Largest Business Development Companies (2026)

Non-traded business development companies, whose shares are registered for sale to the public but not listed on any exchange, hold 42% of the $578 billion in BDC assets, more than the 50 BDCs that are listed, according to SEC filings. There are 25 of them. According to the same filings, listed BDCs hold 30%, and 106 private BDCs, neither listed nor registered for public sale, hold 27%.

Blackstone Private Credit Fund is the largest single BDC, with $81.3 billion in total assets, 2.2 times the second largest, Blue Owl Credit Income, according to SEC filings. Of the ten largest BDCs, 6 do not trade on an exchange. Every figure is from the BDC's latest 10-Q or 10-K, mostly as of June 30, 2026.

The 50 largest business development companies

Ranked by total assets at the end of each BDC's latest reported quarter. Each row is one BDC, not its manager: the ranking of private credit managers by BDC investments adds up the BDCs each manager runs.

Rank	BDC	Type	Total assets	Net assets	Investments at fair value	As of	Source
1	Blackstone Private Credit Fund	Non-traded	$81.3 billion	$42.8 billion	$77.6 billion	June 30, 2026	SEC
2	Blue Owl Credit Income	Non-traded	$36.8 billion	$18.4 billion	$35.7 billion	June 30, 2026	SEC
3	Ares Capital	Listed (ARCC)	$30.5 billion	$13.9 billion	$29.3 billion	June 30, 2026	SEC
4	Apollo Debt Solutions BDC	Non-traded	$27.9 billion	$14.0 billion	$25.4 billion	June 30, 2026	SEC
5	HPS Corporate Lending Fund	Non-traded	$25.2 billion	$12.0 billion	$24.2 billion	June 30, 2026	SEC
6	Ares Strategic Income Fund	Non-traded	$23.0 billion	$10.2 billion	$21.8 billion	June 30, 2026	SEC
7	Goldman Sachs Private Credit	Private	$18.7 billion	$9.2 billion	$18.2 billion	June 30, 2026	SEC
8	Blue Owl Capital	Listed (OBDC)	$15.4 billion	$7.0 billion	$15.0 billion	June 30, 2026	SEC
9	Blue Owl Technology Finance	Listed (OTF)	$15.1 billion	$7.5 billion	$14.7 billion	June 30, 2026	SEC
10	Blackstone Secured Lending Fund	Listed (BXSL)	$13.8 billion	$5.9 billion	$13.4 billion	June 30, 2026	SEC
11	FS KKR Capital	Listed (FSK)	$12.0 billion	$5.1 billion §	$11.4 billion	June 30, 2026	SEC
12	Golub Capital Private Credit Fund	Non-traded	$9.9 billion	$4.5 billion	$9.6 billion	June 30, 2026	SEC
13	Sixth Street Lending Partners	Private	$8.8 billion	$4.5 billion	$8.7 billion	June 30, 2026	SEC
14	Golub Capital BDC	Listed (GBDC)	$8.3 billion	$3.7 billion	$8.2 billion	June 30, 2026	SEC
15	Ares Core Infrastructure Fund	Private	$7.7 billion	$5.0 billion	$7.3 billion	June 30, 2026	SEC
16	Oaktree Strategic Credit Fund	Non-traded	$7.2 billion	$4.3 billion	$6.8 billion	June 30, 2026	SEC
17	MSD Investment	Private	$7.2 billion	$3.5 billion	$6.9 billion	June 30, 2026	SEC
18	Prospect Capital	Listed (PSEC)	$6.4 billion	$2.9 billion §	$6.3 billion	June 30, 2026	SEC
19	North Haven Private Income Fund	Private	$6.3 billion	$3.1 billion	$6.0 billion	June 30, 2026	SEC
20	Monroe Capital Income Plus	Private	$6.2 billion	$2.7 billion	$6.0 billion	June 30, 2026	SEC
21	Main Street Capital	Listed (MAIN)	$5.9 billion	$3.2 billion	$5.7 billion	June 30, 2026	SEC
22	Barings Private Credit	Private	$5.7 billion	$2.8 billion	$5.4 billion	June 30, 2026	SEC
23	Blue Owl Technology Income	Non-traded	$5.2 billion	$2.7 billion	$5.1 billion	June 30, 2026	SEC
24	TPG Twin Brook Capital Income Fund	Non-traded	$5.1 billion	$2.7 billion	$4.8 billion	June 30, 2026	SEC
25	Antares Strategic Credit Fund	Private	$4.7 billion	$2.1 billion	$4.6 billion	June 30, 2026	SEC
26	Hercules Capital	Listed (HTGC)	$4.7 billion	$2.3 billion	$4.6 billion	June 30, 2026	SEC
27	Franklin BSP Capital	Over the counter (FRBP)	$4.2 billion	$1.8 billion §	$4.1 billion	June 30, 2026	SEC
28	StepStone Private Credit Fund	Private	$4.0 billion	$2.8 billion	$3.8 billion	June 30, 2026	SEC
29	Morgan Stanley Direct Lending Fund	Listed (MSDL)	$3.7 billion	$1.6 billion	$3.6 billion	June 30, 2026	SEC
30	Sixth Street Specialty Lending	Listed (TSLX)	$3.5 billion	$1.5 billion	$3.3 billion	June 30, 2026	SEC
31	Nuveen Churchill Private Capital Income Fund	Non-traded	$3.4 billion	$1.5 billion	$3.3 billion	June 30, 2026	SEC
32	Goldman Sachs BDC	Listed (GSBD)	$3.3 billion	$1.4 billion	$3.2 billion	June 30, 2026	SEC
33	T. Rowe Price OHA Select Private Credit Fund	Non-traded	$3.2 billion	$1.6 billion	$3.1 billion	June 30, 2026	SEC
34	Stone Point Credit	Private	$3.1 billion	$1.4 billion	$3.0 billion	June 30, 2026	SEC
35	Diameter Credit Co.	Private	$3.0 billion	$1.5 billion	$2.8 billion	June 30, 2026	SEC
36	Midcap Financial Investment	Listed (MFIC)	$2.9 billion	$1.1 billion	$2.8 billion	June 30, 2026	SEC
37	Oaktree Specialty Lending	Listed (OCSL)	$2.9 billion	$1.4 billion	$2.7 billion	June 30, 2026	SEC
38	Carlyle Credit Solutions	Private	$2.9 billion	$1.7 billion	$2.7 billion	June 30, 2026	SEC
39	Trinity Capital	Listed (TRIN)	$2.8 billion	$1.3 billion	$2.7 billion	June 30, 2026	SEC
40	Golub Capital BDC 4	Private	$2.8 billion	$1.2 billion	$2.7 billion	June 30, 2026	SEC
41	KKR FS Income Trust	Private	$2.7 billion	$1.7 billion	$2.6 billion	June 30, 2026	SEC
42	BlackRock Private Credit Fund	Non-traded	$2.7 billion	$1.6 billion	$2.5 billion	June 30, 2026	SEC
43	Pennantpark Floating Rate Capital	Listed (PFLT)	$2.6 billion	$1.0 billion	$2.5 billion	June 30, 2026	SEC
44	Bain Capital Specialty Finance	Listed (BCSF)	$2.6 billion	$1.1 billion	$2.4 billion	June 30, 2026	SEC
45	Fidelity Private Credit Fund	Non-traded	$2.6 billion	$1.3 billion	$2.5 billion	June 30, 2026	SEC
46	Barings BDC	Listed (BBDC)	$2.6 billion	$1.1 billion	$2.5 billion	June 30, 2026	SEC
47	SLR Investment	Listed (SLRC)	$2.6 billion	$982 million	$2.1 billion	June 30, 2026	SEC
48	Carlyle Secured Lending	Listed (CGBD)	$2.4 billion	$1.1 billion	$2.4 billion	June 30, 2026	SEC
49	Bain Capital Private Credit	Non-traded	$2.4 billion	$1.1 billion	$2.2 billion	June 30, 2026	SEC
50	New Mountain Finance	Listed (NMFC)	$2.4 billion	$1.0 billion §	$2.3 billion	June 30, 2026	SEC

Download this table (CSV), free. The full dataset, every BDC with its type, assets, liabilities, net assets, file number and filing, is one email away.

§ The net assets the BDC reports are less than its total assets minus its total liabilities, as filed. The table shows the reported figure.

Listed, non-traded and private

How a business development company's shares reach investors leaves a different record at the SEC for each type. The type on this page is read from those records, not from the name: 10 BDCs with "private credit" in their names are registered for sale to the public.

• Listed: the shares trade on a US exchange. The SEC's ticker file and the BDC's own cover page both name the exchange.
• Non-traded: the shares are registered with the SEC on Form N-2 for sale to the public, but are not listed on an exchange.
• Over the counter: not listed on an exchange, but the SEC's ticker file shows the shares quoted over the counter. According to SEC filings, there are 3, holding 0.7% of BDC assets.
• Private: the shares are neither listed nor registered for sale to the public. A private BDC still files the same quarterly reports with the SEC; 83 of the 106 have reported a private placement on Form D.

Type	BDCs	Total assets	Share of BDC assets	In the largest 50	Source
Non-traded	25	$243 billion	42.1%	14	SEC
Listed	50	$174 billion	30.2%	21	SEC
Private	106	$156 billion	27.0%	14	SEC
Over the counter	3	$4.2 billion	0.7%	1	SEC

• The median BDC holds $1.0 billion in total assets, according to SEC filings; the 50 in the table hold 81% of all BDC assets.
• Blackstone Private Credit Fund alone holds 14% of all BDC assets, according to its SEC filing.

What this means for technology buyers

A BDC runs a loan book that a bank would recognize, and a non-traded or private BDC also reports to investors who cannot sell on an exchange. These guides compare the options:

• Private credit loan management and servicing: the loan book, from drawdown to payoff.
• Loan servicing platforms for specialty finance: servicing at volume for non-bank lenders.
• Investor relations and reporting platforms for alternative managers: statements, portals and reporting for a fund's investors.

Mapping the business? The Private Equity Capability Model sets out what a private markets manager does, from fundraising to portfolio monitoring.

More from Finantrix Atlas

• Largest private credit managers by BDC investments
• Largest private fund managers
• Who administers private funds

How this list was built

The SEC publishes the financial data from every BDC filing each month. The universe is every BDC in the data sets from May 2026 to September 2026, at its latest 10-Q or 10-K: 184 BDCs. Every BDC files quarterly, so that window holds each one's latest report, and every BDC that filed in the four months before it is accounted for, by a withdrawn election, a deregistration, or total assets too small to reach the table.

Total assets, total liabilities, net assets and investments at fair value are the figures each BDC tagged for its period end. The 50 table rows at the most common period end were checked against the SEC's separate XBRL data for the quarter (CY2026Q2I), and each matches to the dollar.

A BDC is listed if the SEC's company ticker file names it on a US exchange; its own cover page must agree, and does for every BDC. It is quoted over the counter if the ticker file lists it there and on no exchange. It is non-traded if it has no ticker and has filed a Form N-2 registration that took effect, shown by a prospectus or the SEC's notice of effectiveness. Every other BDC is private, and each of those has a Form 10 registration or a Form D notice on EDGAR.

Limits

• BDCs only. A manager's private credit also sits in private funds and separate accounts, which file no financial statements with the SEC. The manager ranking says more.
• Total assets include borrowed money. A BDC can borrow against its portfolio, so total assets are larger than the investors' money in it. Net assets are shown beside them.
• Fair value, as reported. Investments are valued by each BDC under its own procedures; undrawn commitments are not included.
• The type is a rule. It is read from EDGAR filings, as described above, and a BDC that lists its shares or registers an offering changes type when the page is next refreshed.
• One quarter, mostly. The date of the data is June 30, 2026 for most BDCs; 5 of the 184 report a different period end, shown in the table and the dataset.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

Non-traded business development companies hold 42% of the $578 billion in BDC assets, more than listed BDCs, according to a Finantrix Atlas analysis of SEC filings as of June 30, 2026.

The largest business development company, Blackstone Private Credit Fund, reports $81.3 billion in total assets, according to Finantrix Atlas.

Suggested citation: Finantrix Atlas, "Largest Business Development Companies," as of June 30, 2026, from SEC BDC data sets and EDGAR filings. https://www.finantrix.com/articles/largest-bdcs

Embed the chart:

<a href="https://www.finantrix.com/articles/largest-bdcs"><img src="https://www.finantrix.com/atlas/largest-bdcs.png" alt="The largest business development companies by total assets, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/largest-bdcs">Finantrix Atlas</a>, from SEC filings.</p>

Frequently asked questions

Q: What is the largest BDC? A: Blackstone Private Credit Fund, with $81.3 billion in total assets as of June 30, 2026, according to its SEC filing.

Q: How many business development companies are there? A: 184 filed financial statements with the SEC in the five months to September 2026: 50 listed, 25 non-traded, 106 private and 3 quoted over the counter, according to SEC filings.

Q: What is a non-traded BDC? A: A business development company whose shares are registered with the SEC for sale to the public but are not listed on an exchange. Non-traded BDCs hold 42% of BDC assets, according to SEC filings.

Q: What is a private BDC? A: A business development company whose shares are neither listed on an exchange nor registered for sale to the public. The 106 private BDCs hold 27% of BDC assets, according to SEC filings.