The investment landscape for business development companies (BDCs) has shifted, with Main Street Capital (MAIN) now rated as a Buy compared to Capital Southwest (CSWC), which holds a Hold rating. This change reflects a notable adjustment in relative valuation dynamics. MAIN has normalized its premium, trading at approximately 1.5 times its net asset value (NAV), underpinned by robust NAV growth and a commitment to sustainable long-term compounding. In contrast, CSWC's earlier valuation advantage has diminished; its price-to-NAV ratio stands at about 1.41 times, which now fully encapsulates its operational fundamentals and the maturity of its platform. While both BDCs maintain strong credit profiles, MAIN's larger scale, maturity, and diversified value drivers have enhanced its appeal for attracting incremental capital. This shift not only indicates the changing preferences among investors but also underscores the importance of operational soundness and growth potential in determining market valuations.