I know that BKCC numbers were disappointing but not that bad. Really the only difference from last quarters numbers was the $14mm in incentative management fees. I don't know how this is calculated. Is it an annual amount or is it a quarterly fee. It was so large (6.5% on an annualized basis) I would have to think it was for the year.
I know that SN pulished a research report a while back looking on the management fee structure of the various BDCs. Does anyone have a copy of the report? Anyone have any insights on how the incentative fee is calculated?