Business Development Corporation of America, a non-traded business development company, announced that Corinne Pankovcin is resigning from her position as the chief financial officer and treasurer, effective no later than July 1, 2019.
BDCA said that Pankovcin’s departure is not due to any dispute or disagreement with the company on any matter relating to its operations, policies, practices or accounting matters. The company intends to name a successor prior to her departure.
BDCA primarily invests in senior secured loans, and to a lesser extent, mezzanine loans, unsecured loans and equity of private middle-market companies. The company commenced its initial public offering in January 2011 and raised $1.9 billion before closing the offering in April 2015. As of the third quarter of 2018, the company held investments in loans with principal amounts of $2.3 billion.
Franklin Resources Inc. [NYSE: BEN], a global investment management organization operating as Franklin Templeton Investments, recently purchased Benefit Street Partners, an affiliate of the BDCA’s advisor. Benefit Street acquired all of the outstanding interests of BDCA’s adviser from AR Global in November 2016 by purchasing $10 million of company common stock.