It looks like they can't do secondaries until the price hits 95% of NAV or $9.11 (see quote from the 10Q below). I like this feature -- seems like a nice benefit of having a small group of sophisticated institutional shareholders in control. Many other BDCs have diluted the living sh*t out of their shareholders whereas BKCC has not. Seems to me that a number of management teams have prioritized their reputations for being able to stay in the market over shareholder value.

"At our Annual Stockholders Meeting on May 18, 2009, our stockholders approved a proposal to provide us with the
flexibility with approval of our Board of Directors to sell shares of our common stock at a price below and no more
than 5% below our then current net asset value per share. The approval expires on the earlier of May 18, 2010 or on the date of our 2010 Annual Meeting of Stockholders."