BDC Stocks List 2026: All 50 NYSE and Nasdaq BDCs by Net Assets, NAV per Share and Leverage

What counts as a publicly traded BDC here

A BDC is a closed-end company that elected to be regulated under the Investment Company Act of 1940 as a business development company; the definition does not require listing. The ones on this page are the BDCs whose common stock trades on the NYSE or Nasdaq, so you can buy and sell it on a screen at the market price. The non-traded kind sells at NAV and buys back by tender offer; they have their own page, the non-traded BDC list, and the funds that hold listed BDCs are in the private credit ETF holdings page.

We built the list from two SEC files. The SEC's BDC Data Sets (twelve of them, from the first quarter of 2025 to August 2026) hold 196 BDC filers; the SEC's company_tickers_exchange.json lists a ticker and exchange for each company it tracks. 50 of the 196 have an NYSE or Nasdaq ticker. Four more have a ticker but no exchange listing: Franklin BSP Capital Corp ($1.79B of net assets, OTC), Princeton Capital Corp ($13.6M, OTC), Firsthand Technology Value Fund (OTC) and PGIM Private Credit Fund (no exchange). They are left out. Where a company has preferred stock or baby bonds that trade under other tickers, we show the common ticker only.

The 50 BDCs by net assets

Net assets, NAV per share and debt are at the period end of the company's latest filing: June 30, 2026 for 49 of them (Prospect Capital's is its Form 10-K for the fiscal year ended June 30) and August 31, 2026 for Saratoga Investment. "NAV change, 4 quarters" compares NAV per share with the figure one year earlier in the prior year's filing (our arithmetic); Advanced Flower Capital became a BDC on January 1, 2026 and has no year-ago BDC figure. "Debt / net assets" is the sum of the borrowing lines on the balance sheet, at carrying value, divided by net assets (our arithmetic; the components are in the CSV). "Asset coverage as reported" is the figure the company states in its filing; its basis differs by company (see the leverage section), and n/a means the 10-Q states none in a comparable form.

The ten largest are in the table below, with what they own and owe. They hold 67.9% of the net assets; two of them, Main Street and Hercules, grew NAV per share over four quarters.

NAV per share over four quarters: who fell and who rose

NAV per share is the company's net assets divided by its shares. It falls when loans are marked down or written off, when the company pays out more than it earns, and when it issues shares below NAV; it rises when it earns more than it pays or when an equity holding is marked up. The change below leaves out the dividends paid during the year, so it is not total return, and it is not a price. 38 of the 49 companies with a year-ago figure are down, which together hold $67.43B of the net assets (86.0%), and the median is -5.3% (our arithmetic).

The twelve largest declines:

The three steepest declines, Equus, Oxford Square and Investcorp, are all companies with a NAV below $4 a share and less than $140 million of net assets. Of the larger names, FS KKR (-16.6%) and Prospect Capital (-13.0%) are the largest declines among BDCs with more than $2 billion of net assets, and BlackRock TCP Capital (-24.5%) is the largest among those with $500 million or more.

The ten largest gains:

We have not tried to explain each move; the results discussion in each company's 10-Q does, and the accession is in the full table. Two things to keep in mind when reading the gains: NAV per share changes when a company issues or buys back shares as well as when it earns or loses money, and the change leaves out what holders were paid.

Leverage as filed: asset coverage and debt to net assets

A BDC can borrow only up to a limit set in the Investment Company Act. Most now apply a 150% asset coverage test, which Investcorp's 10-Q describes this way: a BDC may issue debt and one class of stock senior to its common stock “if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance.” Asset coverage is total assets, less liabilities that are not debt, divided by debt; 150% means debt of up to twice net assets. Under that wording the test is applied immediately after each issuance of senior securities.

The company's own figure is the better guide than our ratio, because the basis differs. Hercules reports 212.2% excluding its SBA debentures and, in its words, “Total asset coverage when including our SBA debentures as senior securities was 195.9%”; Saratoga excludes its SBA-guaranteed debentures under an SEC exemptive order, so its reported 171.9% sits beside a debt to net assets of 2.51 in our table, which counts them; Prospect Capital reports 339.4% on its debt and 177.6% on senior securities that are stock. For the twelve lowest:

Investcorp Credit Management BDC is the one company that states a figure below 150%: its 10-Q says “As of June 30, 2026, our asset coverage for borrowed amounts was 145.2%,” on $109.9 million of senior securities at par, against net assets of $49.7M and a NAV that fell from $5.27 to $3.44 in a year. The same 10-Q says “No quarterly distributions were declared by the Company’s board of directors during the six months ended June 30, 2026.” We read the first quote as a reporting fact and nothing more: the filing does not say what the board will do about it.

Our own ratio, the balance-sheet debt over net assets, has a median of 1.21 and an aggregate of 1.14. 10 BDCs are above 1.5: Saratoga Investment (2.51), Investcorp Credit Management BDC (2.18), CION Investment (1.74), Palmer Square Capital BDC (1.71), BlackRock TCP Capital (1.65), Stellus Capital Investment (1.63), OFS Capital (1.63), MidCap Financial Investment (1.58), BCP Investment (1.56), PennantPark Floating Rate Capital (1.55). At the other end, Chicago Atlantic BDC (0.09), Rand Capital (0.10), Equus Total Return (0.14), Neostellar Capital (0.17) borrow almost nothing. Debt that is above 1.0 is not a warning in itself: 1.0 is the old 200% limit, and 37 of the 50 are above it.

Dividends: what the filings tag

A BDC's dividend is the reason most people look at the list, and it is the least uniform thing in the filings. Only some companies tag a declared dividend per share for the three months in a form that can be compared; others tag six-month or nine-month totals, or give it only in a table. Nine companies whose three-month figure we matched in the 10-Q text are below; the last column is the quarterly dividend times four over NAV per share (our arithmetic), a measure of the payout against book value, not a yield on a price. A declared figure can include special or supplemental dividends, and a low NAV per share, as at Horizon ($6.23), makes the ratio high.

Investcorp is the exception to the list: it declared nothing in the quarter. For the dividend a given company has paid over several quarters, its own page or its 10-Q table of distributions is the source; coverage of the dividend by net investment income is the test, and it is not on this page. For the non-traded funds, whose distributions work differently, see the non-traded BDC list.

Three companies with something unusual in the filing

Advanced Flower Capital (AFCG). Founded in July 2020, it describes itself as an institutional lender. Its first-quarter 10-Q says “Effective January 1, 2026, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).” It has $187M of net assets, a NAV of $8.25 at June 30 against $7.90 at March 31 (our arithmetic: up 4.4% in the quarter) and, because it is new to the regime, no year-ago BDC figure.

Neostellar Capital (NSLR). Its 10-Q says it was “formerly known as SuRo Capital Corp., Sutter Rock Capital Corp. and GSV Capital Corp.” and that “Effective July 15, 2026, in connection with the Externalization, the Company became externally managed by Neostellar Advisors LLC.” Its NAV per share rose from $9.18 to $13.44 in a year (+46.4%); it has $356M of net assets and debt of 0.17 times net assets (our arithmetic).

Equus Total Return (EQS). The smallest company on the list has $16.6M of net assets and a NAV of $1.19 per share, down from $2.51 a year earlier (-52.6%). Its latest 10-Q is read here from the filing text, because the SEC's structured data did not yet carry it.

What a stock investor can do with this

• Use NAV as the anchor, and put the price next to it yourself. The price you see on your broker screen divided by the NAV in the table is the price to NAV; we do not publish prices because they are not in filings and move every second. A price below NAV means the market values the shares at less than the company's reported net assets per share; a price above it means more.
• Read the four-quarter NAV change, not the level. A falling NAV is how credit losses and over-distribution show up before they show up in a dividend. 38 of 49 are down; check whether your holding is in the ten largest gains or the twelve largest declines.
• Compare asset coverage with the 150% line. Investcorp is at 145.2%; PSBD, TCPC, OFS, BCIC, MFIC and PFLT are between 158% and 164%. A BDC close to the line has less room to borrow when a good loan comes along.
• Check the accession. Every row of the table points to a 10-Q or 10-K you can open on EDGAR; the figures are those the company filed, and a later filing may differ.
• Look at the non-traded alternative, with its own risks. A non-traded BDC sells at NAV and buys back by tender offer, which a stock does not need. See the non-traded BDC list and the redemptions tracker.

How we built the numbers

1. Universe. The twelve SEC BDC Data Sets from the first quarter of 2025 to August 2026 hold 196 BDC filers. We kept those with an NYSE or Nasdaq ticker in the SEC's company_tickers_exchange.json, downloaded on October 7, 2026: 50. Equus's latest 10-Q is not yet in the SEC's structured data; it files as a BDC, has an NYSE ticker, and is included from the filing text.
2. Latest filing. For each company we took its latest Form 10-Q or 10-K from its EDGAR submissions record: 48 are 10-Qs for June 30, 2026 (filed July 29 to August 14, 2026), Prospect Capital's is a 10-K for its June 30 fiscal year (filed August 20, 2026) and Saratoga Investment's is a 10-Q for August 31, 2026 (filed October 6, 2026).
3. Cross-check. Net assets, NAV per share, investments at fair value and each debt line were read from the SEC's structured data (XBRL company facts) and then found in the text of the 10-Q or 10-K itself: all of them matched; two share counts (Ares Capital and Oaktree) are given in rounded units in the text and are not matched. The NAV per share a year earlier was found in the prior year's filing. Where the structured total was wrong for our purpose (Oxford Square's tag for investments covers only part of the portfolio) we used the balance sheet.
4. Debt. The sum of the borrowing lines on the balance sheet (credit facilities, notes, debentures, asset-backed debt), net of issuance costs, as the company shows them. Payables, distributions payable and derivative balances are excluded, so the ratio is lower than total liabilities over net assets. SBA debentures are included, which is why Saratoga, Hercules, Capital Southwest and Fidus look more levered here than the coverage they report.
5. Ratios and changes are ours. Debt to net assets, NAV change, medians and shares of the total are our arithmetic; asset coverage and declared dividends are the company's figures.

FAQ

Sources: the latest Form 10-Q or 10-K of each of the 50 BDCs (accession numbers in the table; filed July 29 to October 6, 2026) and the prior-year filing of each for the year-ago NAV per share; the SEC's BDC Data Sets (2025 to August 2026) and company_tickers_exchange.json (October 7, 2026); the SEC's XBRL company facts for the interim quarters in the CSV; the first-quarter 2026 Form 10-Q of Advanced Flower Capital (accession 0001628280-26-031692). Sums, medians, ratios and the exchange test are our arithmetic and our classification. Prices and yields are not used. This is analysis of public documents, not investment, legal or tax advice.