Yes. They would have to file as a BDC under the 1940 act to be governed by those regulations. They haven't done that, so they're not a "BDC".
That would be highly suspect since BDC companies show only gains and losses from their investment holdings. They can also raise $5 million without disclosing. It was the scam du'jour a couple of years ago.
The most valuable commodity I know of is information
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.