PCX Aerostructures, LLC (c) (e) (p) (x)Industrials1,356 — 76 0.0 %
PCX Aerostructures, LLC (c) (e) (p) (x)Industrials315 — 535 0.0 %
PennantPark Credit Opportunities Fund II, LP (a) (p)Diversified Investment Vehicles8,739 8,132 9,274 0.7 %
PT Network, LLC (c) (e) (u)Healthcare— — — %
RMP Group, Inc. (c) (u) (x)Financials223 164 299 0.0 %
Schweiger Dermatology Group, LLC (c) (e) (u) (x)Healthcare265,024 — — — %
Siena Capital Finance, LLC (c) (k) (o)Financials35,839,400 36,548 35,839 2.6 %
Skillsoft Corp. (c) (e)Technology39,794 4,993 7,163 0.5 %
Smile Brands, Inc. (c) (e) (x)Healthcare712 815 1,141 0.1 %
Squan Holding Corp. (c) (e)Telecom180,835 — — — %
SYNACOR, Inc. (e) (s)Technology59,785 — 81 0.0 %
Tap Rock Resources, LLC (c) (g) (p) (u)Energy18,356,442 9,973 11,405 0.8 %
Tax Advisors Group, LLC (c) (u) (x)Financials86 609 963 0.1 %
Tax Defense Network, LLC (c) (e) (p)Consumer147,099 425 — — %
Tax Defense Network, LLC (c) (e) (p)Consumer633,382 — — — %
The accompanying notes are an integral part of these consolidated financial statements.
33

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
December 31, 2020
Portfolio Company (f) (q)IndustryInvestment Coupon Rate / Maturity (l)Principal / Number of SharesAmortized CostFair Value% of Net Assets (b)
Team Waste, LLC (c) (p) (u) (x)Industrials128,483 $2,569 $2,570 0.2 %
Tennenbaum Waterman Fund, LP (a) (k) (p)Diversified Investment Vehicles10,000 10,000 10,087 0.7 %
Travelpro Products, Inc. (a) (c) (e) (x)Consumer447,007 506 — — %
United Biologics, LLC (c) (e) (u) (x)Healthcare4,206 31 15 0.0 %
United Biologics, LLC (c) (e) (u) (x)Healthcare3,155 — — — %
United Biologics, LLC (c) (e) (u) (x)Healthcare99,236 — — — %
United Biologics, LLC (c) (e) (u) (x)Healthcare39,769 132 21 0.0 %
United Biologics, LLC (c) (e) (u) (x)Healthcare223 35 0.0 %
USASF Holdco, LLC (c) (e) (u)Financials10,000 10 — — %
USASF Holdco, LLC (c) (e) (u)Financials490 490 228 0.0 %
USASF Holdco, LLC (c) (e) (u)Financials139 139 278 0.0 %
Vantage Mobility International, LLC (c) (e) (p) (x)Transportation1,468,221 — — — %
Vantage Mobility International, LLC (c) (e) (p) (x)Transportation391,131 — — — %
Vantage Mobility International, LLC (c) (e) (p) (x)Transportation3,280,908 3,140 — — %
World Business Lenders, LLC (c) (e)Financials922,669 3,750 2,168 0.2 %
WPNT, LLC (c) (e) (o) (u)Media/Entertainment402,000 — — — %
WSO Holdings, LP (c) (e) (x)Food & Beverage698 279 529 0.0 %
Wythe Will Tzetzo, LLC (c) (e) (u) (x)Food & Beverage22,312 302 — — %
YummyEarth, Inc. (c) (e) (x)Food & Beverage223 — — — %
Subtotal Equity/Other$197,375 $230,043 16.4 %
TOTAL INVESTMENTS - 187.4% (b)$2,714,001 $2,623,516 187.4 %

Forward foreign currency contracts:
CounterpartyContract to DeliverIn Exchange ForMaturity DateUnrealized Depreciation
Goldman Sachs InternationalCAD 21,807$16,643 2/17/2021$477 
_____________
(a)All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Qualifying assets represent 84.8% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.
(b)Percentages are based on net assets as of December 31, 2020.
(c)The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).
(d)All amounts are in thousands except share amounts.
(e)Non-income producing at December 31, 2020.
(f)The Company has various unfunded commitments to portfolio companies. Please refer to Note 7 - Commitments and Contingencies for details of these unfunded commitments.
(g)The commitment related to this investment is discretionary.
The accompanying notes are an integral part of these consolidated financial statements.
34

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)
(h)The Company's investment or a portion thereof is pledged as collateral under the JPM Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
(i)The Company's investment or a portion thereof is pledged as collateral under the Wells Fargo Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
(j)The Company's investment or a portion thereof is pledged as collateral under the Citi Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
(k)The Company's investment or a portion thereof is pledged as collateral under the MassMutual Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
(l)The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L") or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the current interest rate in effect at December 31, 2020. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses.
(m)The principal amount (par amount) is denominated in Canadian Dollars or CAD.
(n)For equity investments in Collateralized Securities, the effective yield is presented in place of the investment coupon rate for each investment. Refer to footnote (v) for a further description of an equity investment in a Collateralized Security.
(o)The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when the Company owns 25% or less of the portfolio company's voting securities and/or does not have the power to exercise control over the management or policies of such portfolio company. A company is generally presumed to be "controlled" when the Company owns more than 25% of the portfolio company's voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The Company classifies this investment as "controlled".
(p)The provisions of the 1940 Act classify investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities. The Company classifies this investment as "affiliated".
(q)Unless otherwise indicated, all investments in the consolidated schedule of investments are non-affiliated, non-controlled investments.
(r)The Company's investment is held through the Consolidated Holding Company, Kahala Aviation Holdings, LLC, which owns 49% of the operating company, Danish CRJ LTD.
(s)The investment is not a restricted security. All other securities are restricted securities.
(t)The investment is on non-accrual status as of December 31, 2020.
(u)Investments are held in the taxable wholly-owned, consolidated subsidiary, 54th Street Equity Holdings, Inc.
(v)The Collateralized Securities - subordinated notes are treated as equity investments and are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
(w)The Company's investment is held through the consolidated subsidiary, Park Ave RE, Inc., which owns 100% of the equity of the operating company, Park Ave RE Holdings, LLC.
(x)The investment is held through BSP TCAP Acquisition Holdings LP which is an affiliated acquisition entity utilized for the Triangle Transaction. Due to certain restrictions, such as limits on the number of partners allowable within the equity structures of the newly acquired investments, these investments are still held within the acquisition entity as of December 31, 2020.
(y)The Company's investment is held through the consolidated subsidiaries, Kahala Aviation Holdings, LLC and Kahala Aviation US, Inc. which own 100% of the equity of the operating company, Kahala US OpCo LLC.
(z)The Company's investment is held through the consolidated subsidiary, Kahala Aviation Holdings, LLC, which owns 100% of the equity of the operating company, Kahala Ireland OpCo Designated Activity Company.










The accompanying notes are an integral part of these consolidated financial statements.
35

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED SCHEDULES OF INVESTMENTS
(dollars in thousands)

December 31, 2020
The following table shows the portfolio composition by industry grouping based on fair value at December 31, 2020:
 At December 31, 2020
 Investments at
Fair Value
Percentage of
Total Portfolio
Healthcare$504,384 19.2 %
Industrials333,756 12.7 %
Business Services304,273 11.6 %
Financials277,197 10.5 %
Technology181,909 6.9 %
Diversified Investment Vehicles127,645 4.9 %
Energy122,547 4.7 %
Media/Entertainment113,213 4.3 %
Consumer103,959 4.0 %
Transportation96,226 3.7 %
Food & Beverage91,216 3.5 %
Software/Services78,520 3.0 %
Telecom72,173 2.8 %
Education61,457 2.3 %
Paper & Packaging57,028 2.2 %
Chemicals39,384 1.5 %
Gaming/Lodging29,332 1.1 %
Utilities19,330 0.7 %
Health/Fitness6,012 0.2 %
Retail3,955 0.2 %
Total$2,623,516 100.0 %


The accompanying notes are an integral part of these consolidated financial statements.
36

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)





Note 1 — Organization and Basis of Presentation
    Business Development Corporation of America (the “Company” or "BDCA") is an externally managed, non-diversified closed-end management investment company incorporated in Maryland in May 2010 that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“the 1940 Act”). In addition, the Company has elected to be treated for tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment activities are managed by BDCA Adviser, LLC (the “Adviser”), a subsidiary of Benefit Street Partners L.L.C. (“BSP”) and supervised by the Company’s Board of Directors ("Board"), a majority of whom are independent of the Adviser and its affiliates. As a BDC, the Company is required to comply with certain regulatory requirements.
    The Company’s investment objective is to generate both current income and to a lesser extent long-term capital appreciation through debt and equity investments. The Company invests primarily in first and second lien senior secured loans and mezzanine debt issued by middle market companies. The Company defines middle market companies as those with annual revenues up to $1 billion. The Company also purchases interests in loans through secondary market transactions. First and second lien secured loans generally are senior debt instruments that rank ahead of subordinated debt and equity in bankruptcy priority and are generally secured by liens on the operating assets of a borrower, which may include inventory, receivables, plant, property, and equipment. Mezzanine debt is subordinated to senior loans and is generally unsecured. The Company may invest in the equity and junior debt tranches of collateralized loan obligation investment vehicles (“Collateralized Securities” or "CLOs"). CLOs are entities that are formed to manage a portfolio of senior secured loans made to companies whose debt is typically rated below investment grade or, in limited circumstances, unrated. The senior secured loans within these Collateralized Securities meet specified credit and diversity criteria and are subject to concentration limitations in order to create a diverse investment portfolio. In most cases, companies to whom the Company provides customized financing solutions will be privately held at the time the Company invests in them.
    On February 1, 2019, Franklin Resources, Inc. (“FRI”) and Templeton International, Inc. (collectively with FRI, “Franklin Templeton”) acquired BSP, including BSP’s 100% ownership interest in the Adviser (the “FT Transaction”).
    During the three months ended March 31, 2021, the Company invested approximately $540.9 million in portfolio companies to contribute to the support of their business objectives of which some were contractually obligated. See Note 7 - Commitments and Contingencies. As of March 31, 2021, the Company held investments in loans it made to investee companies with aggregate principal amounts of $1,939.4 million. The details of such investments have been disclosed on the consolidated schedule of investments as well as in Note 3 - Fair Value of Financial Instruments. In addition to providing loans to investee companies, from time to time the Company may assist investee companies in securing financing from other sources by introducing such investee companies to sponsors or other lending institutions.
    While the structure of the Company’s investments is likely to vary, the Company may invest in senior secured debt, senior unsecured debt, subordinated secured debt, subordinated unsecured debt, mezzanine debt, convertible debt, convertible preferred equity, preferred equity, common equity, warrants, CLOs, and other instruments, many of which generate current yields. If the Adviser deems appropriate, the Company may invest in more liquid senior secured and second lien debt securities, some of which may be traded. The Company will make such investments to the extent allowed by the 1940 Act and consistent with its continued qualification as a RIC for federal income tax purposes.
    On January 25, 2011, the Company commenced its initial public offering (the “IPO”) on a “reasonable best efforts basis” of up to 150.0 million shares of common stock, $0.001 par value per share, and subsequently amended the offering to issue up to an additional 101.1 million shares of its common stock (the “Offering”). The Company closed the Offering to new investments on April 30, 2015. As of March 31, 2021, the Company had issued 230.0 million shares of common stock for gross proceeds of $2.4 billion including the shares purchased by affiliates and shares issued under the Company's distribution reinvestment plan (“DRIP”). As of March 31, 2021, the Company had repurchased a cumulative 30.7 million shares of common stock through its share repurchase program for payments of $258.5 million.
    The Company intends to co-invest, subject to the conditions included in the exemptive order the Company received from the Securities and Exchange Commission ("SEC"), with certain of its affiliates. The Company believes that such co-investments may afford it additional investment opportunities and an ability to achieve greater diversification.
    As a BDC, the Company is generally required to invest at least 70% of its total assets primarily in securities of private and certain U.S. public companies (other than certain financial institutions), cash, cash equivalents and U.S. Government securities, and other high-quality debt investments that mature in one year or less.
37

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    The Company is permitted to borrow money from time to time within the levels permitted by the 1940 Act (which generally currently allows it to incur leverage for up to one half of its total assets). The Company has used, and expects to continue to use, its credit facilities and other borrowings, along with proceeds from the rotation of its portfolio and proceeds from private securities offerings to finance its investment objectives.
    Although the Small Business Credit Availability Act of 2018 (the “SBCAA”) amended the 1940 Act to permit BDCs to incur increased leverage if certain conditions are met, the Company does not presently intend to avail itself of the increased leverage limits permitted by the SBCAA. If the Company were to avail itself of the increased leverage permitted by the SBCAA, this would effectively allow the Company to double its leverage, which would increase leverage risk and expenses.
Note 2 — Summary of Significant Accounting Policies
Basis of Presentation
    The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. The Company is an investment company and follows accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946 - Financial Services - Investment Companies ("ASC 946").
    We have also formed and expect to continue to form consolidated subsidiaries (the “Consolidated Holding Companies”). The Company consolidates the following subsidiaries for accounting purposes: BDCA Funding I, LLC (“Funding I”), BDCA-CB Funding, LLC (“CB Funding”), BDCA 57th Street Funding, LLC ("57th Street"), BDCA Asset Financing, LLC ("BDCA Asset Financing"), 54th Street Equity Holdings, Inc. and the Consolidated Holding Companies. All significant intercompany balances and transactions have been eliminated in consolidation. 
    Prior to September 30, 2019, in conjunction with the consolidation of subsidiaries, the Company had recognized non-controlling interests attributable to third party ownership in the following Consolidated Holding Companies: Kahala Aviation Holdings, LLC, Kahala Aviation US, Inc., and Kahala LuxCo S.A.R.L. On September 30, 2019, the Company entered an agreement to purchase the third party ownership of Kahala Aviation Holdings LLC, which in turn owns 100% of the equity of Kahala Aviation US, Inc. and Kahala LuxCo S.A.R.L. As a result of this agreement, the company owns 100% of the equity of Kahala Aviation Holdings LLC, Kahala Aviation US, Inc, and Kahala LuxCo S.A.R.L, and therefore no longer recognizes a non-controlling interest in these Consolidated Holding Companies. The Kahala LuxCo S.A.R.L. entity was liquidated in the second quarter of 2020. See Note 9 - Common Stock for detail of the activity attributable to non-controlling interests.
Interim financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by U.S. GAAP for annual consolidated financial statements. U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets, and any other parameters used in determining these estimates could cause actual results to differ materially. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2021.
Use of Estimates
    The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Consolidation
    As provided under ASC 946, the Company will generally not consolidate its investment in a company other than a substantially or wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's substantially wholly-owned subsidiaries in its consolidated financial statements. Although the Company owns more than 25% of the voting securities of SLF, the Company does not have sole control over significant actions of SLF for purposes of the 1940 Act or otherwise, and thus does not consolidate its interest.
38

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




Valuation of Portfolio Investments
    Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. On a quarterly basis, the Company performs an analysis of each investment to determine fair value as follows:
    Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Company may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined to be readily available, the Company uses the quote obtained.
    Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.
    With respect to investments for which market quotations are not readily available, the Adviser undertakes a multi-step valuation process each quarter, as described below:
Each portfolio company or investment will be valued by the Adviser, with assistance from one or more independent valuation firms engaged by the Company's Board of Directors or as noted below, with respect to investments in an investment fund;
The independent valuation firm(s) conduct independent appraisals and make an independent assessment of the value of each investment; and
The Board of Directors determines the fair value of each investment, in good faith, based on the input of the Adviser and independent valuation firm (to the extent applicable).
    For an investment in an investment fund that does not have a readily determinable fair value, the Company measures the fair value of the investment predominately based on the net asset value per share of the investment fund if the net asset value of the investment fund is calculated in a manner consistent with the measurement principles of ASC 946, as of the Company's measurement date. However, there can be no assurance that the Company will be able to sell such investment at a price equal to its net asset value per share and the Company may ultimately sell such investment at a discount to its net asset value per share.
    The Company’s investments in funds that offer periodic liquidity have redemption frequencies which range from monthly to quarterly and redemption notice periods which range from 30 to 90 days. Investments in private equity typically do not offer liquidity and instead, capital is returned through periodic distributions.
    Because there is not a readily available market value for most of the investments in its portfolio, the Company values substantially all of its portfolio investments at fair value as determined in good faith by its Board of Directors, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it.
39

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




Investment Classification
    The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control” is defined as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. In addition, any person “who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company and/or has the power to exercise control over the management or policies of such portfolio company shall be presumed to control such company. Typically, any person who does not so own more than 25% of the voting securities of any company and/or does not have the power to exercise control over the management or policies of such portfolio company shall be presumed not to control such company.” Consistent with the 1940 Act, “Affiliated Investments” are defined as those investments in companies in which the Company owns 5% or more of the voting securities. Consistent with the 1940 Act, “Non-affiliated Investments” are defined as investments that are neither Control Investments nor Affiliated Investments.
Cash and Cash Equivalents
Cash and cash equivalents include short-term, liquid investments in a money market deposit account. Cash and cash equivalents are carried at cost which approximates fair value.
Offering Costs
    The Company incurs certain costs in connection with the registration of shares of its common stock. Offering costs principally relate to professional fees, printing costs, direct marketing expenses, due diligence costs, fees paid to regulators, and other expenses, including the salaries and/or expenses of the Adviser and its affiliates engaged in registering and marketing the Company’s common stock. Such allocated expenses of the Adviser and its affiliates may include the development of marketing materials and presentations, training and educational meetings, and generally coordinating the marketing process for the Company.
    Pursuant to the Investment Advisory Agreement, the Company and the Adviser have agreed that the Company will not be liable for organization and offering costs, including transfer agent fees, in excess of 1.5% of the aggregate gross proceeds from the Company’s on-going offering. Should the Company resume continually offering its shares, any offering costs incurred will be capitalized and amortized as an expense on a straight-line basis over a 12-month period. For the periods ended March 31, 2021 and 2020, the Company did not incur any offering costs.
Deferred Financing Costs
    Financing costs incurred in connection with the Company’s unsecured notes and revolving credit facilities are capitalized and amortized into expense using the straight-line method, which approximates the effective yield method over the life of the respective facility. See Note 5 - Borrowings for details on the credit facilities and unsecured notes.
Distributions
    The Company’s Board of Directors authorizes and declares cash distributions payable on a quarterly basis to stockholders of record on each record date. The amount of each such distribution is subject to the discretion of the Board of Directors and applicable legal restrictions related to the payment of distributions. The Company calculates each stockholder’s specific distribution amount for the quarter using record and declaration dates. The distributions are payable by the fifth day following each record date. From time to time, the Company may also pay interim distributions, including capital gains distributions, at the discretion of the Company’s Board of Directors. The Company’s distributions may exceed earnings, especially during the period before it has substantially invested the proceeds from the offering. As a result, a portion of the distributions made by the Company may represent a return of capital for U.S. federal income tax purposes. A return of capital is a return of each stockholder’s investment rather than earnings or gains derived from the Company’s investment activities.
    The Company may fund cash distributions to stockholders from any sources of funds available to the Company, including advances from the Adviser that are subject to reimbursement, as well as offering proceeds, borrowings, net investment income from operations, capital gain proceeds from the sale of assets, and non-capital gain proceeds from the sale of assets. The Company has not established limits on the amount of funds it may use from available sources to make distributions. See Note 13 - Income Tax Information and Distributions to Stockholders for additional information.
40

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




Revenue Recognition
Interest Income
    Investment transactions are accounted for on the trade date. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discount and amortization of premium on investments.
    The Company has a number of investments in Collateralized Securities. Interest income from investments in the “equity” class of these Collateralized Securities (in the Company's case, preferred shares or subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40-35, Beneficial Interests in Securitized Financial Assets ("ASC 325-40-35"). The Company monitors the expected cash inflows from its equity investments in Collateralized Securities, including the expected principal repayments. The effective yield is determined and updated quarterly. In accordance with ASC 325-40, investments in CLOs are periodically assessed for other-than-temporary impairment ("OTTI"). When the Company determines that a CLO has OTTI, the amortized cost basis of the CLO is written down as of the date of the determination based on events and information evaluated and that write-down is recognized as a realized loss.
Dividend Income
Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.
Dividend income from SLF is recorded on the payment date. Distributions from SLF are evaluated at the time of distribution to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions as dividend income unless there are sufficient accumulated tax-basis earnings and profit in SLF prior to distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
Fee Income
    Fee income, such as structuring fees, origination, closing, amendment fees, commitment, termination, and other upfront fees are generally non-recurring and are recognized as income when earned, either upon receipt or amortized into income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan origination, structuring, closing, commitment, and other upfront fees are recorded as income.
Payment-in-Kind Interest/Dividends
    The Company holds debt and equity investments in its portfolio that contain payment-in-kind (“PIK”) interest and dividend provisions. The PIK interest and PIK dividend, which represent contractually deferred interest or dividends that add to the investment balance that is generally due at maturity, are recorded on the accrual basis to the extent such amounts are expected to be collected.
Non-accrual Income
    Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued interest which may include un-capitalized PIK interest is generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.
Net Realized Gain or Loss and Net Change in Unrealized Appreciation or Depreciation
    Gain or loss on the sale of investments is calculated using the specific identification method. The Company measures realized gain or loss by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when a gain or loss is realized.
41

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




Income Taxes
    The Company has elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes in respect of each taxable year if it distributes dividends for federal income tax purposes to stockholders of an amount generally equal to at least 90% of ‘‘investment company taxable income,’’ as defined in the Code, and determined without regard to any deduction for dividends paid. Distributions declared prior to the filing of the previous year's tax return and paid up to twelve months after the previous tax year can be carried back to the prior tax year in determining the distributions paid in such tax year. The Company intends to make sufficient distributions to maintain its ability to be subject to be taxed as a RIC each year. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts. See Note 13 - Income Tax Information and Distributions to Stockholders for additional information.
Recent Accounting Pronouncements
Adopted
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting if certain criteria are met. The guidance is effective from March 12, 2020 through December 31, 2022. The Company adopted ASU 2020-04 for the period ended June 30, 2020 and there was no impact to the accompanying financial statements and related disclosures.

Note 3 — Fair Value of Financial Instruments
    The Company’s fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820, Fair Value Measurement, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
    The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:
Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.
Level 3—Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
    The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.
    For investments for which Level 1 inputs, such as quoted prices, were not available at March 31, 2021 and December 31, 2020, the investments were valued at fair value as determined in good faith using the valuation policy approved by the Board of Directors using Level 2 and Level 3 inputs. The Company evaluates the source of inputs, including any markets in which the Company's investments are trading, in determining fair value. Due to the inherent uncertainty in the valuation process, the estimate of fair value of the Company’s investment portfolio at March 31, 2021 and December 31, 2020 may differ materially from values that would have been used had a ready market for the securities existed.
42

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the Board of Directors. Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. On a quarterly basis the Company performs an analysis of each investment to determine fair value as described below.
    Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Company may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined readily available, the Company uses the quote obtained.
    Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.
    For an investment in an investment fund that does not have a readily determinable fair value, the Company measures the fair value of the investment predominately based on the net asset value per share of the investment fund if the net asset value of the investment fund is calculated in a manner consistent with the measurement principles of ASC Topic 946, as of the Company's measurement date.
    For investments in Collateralized Securities, the Adviser models both the assets and liabilities of each Collateralized Securities' capital structure. The model uses a waterfall engine to store the collateral data, generate cash flows from the assets, and distribute the cash flows to the liability structure based on the contractual priority of payments. The cash flows are discounted using rates that incorporate risk factors such as default risk, interest rate risk, downgrade risk, and credit spread risk, among others. In addition, the Adviser considers broker quotations and/or comparable trade activity is considered as an input to determining fair value when available.
    As part of the Company's quarterly valuation process, the Adviser may be assisted by one or more independent valuation firms engaged by the Company. The Board of Directors determines the fair value of each investment, in good faith, based on the input of the Adviser and the independent valuation firm(s) (to the extent applicable).
    Determination of fair values involves subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements.
    For discussion of the fair value measurement of the Company's borrowings, refer to Note 5 - Borrowings.
    For discussion of the fair value measurement of the Company's foreign currency contracts, refer to Note 6 - Derivatives.
43

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    The following table presents fair value measurements of investments, by major class, as of March 31, 2021, according to the fair value hierarchy:
 Fair Value Measurements
 Level 1Level 2Level 3
Measured at Net Asset Value (1)
Total
Senior Secured First Lien Debt$— $323,657 $1,159,424 $— $1,483,081 
Senior Secured Second Lien Debt— 68,196 182,315 — 250,511 
Subordinated Debt— 10,902 75,391 — 86,293 
Collateralized Securities— — 40,355 — 40,355 
Equity/Other201 — 153,075 21,207 174,483 
BDCA Senior Loan Fund, LLC— — 304,934 — 304,934 
Total$201 $402,755 $1,915,494 $21,207 $2,339,657 
______________
(1) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient election have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.
    The following table presents fair value measurements of investments, by major class, as of December 31, 2020, according to the fair value hierarchy:
 Fair Value Measurements
 Level 1Level 2Level 3
Measured at Net Asset Value (1)
Total
Senior Secured First Lien Debt$— $620,666 $1,307,957 $— $1,928,623 
Senior Secured Second Lien Debt— 52,853 186,899 — 239,752 
Subordinated Debt— 9,963 108,610 — 118,573 
Collateralized Securities— — 106,525 — 106,525 
Equity/Other130 — 208,793 21,120 230,043 
Total$130 $683,482 $1,918,784 $21,120 $2,623,516 
______________
(1) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient election have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.
44

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2021:
 Senior Secured First Lien DebtSenior Secured Second Lien DebtSubordinated DebtCollateralized SecuritiesEquity/OtherTotal
Balance as of December 31, 2020$1,307,957 $186,899 $108,610 $106,525 $208,793 $1,918,784 
Net change in unrealized appreciation on investments16,240 2,534 105 3,624 10,095 32,598 
Purchases and other adjustments to cost115,699 2,002 6,205 135 304,936 428,977 
Sales and repayments(222,327)(17,695)(40,077)(70,929)(65,172)(416,200)
Net realized gain (loss)(1,963)63 548 1,000 (643)(995)
Transfers in21,913 20,285 — — — 42,198 
Transfers out(78,095)(11,773)— — — (89,868)
Balance as of March 31, 2021$1,159,424 $182,315 $75,391 $40,355 $458,009 $1,915,494 
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:$12,672 $2,527 $(248)$4,446 $10,347 $29,744 
Purchases represent the acquisition of new investments at cost. Sales and repayments represent principal payments received during the period.
    For the three months ended March 31, 2021, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the three months ended March 31, 2021, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs.
    The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2020:
 Senior Secured First Lien DebtSenior Secured Second Lien DebtSubordinated DebtCollateralized SecuritiesEquity/OtherTotal
Balance as of December 31, 2019$1,121,537 $271,232 $97,100 $108,927 $187,300 $1,786,096 
Net change in unrealized appreciation (depreciation) on investments8,734 15,208 4,597 (19,126)(18,973)(9,560)
Purchases and other adjustments to cost597,910 35,666 29,266 58,242 65,574 786,658 
Sales and repayments(414,661)(80,738)(21,151)(39,837)(33,144)(589,531)
Net realized gain (loss)(62,465)(41,634)(1,202)(1,681)8,036 (98,946)
Transfers in126,805 7,719 — — — 134,524 
Transfers out(69,903)(20,554)— — — (90,457)
Balance as of December 31, 2020$1,307,957 $186,899 $108,610 $106,525 $208,793 $1,918,784 
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:$(43,203)$(3,352)$4,985 $(19,337)$(17,988)$(78,895)
Purchases represent the acquisition of new investments at cost. Sales and repayments represent principal payments received during the period.
45

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




For the year ended December 31, 2020, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the year ended December 31, 2020, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs.
    The composition of the Company’s investments as of March 31, 2021, at amortized cost and fair value, were as follows:
 Investments at
Amortized Cost
Investments at
Fair Value
Fair Value
Percentage of
Total Portfolio
Senior Secured First Lien Debt$1,539,830 $1,483,081 63.4 %
Senior Secured Second Lien Debt259,127 250,511 10.7 
Subordinated Debt82,260 86,293 3.7 
Collateralized Securities69,796 40,355 1.7 
Equity/Other131,564 174,483 7.5 
BDCA Senior Loan Fund, LLC304,934 304,934 13.0 
Total$2,387,511 $2,339,657 100.0 %
    The composition of the Company’s investments as of December 31, 2020, at amortized cost and fair value, were as follows:
 Investments at
Amortized Cost
Investments at
Fair Value
Fair Value
Percentage of
Total Portfolio
Senior Secured First Lien Debt$2,009,503 $1,928,623 73.5 %
Senior Secured Second Lien Debt251,957 239,752 9.1 
Subordinated Debt115,574 118,573 4.5 
Collateralized Securities139,592 106,525 4.1 
Equity/Other197,375 230,043 8.8 
Total$2,714,001 $2,623,516 100.0 %
46

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




BDCA Senior Loan Fund, LLC
On January 20, 2020, BDCA and Cliffwater Corporate Lending Fund (“CCLF”) formed a joint venture, BDCA Senior Loan Fund, LLC (the “SLF”), that invests primarily in senior secured loans, and to a lesser extent may invest in mezzanine loans, unsecured loans and equity of predominantly private U.S. middle-market companies. BDCA Senior Loan Fund, LLC was formed as a Delaware limited liability company and is not consolidated by either BDCA or CCLF for financial reporting purposes. BDCA provides capital to the SLF in the form of LLC equity interests. As of March 31, 2021, BDCA and CCLF owned 87.5% and 12.5%, respectively, of the LLC equity interests of SLF. BDCA and CCLF each appoint two members to SLF's four-person board of directors. All material decisions with respect to SLF, including those involving its investment portfolio, require unanimous approval of a quorum of the board of directors. Quorum is defined as (i) the presence of two members of the board of directors; provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of directors; provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of directors; provided that two individuals are present that were elected, designated or appointed by each member.
As part of the initial contribution to SLF, BDCA contributed $751.8 million of assets including $664.2 million of investments and $42.4 million of cash as well as $446.9 million worth of liabilities including the Citi Credit Facility debt of $344.4 million in exchange for $304.9 million of equity in SLF. As of March 31, 2021 BDCA’s investment in SLF consisted of equity contributions of $304.9 million. BDCA’s investment in SLF is classified as “Equity/Other” on the Consolidated Schedule of Investments, and other disclosure unless otherwise indicated.
As of March 31, 2021, BDCA Senior Loan Fund, LLC had total assets of $797.9 million. SLF's portfolio consisted of debt investments in 110 portfolio companies as of March 31, 2021. As of March 31, 2021, the largest investment in a single portfolio company in the SLF's portfolio in aggregate principal amount was $21.5 million; and the five largest investments in portfolio companies in the SLF totaled $97.5 million. BDCA Senior Loan Fund, LLC invests in portfolio companies in the same industries in which BDCA may directly invest.

Below is a listing of BDCA Senior Loan Fund, LLC’s individual investments as of March 31, 2021:

March 31, 2021
(Unaudited)
Portfolio Company (d)IndustryInvestment Coupon Rate (a)MaturityPrincipal Number of SharesAmortized CostFair Value% of Members' Capital (c)
Senior Secured First Lien Debt
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b)TransportationL+4.75% (5.50%)4/20/20286,316 $6,253 $6,464 1.8 %
Accentcare, Inc. (b)HealthcareL+5.00% (5.50%)6/22/20262,758 2,779 2,758 0.8 %
Access Cig, LLC (b)Business ServicesL+3.75% (3.87%)2/27/20254,266 4,250 4,221 1.2 %
Achilles Acquisition, LLC (b)FinancialsL+4.50% (5.25%)11/16/20274,508 4,563 4,504 1.3 %
Acrisure, LLC (b)FinancialsL+3.50% (3.70%)2/16/202718,964 18,873 18,711 5.3 %
Adtalem Global Education, Inc.Education5.50%3/1/20285,000 5,000 4,954 1.4 %
Advisor Group, Inc. (b)FinancialsL+4.50% (4.61%)7/31/20267,964 7,964 7,954 2.3 %
AHP Health Partners, Inc. (b)HealthcareL+3.75% (4.75%)6/30/202513,558 13,570 13,563 3.9 %
Alchemy US Holdco 1, LLC (b)IndustrialsL+5.50% (5.61%)10/10/20253,465 3,316 3,344 1.0 %
Aldevron, LLC (b)HealthcareL+3.25% (4.25%)10/12/20267,669 7,674 7,657 2.2 %
47

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




March 31, 2021
(Unaudited)
Portfolio Company (d)IndustryInvestment Coupon Rate (a)MaturityPrincipal Number of SharesAmortized CostFair Value% of Members' Capital (c)
Alvogen Pharma US, Inc. (b)HealthcareL+5.25% (6.25%)12/29/202312,818 $12,669 $12,751 3.6 %
AP Gaming I, LLC (b)Gaming/LodgingL+3.50% (4.50%)2/15/20247,525 7,335 7,356 2.1 %
AqGen Ascensus, Inc. (b)Business ServicesL+4.00% (5.00%)12/3/202618,160 18,255 18,143 5.2 %
ASG Technologies Group, Inc. (b)Software/ServicesL+3.50% (4.50%)7/31/2024757 743 751 0.2 %
Asp Navigate Acquisition Corp. (b)HealthcareL+4.50% (5.50%)10/6/20273,301 3,309 3,301 0.9 %
Avaya Holdings Corp. (b)TechnologyL+4.00% (4.11%)12/15/202717,770 17,770 17,757 5.1 %
Avis Budget Car Rental, LLC (b)TransportationL+2.25% (2.36%)8/6/20274,950 4,857 4,821 1.4 %
BCP Raptor, LLC (b)EnergyL+4.25% (5.25%)6/24/202413,712 12,717 13,171 3.7 %
BCP Renaissance, LLC (b)EnergyL+3.50% (4.50%)10/31/20243,375 3,320 3,297 0.9 %
Bomgar Corp. (b)TechnologyL+4.00% (4.11%)4/18/20251,937 1,943 1,935 0.6 %
BMC Software Finance, Inc. (b)TechnologyL+3.75% (3.86%)10/2/202512,859 12,903 12,795 3.6 %
Bracket Intermediate Holding Corp. (b)HealthcareL+4.25% (4.49%)9/5/20255,242 5,163 5,242 1.5 %
BPR Nimbus, LLC (b)FinancialsL+2.50% (2.61%)8/27/20252,992 2,930 2,855 0.8 %
CareCentrix, Inc. (b)HealthcareL+4.50% (4.70%)4/3/202513,307 13,053 12,122 3.4 %
CCRR Parent, Inc. (b)HealthcareL+4.25% (5.00%)3/6/20285,000 4,975 5,006 1.4 %
Chloe Ox Parent, LLC (b)HealthcareL+4.50% (5.50%)12/23/20241,921 1,912 1,921 0.5 %
Claros Mortgage Trust, Inc. (b)FinancialsL+5.00% (6.00%)8/10/20266,368 6,368 6,352 1.8 %
Community Care Health Network, LLC (b)HealthcareL+4.50% (4.61%)2/17/20258,160 8,142 8,174 2.3 %
Compass Power Generation, LLC (b)UtilitiesL+3.50% (4.50%)12/20/20242,992 2,983 2,970 0.8 %
Connect Finco SARL (b)TelecomL+3.50% (4.50%)12/11/20264,596 4,626 4,577 1.3 %
Conservice Midco, LLC (b)Business ServicesL+4.25% (4.45%)5/13/20273,093 3,103 3,089 0.9 %
CONSOL Energy, Inc. (b)EnergyL+4.50% (4.61%)9/27/20243,995 3,606 3,740 1.1 %
Conterra Ultra Broadband, LLC (b)TelecomL+4.50% (4.61%)4/30/20266,762 6,762 6,762 1.9 %
CRGT, Inc. (b)Software/ServicesL+6.50% (7.50%)2/28/20227,827 7,571 7,748 2.2 %
Dunn Paper, Inc. (b)Paper & PackagingL+4.75% (5.75%)8/26/2022581 546 581 0.2 %
Edgewater Generation, LLC (b)UtilitiesL+3.75% (3.86%)12/12/20252,979 2,959 2,940 0.8 %
Emerald 2, Ltd. (b)IndustrialsL+3.50% (3.61%)7/10/2026520 517 516 0.1 %
48

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




March 31, 2021
(Unaudited)
Portfolio Company (d)IndustryInvestment Coupon Rate (a)MaturityPrincipal Number of SharesAmortized CostFair Value% of Members' Capital (c)
eResearchTechnology, Inc. (b)HealthcareL+4.50% (5.50%)2/4/20271,561 $1,569 $1,561 0.4 %
Fastlane Parent Co, Inc. (b)TransportationL+4.50% (4.61%)2/4/20261,581 1,581 1,577 0.5 %
First Advantage Holdings, LLC (b)Business ServicesL+3.00% (3.11%)1/29/20271,496 1,493 1,484 0.4 %
Golden Nugget, LLC (b)Gaming/LodgingL+2.50% (3.25%)10/4/20232,992 2,956 2,941 0.8 %
Greenway Health, LLC (b)HealthcareL+3.75% (4.75%)2/16/20244,770 4,411 4,531 1.3 %
GTT Communications BV (b)TelecomL+7.50% (8.50%) 2.50% PIK12/28/20211,072 1,072 1,087 0.3 %
HAH Group Holding Company, LLC (b)HealthcareL+5.00% (6.00%)10/29/20275,871 5,783 5,871 1.7 %
HS Purchaser, LLC (b)Software/ServicesL+4.75% (5.75%)11/19/2026160 160 160 0.0 %
IDERA, Inc. (b)TechnologyL+3.75% (4.50%)3/2/20287,035 7,048 6,981 2.0 %
Iri Holdings, Inc. (b)Business ServicesL+4.25% (4.36%)12/1/20257,879 7,858 7,879 2.2 %
Jane Street Group, LLC (b)FinancialsL+2.75% (2.86%)1/26/20289,975 9,962 9,860 2.8 %
LogMeIn, Inc. (b)Software/ServicesL+4.75% (4.85%)8/31/20275,985 5,941 5,964 1.7 %
LSCS Holdings, Inc. (b)HealthcareL+4.25% (4.51%)3/17/20251,591 1,553 1,574 0.5 %
LSCS Holdings, Inc. (b)HealthcareL+4.25% (4.51%)3/17/20256,164 5,988 6,099 1.7 %
McGraw Hill, LLC (b)PublishingL+4.75% (5.75%)11/1/20243,000 2,974 2,994 0.9 %
MED Parentco, LP (b)HealthcareL+4.25% (4.36%)8/31/20261,423 1,410 1,410 0.4 %
MED Parentco, LP (b)HealthcareL+4.25% (4.36%)8/31/20266,573 6,515 6,515 1.9 %
Medallion Midland Acquisition, LP (b)EnergyL+3.25% (4.25%)10/30/20243,642 3,599 3,604 1.0 %
Medical Solutions Holdings, Inc. (b)HealthcareL+4.50% (5.50%)6/14/20242,608 2,565 2,605 0.7 %
MH Sub I, LLC (b)Business ServicesL+3.75% (4.75%)9/13/20246,484 6,484 6,477 1.8 %
Gainwell Acquisition Corp. (b)HealthcareL+4.00% (4.75%)10/1/20274,988 4,916 4,963 1.4 %
Millennium Park HoldCo, Inc. (b)Business ServicesL+4.25% (5.25%)6/5/2024906 880 887 0.3 %
National Mentor Holdings, Inc. (b)HealthcareL+3.75% (4.50%)3/2/20286,997 6,962 6,950 2.0 %
National Mentor Holdings, Inc. (b)HealthcareL+3.75% (4.50%)3/2/2028233 232 232 0.1 %
Navitas Midstream Midland Basin, LLC (b)EnergyL+4.50% (5.50%)12/13/202421,507 21,309 21,480 6.1 %
Onex TSG Intermediate Corp. (b)HealthcareL+4.75% (5.50%)2/23/20285,000 4,901 4,901 1.4 %
Pelican Products, Inc. (b)ConsumerL+3.50% (4.50%)5/1/20252,614 2,527 2,580 0.7 %
Perstorp Holding Ab (b)ChemicalsL+4.75% (4.95%)2/27/20268,845 8,317 8,447 2.4 %
49

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




March 31, 2021
(Unaudited)
Portfolio Company (d)IndustryInvestment Coupon Rate (a)MaturityPrincipal Number of SharesAmortized CostFair Value% of Members' Capital (c)
Petrochoice Holdings, Inc. (b)IndustrialsL+5.00% (6.00%)8/19/20222,032 $1,912 $1,931 0.6 %
PG&E Corp. (b)UtilitiesL+3.00% (3.50%)6/23/202510,779 10,824 10,756 3.1 %
Accentcare, Inc. (b)HealthcareL+4.50% (4.61%)6/22/202613,337 13,337 13,304 3.8 %
Premier Dental Services, Inc. (b)HealthcareL+5.25% (6.25%)6/30/2023402 397 391 0.1 %
Premise Health Holding Corp. (b)HealthcareL+3.50% (3.75%)7/10/2025728 720 729 0.2 %
Protective Industrial Products, Inc. (b)IndustrialsL+4.00% (4.75%)12/29/20277,000 6,967 6,984 2.0 %
PSC Industrial Holdings Corp. (b)IndustrialsL+3.75% (4.75%)10/11/20244,530 4,413 4,422 1.3 %
Regionalcare Hospital Partners Holdings, Inc. (b)HealthcareL+3.75% (3.86%)11/14/202513,195 13,252 13,153 3.7 %
S&S Holdings, LLC (b)ConsumerL+5.00% (5.50%)3/10/20287,000 6,791 6,799 1.9 %
Safe Fleet Holdings, LLC (b)IndustrialsL+3.00% (4.00%)2/3/20252,392 2,375 2,343 0.7 %
Safety Products/JHC Acquisition Corp. (b)IndustrialsL+4.50% (4.61%)6/28/2026946 894 917 0.3 %
Safety Products/JHC Acquisition Corp. (b)IndustrialsL+4.50% (4.61%)6/28/202617,494 16,563 16,969 4.8 %
Schenectady International Group, Inc. (b)ChemicalsL+4.75% (4.86%)10/15/202521,454 21,303 21,293 6.1 %
Sierra Acquisition, Inc. (b)Food & BeverageL+4.00% (5.00%)11/11/20244,940 4,705 4,841 1.4 %
Spirit Aerosystems, Inc. (b)IndustrialsL+5.25% (6.00%)1/15/20252,575 2,611 2,582 0.7 %
SRS Distribution, Inc. (b)Business ServicesL+3.00% (3.11%)5/23/20252,992 2,979 2,950 0.8 %
Staples, Inc. (b)Business ServicesL+5.00% (5.21%)4/16/20264,987 4,926 4,866 1.4 %
Station Casinos, LLC (b)Gaming/LodgingL+2.25% (2.50%)2/8/20272,999 2,982 2,948 0.8 %
Taseko Mines, Ltd.Industrials7.00%2/15/20265,000 5,011 5,090 1.4 %
Tenneco, Inc.Transportation5.13%4/15/20293,846 3,846 3,793 1.1 %
The Dun & Bradstreet Corp. (b)Business ServicesL+3.25% (3.36%)2/6/20269,900 9,946 9,838 2.8 %
Tivity Health, Inc. (b)HealthcareL+5.25% (5.36%)3/6/20261,584 1,576 1,577 0.4 %
TransDigm, Inc. (b)IndustrialsL+2.25% (2.36%)12/9/20252,992 2,973 2,928 0.8 %
TSL Engineered Products, LLC (b)IndustrialsL+4.75% (5.50%)1/7/20288,074 7,993 7,994 2.3 %
Vyaire Medical, Inc. (b)HealthcareL+4.75% (5.75%)4/16/20257,892 6,395 6,708 1.9 %
WaterBridge Midstream Operating, LLC (b)EnergyL+5.75% (6.75%)6/22/202613,734 12,040 12,996 3.7 %
Watlow Electric Manufacturing Co. (b)IndustrialsL+4.00% (4.50%)3/2/20289,545 9,497 9,527 2.7 %
Wirepath, LLC (b)ConsumerL+4.00% (4.20%)8/5/20247,863 7,406 7,765 2.2 %
Wrench Group, LLC (b)ConsumerL+4.00% (4.20%)4/30/20263,179 3,118 3,179 0.9 %
50

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




March 31, 2021
(Unaudited)
Portfolio Company (d)IndustryInvestment Coupon Rate (a)MaturityPrincipal Number of SharesAmortized CostFair Value% of Members' Capital (c)
Subtotal Senior Secured First Lien Debt$563,997 $565,990 160.8 %
Senior Secured Second Lien Debt
Edelman Financial Services, LLC (b)FinancialsL+6.75% (6.86%)7/20/20261,120 $1,109 $1,118 0.3 %
Subtotal Senior Secured Second Lien Debt$1,109 $1,118 0.3 %
Collateralized Securities
Collateralized Securities - Debt Investments
Avery Point CLO, Ltd. 15-6A E1Diversified Investment VehiclesL+5.50% (5.70%)8/6/20273,500 $3,085 $3,258 0.9 %
Catamaran CLO, Ltd. 16-1A DDiversified Investment VehiclesL+6.65% (6.87%)1/18/20297,250 6,987 6,880 1.9 %
Cedar Funding, Ltd. 14-4A ERDiversified Investment VehiclesL+6.36% (6.58%)7/23/20302,500 2,408 2,388 0.7 %
CIFC Funding, Ltd. 15-5A DRDiversified Investment VehiclesL+5.55% (5.77%)10/25/20273,000 2,802 2,861 0.8 %
Dryden Senior Loan Fund 17-49A EDiversified Investment VehiclesL+6.30% (6.53%)7/18/20303,000 2,857 2,891 0.8 %
Dryden Senior Loan Fund 2014-36A ER2Diversified Investment VehiclesL+6.88% (7.12%)4/15/20292,000 1,907 1,921 0.5 %
Eaton Vance CDO, Ltd. 15-1A FRDiversified Investment VehiclesL+7.97% (8.19%)1/20/20302,000 1,721 1,804 0.5 %
Greywolf CLO, Ltd. 20-3RA ERDiversified Investment VehiclesL+8.74% (8.96%)4/15/20331,000 869 929 0.3 %
Highbridge Loan Management, Ltd. 11A-17 EDiversified Investment VehiclesL+6.10% (6.29%)5/6/20303,000 2,671 2,730 0.8 %
ICG US CLO, Ltd. 15-2RA DDiversified Investment VehiclesL+6.99% (7.21%)1/17/20331,500 1,351 1,366 0.4 %
Jamestown CLO, Ltd. 17-10A DDiversified Investment VehiclesL+6.70% (6.92%)7/17/20291,200 1,115 1,109 0.3 %
LCM, Ltd. Partnership 16A ER2Diversified Investment VehiclesL+6.38% (6.62%)10/15/20312,500 2,270 2,317 0.7 %
Madison Park Funding, Ltd. 14-13A ERDiversified Investment VehiclesL+5.75% (5.97%)4/19/20302,500 2,285 2,333 0.7 %
OCP CLO, Ltd. 14-5A DRDiversified Investment VehiclesL+5.70% (5.92%)4/26/20312,200 2,071 2,039 0.6 %
51

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




March 31, 2021
(Unaudited)
Portfolio Company (d)IndustryInvestment Coupon Rate (a)MaturityPrincipal Number of SharesAmortized CostFair Value% of Members' Capital (c)
OZLM, Ltd. 15-12A DDiversified Investment VehiclesL+5.40% (5.61%)4/30/20272,489 $2,230 $2,288 0.6 %
Regatta II Funding, LP 13-2A DR2Diversified Investment VehiclesL+6.95% (7.19%)1/15/20292,000 1,917 1,907 0.5 %
Sound Point CLO, Ltd. 2015-3A ERDiversified Investment VehiclesL+5.25% (5.47%)1/20/20282,000 1,905 1,934 0.5 %
Sound Point CLO, Ltd. 18-3A DDiversified Investment VehiclesL+5.79% (6.01%)10/26/20311,000 894 885 0.3 %
Sound Point CLO, Ltd. 16-1A ERDiversified Investment VehiclesL+5.25% (5.47%)7/20/20283,750 3,476 3,443 1.0 %
Sound Point CLO, Ltd. 16-3A EDiversified Investment VehiclesL+6.65% (6.87%)1/23/20292,500 2,383 2,323 0.7 %
Sound Point CLO, Ltd. 17-1A EDiversified Investment VehiclesL+5.96% (6.18%)1/23/20294,000 3,559 3,640 1.0 %
Sound Point CLO, Ltd. 17-2A EDiversified Investment VehiclesL+6.10% (6.32%)7/25/20302,400 2,045 2,062 0.6 %
Symphony CLO, Ltd. 2012-9A ER2Diversified Investment VehiclesL+6.95% (7.17%)7/16/20323,000 2,760 2,888 0.8 %
TCW CLO 2019-1 AMR, Ltd. 19-1A FDiversified Investment VehiclesL+8.67% (8.87%)2/15/20292,500 2,282 2,327 0.7 %
Tralee CLO, Ltd. 13-1A DRDiversified Investment VehiclesL+4.18% (4.40%)7/20/20292,500 2,359 2,379 0.7 %
Zais CLO 13, Ltd. 19-13A D1Diversified Investment VehiclesL+4.52% (4.76%)7/15/20323,000 2,708 2,745 0.8 %
Subtotal Collateralized Securities$62,917 $63,647 18.1 %
TOTAL INVESTMENTS$628,023 $630,755 179.2 %
Unrealized
Appreciation
% of Members' Capital (c)
Unrealized gain on derivatives
Total Return Swap
JPMorgan Chase Bank, N.A. call date 2/15/2022$143 0.0 %
TOTAL UNREALIZED GAIN ON DERIVATIVES$143 0.0 %
______________
(a)The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L") or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Company
52

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




has provided the spread over LIBOR or Prime and the current interest rate in effect at March 31, 2021. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses.
(b)The SLF's investment or a portion thereof is pledged as collateral under the Citi Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
(c)Percentages are based on members' capital as of March 31, 2021.
(d)The SLF has various unfunded commitments to portfolio companies.
SLF had $3.2 million of unfunded commitments on delayed draw term loans as of March 31, 2021.
Below is certain summarized financial information for the BDCA Senior Loan Fund, LLC as of March 31, 2021 and for the period January 20, 2021 through March 31, 2021:
Selected Statements of Assets and Liabilities InformationMarch 31,
2021
(Unaudited)
ASSETS
Investments, at fair value$630,755 
Cash and other assets167,107 
Total assets$797,862 
LIABILITIES
Revolving credit facilities$376,412 
Other liabilities69,477 
Total liabilities445,889 
MEMBERS' CAPITAL
Total members' capital$351,973 
Total liabilities and members' capital$797,862 

53

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




Selected Statements of Operations InformationFor the period January 20, 2021 through March 31,
2021
(Unaudited)
Investment income:
Total investment income$8,452 
Operating expenses:
Interest and credit facility financing expenses1,594 
Other expenses283 
Total expenses1,877 
Net investment income6,575 
Realized and unrealized gain:
Net realized and unrealized gain3,478 
Net increase in net assets resulting from operations$10,053 
54

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)





Significant Unobservable Inputs
    The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of March 31, 2021. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.
Range
Asset CategoryFair ValuePrimary Valuation TechniqueUnobservable InputsMinimumMaximum
Weighted Average (a)
Senior Secured First Lien Debt$912,609 Discounted Cash FlowMarket Yield5.00%41.00%8.70%
Senior Secured First Lien Debt107,464 Yield AnalysisMarket Yield2.00%14.13%7.21%
Senior Secured First Lien Debt67,653 Waterfall AnalysisEBITDA Multiple0.42x15.50x7.83x
Senior Secured First Lien Debt (c)46,709 N/AN/AN/AN/AN/A
Senior Secured First Lien Debt (b)13,549 Waterfall AnalysisDiscount Rate15.00%15.00%15.00%
Senior Secured First Lien Debt11,440 Waterfall AnalysisRevenue Multiple0.20x0.77x0.35x
Senior Secured Second Lien Debt100,804 Discounted Cash FlowMarket Yield7.25%23.75%10.77%
Senior Secured Second Lien Debt74,087 Yield AnalysisMarket Yield9.38%11.53%10.34%
Senior Secured Second Lien Debt4,871 Waterfall AnalysisRevenue Multiple0.52x1.30x1.15x
Senior Secured Second Lien Debt (b)2,553 Waterfall AnalysisEBITDA Multiple5.20x5.20x5.20x
Subordinated Debt (b)32,237 Discounted Cash FlowDiscount Rate9.55%9.55%9.55%
Subordinated Debt (b)28,500 Waterfall AnalysisTangible Net Asset Value Multiple1.65x1.65x1.65x
Subordinated Debt (c)11,467 N/AN/AN/AN/AN/A
Subordinated Debt (b)3,187 Yield AnalysisMarket Yield23.92%23.92%23.92%
Collateralized Securities40,355 Discounted Cash FlowDiscount Rate13.00%32.00%21.25%
Equity/Other (b)39,423 Waterfall AnalysisTangible Net Asset Value Multiple1.65x1.65x1.65x
Equity/Other39,202 Waterfall AnalysisDiscount Rate15.00%15.00%15.00%
Equity/Other29,020 Waterfall AnalysisEBITDA Multiple3.25x11.74x6.77x
Equity/Other23,813 Discounted Cash FlowDiscount Rate3.00%13.78%8.64%
Equity/Other15,366 Waterfall AnalysisRevenue Multiple0.11x2.86x2.50x
Equity/Other (c)2,911 N/AN/AN/AN/AN/A
Equity/Other2,674 Waterfall AnalysisTBV Multiple1.42x3.70x3.27x
Equity/Other (b)666 Discounted Cash FlowMarket Yield12.50%12.50%12.50%
BDCA Senior Loan Fund, LLC (b)304,934 Discounted Cash FlowDiscount Rate8.97%8.97%8.97%
Total$1,915,494 
______________
(a)Weighted averages are calculated based on fair value of investments.
(b)This asset category contains one investment.
(c)Investment(s) were valued based on recent or pending transactions expected to close after the valuation date.
    There were no significant changes in valuation approach or technique as of March 31, 2021.
    Level 3 Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities where the fair value is based on unobservable inputs.
55

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of December 31, 2020. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.
Range
Asset CategoryFair ValuePrimary Valuation TechniqueUnobservable InputsMinimumMaximum
Weighted Average (a)
Senior Secured First Lien Debt$851,279 Discounted Cash FlowMarket Yield4.38%38.50%8.88%
Senior Secured First Lien Debt (c)179,109 N/AN/AN/AN/AN/A
Senior Secured First Lien Debt161,126 Yield AnalysisMarket Yield2.87%14.13%7.17%
Senior Secured First Lien Debt78,988 Waterfall AnalysisEBITDA Multiple4.50x8.39x6.62x
Senior Secured First Lien Debt (b)18,549 Waterfall AnalysisDiscount Rate15.00%15.00%15.00%
Senior Secured First Lien Debt (b)10,485 Discounted Cash FlowDiscount Rate9.47%9.47%9.47%
Senior Secured First Lien Debt8,421 Waterfall AnalysisRevenue Multiple0.20x0.75x0.30x
Senior Secured Second Lien Debt141,633 Discounted Cash FlowMarket Yield7.30%29.00%11.21%
Senior Secured Second Lien Debt28,479 Yield AnalysisMarket Yield12.82%23.96%15.20%
Senior Secured Second Lien Debt (c)15,843 N/AN/AN/AN/AN/A
Senior Secured Second Lien Debt (b)944 Waterfall AnalysisRevenue Multiple0.55x0.55x0.55x
Subordinated Debt (b)37,237 Discounted Cash FlowDiscount Rate10.25%10.25%10.25%
Subordinated Debt (b)25,500 Waterfall AnalysisTangible Net Asset Value Multiple1.50x1.50x1.50x
Subordinated Debt (b)24,696 Discounted Cash FlowMarket Yield8.79%8.79%8.79%
Subordinated Debt18,942 Waterfall AnalysisEBITDA Multiple4.50x10.91x6.41x
Subordinated Debt (b)2,235 Yield AnalysisMarket Yield11.63%11.63%11.63%
Collateralized Securities106,525 Discounted Cash FlowDiscount Rate5.50%35.00%14.24%
Equity/Other (b) (c)59,823 N/AN/AN/AN/AN/A
Equity/Other46,202 Waterfall AnalysisDiscount Rate15.00%15.00%15.00%
Equity/Other (b)35,839 Waterfall AnalysisTangible Net Asset Value Multiple1.50x1.50x1.50x
Equity/Other22,425 Waterfall AnalysisEBITDA Multiple1.53x11.74x6.24x
Equity/Other14,959 Discounted Cash FlowMarket Yield0.06%13.00%0.61%
Equity/Other14,705 Discounted Cash FlowDiscount Rate10.25%16.50%15.10%
Equity/Other12,166 Waterfall AnalysisRevenue Multiple0.11x2.86x2.43x
Equity/Other2,674 Waterfall AnalysisTBV Multiple1.37x3.20x2.85x
Total$1,918,784 
______________
(a)Weighted averages are calculated based on fair value of investments.
(b)This asset category contains one investment.
(c)This instrument(s) was held at cost.
    There were no significant changes in valuation approach or technique as of December 31, 2020.
    Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets.
56

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    The income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 2021 and December 31, 2020. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, respectively, in the fair value.
    Valuations of loans, corporate debt, and other debt obligations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analysis, which incorporate comparisons to other debt instruments for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis. The Company also considers the use of EBITDA multiples, revenue multiples, tangible net asset value multiples, TBV multiples, and other relevant multiples on its debt and equity investments to determine any credit gains or losses in certain instances. Increases or decreases in either of these inputs in isolation may result in a significantly lower or higher fair value measurement of the respective subject instrument.
As of March 31, 2021, the Company had six portfolio companies on non-accrual with a total amortized cost of $84.4 million and fair value of $42.0 million, which represented 3.5% and 1.8% of the investment portfolio's total amortized cost and fair value, respectively. As of December 31, 2020, the Company had eleven portfolio companies on non-accrual with a total amortized cost of $104.1 million and fair value of $55.4 million, which represented 3.8%, and 2.1% of the investment portfolio's total amortized cost and fair value, respectively. Refer to Note 2 - Summary of Significant Accounting Policies - for additional details regarding the Company’s non-accrual policy.
Note 4 — Related Party Transactions and Arrangements
Investment Advisory Agreement
    Pursuant to the Investment Advisory Agreement and for the investment advisory and management services provided thereunder, the Company pays the Adviser a base management fee and an incentive fee.
    Prior to February 1, 2019, the Adviser provided investment advisory and management services under the investment advisory and management services agreement, effective November 1, 2016 (the “Prior Investment Advisory Agreement”), and most recently re-approved by the Board in August 2018. The terms of the Prior Investment Advisory Agreement were materially identical to the Investment Advisory Agreement. The Prior Investment Advisory Agreement automatically terminated on February 1, 2019 upon the indirect change of control of the Adviser on the consummation of Franklin Templeton's acquisition of BSP. The Investment Advisory Agreement was approved by the Board, including a majority of independent directors, on October 22, 2018, and by stockholders at a special meeting held on January 11, 2019 and took effect February 1, 2019. The Board renewed the Investment Advisory Agreement on January 21, 2021.
Base Management Fee
    The base management fee is calculated at an annual rate of 1.5% of the Company's average gross assets (including assets purchased with borrowed funds). The Company's gross assets increase or decrease with any appreciation or depreciation associated with a derivative contract. Average gross assets is calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters. The base management fee is payable quarterly in arrears and is appropriately pro-rated for any partial month or quarter. All or any part of the base management fee not taken as to any quarter may be deferred without interest and may be taken in such other quarter as the Adviser will determine within three years.
    As of March 31, 2021 and December 31, 2020, $9.6 million and $9.6 million was payable to the Adviser for base management fees, respectively.
    For the three months ended March 31, 2021 and 2020, the Company incurred $9.6 million and $9.9 million, respectively, in base management fees under the Investment Advisory Agreement.
57

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




Incentive Fees
    The incentive fee consists of two parts. The first part is referred to as the incentive fee on income and it is calculated and payable quarterly in arrears based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income, and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence, and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains or losses, or unrealized capital appreciation or depreciation. The payment of the incentive fee on income is subject to payment of a preferred return to investors each quarter, expressed as a quarterly rate of return on the value of the Company's net assets at the end of the most recently completed calendar quarter, of 1.75% (7.00% annualized), subject to a “catch up” feature (as described below). The calculation of the incentive fee on income for each quarter is as follows:
No incentive fee on income will be payable to the Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the preferred return rate of 1.75% or 7.00% annualized (the “Preferred Return”) on net assets;
100% of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the preferred return but is less than or equal to 2.1875% in any calendar quarter (8.75% annualized) will be payable to the Adviser. This portion of the Company’s incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 20% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.1875% (8.75% annualized) in any calendar quarter; and
For any quarter in which the Company's Pre-Incentive Fee Net Investment Income exceeds 2.1875% (8.75% annualized), the incentive fee on income will be equal to 20% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, as the Preferred Return and catch-up will have been achieved.
    As of March 31, 2021 and December 31, 2020, $7.0 million and $6.2 million was payable to the Adviser for the incentive fee on income, respectively.
    For the three months ended March 31, 2021 and 2020, the Company incurred $6.7 million and $0.0 million, respectively, in incentive fees on income under the Investment Advisory Agreement.
    The second part of the incentive fee, referred to as the “incentive fee on capital gains during operations,” is an incentive fee on capital gains earned on liquidated investments from the portfolio during operations prior to the Company’s liquidation and is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, if earlier). This fee equals 20% of the Company’s incentive fee capital gains, which equals the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For the three months ended March 31, 2021 and 2020, the Company did not incur incentive fees on capital gains during operations under the Investment Advisory Agreement.
Administration Agreement
    In connection with the Administration Agreement, BSP provides the Company with office facilities and administrative services. As of March 31, 2021 and December 31, 2020, $0.5 million and $0.5 million was payable to BSP under the Administration Agreement, respectively.
    For the three months ended March 31, 2021 and 2020, the Company incurred $0.5 million and $0.7 million, respectively, in administrative service fees under the Administration Agreement.
58

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




Co-Investment Relief
    The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. The SEC staff has granted the Company exemptive relief that allows it to enter into certain negotiated co-investment transactions alongside with other funds managed by the Adviser or its affiliates (“Affiliated Funds”) in a manner consistent with its investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions (the “Order”). Pursuant to the Order, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of its eligible directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Company and the Company's stockholders and do not involve overreaching in respect of the Company or the Company's stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objective and strategies.    
Private Placement in connection with FT Transaction
    On February 1, 2019, Franklin Templeton acquired BSP, including BSP’s 100% ownership interest in our Adviser. In connection with the FT Transaction, on November 1, 2018, the Company issued approximately 6.1 million and 4.9 million shares of the Company's common stock to FRI and BSP, respectively, at a purchase price of $8.20 per share in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).
Other Affiliated Parties
    The Adviser is the investment adviser of BDCA. The Adviser is an affiliate of BSP, an SEC registered investment adviser. The Adviser and BSP are under common control. Prior to the consummation of the FT Transaction on February 1, 2019, the Adviser was affiliated and under common control with Providence Equity Capital Markets L.L.C. (“PECM”), an SEC registered investment adviser on the BSP platform. The Adviser was affiliated and under common control with Providence Equity Partners L.L.C. (“PEP”), an SEC registered investment adviser. PEP is a global private equity investment adviser and maintained an information barrier between itself and the Adviser, BSP and PECM. The Adviser was affiliated and under common control with Merganser Capital Management, LLC (“Merganser”), an SEC registered investment adviser. BSP, the Adviser, PECM, Merganser and PEP’s respective Form ADV’s are publicly available for review on the SEC Investment Adviser Public Disclosure website.
Note 5 — Borrowings
Wells Fargo Credit Facility
    On July 24, 2012, the Company, through a wholly-owned, consolidated special purpose financing subsidiary, Funding I, entered into a revolving credit facility with Wells Fargo and U.S. Bank as collateral agent, account bank, and collateral custodian (as amended from time to time, the “Existing Wells Fargo Credit Facility”). The Existing Wells Fargo Credit Facility was amended on July 7, 2020 (the "July 7th Amendment") to decrease the total aggregate principal amount of borrowings from $600.0 million on a committed basis to $575.0 million. Prior to the July 7th Amendment, the facility was priced at one-month LIBOR, with no LIBOR floor, plus a spread ranging between 1.65% and 2.50% per annum. After the July 7th Amendment, the Existing Wells Fargo Credit Facility was priced at one-month LIBOR, with no LIBOR floor, plus a spread of 2.75% per annum. Interest was payable quarterly in arrears. Funding I was subject to a non-usage fee to the extent the aggregate principal amount available under the Existing Wells Fargo Credit Facility has not been borrowed. The non-usage fee per annum was 0.50% for the first 25% of the unused balance and 2.0% for the portion of the unused balance that exceeded 25%, except for the period from March 15, 2019 through June 15, 2019, where the non-usage fee per annum was 0.50% on any principal amount unused.
    On August 28, 2020, the Company refinanced the Existing Wells Fargo Credit Facility with (i) a $300.0 million revolving credit facility with the Company, as collateral manager, Funding I, as borrower, the lenders party thereto, Wells Fargo, as administrative agent, and U.S. Bank, as collateral agent and collateral custodian (the “New Wells Fargo Credit Facility,” together with Existing Wells Fargo Credit Facility, “Wells Fargo Credit Facility”) and (ii) the JPM Credit Facility (as defined below).
59

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    The New Wells Fargo Credit Facility provides for borrowings through August 28, 2023, and any amounts borrowed under the New Wells Fargo Credit Facility will mature on August 28, 2025. The New Wells Fargo Credit Facility is priced at three-month LIBOR, with a LIBOR floor of zero, plus a spread calculated based upon the composition of loans in the collateral pool, which will not exceed 2.75% per annum. Interest is payable quarterly in arrears. Funding I will be subject to a non-usage fee to the extent the commitments available under the New Wells Fargo Credit Facility have not been borrowed. The non-usage fee per annum is 0.50% for the first 25% of the unused balance and 2.0% for the portion of the unused balance that exceeds 25%. Funding I paid a structuring fee and incurred other customary costs and expenses in connection with the New Wells Fargo Credit Facility. Pursuant to an amendment entered into on April 6, 2021, the commitment fee for any unused portion of the New Wells Fargo Credit Facility was temporarily reduced until September 30, 2021. Additionally, the maximum spread was reduced from 2.75% to 2.50% as a result of this amendment. The other terms of the New Wells Fargo Credit Facility were unchanged.
    Funding I’s obligations under the New Wells Fargo Credit Facility are secured by a first priority security interest in substantially all of the assets of Funding I, including its portfolio of investments and the Company’s equity interest in Funding I. The obligations of Funding I under the New Wells Fargo Credit Facility are non-recourse to the Company.
    In connection with the New Wells Fargo Credit Facility, the Company and Funding I have made certain representations and warranties and are required to comply with various covenants and other customary requirements. The New Wells Fargo Credit Facility contains customary default provisions pursuant to which the administrative agent and the lenders under the New Wells Fargo Credit Facility may terminate the Company in its capacity as collateral manager/portfolio manager under the New Wells Fargo Credit Facility. Upon the occurrence of an event of default under the New Wells Fargo Credit Facility, the administrative agent or the lenders may declare the outstanding advances and all other obligations under the New Wells Fargo Credit Facility immediately due and payable.
JPM Credit Facility
    On August 28, 2020, the Company, through a wholly-owned, consolidated special purpose financing subsidiary, 57th Street, entered into a $300.0 million revolving credit facility with JPMorgan Chase Bank, National Association, as administrative agent (“JPM”), and U.S. Bank, as collateral agent, collateral administrator and securities intermediary (the “JPM Credit Facility”).
    The JPM Credit Facility provides for borrowings through August 28, 2023, and any amounts borrowed under the JPM Credit Facility will mature on August 28, 2023 unless the administrative agent exercises its option to extend the maturity date to August 28, 2024. The JPM Credit Facility is priced at three-month LIBOR, with a LIBOR floor of zero, plus a spread of 2.75% per annum. Interest is payable quarterly in arrears. 57th Street will be subject to a non-usage fee to the extent the commitments available under the JPM Credit Facility have not been borrowed. The non-usage fee per annum is 0.50% for the first 20% of the unused balance and 2.75% for the portion of the unused balance that exceeds 20%. 57th Street paid a structuring fee and incurred other customary costs and expenses in connection with the JPM Credit Facility. On January 21, 2021, the Company entered into an amendment (the “JPM Amendment”) to the JPM Credit Facility. The JPM Amendment, among other things, increases the amount that the Company is permitted to borrow under the JPM Credit Agreement from $300.0 million to $400.0 million. On April 12, 2021, the Company, through 57th Street, amended and restated the JPM Credit Facility. The amendment and restatement temporarily reduces the previous minimum funding amount until October 13, 2021. The other material terms of the JPM Credit Facility were unchanged.
    57th Street’s obligations under the JPM Credit Facility are secured by a first priority security interest in substantially all of the assets of 57th Street, including its portfolio of investments and the Company’s equity interest in 57th Street. The obligations of 57th Street under the JPM Credit Facility are non-recourse to the Company.
    In connection with the JPM Credit Facility, the Company and 57th Street have made certain representations and warranties and are required to comply with various covenants and other customary requirements. The JPM Credit Facility contains customary default provisions pursuant to which the administrative agent and the lenders under the JPM Credit Facility may terminate the Company in its capacity as collateral manager/portfolio manager under the JPM Credit Facility. Upon the occurrence of an event of default under the JPM Credit Facility, the administrative agent or the lenders may declare the outstanding advances and all other obligations under the JPM Credit Facility immediately due and payable.
60

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




Citi Credit Facility
    On June 27, 2014, the Company, through a wholly-owned, special purpose financing subsidiary, CB Funding, entered into a credit facility (as amended from time to time, the “Citi Credit Facility”) with Citibank, N.A. ("Citi") as administrative agent and U.S. Bank as collateral agent, account bank, and collateral custodian. From January 1, 2020 to January 20, 2021 the Citi Credit Facility provided for borrowings in an aggregate principal amount of up to $400.0 million on a committed basis, with a reinvestment period ending on May 31, 2021 and maturity date of May 31, 2022. On January 20, 2021, BDCA Senior Loan Fund, LLC (the "SLF"), a newly formed joint venture co-managed by the Company entered into an amendment to the Citi Credit Facility (the “Citi Credit Agreement”). The amendment, among other things, (i) replaces the Company with SLF as the collateral manager under the Citi Credit Agreement, (ii) extends the end of the reinvestment period from May 31, 2021 to May 31, 2023 and (iii) extends the final maturity date from May 31, 2022 to May 31, 2024. As a result of this amendment to the Citi Credit Facility, the Company incurred a realized loss on extinguishment of debt of $(1.3) million. In connection with the Citi Credit Facility, CB Funding has made certain representations and warranties, is required to comply with various covenants, reporting requirements, and other customary requirements for similar facilities and is subject to certain customary events of default. Upon the occurrence and during the continuation of an event of default, Citi may declare the outstanding advances and all other obligations under the Citi Credit Facility immediately due and payable. During the continuation of an event of default, CB Funding must pay interest at a default rate.
    The Citi Credit Facility contains customary default provisions for facilities of this type pursuant to which Citi may terminate the rights, obligations, power, and authority of the Company, in its capacity as servicer of the portfolio assets under the Citi Credit Facility, including, but not limited to, non-performance of Citi Credit Facility obligations, insolvency, defaults of certain financial covenants, and other events with respect to the Company that may be adverse to Citi and the secured parties under the Citi Credit Facility.
    The Citi Credit Facility is priced at three-month LIBOR plus a spread of 1.60% per annum through and including the last day of the investment period and 2.00% per annum thereafter. Interest is payable quarterly in arrears. CB Funding is subject to a non-usage fee to the extent the aggregate principal amount available under the Citi Credit Facility has not been borrowed. The non-usage fee per annum is 0.50%. Any amounts borrowed under the Citi Credit Facility along with any accrued and unpaid interest thereunder will mature, and will be due and payable, in three years.
MassMutual Credit Facility
    On July 7, 2020, the Company and a wholly-owned, special purpose financing subsidiary, BDCA Asset Financing, entered into a loan and servicing agreement (the “MassMutual Credit Facility”) with Massachusetts Mutual Life Insurance Company (“MassMutual”) as facility servicer and a lender and U.S. Bank National Association as collateral custodian, collateral administrator and administrative agent. The MassMutual Credit Facility provides for borrowings of up to $100.0 million on a committed basis, and, subject to satisfaction of certain conditions, contains an accordion feature whereby the Mass Mutual Credit Facility can be expanded to $150.0 million.
    BDCA Asset Financing’s obligations under the MassMutual Credit Facility are secured by a first priority security interest in substantially all of the assets of BDCA Asset Financing, including its portfolio of investments and the Company’s equity interest in BDCA Asset Financing. The obligations of BDCA Asset Financing under the MassMutual Credit Facility are non-recourse to the Company.
    The MassMutual Credit Facility provides for borrowings through December 31, 2021 and matures on December 31, 2025.
    The MassMutual Credit Facility is priced at three-month LIBOR, with a LIBOR floor of 0.75%, plus a spread of 5.0% per annum. Interest is payable quarterly in arrears. BDCA Asset Financing will be subject to a non-usage fee of 0.50% to the extent the aggregate principal amount available under the MassMutual Credit Facility has not been borrowed. BDCA Asset Financing paid a structuring fee and incurred other customary costs and expenses in connection with the MassMutual Credit Facility.
    In connection with the MassMutual Credit Facility, the Company and BDCA Asset Financing have made certain representations and warranties and are required to comply with various covenants and other customary requirements. The MassMutual Credit Facility contains customary default provisions pursuant to which MassMutual may terminate the Company in its capacity as portfolio asset servicer of the portfolio assets under the MassMutual Credit Facility. Upon the occurrence of an event of default, MassMutual may declare the outstanding advances and all other obligations under the MassMutual Credit Facility immediately due and payable.
61

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




2020 Notes
    On August 26, 2015, the Company entered into a Purchase Agreement with certain initial purchasers, relating to the Company’s sale of $100.0 million aggregate principal amount of its 6.00% fixed rate senior notes due 2020 (the “2020 Notes”) to the initial purchasers in a private placement in reliance on Section 4(a)(2) of the Securities Act and for initial resale by the initial purchasers to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The Company relied upon these exemptions from registration based in part on representations made by the initial purchasers. The Purchase Agreement included customary representations, warranties, and covenants by the Company. Under the terms of the Purchase Agreement, the Company had agreed to indemnify the initial purchasers against certain liabilities under the Securities Act. The 2020 Notes had not been registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The net proceeds from the sale of the 2020 Notes was approximately $97.9 million, after deducting initial purchasers' discounts and commissions of approximately $1.6 million payable by the Company and estimated offering expenses of approximately $0.5 million payable by the Company. The Company used the net proceeds to make investments in accordance with the Company’s investment objectives and for general corporate purposes.
    The 2020 Notes were issued pursuant to an Indenture, dated as of August 31, 2015 (the “2015 Indenture”), between the Company and U.S. Bank National Association, trustee (the “Trustee”). The 2020 Notes bore interest at a rate of 6.00% per year payable semi-annually on March 1 and September 1 of each year, commencing on March 1, 2016.
    On August 14, 2020, the Company redeemed all outstanding 2020 Notes.
2022 Notes
    On December 14, 2017, the Company entered into a Purchase Agreement (the “2022 Notes Purchase Agreement”) with Sandler O'Neill & Partners, L.P. (the "Initial Purchaser") relating to the Company's sale of $150.0 million aggregate principal amount of its 4.75% fixed rate notes due 2022 (the “2022 Notes”) to the Initial Purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act and for initial resale by the Initial Purchaser to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act and to institutional accredited investors under Rule 501(a)(1), (2), (3), or (7) under the Securities Act. The Company relied upon these exemptions from registration based in part on representations made by the Initial Purchaser. The 2022 Notes Purchase Agreement also includes customary representations, warranties, and covenants by the Company. Under the terms of the 2022 Notes Purchase Agreement, the Company has agreed to indemnify the Initial Purchaser against certain liabilities under the Securities Act. The 2022 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. The net proceeds from the sale of the 2022 Notes was approximately $147.0 million, after deducting an offering price discount of approximately $0.8 million, as well as Initial Purchaser’s discounts and commissions of approximately $1.7 million and offering expenses of approximately $0.6 million, each payable by the Company. The Company used the net proceeds to repay outstanding indebtedness, to make investments in portfolio companies in accordance with its investment objectives, and for general corporate purposes.
    The 2022 Notes were issued pursuant to the Indenture dated as of December 19, 2017 (the “2017 Indenture”), between the Company and the Trustee, and a Supplemental Indenture, dated as of December 19, 2017 (the “Supplemental Indenture”), between the Company and the Trustee. The 2022 Notes will mature on December 30, 2022, unless repurchased or redeemed in accordance with their terms prior to such date. The 2022 Notes bear interest at a rate of 4.75% per year payable semi-annually on June 30 and December 30 of each year, commencing on June 30, 2018. The 2022 Notes will be general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2022 Notes. The 2022 Notes will rank equally in right of payment with all of the Company's existing and future senior liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness incurred by the Company's subsidiaries, financing vehicles, or similar facilities, including credit facilities entered into by the Company's wholly owned, special purpose financing subsidiaries.
    The 2017 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the 2022 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the 2017 Indenture.
62

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    In addition, if a change of control repurchase event, as defined in the 2017 Indenture, occurs prior to maturity, holders of the 2022 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the 2022 Notes at a repurchase price equal to 100% of the principal amount of the 2022 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
2023 Notes
    On May 11, 2018, the Company entered into a Purchase Agreement (the “2023 Notes Purchase Agreement”) with the Initial Purchaser relating to the Company’s sale of $60.0 million aggregate principal amount of its 5.375% fixed rate notes due 2023 (the “2023 Notes”) to the Initial Purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, and for initial resale by the Initial Purchaser to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act and to institutional accredited investors under Rule 501 (a)(1), (2), (3), or (7) under the Securities Act. The Company relied upon these exemptions from registration based in part on representations made by the Initial Purchaser. The 2023 Notes Purchase Agreement also includes customary representations, warranties, and covenants by the Company. Under the terms of the 2023 Notes Purchase Agreement, the Company has agreed to indemnify the Initial Purchaser against certain liabilities under the Securities Act. The 2023 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. The net proceeds from the sale of the 2023 Notes were approximately $58.7 million, after deducting an offering price discount of approximately $0.3 million, as well as Initial Purchaser’s discounts and commissions of approximately $0.6 million and estimated offering expenses of approximately $0.4 million, each payable by the Company. The Company used the net proceeds to repay outstanding indebtedness, to make investments in portfolio companies in accordance with its investment objectives, and for general corporate purposes. The 2023 Notes were issued pursuant to the 2017 Indenture between the Company and The Trustee, and a Second Supplemental Indenture, dated as of May 16, 2018, between the Company and the Trustee. The 2023 Notes will mature on May 30, 2023, unless repurchased or redeemed in accordance with their terms prior to such date. The 2023 Notes bear interest at a rate of 5.375% per year payable semi-annually on May 30 and November 30 of each year, commencing on November 30, 2018. The 2023 Notes will be general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2023 Notes. The 2023 Notes will rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness incurred by the Company’s subsidiaries, financing vehicles, or similar facilities, including credit facilities entered into by the Company’s wholly owned, special purpose financing subsidiaries. The 2017 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the 2023 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the 2017 Indenture. In addition, if a change of control repurchase event, as defined in the 2017 Indenture, occurs prior to maturity, holders of the 2023 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the 2023 Notes at a repurchase price equal to 100% of the principal amount of the 2023 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
63

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




2024 Notes
    On December 3, 2019, the Company entered into a Purchase Agreement (the “2024 Notes Purchase Agreement”) with the Initial Purchaser relating to the Company’s sale of $100.0 million aggregate principal amount of its 4.85% fixed rate notes due 2024 (the “2024 Notes”) to the Initial Purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, and for initial resale by the Initial Purchaser to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act and to institutional accredited investors under Rule 501 (a)(1), (2), (3), or (7) under the Securities Act. The Company relied upon these exemptions from registration based in part on representations made by the Initial Purchaser. The 2024 Notes Purchase Agreement also includes customary representations, warranties, and covenants by the Company. Under the terms of the 2024 Notes Purchase Agreement, the Company has agreed to indemnify the Initial Purchaser against certain liabilities under the Securities Act. The 2024 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. The net proceeds from the sale of the 2024 Notes were approximately $98.4 million, after deducting the Initial Purchaser’s discounts and commissions of approximately $1.2 million and estimated offering expenses of approximately $0.4 million, each payable by the Company. The Company used the net proceeds to repay outstanding indebtedness, to make investments in portfolio companies in accordance with its investment objectives, and for general corporate purposes. The 2024 Notes were issued pursuant to the 2017 Indenture between the Company and The Trustee, and a Third Supplemental Indenture, dated as of December 5, 2019, between the Company and the Trustee. The 2024 Notes will mature on December 15, 2024, unless repurchased or redeemed in accordance with their terms prior to such date. The 2024 Notes bear interest at a rate of 4.85% per year payable semi-annually on June 15 and December 15 of each year, commencing on June 15, 2020. The 2024 Notes will be general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2024 Notes. The 2024 Notes will rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness incurred by the Company’s subsidiaries, financing vehicles, or similar facilities, including credit facilities entered into by the Company’s wholly owned, special purpose financing subsidiaries. The 2017 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the 2024 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the 2017 Indenture. In addition, if a change of control repurchase event, as defined in the 2017 Indenture, occurs prior to maturity, holders of the 2024 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the 2024 Notes at a repurchase price equal to 100% of the principal amount of the 2024 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
64

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




2026 Notes
On March 24, 2021, the Company entered into a Purchase Agreement (the “2026 Notes Purchase Agreement”) with the initial purchaser listed therein relating to the Company’s sale of $300.0 million aggregate principal amount of its 3.25% fixed rate notes due 2026 (the “2026 Notes”) to the Initial Purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, and for initial resale by the Initial Purchaser to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Company relied upon these exemptions from registration based in part on representations made by the Initial Purchaser. The 2026 Notes Purchase Agreement also includes customary representations, warranties, and covenants by the Company. Under the terms of the 2026 Notes Purchase Agreement, the Company has agreed to indemnify the Initial Purchaser against certain liabilities under the Securities Act. The 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. The net proceeds from the sale of the 2026 Notes were approximately $296.0 million, after deducting the Initial Purchaser’s discounts and commissions and estimated offering expenses. The Company used the net proceeds to repay outstanding indebtedness, to make investments in portfolio companies in accordance with its investment objectives, and for general corporate purposes. The 2026 Notes were issued pursuant to the Indenture dated as of March 29, 2021 (the “2021 Indenture”), between the Company and the Trustee, and a Supplemental Indenture, dated as of March 29, 2021 (the “First Supplemental Indenture”), between the Company and the Trustee. The 2026 Notes will mature on March 30, 2026, unless repurchased or redeemed in accordance with their terms prior to such date. The 2026 Notes bear interest at a rate of 3.25% per year payable semi-annually on March 30 and September 30 of each year, commencing on September 30, 2021. The 2026 Notes will be general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2026 Notes. The 2026 Notes will rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness incurred by the Company’s subsidiaries, financing vehicles, or similar facilities, including credit facilities entered into by the Company’s wholly owned, special purpose financing subsidiaries. The 2021 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the 2021 Indenture. In addition, if a change of control repurchase event, as defined in the 2021 Indenture, occurs prior to maturity, holders of the 2026 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the 2026 Notes at a repurchase price equal to 100% of the principal amount of the 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. In connection with the sale of the 2026 Notes, the Company entered into a Registration Rights Agreement, dated as of March 29, 2021 (the “Registration Rights Agreement”), with J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as the representatives of the initial purchasers of the 2026 Notes. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the SEC a registration statement requiring the Company to an offer to exchange the 2026 Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the 2026 Notes, and to use its commercially reasonable efforts to cause such registration statement to be declared effective. If the Company is not able to effect the exchange offer, the Company will be obligated to file a shelf registration statement covering the resale of the 2026 Notes and use its commercially reasonable efforts to cause such registration statement to be declared effective. If the Company fails to satisfy its registration obligations by certain dates specified in the Registration Rights Agreement, it will be required to pay additional interest to the holders of the 2026 Notes.

65

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    The following table represents borrowings as of March 31, 2021:
Maturity DateTotal Aggregate Borrowing CapacityTotal Principal OutstandingLess Deferred Financing CostsAmount per Consolidated Statements of Assets and Liabilities
Wells Fargo Credit Facility8/28/2025$300,000 $173,700 $(6,724)$166,976 
JPM Credit Facility8/28/2023400,000 120,000 (1,052)118,948 
MassMutual Credit Facility12/31/2025100,000 — (2,147)(2,147)
2026 Notes3/30/2026300,000 296,101 (495)295,606 
2024 Notes12/15/2024100,000 99,116 (138)98,978 
2023 Notes5/30/202360,000 59,859 (408)59,451 
2022 Notes12/30/2022150,000 149,711 (797)148,914 
Totals$1,410,000 $898,487 $(11,761)$886,726 
    
    The following table represents borrowings as of December 31, 2020:
Maturity DateTotal Aggregate Borrowing CapacityTotal Principal OutstandingLess Deferred Financing CostsAmount per Consolidated Statements of Assets and Liabilities
Wells Fargo Credit Facility8/28/2025$300,000 $253,000 $(7,099)$245,901 
JPM Credit Facility8/28/2023300,000 289,000 (894)288,106 
Citi Credit Facility5/31/2022400,000 267,250 (1,335)265,915 
MassMutual Credit Facility12/31/2025100,000 — (2,258)(2,258)
2024 Notes12/15/2024100,000 99,057 (147)98,910 
2023 Notes5/30/202360,000 59,843 (455)59,388 
2022 Notes12/30/2022150,000 149,671 (910)148,761 
Totals$1,410,000 $1,117,821 $(13,098)$1,104,723 

    The weighted average annualized interest cost for all borrowings for the three months ended March 31, 2021 and 2020 was 3.50% and 4.11%, respectively. The average daily debt outstanding for the three months ended March 31, 2021 and 2020 was $1.0 billion and $1.2 billion, respectively. The maximum debt outstanding for the three months ended March 31, 2021 and 2020 was $1.6 billion and $1.3 billion, respectively.
66

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)






The following table represents interest and debt fees for the three months ended March 31, 2021:
Three months ended March 31, 2021
Interest RateNon-Usage RateInterest Expense
Deferred Financing Costs (6)
Other Fees (7)
Wells Fargo Credit Facility(1)(2)$1,938 $376 $60 
JPM Credit Facility(3)(4)2,172 104 183 
Citi Credit Facility (8)
 L+1.60%0.50%277 49 48 
MassMutual Credit Facility(5)0.50%— 111 138 
2026 Notes3.25%n/a60 — 
2024 Notes4.85%n/a1,271 — 
2023 Notes5.38%n/a822 47 — 
2022 Notes4.75%n/a1,822 112 — 
Totals$8,362 $809 $429 

______________
(1) Prior to an amendment on July 7, 2020, the Wells Fargo Credit Facility had an interest rate priced at one-month LIBOR, with no LIBOR floor, plus a spread ranging between 1.65% and 2.50% per annum, depending on the composition of the portfolio of loans owned. From July 7, 2020 until August 28, 2020, the Wells Fargo Credit Facility had an interest rate priced at one-month LIBOR, with no LIBOR floor, plus a spread of 2.75% per annum. From August 28, 2020 through March 31, 2021, the Wells Fargo Credit Facility had an interest rate priced at three-month LIBOR, with a LIBOR floor of zero, plus a spread calculated based upon the composition of the loans in the collateral pool, which will not exceed 2.75% per annum.
(2) The non-usage fee per annum is 0.50% for the first 25% of the unused balance and 2.0% for the portion of the unused balance that exceeds 25%.
(3) Interest rate is priced at three-month LIBOR, with a LIBOR floor of zero, plus a spread of 2.75% per annum.
(4) The non-usage fee per annum is 0.50% for the first 20% of the unused balance and 2.75% for the portion of the unused balance that exceeds 20%.
(5) Interest rate is priced at three-month LIBOR, with a LIBOR floor of 0.75%, plus a spread of 5.0% per annum.
(6) Amortization of deferred financing costs.
(7) Includes non-usage fees and custody fees.
(8) Amounts presented represent activity prior to the Citi Credit Agreement on January 20, 2021.
67

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
For the period ended March 31, 2021
(Unaudited)




    The following table represents interest and debt fees for the three months ended March 31, 2020:
Three months ended March 31, 2020
Interest RateNon-Usage RateInterest Expense
Deferred Financing Costs (3)
Other Fees (4)
Wells Fargo Credit Facility(1)(2)$4,475 $500 $182 
Citi Credit FacilityL+1.60%0.50%2,557 233 139 
2024 Notes4.85%n/a1,272 13 
2023 Notes5.38%n/a823 47 — 
2022 Notes4.75%n/a1,823 114 — 
2020 Notes6.00%n/a1,562 31 — 
Totals$12,512 $934 $334 
_____________
(1) Interest rate is priced at one month's LIBOR with no LIBOR floor, plus a spread ranging between 1.65% and 2.50% per annum, depending on the composition of the portfolio of loans owned.
(2) Prior to the most recent amendment (March 15, 2019), the non-usage fee per annum is 0.50% for the first 25% of the unused balance and 2.0% for the portion of the unused balance that exceeds 25%. The non-usage fee for the three months from the most recent amendment is 0.50% on any principal amount unused. After the three months from the most recent amendment, the non-usage fee per annum is 0.50% for the first 25% of the unused balance and 2.0% for the portion of the unused balance that exceeds 25%.
(3) Amortization of deferred financing costs.
(4) Includes non-usage fees, custody fees, and trustee fees.
The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate fair value. The fair value of short-term financial instruments such as cash and cash equivalents, due to affiliates, and accounts payable approximate their carrying value on the accompanying consolidated statements of assets and liabilities due to their short-term nature. The fair value of the Company's 2022 Notes, 2023 Notes, 2024 Notes, and 2026 Notes, are derived from market indications provided by Bloomberg Finance L.P. at March 31, 2021 and December 31, 2020.
    At March 31, 2021, the carrying amount of the Company's secured borrowings approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's borrowings is estimated based upon market interest rates for the Company's own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of March 31, 2021 and December 31, 2020, the Company's borrowings would be deemed to be Level 3, as defined in Note 3 - Fair Value of Financial Instruments.
    The fair values of the Company’s remaining financial instruments that are not reported at fair value on the accompanying consolidated statements of assets and liabilities are reported below:
LevelCarrying Amount at March 31, 2021Fair Value at March 31, 2021
Wells Fargo Credit Facility3$173,700 $173,700 
JPM Credit Facility3120,000 120,000 
MassMutual Credit Facility3— — 
2026 Notes3296,101 296,793 
2024 Notes399,116 101,034 
2023 Notes359,859 62,014 
2022 Notes3149,711 154,692