Largest BDCs by Market Capitalization
Below is a complete ranking of the largest BDCs by market cap, ordered from largest to smallest. Market capitalization is calculated as the current stock price multiplied by the number of outstanding shares, and represents the total equity value the market currently assigns to each Business Development Company.
Last updated: 07/18/2026
Largest BDCs by Market Cap — Full Ranking
The table below lists every publicly traded BDC in our coverage universe in descending order of market capitalization. Use it to identify the largest BDCs by market cap, compare scale between issuers, and click through to each ticker profile for detailed dividend yield, NAV, premium / discount, leverage, and portfolio composition.
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| Rank | Ticker | Name | Market Cap | Stock Price | Dividend Yield | Action |
|---|---|---|---|---|---|---|
| 1 | ARCC Top Choice | Ares Capital Corporation | $12.1B | $21.45 | 9.2% | View Analysis |
| 2 | OBDC | Blue Owl Capital Corporation | $5.2B | $15.2 | 9.5% | View Analysis |
| 3 | BXSL | Blackstone Secured Lending Fund | $4.8B | $30.8 | 8.5% | View Analysis |
| 4 | MAIN Top Choice | Main Street Capital Corporation | $3.5B | $43.8 | 7.5% | View Analysis |
| 5 | GBDC Top Choice | Golub Capital BDC, Inc. | $3.2B | $15.6 | 9% | View Analysis |
| 6 | FSK | FS KKR Capital Corp. II | $2.6B | $11 | 15.5% | View Analysis |
| 7 | HTGC | Hercules Capital, Inc. | $2.6B | $18.95 | 9.8% | View Analysis |
| 8 | TSLX | Sixth Street Specialty Lending, Inc. | $2.4B | $21.2 | 9.5% | View Analysis |
| 9 | PSEC | Prospect Capital Corporation | $2.1B | $5.6 | 12.5% | View Analysis |
| 10 | CSWC | Capital Southwest Corporation | $1.2B | $23.4 | 8.5% | View Analysis |
| 11 | SLRC | SLR Investment Corp. | $1B | $16.1 | 9% | View Analysis |
| 12 | MSDL | Morgan Stanley Direct Lending Fund | $0.9B | $15.6 | 11.6% | View Analysis |
| 13 | OCSL | Oaktree Specialty Lending Corporation | $0.8B | $12.3 | 9.8% | View Analysis |
| 14 | GAIN | Gladstone Investment Corporation | $0.8B | $14.5 | 7.5% | View Analysis |
| 15 | FDUS | Fidus Investment Corporation | $0.8B | $20.3 | 9.5% | View Analysis |
| 16 | BCSF | Bain Capital Specialty Finance, Inc. | $0.7B | $12.8 | 13.1% | View Analysis |
| 17 | BBDC | Barings BDC, Inc. | $0.7B | $8.6 | 12.2% | View Analysis |
| 18 | GLAD | Gladstone Capital Corporation | $0.7B | $20 | 9% | View Analysis |
| 19 | CCAP | Crescent Capital BDC, Inc. | $0.7B | $11.1 | 12.1% | View Analysis |
| 20 | CGBD | Carlyle Secured Lending, Inc. | $0.6B | $10.6 | 13.4% | View Analysis |
| 21 | GSBD | Goldman Sachs BDC, Inc. | $0.6B | $9 | 14.3% | View Analysis |
| 22 | TRIN | Trinity Capital Inc. | $0.6B | $17.7 | 11.5% | View Analysis |
| 23 | NCDL | Nuveen Churchill Direct Lending Corp. | $0.5B | $12.8 | 11.2% | View Analysis |
| 24 | NMFC | New Mountain Finance Corporation | $0.5B | $7.1 | 14.2% | View Analysis |
| 25 | PFLT | PennantPark Floating Rate Capital Ltd. | $0.5B | $7.2 | 13.3% | View Analysis |
| 26 | MFIC | MidCap Financial Investment Corporation | $0.4B | $9.9 | 12.6% | View Analysis |
| 27 | SAR | Saratoga Investment Corp. | $0.4B | $21.4 | 14% | View Analysis |
| 28 | CION | CION Investment Corporation | $0.4B | $6.5 | 18.6% | View Analysis |
| 29 | SCM | Stellus Capital Investment Corporation | $0.3B | $8.4 | 16.2% | View Analysis |
| 30 | PNNT | PennantPark Investment Corporation | $0.3B | $3.4 | 14.2% | View Analysis |
| 31 | TPVG | TriplePoint Venture Growth BDC Corp. | $0.2B | $4.8 | 19.6% | View Analysis |
| 32 | HRZN | Horizon Technology Finance Corporation | $0.2B | $4.7 | 15.2% | View Analysis |
| 33 | OXSQ | Oxford Square Capital Corp. | $0.1B | $1.6 | 27.1% | View Analysis |
| 34 | GECC | Great Elm Capital Corp. | $0.1B | $5.5 | 18.7% | View Analysis |