Vehicle file · Non-traded BDC

Varagon Capital Corp

What its SEC filings show.

SEC CIK 1784700·Inc. MD·Fiscal year end 12/31·Data as filed · pulled Oct 12, 2026

What this file is.Not a review. Every figure below is the issuer's own number as tagged in its filings to the SEC, unadjusted, with a link to the filing it came from. When a new filing lands, the table updates; when a filing changes something for the people who hold this vehicle, we write it up and link it under Our reads.

Varagon Capital Corp is a non-traded BDC registered with the SEC under CIK 1784700 (incorporated in MD). Its most recent filing is a 3 (insider holdings) dated Oct 7, 2026. As of Jun 30, 2026 it reported total assets of $888.6M (up 3.0% from $863.1M a year earlier) and stockholders' equity of $372.8M. Net income (loss) for the six months to Jun 30, 2026 was $8.4M. It raised $0 from new shares in the year to Dec 31, 2024; paid $20.3M in distributions in the six months to Jun 30, 2026. Reported NAV per share: $8.98 as of Jun 30, 2026.

What the figures say together

Our arithmetic on the issuer's own figures, only pairing numbers from the same period or date, and ranked against the 70 other vehicles of this type we track.

Liabilities were 58% of total assets at Jun 30, 2026. It ranks 61st of the 69 vehicles of this type that report the same figures (1st = least leveraged).
The management fee ran at about 1.75% a year of stockholders' equity ($3.2M in the six months to Jun 30, 2026, annualised; our arithmetic). It ranks 43rd of the 55 vehicles of this type that report the same figures (1st = lowest fee).
NAV per share moved down 2.3% in a year, from $9.19 to $8.98 (before distributions). It ranks 26th of the 58 vehicles of this type that report the same figures (1st = best NAV change).

Key figures, as filed.

Balance sheet

Figure	Latest	Period	A year earlier	Change	Source
Total assets	$888.6M	as of Jun 30, 2026	$863.1M	+3.0%	10-Q · Aug 11, 2026
Investments at fair value	$836.6M	as of Jun 30, 2026	$807.4M	+3.6%	10-Q · Aug 11, 2026
Cash and equivalents	$39.9M	as of Jun 30, 2026	$42.9M	−7.0%	10-Q · Aug 11, 2026
Total liabilities	$515.8M	as of Jun 30, 2026	$481.5M	+7.1%	10-Q · Aug 11, 2026
Debt (carrying amount)	$496.9M	as of Jun 30, 2026	$461.5M	+7.7%	10-Q · Aug 11, 2026
Notes payable	$424.8M	as of Jun 30, 2026	$424.9M	−0.0%	10-Q · Aug 11, 2026
Stockholders' equity	$372.8M	as of Jun 30, 2026	$381.5M	−2.3%	10-Q · Aug 11, 2026
NAV per share	$8.98	as of Jun 30, 2026	$9.19	−2.3%	10-Q · Aug 11, 2026
Shares outstanding	41.5M shares	as of Jun 30, 2026	41.5M shares	+0.0%	10-Q · Aug 11, 2026
Shares outstanding (cover page)	41.5M shares	as of Aug 11, 2026	41.5M shares	+0.0%	10-Q · Aug 11, 2026

Results and cash flow

Figure	Latest	Period	A year earlier	Change	Source
Net income (loss)	$8.4M	six months to Jun 30, 2026	$9.7M	−13.4%	10-Q · Aug 11, 2026
Cash from operations	$21.2M	six months to Jun 30, 2026	$10.2M	+109.1%	10-Q · Aug 11, 2026
Management fees	$3.2M	six months to Jun 30, 2026	$3.1M	+3.0%	10-Q · Aug 11, 2026

Capital raised, distributions and repurchases

Figure	Latest	Period	A year earlier	Change	Source
Distributions paid to common	$20.3M	six months to Jun 30, 2026	$23.4M	−13.4%	10-Q · Aug 11, 2026

Flows (revenues, income, cash, distributions, repurchases) are shown for the period the issuer reported them in, which may be a quarter, a year-to-date span or a full year; “a year earlier” compares only periods of the same length. A vehicle that does not tag a figure in XBRL will not show it here even if the PDF discloses it.

If you have real money in this, do not decide it alone.

We can tell you what the filings say. What we cannot tell you is what it means for your particular position, your tax situation and the rest of your portfolio, and anyone who does that from a web page without knowing your circumstances is guessing. With money in a non-traded BDC whose repurchases are capped each quarter, that is the part that actually matters.

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Filing timeline.

The last 25 documents this issuer filed with the SEC. Marked rows are the ones that tend to matter to holders.

Oct 7, 20263 · Insider holdingsEDGAR ↗
Oct 7, 2026SCHEDULE 13D · FilingEDGAR ↗
Aug 11, 20268-K · Current reportItems 2.02,7.01,9.01EDGAR ↗
Aug 11, 202610-Q · Quarterly reportEDGAR ↗
Jun 10, 20268-K · Current reportItems 5.07EDGAR ↗
May 12, 20268-K · Current reportItems 2.02,7.01,9.01EDGAR ↗
May 12, 202610-Q · Quarterly reportEDGAR ↗
Apr 24, 2026DEFA14A · Proxy materialEDGAR ↗
Apr 24, 2026DEF 14A · Proxy statementEDGAR ↗
Apr 16, 202640-17G · FORM 40-17GEDGAR ↗
Mar 18, 20268-K · Current reportItems 2.02,7.01,9.01EDGAR ↗
Mar 18, 202610-K · Annual reportEDGAR ↗
Mar 4, 202640-17G · FORM 40-17GEDGAR ↗
Nov 7, 20258-K · Current reportItems 2.02,7.01,9.01EDGAR ↗
Nov 7, 202510-Q · Quarterly reportEDGAR ↗
Aug 11, 20258-K · Current reportItems 2.02,7.01,9.01EDGAR ↗
Aug 11, 202510-Q · Quarterly reportEDGAR ↗
Jul 18, 2025APP ORDR · FilingEDGAR ↗
Jul 18, 2025APP NTC · FilingEDGAR ↗
Jun 24, 20258-K · Current reportItems 8.01EDGAR ↗
Jun 13, 20258-K · Current reportItems 5.07EDGAR ↗
Jun 12, 20258-K · Current reportItems 5.02EDGAR ↗
May 29, 2025D/A · FilingItems 06cEDGAR ↗
May 14, 20258-K · Current reportItems 2.02,7.01,9.01EDGAR ↗
May 14, 202510-Q · Quarterly reportEDGAR ↗

Our reads on Varagon Capital Corp.

No forensic read of this vehicle yet. When a filing changes something for holders — a tender offer, a repurchase cap, a NAV reset, a distribution cut — the read goes here.

Source: SEC EDGAR, XBRL company facts and filing index for CIK 1784700, retrieved Oct 12, 2026. Figures are reproduced as tagged by the issuer; errors in the source carry through, which is why every row links to the filing. Nothing here is investment advice.

More files.

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The weekly read

Varagon Capital Corp

What the figures say together

Key figures, as filed.

Filing timeline.

Our reads on Varagon Capital Corp.

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