TICC Capital Corp (NASDAQ:TICC) is a business development company that focuses on lending to middle market companies. They typically invest in the senior parts of the capital structure, putting them in a safer place than the other traunches such as equity and subordinate loans. However, TICC has been stretching for yield into the CLO structures recently. This has not been a bad place to invest, by any means, over the last 10 years. The problem is the volatility it creates for shareholders in terms of NAV. NAV volatility has been historically high for TICC. I have detailed this in prior articles. Read more