Non-Traded BDC List 2026: All 66 Ranked by Net Assets, With NAV, Leverage and Latest Tender Results

Listed, non-traded and private: three kinds of BDC

A business development company is a closed-end company that has elected to be regulated under sections 54 to 64 of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(48)). It must keep at least 70% of its total assets in the qualifying investments the statute lists, mostly private US companies (80a-54), and it can borrow until its assets are 150% of its debt if its board and investors approve (80a-60), which means debt of up to twice its equity. Nothing in that definition says the shares must trade. In the SEC's BDC data they split three ways:

The money sits in the middle row. The 66 non-traded funds hold $175.17B, 2.2 times the $80.25B of the 52 listed BDCs in the same data. That is why the exit matters here more than for a listed BDC: you cannot sell on a screen. The fund's board decides each quarter how much to repurchase; BCRED, Apollo, HPS Corporate Lending Fund and Blue Owl Credit Income each offered to buy 5% of shares in their latest offers. For one fund's full history see BCRED, HLEND or K-FIT; for the interval-fund alternative, see the list of interval funds.

How we built the list

1. Universe. The SEC publishes monthly BDC Data Sets built from the XBRL in BDC filings. We downloaded the six sets from March to August 2026, which hold 178 BDC filers, and took each fund's latest filing. For all 65 non-traded and all 61 private funds that is the Form 10-Q for the quarter ended June 30, 2026, filed in August 2026.
2. Sorting. We read each filer's EDGAR record. A fund is listed if its 10-Q names an exchange; non-traded if it is unlisted and has filed a Form 424B prospectus supplement or a Schedule TO-I tender offer since January 1, 2025; private otherwise. That gives 52 listed, 65 non-traded and 61 private.
3. Three adjustments. TCW Direct Lending VIII LLC is counted as private: its 2026 Schedule TO filings are exchange offers into TCW Specialty Lending LLC, not repurchases. Prospect Floating Rate & Alternative Income Fund, Inc. (CIK 1521945) joins the non-traded list: it has a June fiscal year, filed its 10-K on September 28, 2026 and is not in the data sets. Fidelity Private Credit Co LLC is not ranked: its latest 10-Q on EDGAR is for March 31, 2026.
4. Numbers. Net assets, NAV per share, total liabilities and distributions per share are the values the fund tagged in its filing. Where a fund reports several share classes we use Class I (the institutional class) or, if the classes carry one NAV, that figure. Where tagged net assets disagreed with assets minus liabilities by more than 1% we used the reported figure, and one fund tagged an item with a minus sign (Sixth Street Lending Partners; the absolute value matches its balance sheet).
5. Ratios are ours. Liabilities / net assets is total liabilities divided by net assets. It is an upper bound for leverage, because liabilities also include payables and distributions due. Distribution rate is the distributions per share declared in the fiscal year to June 30, 2026 for Class I (or the only class), annualized and divided by NAV per share; it can include special distributions. 11 funds do not tag the figure and show n/a.
6. Tender results. For each fund we took the latest Schedule TO-I/A that reports how many shares were tendered or that none were, and the share of requests accepted as the fund states it or as accepted shares over shares tendered. 5 results from September 2026 are preliminary and marked so.

The 25 largest non-traded BDCs

The 25 largest hold 90.3% of the net assets. Figures are at June 30, 2026; the accession of every 10-Q is in the full list below.

BCRED is larger than the 53 smallest funds on the list combined. Below the top 25 the list thins out quickly: 41 funds hold the other 9.7%, and 6 of them are under $100 million.

Who was paid in full, and who was prorated

Every non-traded BDC with a tender offer files a Schedule TO-I/A when it ends. Of the 66 funds, 57 have a result on file. 29 accepted every share tendered, 10 received no requests, three do not state an acceptance rate (Oaktree Strategic Credit Fund, Bain Capital Private Credit and NexPoint Capital), and 15 prorated:

The 15 funds that prorated hold $113.17B, 64.6% of the list. The five largest paid between 26.6% (Blue Owl Credit Income, whose holders tendered 18.8% of the shares outstanding on March 31, 2026) and 48.5% (BCRED); Ares Strategic Income, for the offer that closed September 18, paid 38.2%. BlackRock Private Credit Fund came closest to paying in full, at 95.2% of 3,701,881 shares tendered; Onex Direct Lending BDC Fund paid 7.4% of 421,913. The two North Haven funds are preliminary: their September 18 filings state the share accepted, and the share count follows once the September 30 NAV is set.

Three things stand out in the filings. First, proration is not only a size effect: Goldman Sachs Private Credit Corp. ($9.19B) accepted 100% of the 12,076,761 shares tendered in the offer that expired June 23 and reported a preliminary 100% for September 22 (7,605,110.708 shares, 2.03% of shares outstanding), and Ares Core Infrastructure Fund ($5.03B) accepted 100% of 480,845 shares. Second, no shares at all were tendered at StepStone Private Credit Fund ($2.77B), but the filing says why: “taking into account an existing Company feeder fund’s normal course utilization of subscription proceeds to offset repurchase amounts in its own liquidity program.” Third, a 2% early-repurchase deduction applies at some funds, so “100% accepted” is not always 100% of NAV: Goldman Sachs paid “net of the 2% Early Repurchase Deduction” and Barings Private Credit Corp. applied “the 2% early repurchase deduction, as applicable.”

The offers that closed in the third quarter are still being filed: 35 of the 66 funds have a newer Schedule TO-I on file than the result in the table, so the BCRED, Blue Owl, Apollo and HPS figures above will be replaced in the next few weeks. The private credit redemptions tracker follows twelve of them quarter by quarter.

Leverage: liabilities against net assets

Total liabilities run a median 1.03 times net assets across the list, and 0.95 times among the 28 funds of $1 billion or more. The range inside that group:

• Highest: Monroe Capital Income Plus Corp 1.30; Antares Strategic Credit Fund 1.28; Nuveen Churchill Private Capital Income Fund 1.27; Ares Strategic Income Fund 1.25; Golub Capital Private Credit Fund 1.21.
• Lowest: Stepstone Private Credit Fund LLC 0.44; Ares Core Infrastructure Fund 0.53; KKR FS Income Trust Select 0.60.

Below $1 billion the spread is wider: Audax Credit BDC Inc. and BIP Ventures Evergreen BDC carry almost no liabilities (0.01 and 0.02 times), while Hancock Park Corporate Income, Inc. ($8.0M) reports 2.00 times net assets and Prospect Floating Rate & Alternative Income Fund 1.65 times. A fund at 1.0 has about $1 of liabilities per $1 of equity; at the statutory 150% asset-coverage test the ceiling for debt is 2.0.

NAV per share and what the funds pay

NAV per share is the price at which a fund sells and repurchases shares. Its level is not a performance measure: 53 funds are at $14 or more and 8 are between $8 and $14, so KKR FS Income Trust at $29.07 and Sixth Street Lending Partners at $28.12 are not "better" than Blue Owl Credit Income at $9.08. The only comparison that means anything is a fund against its own history: Prospect Floating Rate fell from $4.50 to $3.89 in the year to June 30, 2026. The lowest NAVs on the list are Partners Group Lending Fund, LLC $1.49, Prospect Floating Rate & Alternative Income Fund, Inc. $3.89, NexPoint Capital, Inc. $4.55, Blue Owl Capital Corp II $4.87, Hancock Park Corporate Income, Inc. $5.43.

The distribution rate is easier to compare. Across the 55 funds that tag a per-share figure the median is 9.3% of NAV a year (our arithmetic). The highest are Star Mountain Lower Middle-Market Capital Corp 14.2%; Onex Direct Lending BDC Fund 12.4%; Stone Point Credit Income Fund 10.9% (they may include special distributions); the lowest are Steele Creek Capital Corp 6.1%; Hancock Park Corporate Income, Inc. 3.0%; BIP Ventures Evergreen BDC 0.2%. Apollo Debt Solutions BDC does not tag the figure, so we read it from its financial highlights: $0.99 of net investment income and $0.09 in excess of it per Class I share in the first half of 2026, $1.08 against a NAV of $23.83, about 9.1% annualized (our arithmetic). A distribution is not income: see the single-fund pages for coverage tests.

Funds with no tender offer, and the lowest NAVs

Funds with no tender result have no queue to read. Sixth Street Lending Partners ($4.53B) and MSD Investment Corp. ($3.50B) file prospectus supplements but no Schedule TO-I on EDGAR. Blue Owl Capital Corp II (NAV $4.87) has $563M of net assets, liabilities of 0.30 times and no issuer tender offer in 2026; its history is in OBDC II: Blue Owl has returned $3.54 a share. NexPoint Capital's latest tender (expired September 22, 2026) covered 83,436 shares at $4.64, per the company's press release attached to its Schedule TO-I/A; see NexPoint Capital's NAV and tender. Partners Group Lending Fund reports units at $1.49.

Private BDCs: the 15 largest

Private BDCs are not offered to the public and have no repurchase window. They are listed here because the sorting rule between private and non-traded is ours, not a legal wall. 61 funds hold $28.79B. Several report NAV per unit at $1,000 or more, so only the net assets are comparable.

What a holder or buyer can do with this

• Read the last result, not the marketing. The tender table shows the share of requests accepted; a fund that paid 100% while the market was calm is a different bet from one that has prorated.
• Treat the tender as a queue, not a right. A prorated request is not necessarily carried forward: check your fund's offer document for whether an unfilled request carries forward, and note that a 2% early-repurchase deduction applies at some funds.
• Look at leverage next to the distribution. A fund paying 10% of NAV with liabilities at 1.25 times net assets is paying partly for borrowed exposure, and its NAV moves more in a bad quarter.
• Compare with the alternatives. Interval funds are required to make repurchase offers at set intervals; see the list of interval funds and NAV REITs versus interval funds.
• Check the open offer. 35 funds have a newer offer than the result shown; its size, price date and expiry are in the Schedule TO-I.

The full list: all 66 non-traded BDCs, by net assets

Net assets, NAV per share and liabilities are as of June 30, 2026 for every fund. Liabilities / net assets and the distribution rate are our arithmetic; the distribution rate is n/a where the fund does not tag a per-share figure. Rank 65, Prospect Floating Rate & Alternative Income Fund, is from its Form 10-K.

The full list of latest tender results

One row per fund, in the same order. "Offer expired" is the expiry date in the filing; "Newer offer filed" is the date of a later Schedule TO-I whose result is not yet on EDGAR. Funds with a dash have no tender result on file.

FAQ

Sources: the SEC's BDC Data Sets for March to August 2026 (num and sub tables; Form 10-Q for June 30, 2026, one accession per fund in the dataset); Form 10-K of Prospect Floating Rate & Alternative Income Fund (accession 0001521945-26-000095) and its Schedule TO-I/A of August 19, 2026; Schedule TO-I and TO-I/A filings of each fund on EDGAR (July 22 to September 30, 2026; accession numbers in the tender tables); the financial highlights of Apollo Debt Solutions BDC's June 2026 10-Q (accession 0001193125-26-341358); EDGAR submissions records for the classification; and 15 U.S.C. 80a-2, 80a-54 and 80a-60. Totals, shares, ratios and the sorting rule are our arithmetic and our classification. This is analysis of public documents, not investment, legal or tax advice.