27% Discount, 12% Yield

Business Development Companies offer the retail investor exposure to privately-held firms, which often are funded by venture capital firms. With the market hitting all-time highs recently, we've been looking at undervalued income vehicles in our recent articles, and BDCs qualify for that classification.

This article focuses on TCG BDC (CGBD), a New York-based company which provides debt investments in U.S. middle market companies. It also invests in first lien and second lien senior secured loans and middle market junior loans, such as corporate mezzanine loans, equity co-investments, syndicated first lien and second lien senior secured loans, high-yield bonds, and structured finance obligations. CGBD is managed by the Carlyle Group, a major asset management firm, with an $11B market cap, and $230 billion of assets under management, as of 9/30/20.

Source: Seeking Alpha

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