Lowest Leverage BDCs
BDCs ranked by leverage ratio (total debt / total equity), from lowest (most conservative) to highest. Under the Investment Company Act of 1940, BDCs are generally limited to a 2:1 debt-to-equity ratio.
Last updated: 2026-07-18
Leverage Ratio Rankings
| Rank | Ticker | Name | Leverage Ratio | Dividend Yield | Market Cap |
|---|---|---|---|---|---|
| 1 | PSEC | Prospect Capital Corporation | 0.95 | 12.5% | $2.1B |
| 2 | MAIN | Main Street Capital Corporation | 1.05 | 7.5% | $3.5B |
| 3 | SLRC | SLR Investment Corp. | 1.08 | 9% | $1B |
| 4 | BXSL | Blackstone Secured Lending Fund | 1.1 | 8.5% | $4.8B |
| 5 | GLAD | Gladstone Capital Corporation | 1.1 | 9% | $0.7B |
| 6 | GAIN | Gladstone Investment Corporation | 1.15 | 7.5% | $0.8B |
| 7 | OBDC | Blue Owl Capital Corporation | 1.15 | 9.5% | $5.2B |
| 8 | BBDC | Barings BDC, Inc. | 1.16 | 12.2% | $0.7B |
| 9 | CCAP | Crescent Capital BDC, Inc. | 1.18 | 12.1% | $0.7B |
| 10 | FSK | FS KKR Capital Corp. II | 1.18 | 15.5% | $2.6B |
| 11 | MSDL | Morgan Stanley Direct Lending Fund | 1.18 | 11.6% | $0.9B |
| 12 | OCSL | Oaktree Specialty Lending Corporation | 1.18 | 9.8% | $0.8B |
| 13 | TSLX | Sixth Street Specialty Lending, Inc. | 1.18 | 9.5% | $2.4B |
| 14 | NMFC | New Mountain Finance Corporation | 1.19 | 14.2% | $0.5B |
| 15 | BCSF | Bain Capital Specialty Finance, Inc. | 1.2 | 13.1% | $0.7B |
| 16 | GBDC | Golub Capital BDC, Inc. | 1.2 | 9% | $3.2B |
| 17 | NCDL | Nuveen Churchill Direct Lending Corp. | 1.2 | 11.2% | $0.5B |
| 18 | PFLT | PennantPark Floating Rate Capital Ltd. | 1.2 | 13.3% | $0.5B |
| 19 | SCM | Stellus Capital Investment Corporation | 1.2 | 16.2% | $0.3B |
| 20 | CGBD | Carlyle Secured Lending, Inc. | 1.21 | 13.4% | $0.6B |
| 21 | TRIN | Trinity Capital Inc. | 1.21 | 11.5% | $0.6B |
| 22 | CION | CION Investment Corporation | 1.22 | 18.6% | $0.4B |
| 23 | FDUS | Fidus Investment Corporation | 1.22 | 9.5% | $0.8B |
| 24 | MFIC | MidCap Financial Investment Corporation | 1.22 | 12.6% | $0.4B |
| 25 | SAR | Saratoga Investment Corp. | 1.24 | 14% | $0.4B |
| 26 | CSWC | Capital Southwest Corporation | 1.25 | 8.5% | $1.2B |
| 27 | PNNT | PennantPark Investment Corporation | 1.26 | 14.2% | $0.3B |
| 28 | GSBD | Goldman Sachs BDC, Inc. | 1.27 | 14.3% | $0.6B |
| 29 | ARCC | Ares Capital Corporation | 1.28 | 9.2% | $12.1B |
| 30 | GECC | Great Elm Capital Corp. | 1.28 | 18.7% | $0.1B |
| 31 | HRZN | Horizon Technology Finance Corporation | 1.3 | 15.2% | $0.2B |
| 32 | TPVG | TriplePoint Venture Growth BDC Corp. | 1.34 | 19.6% | $0.2B |
| 33 | HTGC | Hercules Capital, Inc. | 1.35 | 9.8% | $2.6B |
| 34 | OXSQ | Oxford Square Capital Corp. | 1.35 | 27.1% | $0.1B |