Always good to read suggestions and rationales. I know something about investing in BDCs, and MAIN is certainly the best in breed, but at a whopping premium to its net asset value.

In a sense, MAIN is a bit like a Ponzi scheme, except that, instead of the promoters, the existing shareholders benefit from the sale of new shares. The company issues shares at a premium, which is accretive to NAV and reduces the premium without reducing the share price, which then rises to restore the premium, which makes sense because the company can then rinse and repeat so long as it can find good loans to make. How long that will be remains to be seen, but so far, so good.

Being allergic to premiums on investment funds, I use PBDC, Putnam's managed BDC ETF as am alternative. The big BDC's - ARCC, OBDC, MAIN, and FSK are all in there, but the net premium is less and the yield is higher.