The common thought is that when interest rates rise, we will see high-yield investments like business development companies sell off as rising rates raise their borrowing costs and reduce the value of their current holdings.

This idea is accepted as common knowledge, but someone apparently forgot to tell the people managing these firms.

Officers and directors of many of the leading BDCs believe that either rates will not rise, or that rising rates just won’t hurt them. They have been cracking open their checkbooks and buying shares of their firms in the open market on a pretty regular basis over the past few months, even as the eventual end to zero-percent interest rates begins to appear in the distance.

Here are three BDCs that contrarian income investors should consider for their big dividends:

Contrarian Buys for the Dividends – Apollo Investment (AINV)

AINV Dividend Yield: 9.4%

Investors that focus on the headlines are missing something that has gone on in the sector during the past year or so.

Apollo Investment (AINV) is one of my favorite BDCs — the poster child for what many firms have done with their investment portfolio.

Apollo has shifted toward floating- and variable-rate loans and moved up the capitalization structure to focus on senior secured loans. Instead of being hurt by rising rates, AINV will actually benefit as rates go higher. Two executives, including the CFO, added to their positions in the stock over the summer, and with AINV currently yielding 9.4%, income-oriented investors might want to do the same.

Contrarian Buys for the Dividends – Prospect Capital (PSEC)

PSEC Dividend Yield: 13%

Prospect Capital (PSEC) is another BDC that has positioned itself to prosper no matter what happens with interest rates. According to the latest presentation on the company website, 93% of interest-bearing assets are floating-rate, and approximately 97% of liabilities fixed-rate as of June 30.

If rates go up, spreads will widen for Prospect Capital, and profits will actually increase. In fact, according to the presentation by Chief Operating Officer Grier Eliasek, an increase of 5% would increase net investment income by $104.3 million in 2015.

The folks running the company are very bullish on the future and have been buying shares all summer long. PSEC shares trade right at net asset value and are yielding 13% at today’s prices.

Contrarian Buys for the Dividends – Ares Capital (ARCC)

ARCC Dividend Yield: 9.2%

Ares Capital (ARCC) might be the largest BDC by market capitalization and assets, but that does not meant ARCC isn’t nimble when it comes to interest rates.

At Ares, 81% of investments are floating-rate, and most of the liabilities are at a fixed rate. Like Prospect and Apollo, rising rates actually would bolster the bottom line on the existing portfolio. Ares shares trade at a small discount to asset value and are yielding 9.2% right now.

Insiders, including both the CEO and CFO, have been enthusiastic buyers of the stock in the past few months.

As of this writing, Tim Melvin was long AINV.