We think the valuations of the BDC sector represent a very attractive opportunity. When you compare BDCs to other yield oriented sectors that have high historical correlation, the chart really stands out as an outlier. You can see there is a high degree of correlation between utilities and BDCs up until February of 2014. This is an opportunistic investment that we believe has limited risk. BDCs in general do have more risk on an operating basis relative to a utility, but they are discounting a big negative turn in the credit cycle that is not happening. The 10% plus dividend yields and significant under performance make BDCs extremely attractive on a relative basis, and they are nicely undervalued on an absolute basis.

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PVG Market in a Minute 11-10-2014