Dark Times Part II: Not Everyone Is Drowning

There is hope for some BDCs. Despite the doom and gloom I shared earlier today after following the depressing earnings calls of Allied Capital and American Capital, I learned there is a BDC that's in compliance and still paying its dividend. Somehow, this firm managed to go public last year during, marking one of two financial services IPOs in '08. Fifth Street Finance Corp. has paid a dividend: $0.31 and $0.32 per share each quarter with a special $0.05 dividend in January. Fifth Street, unlike its much larger peers, American Capital and Allied Capital Corp., hasn't come close to violating any covenants and is still actively deploying capital. That's a good thing for middle market companies, especially if its true that

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