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BDCs (private credit)

The 50 companies in this industry listed on the NYSE and Nasdaq are worth $62 bn combined; the largest are Ares Capital (ARCC), Blackstone Secured Lending (BXSL) and Main Street Capital (MAIN). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Evenly matched
50 companies value 62 bn revenue 16 bn margin — free cash flow — avg. score 4.0
ARCC holds 21.3% of the group's value, 2.4x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 ARCC Ares Capital
United States · score 4.1
 21% 13 bn 3.1 bn 30.9% -0.7 bn -5.1% 10.1% Private credit for middle-market companies · World's largest BDC; the most diversified portfolio and a top-tier manager
2 BXSL Blackstone Secured Lending
United States · score 5.1
 9% 5.5 bn 1.4 bn 21.5% 0.1 bn 2.7% 12.5% Senior secured private credit, from Blackstone · Managed by Blackstone; ~98% in first-lien senior debt
3 MAIN Main Street Capital
United States · score 4.8
 8% 5.0 bn 0.6 bn 78.5% -0.1 bn -3.0% 7.8% Debt and equity for lower-middle-market companies · Internally managed (lower cost); monthly dividend and a record with no cuts
4 OBDC Blue Owl Capital Corporation
United States · score 5.6
 8% 4.9 bn 1.7 bn 17.0% 2.2 bn 45.2% 15.5% Senior private credit for middle-market companies · 2nd largest BDC; portfolio almost entirely senior secured debt
5 OTF Blue Owl Technology Finance Corp.
United States · score 3.8
 7% 4.1 bn 0.0 bn 137x -1.6 bn -37.8% 15.1% Private credit for technology and software companies · New York — assets of $15.1bn
6 GBDC Golub Capital BDC
United States · score 6.0
 5% 3.1 bn 0.8 bn 21.4% 0.9 bn 29.5% 10.1% Private credit for middle-market companies · One of the largest and oldest BDCs; portfolio focused on senior debt of midsize companies
7 HTGC Hercules Capital
United States · score 6.1
 5% 3.0 bn 0.5 bn 71.3% 0.0 bn 0.3% 11.2% Secured lending to technology and life sciences companies · Specialized in lending to tech and biotech companies
8 FSK FS KKR Capital
United States · score 2.8
 5% 2.8 bn 1.3 bn -28.5% 1.9 bn 68.6% 25.8% Private credit for middle-market companies · Large BDC managed by KKR; high yield with a more aggressive portfolio
9 TSLX Sixth Street Specialty Lending
United States · score 5.4
 3% 1.6 bn 0.4 bn 21.8% 0.1 bn 6.5% 9.8% Private credit for middle-market companies · Best credit record among BDCs: virtually no losses since its IPO
10 TRIN Trinity Capital Inc.
United States · score 3.8
 2% 1.5 bn 0.3 bn 45.2% -0.6 bn -39.5% — Lending to growth-stage companies and venture debt · Arizona — assets of $2.8bn
11 CSWC Capital Southwest
United States · score 4.2
 2% 1.4 bn 0.2 bn 46.7% -0.3 bn -21.3% 10.6% Credit for lower-middle-market companies · Internally managed with fast portfolio growth; recurring supplemental dividends
12 MSDL Morgan Stanley Direct Lending
United States · score 5.4
 2% 1.1 bn 0.4 bn 16.0% 0.3 bn 26.3% 15.7% Private credit for middle-market companies · Managed by Morgan Stanley; a young portfolio almost entirely in senior secured debt
13 OCSL Oaktree Specialty Lending Corp
United States · score 4.9
 2% 1.0 bn 0.3 bn 14.5% 0.1 bn 10.6% 13.1% Tailored lending to companies without access to capital markets · California — assets of $2.9bn
14 GSBD Goldman Sachs BDC, Inc.
United States · score 5.3
 2% 1.0 bn — — 0.1 bn 8.4% — Middle-market lending, from Goldman Sachs · New York — assets of $3.3bn
15 BBDC Barings BDC, Inc.
United States · score 6.3
 1% 0.9 bn 0.3 bn 32.7% 0.3 bn 35.0% 13.1% Private credit for middle-market companies · North Carolina — assets of $2.6bn
16 PSEC PROSPECT CAPITAL CORP
United States · score 6.0
 1% 0.8 bn 0.6 bn 24.0% 0.5 bn 65.1% 31.5% Lending to and investing in private middle-market companies · New York — assets of $6.4bn
17 KBDC Kayne Anderson BDC, Inc.
United States · score 4.6
 1% 0.8 bn — — 0.0 bn -0.4% 13.6% Middle-market lending, from Kayne Anderson · Texas — assets of $2.3bn
18 MFIC MidCap Financial Investment Corp
United States · score 2.9
 1% 0.7 bn 0.3 bn -9.9% 0.5 bn 78.5% 18.3% Specialty finance company lending to middle-market companies · New York — assets of $2.9bn
19 CGBD Carlyle Secured Lending, Inc.
United States · score 5.3
 1% 0.7 bn 0.3 bn 14.3% 0.2 bn 23.6% 16.3% Specialty finance company for private credit to middle-market companies · New York — assets of $2.4bn
20 BCSF Bain Capital Specialty Finance, Inc.
United States · score 5.8
 1% 0.7 bn 0.3 bn 24.2% 0.1 bn 20.5% 18.8% Private credit for middle-market companies · Massachusetts — assets of $2.6bn
21 FDUS FIDUS INVESTMENT Corp
United States · score 3.9
 1% 0.7 bn 0.2 bn 45.4% -0.2 bn -30.0% — Specialty finance company lending to middle-market companies · Illinois — assets of $1.5bn
22 NMFC New Mountain Finance Corp
United States · score 2.9
 1% 0.6 bn 0.3 bn -16.8% 0.7 bn 105.8% 19.4% Private credit for middle-market companies · New York — assets of $2.4bn
23 PFLT PennantPark Floating Rate Capital Ltd.
United States · score 4.1
 1% 0.6 bn 0.3 bn 18.5% -0.1 bn -9.3% 19.5% Floating-rate senior loans to midsize companies · New York — assets of $2.6bn
24 SLRC SLR Investment Corp.
United States · score 6.1
 1% 0.6 bn 0.2 bn 35.2% 0.2 bn 25.7% — Specialty finance company lending to middle-market companies · New York — assets of $2.6bn
25 GAIN GLADSTONE INVESTMENT CORPORATION\DE
United States · score 5.7
 1% 0.6 bn 0.1 bn 177.8% -0.0 bn -7.3% 6.4% Debt and equity for middle-market companies · Virginia — assets of $1.3bn
26 MSIF MSC INCOME FUND, INC.
United States · score 4.8
 1% 0.5 bn 0.1 bn 70.7% -0.0 bn -6.2% 13.3% Investing in middle-market companies · Texas — assets of $1.4bn
27 NCDL Nuveen Churchill Direct Lending Corp.
United States · score 5.7
 1% 0.5 bn — — 0.1 bn 22.0% 16.9% Specialty finance company providing senior loans to middle-market companies · New York — assets of $2bn
28 GLAD GLADSTONE CAPITAL CORP
United States · score 4.7
 1% 0.4 bn 0.1 bn 48.7% -0.1 bn -36.1% 10.5% Lending to middle-market companies · Virginia — assets of $970m
29 CION CION Investment Corp
United States · score 3.9
 1% 0.3 bn 0.2 bn 1.2% 0.0 bn 14.1% 21.5% Private credit for middle-market companies · New York — assets of $1.8bn
30 CCAP Crescent Capital BDC, Inc.
United States · score 2.4
 1% 0.3 bn 0.2 bn -2.0% 0.0 bn 12.3% 20.3% Private credit for middle-market companies · California — assets of $1.6bn
31 RWAY Runway Growth Finance Corp.
United States · score 3.0
 0% 0.3 bn 0.1 bn 5.8% -0.1 bn -28.8% 19.4% Lending to growth companies without a financial sponsor · Illinois — assets of $1.2bn
32 PSBD Palmer Square Capital BDC Inc.
United States · score 2.3
 1% 0.3 bn 0.1 bn -26.7% 0.1 bn 42.8% — Corporate lending to US companies of all sizes · Kansas — assets of $1.1bn
33 TCPC BlackRock TCP Capital Corp.
United States · score 1.8
 1% 0.3 bn 0.1 bn -114.0% 0.4 bn 115.9% 21.6% Private credit for middle-market companies, from BlackRock · California — assets of $1.5bn
34 HRZN Horizon Technology Finance Corp
United States · score 4.2
 0% 0.3 bn — — 0.1 bn 36.9% 19.1% Lending to development-stage technology and healthcare companies · Connecticut — assets of $832m
35 SAR SARATOGA INVESTMENT CORP.
United States · score 0.9
 0% 0.2 bn 0.1 bn -3.8% -0.1 bn -66.8% 20.2% Specialty finance company providing tailored loans to middle-market companies · New York — assets of $1.3bn
36 PNNT PENNANTPARK INVESTMENT CORP
United States · score 4.9
 0% 0.2 bn 0.1 bn 9.7% 0.1 bn 59.6% 33.0% Private credit for US middle-market companies · New York — assets of $1.3bn
37 SCM Stellus Capital Investment Corp
United States · score 6.1
 0% 0.2 bn 0.1 bn 32.1% 0.0 bn 22.7% 21.8% Lending to small and midsize businesses, with co-investment · Texas — assets of $982m
38 TPVG TriplePoint Venture Growth BDC Corp.
United States · score 4.1
 0% 0.2 bn 0.1 bn 44.6% -0.0 bn -16.3% — Specialty finance company providing venture loans to VC-backed companies · California — assets of $809m
39 WHF WhiteHorse Finance, Inc.
United States · score 5.9
 0% 0.2 bn 0.1 bn 26.9% 0.1 bn 48.8% — Specialty finance company lending to middle-market companies · Florida — assets of $604m
40 LIEN Chicago Atlantic BDC, Inc.
United States · score 4.9
 0% 0.2 bn 0.1 bn 52.8% 0.0 bn -1.5% 15.0% Private credit for cannabis companies · New York — assets of $344m
41 NSLR Neostellar Capital Corp.
United States · score 5.6
 0% 0.2 bn — — -0.0 bn -15.5% 7.4% Investing in emerging venture capital companies · New York — assets of $420m
42 BCIC BCP Investment Corp
United States · score 2.4
 0% 0.1 bn 0.1 bn -5.7% 0.1 bn 115.9% 25.0% Specialty finance company lending to middle-market companies · New York — assets of $469m
43 GECC Great Elm Capital Corp.
United States · score 1.5
 0% 0.1 bn 0.0 bn -87.7% 0.0 bn 43.5% 25.8% Private credit for middle-market companies · Florida — assets of $280m
44 OFS OFS Capital Corp
United States · score 1.6
 0% 0.1 bn 0.0 bn -62.2% 0.1 bn 122.3% 17.3% Private credit for middle-market companies · Illinois — assets of $304m
45 OXSQ Oxford Square Capital Corp.
United States · score 0.2
 0% 0.1 bn 0.0 bn -173.2% -0.1 bn -33.8% 25.9% Private credit and stakes in loan funds · Connecticut — assets of $291m
46 PFX PhenixFIN Corp
United States · score 3.3
 0% 0.1 bn 0.0 bn 28.1% 0.0 bn -3.5% 0.2% Closed-end finance company lending to businesses · New York — assets of $310m
47 AFCG Advanced Flower Capital Inc.
United States · score 0.5
 0% 0.1 bn 0.0 bn -84.2% -0.0 bn -45.8% — Finance company regulated as a BDC since 2026 · Florida — assets of $400m
48 ICMB Investcorp Credit Management BDC, Inc.
United States · score 1.2
 0% 0.0 bn 0.0 bn -131.3% 0.0 bn 375.4% — Specialty finance company lending to middle-market companies · New York — assets of $161m
49 RAND RAND CAPITAL CORP
United States · score 1.3
 0% 0.0 bn 0.0 bn -2.7% 0.0 bn -14.0% 17.9% Debt and equity in middle-market companies, since 1971 · New York — assets of $58m
50 EQS EQUUS TOTAL RETURN, INC.
United States · score 0.0
 0% 0.0 bn 0.0 bn -10x 0.0 bn -15.4% — Investing in growth companies and leveraged buyouts · Texas — assets of $21m

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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