Business Development Company — a US-specific vehicle created by 1980 amendments to the Investment Company Act of 1940. Must hold at least 70% of total assets in qualifying assets (primarily loans to private US companies), is capped at a maximum 2.0× debt-to-equity ratio (raised from 1.0× by the 2018 Small Business Credit Availability Act), must distribute at least 90% of taxable income to maintain pass-through Regulated Investment Company (RIC) tax status, and must fair-value all assets quarterly under ASC 820.