Dividend Vision Lists
BDC Stocks
A curated list of business development companies (BDCs) — publicly traded lenders and investors in private, middle-market U.S. businesses that pass most of their income to shareholders, making them one of the highest-yielding corners of the market.
Updated October 2026 · 41 companies
DV Scorecard
Our proprietary snapshot of this list — averages and standouts, computed from the companies below. Not investment advice.
Business development companies (BDCs) invest in qualifying businesses through loans, equity, and other securities. This list focuses on publicly traded BDCs; not all BDCs are exchange-listed. Borrowers may also use banks or other lenders, so there is no universal size threshold that makes a business a BDC borrower.
Compare investment types, borrower concentration, debt, fees, and the quality of reported investment income. Floating-rate assets can respond to rate changes, but funding costs, interest-rate floors, credit losses, and payment-in-kind income also affect results. Base, special, and supplemental dividends should be reviewed separately.
The available table metrics help start a comparison. Verify net assets after liabilities, non-accrual investments, recurring dividend coverage, and liquidity in issuer reports. A model score, large sponsor, or high yield cannot guarantee that a dividend will continue.
BDC Stocks
Live data joins from our pipeline on every build — click any header to sort, or open a ticker for the full analysis. We never hard-code yields, prices, or returns.
| Ticker | Company | Role | Yield | Div growth (1y) | Distribution Safety Score™ | Fwd P/E | Market cap |
|---|---|---|---|---|---|---|---|
| ARCC | Ares Capital Corporation | BDC | 10.26% | 0.0% | 90 | 10.0 | $13.4B |
| BXSL | Blackstone Secured Lending Fund | BDC | 12.91% | 0.0% | 81 | 10.0 | $5.6B |
| MAIN | Main Street Capital Corporation | BDC | 8.04% | +24.8% | 93 | 13.4 | $5.0B |
| OBDC | Blue Owl Capital Corporation | BDC | 13.65% | — | 56 | 8.3 | $5.0B |
| GBDC | Golub Capital BDC | BDC | 11.39% | -15.4% | 51 | 9.8 | $3.1B |
| HTGC | Hercules Capital, Inc. | BDC | 11.06% | -13.0% | 78 | 8.6 | $3.1B |
| FSK | FS KKR Capital Corp. | BDC | 19.75% | -34.3% | 0 | 7.9 | $2.9B |
| TSLX | Sixth Street Specialty Lending | BDC | 10.57% | +280.0% | 56 | 10.2 | $1.6B |
| CSWC | Capital Southwest Corporation | BDC | 11.10% | -0.1% | 93 | 11.4 | $1.5B |
| TRIN | Trinity Capital Inc | BDC | 13.74% | -72.3% | 53 | 8.3 | $1.4B |
| OCSL | Oaktree Specialty Lending Corporation | BDC | 12.71% | -18.3% | 57 | 8.9 | $1.0B |
| GSBD | Goldman Sachs BDC, Inc. | BDC | 15.81% | — | 32 | 10.8 | $983M |
| BBDC | Barings BDC, Inc. | BDC | 12.32% | +210.0% | 64 | 7.9 | $884M |
| PSEC | Prospect Capital Corporation | BDC | 30.63% | -11.1% | 16 | 9.4 | $854M |
| KBDC | Kayne Anderson BDC, Inc. | Equity | 12.87% | +300.0% | 40 | 8.4 | $821M |
| FDUS | Fidus Investment Corporation | BDC | 10.91% | -10.9% | 69 | 10.5 | $755M |
| CGBD | Carlyle Secured Lending | BDC | 14.44% | -11.8% | 47 | 7.9 | $715M |
| MFIC | MidCap Financial Investment Corporation | BDC | 15.71% | -18.4% | 50 | 7.2 | $687M |
| BCSF | Bain Capital Specialty Finance Inc | Equity | 16.37% | -6.7% | 55 | 10.1 | $666M |
| PFLT | PennantPark Floating Rate Capital Ltd. | BDC | 17.42% | 0.0% | 63 | 6.6 | $646M |
| NMFC | New Mountain Finance | BDC | 16.91% | -10.9% | 48 | 6.8 | $637M |
| SLRC | SLR Investment | BDC | 12.65% | -12.2% | 50 | 9.0 | $621M |
| GAIN | Gladstone Investment Corporation | BDC | 6.38% | 0.0% | 77 | 41.2 | $599M |
| MSIF | MSC Income Fund, Inc. | BDC | 10.21% | — | 92 | 8.6 | $529M |
| GLAD | Gladstone Capital Corporation | BDC | 10.49% | +52.4% | 96 | 10.8 | $427M |
| TCPC | BlackRock TCP Capital Corp | Direct Lending | 18.27% | -32.0% | 14 | 9.9 | $349M |
| CCAP | Crescent Capital BDC Inc | BDC | 17.75% | — | 26 | 7.0 | $328M |
| CION | Cion Investment Corp | BDC | 20.64% | — | 27 | 7.6 | $324M |
| HRZN | Horizon Technology Finance Corporation | BDC | 22.84% | -31.8% | 21 | 5.9 | $288M |
| RWAY | Runway Growth Finance Corp. | BDC | 20.85% | -8.3% | 23 | 5.1 | $265M |
| SAR | Saratoga Investment Corp. | BDC | 19.58% | 0.0% | 50 | 11.7 | $238M |
| SCM | Stellus Capital Investment Corporation | BDC | 18.78% | -15.0% | 41 | 7.5 | $201M |
| PNNT | PennantPark Investment Corporation | BDC | 30.26% | 0.0% | 40 | 6.0 | $199M |
| TPVG | TriplePoint Venture Growth BDC Corp. | BDC | 22.62% | -20.0% | 13 | 6.8 | $180M |
| WHF | WhiteHorse Finance, Inc. | BDC | 13.82% | — | 74 | 7.1 | $162M |
| OXSQ | Oxford Square Capital | BDC | 32.06% | 0.0% | 43 | 5.6 | $141M |
| BCIC | BCP Investment Corp. | Equity | 16.22% | -32.0% | 6 | 6.4 | $82M |
| GECC | Great Elm Capital Corp | Direct Lending | 23.54% | -25.7% | 4 | 6.2 | $69M |
| OFS | OFS Capital Corp | Direct Lending | 17.30% | -50.0% | 13 | 9.2 | $53M |
| EQS | Equus Total Return Closed Fund | Equity | — | 0.0% | — | — | $13M |
| ICMB | Investcorp Credit Management BDC Inc | Senior Secured Lending | 20.55% | — | 0 | 7.7 | $10M |
Why this list matters
BDCs offer some of the highest yields in the equity market by design, but that income comes with credit risk and leverage that behave very differently from ordinary dividend stocks.
Who it's for
- Income investors drawn to the sector's high, often double-digit, yields
- Investors seeking exposure to private credit and middle-market lending in a liquid, listed form
- Those comparing BDCs by yield, safety, and how they trade relative to their net asset value
- Holders comparing a BDC they own against its peers on yield and durability
Benefits
- Among the highest dividend yields available in listed equities
- Access to private-credit and middle-market lending without a private fund
- Most BDC loans are floating-rate, which can benefit income when short-term rates are high
Risks
- Credit risk — BDCs lend to below-investment-grade private companies, and defaults rise in downturns
- Leverage magnifies both returns and losses on the loan book
- Dividend cuts have historically clustered in recessions and credit stress
- Net asset value (NAV) can erode, and a BDC can trade at a premium or discount to it
- Falling short-term rates reduce income on floating-rate loans
What to watch
- Recurring net investment income versus base dividends, including payment-in-kind income
- Price relative to reported NAV after liabilities, with the valuation date
- Debt, financing maturities, fees, and borrower or sector concentration
- Non-accrual balances and realized losses; non-accrual status is not identical to a missed payment
How we rank these investments
Use the available table columns as a starting point. The research checklist below also includes information to verify in issuer reports and prospectuses; not every item is a displayed metric. This curated universe is not a ranked buy list.
- Distribution yield. The current dividend as a share of price. BDC yields are among the market's highest; a very high one can also be a warning about coverage.
- Dividend growth. Separate recurring base dividends from special or supplemental payments. A one-time payment does not establish a higher ongoing dividend.
- Distribution Safety Score. Dividend Vision's model-based screening score is not a credit rating or a guarantee of payments. Review issuer disclosures and the underlying evidence before relying on a payout.
- Valuation vs. NAV. Compare price with assets minus liabilities per share. Reported NAV depends on valuation assumptions; a discount is not proof of a bargain or a premium proof of quality.
- Total return. Price change plus dividends. For BDCs the dividend is usually the large majority of total return.
- Size & sponsor. Read the actual holdings, management agreement, and fee structure. A larger sponsor does not by itself prove diversification or better outcomes.
- Liquidity & size. Market capitalization and trading liquidity are different measures. Check spreads and volume directly; size alone does not establish lower volatility.
- Leverage & coverage. Debt-to-equity and how well net investment income covers the dividend — the cushion behind the payout.
- Distribution frequency. How often a dividend is paid. Most BDCs pay quarterly; a few pay monthly, and several add periodic supplemental dividends.
Frequently asked questions
What is a business development company (BDC)?
A BDC is an investment company that elects a regulatory framework for investing in qualifying businesses. BDCs can hold loans and equity and can be listed or unlisted. This page tracks 41 publicly traded names; listing does not remove credit, leverage, or market-price risk.
Why do BDCs pay such high dividends?
Many earn income from riskier borrowers and elect regulated investment company tax treatment, which has distribution and other qualification requirements. A high payment can include supplemental amounts and does not guarantee ongoing income or a positive total return.
Are BDC dividends safe?
No size, sponsor, or score guarantees a dividend. Check recurring investment income, cash versus payment-in-kind income, non-accruals, leverage, financing costs, and the stated dividend policy. Base and supplemental payments can both change.
What is NAV, and why does premium/discount to NAV matter?
NAV is assets minus liabilities per share, not the gross value of the loan book. Compare it with the share price using the reporting date. A premium or discount reflects market pricing but does not establish investment quality or predict convergence to NAV.
How are BDCs taxed?
Most BDCs elect to be taxed as regulated investment companies, so they avoid corporate tax by distributing nearly all their income. For shareholders, those distributions are often taxed as ordinary income rather than at the lower qualified-dividend rate. Tax treatment depends on your situation — this is general information, not tax advice.
What's the difference between a BDC and a REIT?
BDCs invest in qualifying businesses through loans and equity. REITs own or finance real estate-related assets. Their regulatory and tax qualification rules differ, as do the risks of business lending, property ownership, and real-estate financing. Both can use leverage and change their distributions.
Do BDCs do well when interest rates rise?
Often, in part. Most BDC loans are floating-rate, so higher short-term rates can lift the interest income they collect. But higher rates also strain their borrowers, which can raise defaults — so the net effect depends on both income and credit quality.
Which BDCs pay monthly dividends?
Most BDCs pay quarterly, but a few pay monthly, and several pay periodic supplemental or special dividends on top of a base payout. Check each BDC's distribution frequency on its ticker page, or see our Monthly Income ETFs list for fund options.
Are BDCs good for income investors?
They are one of the most popular high-income sectors, but they are not a substitute for lower-risk income — they carry real credit and leverage risk and can cut dividends in a downturn. Whether any fits a given investor is a personal decision; sort the table by yield and Distribution Safety Score to compare.
How often is this list updated?
The membership is curated, while yields, prices, market caps, and Distribution Safety Score readings refresh from our data pipeline on every build. The figures reflect the most recent data run.
Related lists
Related tools
Take any name on this list further with Dividend Vision's free tools.
Learn the method
The metrics and risks behind this list, explained in the Academy.
