List of Business Development Companies (BDCs)

This is a list of the publicly traded business development companies QuantumOnline tracks. A BDC is a closed-end investment company that lends to and invests in small and mid-sized private American businesses, and like a REIT it must distribute at least 90% of its taxable income to avoid entity-level tax.

BDCs give individual investors access to private credit — an asset class otherwise confined to institutions — and their yields are correspondingly high, frequently in the 8% to 12% range. That yield is compensation for real credit risk to borrowers who could not obtain conventional bank financing.

Other lists: Real Estate Investment Trusts Closed-End Funds Exchange-Traded Funds (Index ETFs) Master Limited Partnerships Royalty Trusts – U.S. Royalty Trusts – Canadian Business Development Companies Income Deposit Securities Special Investment Products (SIP) SIP – Common Stock Ownership SIP – Based on Indexes SIP – Based on Companies Special Purpose Acquisition Companies

How to use this list

Symbol — click any symbol to open our full security description & information page.
Sort — click a column heading to sort by that column; click again to reverse.
Filter — type in the filter box to narrow the list by ticker symbol or company name.
Prospectus — links to the security's original IPO prospectus filed with the SEC EDGAR system.
"n.a." means not available. This list is dynamic and updated constantly; information is believed accurate but is not guaranteed.

Symbol / CUSIP	Security Description	Exchange	IPO Date	Call Date	Prospectus
AMTCQ 03073H108	Ameritrans Capital Corp.	OTOTC	n.a.	n.a.
ARCC 04010L103	Ares Capital Corp.	NGS	10/5/2004	n.a.
BBDC 06759L103	Barings BDC, Inc.	NYSE	n.a.	n.a.
BCSF 05684B107	Bain Capital Specialty Finance, Inc.	NYSE	11/14/2018	n.a.	Prospectus
BXSL 09261X102	Blackstone Secured Lending Fund	NYSE	8/2/2018	n.a.
CCAP 225655109	Crescent Capital BDC, Inc.	NGM	n.a.	n.a.
CGBD 872280102	Carlyle Secured Lending, Inc.	NGS	6/14/2017	n.a.	Prospectus
CICB 17259U303	CĪON Investment Corp 7.50% Notes Due 2029	NYSE	9/26/2024	12/30/2026	Prospectus
CION 17259U204	CĪON Investment Corp	NYSE	n.a.	n.a.
CPTA 14054R106	Capitala Finance Corp.	NGS	9/25/2013	n.a.	Prospectus
CSWC 140501107	Capital Southwest Corp.	NGS	n.a.	n.a.
EQS 294766100	Equus Total Return, Inc.	NYSE	8/16/1991	n.a.	Pre-EDGAR
FCRX 26943B407	Crescent Capital BDC, Inc. 5.00% Notes due 05/25/2026	NYSE	6/18/2020	5/25/2023	Prospectus
FDUS 316500107	Fidus Investment Corp.	NGS	6/21/2011	n.a.	Prospectus
FSK 302635206	FS KKR Capital Corp.	NYSE	n.a.	n.a.
GAIN 376546107	Gladstone Investment Corp.	NGS	6/23/2005	n.a.	Prospectus
GAING 376546859	Gladstone Investment Corp 7.125% Notes due 05/01/2031	NGS	2/10/2026	5/1/2028	Prospectus
GAING$	Gladstone Investment Corporation Notes Due 2031	NGS	n.a.	n.a.	Prospectus
GAINN 376546800	Gladstone Investment Corp. 5.00% Notes Due 5/1/2026	NGS	2/24/2021	5/3/2023	Prospectus
GAINZ 376546883	Gladstone Investment Corp. 4.875% Notes Due 11/01/2028	NGS	8/12/2021	11/1/2023	Prospectus
GBDC 38173M102	Golub Capital BDC, Inc.	NGS	n.a.	n.a.
GECC 390320703	Great Elm Capital Corp.	NGM	n.a.	n.a.
GECCG 390320869	Great Elm Capital Corp 7.75% Notes due 12/31/2030	NGM	9/5/2025	12/31/2027	Prospectus
GECCO 390320604	Great Elm Capital Corp., 5.875% Notes due 6/302026	NGM	6/21/2021	6/30/2023	Prospectus
GECCZ 390320802	Great Elm Capital Corp, 8.75% Notes Due 09/30/2028	NCM	8/8/2023	Called 9/30/2025	Prospectus

Showing 25 of 76 securities

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What is actually in the portfolio

Most modern BDCs lend predominantly in first-lien senior secured loans to sponsor-backed middle-market companies, usually at floating rates over SOFR. Others hold second-lien, mezzanine or equity positions, which carry materially higher loss rates.

Because the loans are floating rate while much of the BDC's own borrowing is fixed, net investment income tends to rise with short-term rates and fall when they drop. BDCs are one of the few income vehicles that benefit from rate increases.

Net asset value and the discount

BDCs report NAV per share quarterly, based on fair-value marks on largely illiquid private loans. Trading below NAV can signal that the market doubts those marks; trading above usually reflects a strong record of credit performance.

Because the underlying loans have no observable market price, NAV is an estimate produced by the manager and reviewed by the board. Watch realised losses over several years rather than trusting any single quarter's mark.

Fees are high and worth checking

Most externally managed BDCs charge a base management fee on gross assets — so leverage increases the fee — plus an incentive fee on income above a hurdle, commonly 17.5% to 20%. Total expenses frequently exceed 3% of assets.

A base fee on gross rather than net assets rewards the manager for borrowing. Internally managed BDCs avoid this conflict and generally carry lower costs.

Distributions and taxes

BDC distributions are generally taxed as ordinary income, not qualified dividends, because the underlying earnings are interest. Some BDCs pay a base distribution plus variable supplemental amounts, so the trailing yield may overstate what is actually recurring.

Many BDCs also issue baby bonds and preferred stock, which appear on our exchange-traded debt and preferred lists and offer a more senior way to hold the same credit.

About this data

QuantumOnline has tracked exchange-traded income securities since 1997. Every security in this list is researched and maintained by hand from the issuer's prospectus and SEC filings, not scraped from a vendor feed. Where a figure is unavailable we show "n.a." rather than guessing.

Information is believed to be accurate but is not guaranteed, and nothing here is a recommendation to buy or sell. Always confirm terms against the issuer's prospectus before investing.