Business Development Companies ("BDCs") are like banks, only riskier. And some BDCs are heavily concentrated in the venture capital ("VC") space, just like Silicon Valley Bank (SIVB) that was recently taken over by the FDIC following an ugly bank run. In this report, we review Ares Capital (NASDAQ:ARCC) (including its investment industry exposures and risks) and then compare it to 40 other BDCs, including four in particular that are heavily concentrated in the VC space. We conclude with our strong opinion about investing in BDCs, Ares Capital and VC-focused BDCs in particular.