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 July 2026 · 40 companies
DV Scorecard
Our proprietary snapshot of this list — averages and standouts, computed from the companies below. Not investment advice.
Business development companies, or BDCs, are publicly traded firms that lend money to and invest in small and mid-sized private U.S. businesses — the kind of companies that are too big for a bank loan but too small for the public bond market. Because a BDC must pass most of its income through to shareholders, the sector is one of the highest-yielding on the market, and this page gathers the major names in one place.
The list spans the large, diversified lenders backed by major asset managers down to smaller, more specialized BDCs. Most lend at floating rates and distribute the interest they collect, so their dividends are generous but sensitive to credit conditions and interest rates. Some trade above the value of their loan book and some below, which is a key thing to watch.
Dividend Vision's angle is durability: how safe each payout looks through our Distribution Safety Score, how the yields compare across the group, and what BDC-specific risks mean for the dividend. Live figures refresh from our data pipeline on every build, and nothing here is investment advice.
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) | Safety | Fwd P/E | Market cap |
|---|---|---|---|---|---|---|---|
| ARCC | Ares Capital Corporation | BDC | 10.15% | -2.5% | 93 | 10.0 | $13.8B |
| BXSL | Blackstone Secured Lending Fund | BDC | 13.08% | +2.2% | 66 | 10.0 | $5.5B |
| OBDC | Blue Owl Capital Corporation | BDC | 13.33% | -42.1% | 43 | 8.7 | $5.5B |
| MAIN | Main Street Capital Corporation | BDC | 12.78% | -10.3% | 73 | 14.5 | $5.1B |
| GBDC | Golub Capital BDC | BDC | 10.88% | -31.6% | 60 | 10.4 | $3.4B |
| FSK | FS KKR Capital Corp. | BDC | 21.67% | -76.3% | 44 | 6.6 | $3.1B |
| HTGC | Hercules Capital, Inc. | BDC | 11.67% | +15.0% | 88 | 8.5 | $3.0B |
| TSLX | Sixth Street Specialty Lending | BDC | 10.10% | -43.1% | 37 | 13.1 | $1.7B |
| TRIN | Trinity Capital Inc | BDC | 11.51% | -19.3% | 92 | 8.6 | $1.6B |
| CSWC | Capital Southwest Corporation | BDC | 9.67% | +1.3% | 65 | 11.4 | $1.5B |
| PSEC | Prospect Capital Corporation | BDC | 21.15% | -24.2% | 75 | 9.4 | $1.1B |
| OCSL | Oaktree Specialty Lending Corporation | BDC | 13.02% | -17.5% | 27 | 8.7 | $1.1B |
| GSBD | Goldman Sachs BDC, Inc. | BDC | 14.32% | -9.5% | 68 | 10.8 | $994M |
| BBDC | Barings BDC, Inc. | BDC | 12.15% | -18.5% | 70 | 8.7 | $890M |
| BCSF | Bain Capital Specialty Finance Inc | — | 14.89% | -18.3% | 91 | 10.1 | $823M |
| MFIC | MidCap Financial Investment Corporation | BDC | 13.90% | -29.0% | 90 | 8.0 | $806M |
| FDUS | Fidus Investment Corporation | BDC | 10.73% | +19.8% | 77 | 10.5 | $773M |
| CGBD | Carlyle Secured Lending | BDC | 15.09% | -12.7% | 65 | 7.7 | $726M |
| PFLT | PennantPark Floating Rate Capital Ltd. | BDC | 15.48% | -11.6% | 98 | 7.0 | $719M |
| SLRC | SLR Investment | BDC | 12.41% | -28.0% | 78 | 10.0 | $716M |
| NMFC | New Mountain Finance | BDC | 18.00% | -23.4% | 90 | 23.3 | $672M |
| GAIN | Gladstone Investment Corporation | BDC | 5.79% | +0.8% | 79 | 17.5 | $659M |
| MSIF | MSC Income Fund, Inc. | BDC | 12.68% | -37.4% | 50 | 8.1 | $513M |
| GLAD | Gladstone Capital Corporation | BDC | 9.03% | -84.6% | 63 | 10.9 | $450M |
| CCAP | Crescent Capital BDC Inc | — | 15.75% | -62.8% | 30 | 15.8 | $407M |
| CION | Cion Investment Corp | BDC | 18.58% | -10.5% | 80 | 6.2 | $322M |
| SAR | Saratoga Investment Corp. | BDC | 15.30% | -1.7% | 91 | 13.1 | $320M |
| HRZN | Horizon Technology Finance Corporation | BDC | 19.03% | -36.2% | 92 | 9.0 | $318M |
| TCPC | BlackRock TCP Capital Corp | Direct Lending | 25.38% | -48.3% | 66 | 8.0 | $278M |
| RWAY | Runway Growth Finance Corp. | BDC | 23.49% | +14.0% | 71 | 4.6 | $239M |
| SCM | Stellus Capital Investment Corporation | BDC | 16.24% | -34.2% | 90 | 7.5 | $220M |
| PNNT | PennantPark Investment Corporation | BDC | 28.49% | -63.5% | 57 | 6.2 | $219M |
| TPVG | TriplePoint Venture Growth BDC Corp. | BDC | 19.41% | -3.4% | 58 | 5.7 | $192M |
| OXSQ | Oxford Square Capital | BDC | 26.42% | +1.8% | 94 | 5.6 | $153M |
| WHF | WhiteHorse Finance, Inc. | BDC | 15.48% | -78.0% | 79 | 6.1 | $139M |
| BCIC | BCP Investment Corp. | — | 25.31% | -37.4% | 60 | 4.7 | $90M |
| GECC | Great Elm Capital Corp | Direct Lending | 24.54% | -44.6% | 48 | 7.8 | $74M |
| OFS | OFS Capital Corp | Direct Lending | 18.43% | -70.4% | 57 | 9.2 | $47M |
| EQS | Equus Total Return Closed Fund | — | — | — | — | 0.0 | $16M |
| ICMB | Investcorp Credit Management BDC Inc | Senior Secured Lending | 58.20% | — | 52 | 7.7 | $12M |
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
- How well the dividend is covered by net investment income — start with the Distribution Safety Score and payout ratio
- Whether the BDC trades at a premium or discount to its net asset value (NAV)
- Leverage (debt-to-equity) and the quality and diversification of the loan book
- Non-accruals — loans that have stopped paying — as an early credit-stress signal
How we rank these investments
This page is a curated universe, not a ranked buy list — the table sorts on any column. These are the dimensions we surface and what each tells you.
- 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. How fast the payout is rising, including any special or supplemental dividends some BDCs pay on top of the base.
- Distribution Safety Score. Dividend Vision's proprietary read on how durable a payout looks, from the same one scorer used across the site.
- Valuation vs. NAV. BDCs are often judged on price relative to net asset value (NAV) rather than P/E — a premium or discount says a lot about market confidence.
- Total return. Price change plus dividends. For BDCs the dividend is usually the large majority of total return.
- Size & sponsor. Larger, externally-managed BDCs backed by major credit managers tend to be more diversified than small, specialized ones.
- Liquidity & size. Market capitalization and trading volume. Larger, more liquid BDCs are easier to trade and tend to be less volatile.
- 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 a publicly traded company that lends to and invests in small and mid-sized private U.S. businesses. BDCs are regulated under the Investment Company Act and, like REITs, must distribute the large majority of their taxable income to shareholders — which is why they tend to pay high dividends. This page tracks 40 of them with live data.
Why do BDCs pay such high dividends?
Two reasons: they must pass through most of their taxable income to keep their favorable tax status, and they earn interest on loans to higher-risk private borrowers, much of it at floating rates. The combination produces yields that are among the highest in listed equities — along with commensurate risk.
Are BDC dividends safe?
It varies widely. Larger, diversified BDCs with strong loan coverage have sustained their dividends through cycles, while smaller or more leveraged ones have cut in downturns. The Distribution Safety Score on each ticker page is designed to help gauge how durable each payout looks. Nothing here is investment advice.
What is NAV, and why does premium/discount to NAV matter?
Net asset value (NAV) is the per-share value of a BDC's loan and investment portfolio. A BDC can trade above NAV (a premium) or below it (a discount). The premium or discount reflects the market's confidence in the portfolio and management, and it's one of the most-watched BDC metrics — alongside the yield.
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?
Both are pass-through structures that distribute most of their income and tend to yield well, but a REIT owns income-producing real estate while a BDC lends to and invests in private operating businesses. Their risks differ: property and interest-rate cycles for REITs, credit and business-default cycles for BDCs.
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 Safety Score to compare.
How often is this list updated?
The membership is curated, while yields, prices, market caps, and Safety Scores refresh from our data pipeline on every build. The figures reflect the most recent data run.
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