A Business Development Company (BDC) is a type of closed end investment company that invests primarily in small and medium size businesses. A BDC may invest in either debt or equity, although most active BDCs in the market today focus on debt. As a result, BDCs have become important components of many investors income portfolios. Non-traded BDCs conduct continuous capital raises, and do not trade on an exchange. This page includes a full list of all active non-traded BDCs with financial information as of the most recent SEC filings. You can sort the list by the amount of total assets or net assets. Additionally, you can download the table in Excel, CSV, or PDF format. To access historical AUM data, along with detailed competitive intelligence on all active NT BDCs and REITs, sign up for an Alternative.Investments Pro Membership.
| Type | Fund | Term | Total Assets (MRQ) | Net Assets (MRQ) |
|---|---|---|---|---|
| Public NT BDC | Blackstone Private Credit Fund | Perpetual-Life | 51,615,036,000 | 23,795,639,000 |
| Public NT BDC | Blue Owl Credit Income Corp | Perpetual-Life | 13,610,547,000 | 6,693,557,000 |
| Public NT BDC | HPS Corporate Lending Fund | Perpetual-Life | 7,318,480,000 | 3,933,016,000 |
| Private NT BDC | Blue Owl Technology Finance Corp. | Finite | 6,557,922,000 | 3,485,226,000 |
| Public NT BDC | Apollo Debt Solutions BDC | Perpetual-Life | 5,067,123,000 | 2,635,796,000 |
| Private NT BDC | Blue Owl Capital Corp III | Finite | 3,644,937,000 | 1,868,532,000 |
| Private NT BDC | Blue Owl Technology Finance Corp. II | Finite | 3,094,153,000 | 1,557,065,000 |
| Private NT BDC | Morgan Stanley Direct Lending Fund | Finite | 3,071,215,000 | 1,440,001,000 |
| Public NT BDC | Franklin BSP Lending Corp | Finite | 3,021,581,000 | 1,681,535,000 |
| Private NT BDC | Franklin BSP Capital Corporation | Finite | 3,021,581,000 | 1,681,535,000 |
| Private NT BDC | Goldman Sachs Private Middle Market Credit II LLC | Finite | 2,845,238,000 | 1,264,301,000 |
| Private NT BDC | North Haven Private Income Fund LLC | Perpetual-Life | 2,722,244,000 | 1,630,208,000 |
| Private NT BDC | Golub Capital BDC 3, Inc. | Finite | 2,643,089,000 | 1,360,255,000 |
| Private NT BDC | Barings Private Credit Corp | Perpetual-Life | 2,469,241,000 | 1,227,544,000 |
| Public NT BDC | Blue Owl Technology Income Corp. | Perpetual-Life | 2,370,930,000 | 1,340,153,000 |
| Public NT BDC | Owl Rock Capital Corp II | Finite | 2,217,830,000 | 1,273,461,000 |
| Private NT BDC | New Mountain Guardian III BDC, LLC | Finite | 2,121,004,000 | 1,097,385,000 |
| Private NT BDC | Sixth Street Lending Partners | Finite | 2,063,418,000 | 906,467,000 |
| Private NT BDC | Carlyle Credit Solutions, Inc. | Finite | 2,058,376,000 | 1,079,512,000 |
| Private NT BDC | Stone Point Credit Corp | Finite | 1,922,201,031 | 870,955,949 |
| Private NT BDC | Monroe Capital Income Plus Corp | Finite | 1,853,213,000 | 944,093,000 |
| Public NT BDC | FS Energy & Power Fund | Finite | 1,758,300,000 | 1,679,723,000 |
| Private NT BDC | MSD Investment, LLC | Finite | 1,652,719,000 | 699,106,000 |
| Private NT BDC | T Series Middle Market Loan Fund LLC | Finite | 1,512,568,000 | 721,209,000 |
| Private NT BDC | Nuveen Churchill Direct Lending Corp. | Finite | 1,411,065,000 | 557,497,000 |
| Public NT BDC | Oaktree Strategic Credit Fund | Perpetual-Life | 1,407,549,000 | 1,014,914,000 |
| Private NT BDC | Barings Capital Investment Corp | Finite | 1,381,715,000 | 626,530,000 |
| Private NT BDC | Kayne Anderson BDC, Inc. | Finite | 1,324,589,000 | 646,926,000 |
| Private NT BDC | AB Private Credit Investors Corp | Finite | 1,319,670,603 | 483,746,801 |
| Private NT BDC | Fidelity Private Credit Central Fund | Finite | 1,269,607,654 | 625,785,015 |
| Private NT BDC | NMF SLF I, Inc. | Finite | 1,239,571,000 | 805,119,000 |
| Private NT BDC | SL Investment Corp. | Finite | 1,159,747,000 | 550,410,000 |
| Public NT BDC | MSC Income Fund, Inc. | Finite | 1,133,001,000 | 613,783,000 |
| Private NT BDC | Palmer Square Capital BDC Inc. | Finite | 1,081,623,401 | 426,528,796 |
| Public NT BDC | Ares Strategic Income Fund | Perpetual-Life | 1,052,439,000 | 414,241,000 |
| Public NT BDC | AG Twin Brook Capital Income Fund | Perpetual-Life | 1,037,749,000 | 596,869,000 |
| Private NT BDC | TCW Direct Lending VII LLC | Finite | 1,027,832,000 | 650,120,000 |
| Private NT BDC | Silver Point Specialty Lending Fund | Finite | 1,003,709,684 | 531,758,692 |
| Private NT BDC | TCW Direct Lending LLC | Finite | 948,833,000 | 392,193,000 |
| Private NT BDC | TCW Direct Lending VIII LLC | Finite | 780,612,000 | 380,619,000 |
| Private NT BDC | Varagon Capital Corp. | Finite | 702,628,000 | 408,651,000 |
| Private NT BDC | Goldman Sachs Private Middle Market Credit LLC | Finite | 599,576,000 | 422,707,000 |
| Private NT BDC | Commonwealth Credit Partners BDC I, Inc. | Finite | 587,331,000 | 504,567,000 |
| Private NT BDC | Onex Falcon Direct Lending BDC Fund | Finite | 556,023,129 | 293,035,250 |
| Private NT BDC | SCP Private Credit Income BDC LLC | Finite | 539,339,000 | 267,226,000 |
| Private NT BDC | TriplePoint Private Venture Credit Inc. | Finite | 472,700,000 | 274,396,000 |
| Private NT BDC | Venture Lending & Leasing IX, Inc. | Finite | 430,527,874 | 244,876,231 |
| Private NT BDC | Brightwood Capital Corp | Finite | 420,513,000 | 216,281,000 |
| Private NT BDC | Audax Credit BDC Inc | Finite | 408,920,867 | 396,169,614 |
| Public NT BDC | Nuveen Churchill Private Capital Income Fund | Perpetual-Life | 406,839,000 | 267,280,000 |
| Private NT BDC | Redwood Enhanced Income Corp. | Finite | 383,091,000 | 192,511,000 |
| Private NT BDC | WTI Fund X, Inc. | Finite | 373,995,297 | 158,758,987 |
| Private NT BDC | Star Mountain Lower Middle-Market Capital Corp | Finite | 367,014,286 | 194,654,084 |
| Private NT BDC | Goldman Sachs Middle Market Lending LLC II | Finite | 305,358,000 | 177,803,000 |
| Private NT BDC | GOLUB CAPITAL DIRECT LENDING CORP | Finite | 284,484,000 | 181,473,000 |
| Private NT BDC | Carlyle Secured Lending III | Finite | 281,044,000 | 141,469,000 |
| Public NT BDC | Kennedy Lewis Capital co | Perpetual-Life | 272,300,128 | 213,168,766 |
| Public NT BDC | BlackRock Private Credit Fund | Perpetual-Life | 269,324,763 | 160,840,538 |
| Private NT BDC | New Mountain Guardian IV BDC L.L.C. | Finite | 247,496,000 | 86,315,000 |
| Private NT BDC | PIMCO Capital Solutions BDC Corp | Finite | 244,300,000 | 242,258,000 |
| Private NT BDC | BlackRock Direct Lending Corp. | Finite | 240,302,313 | 213,137,545 |
| Private NT BDC | Golub Capital BDC 4 Inc. | Finite | 236,208,106 | 102,264,618 |
| Private NT BDC | OHA Senior Private Lending Fund (U) LLC | Finite | 236,060,000 | 231,643,000 |
| Private NT BDC | Muzinich BDC, Inc. | Finite | 226,205,849 | 160,684,625 |
| Public NT BDC | Fidelity Private Credit Fund | Perpetual-Life | 208,005,348 | 191,471,727 |
| Private NT BDC | Lafayette Square USA Inc. | Finite | 201,275,000 | 192,442,000 |
| Private NT BDC | Stellus Private Credit BDC | Finite | 190,797,392 | 92,597,198 |
| Private NT BDC | KKR FS Income Trust | Finite | 170,228,000 | 90,781,000 |
| Private NT BDC | Steele Creek Capital Corp | Finite | 153,456,000 | 53,766,000 |
| Private NT BDC | TCW Star Direct Lending LLC | Finite | 148,164,000 | 68,135,000 |
| Private NT BDC | Kayne DL 2021 | Finite | 143,383,000 | 136,013,000 |
| Private NT BDC | Oaktree Gardens OLP, LLC | Perpetual-Life | 140,581,000 | 102,620,000 |
| Private NT BDC | BC Partners Lending Corp | Finite | 138,438,000 | 65,969,000 |
| Public NT BDC | PGIM Private Credit Fund | Perpetual-Life | 112,589,000 | 112,291,000 |
| Private NT BDC | Golub Capital Direct Lending Unlevered Corp | Finite | 107,545,682 | 104,816,708 |
| Private NT BDC | Phillip Street Middle Market Lending Fund LLC | Finite | 98,482,000 | 97,042,000 |
| Private NT BDC | SLR HC BDC LLC | Finite | 66,756,000 | 23,195,000 |
| Private NT BDC | Investcorp US Institutional Private Credit Fund | Finite | 54,477,329 | 49,679,039 |
| Private NT BDC | Hancock Park Corporate Income, Inc | Finite | 52,739,657 | 20,661,482 |
| Public NT BDC | NexPoint Capital, Inc. | Finite | 50,842,697 | 49,534,811 |
| Private NT BDC | Wellings Real Estate Income Fund | Finite | 39,199,367 | 38,534,451 |
| Public NT BDC | Prospect Floating Rate & Alternative Income Fund, Inc. | Finite | 36,372,104 | 14,508,124 |
| Public NT BDC | Guggenheim Credit Income Fund | Finite | 34,569,000 | 34,046,000 |
| Private NT BDC | Venture Lending & Leasing VIII, Inc. | Finite | 29,422,243 | 29,062,241 |
| Public NT BDC | Bain Capital Private Credit | Perpetual-Life | 5,600,339 | -1,187,213 |
| Private NT BDC | SLR Private Credit BDC II LLC | Finite | 5,402,000 | 2,244,000 |
| Public NT BDC | StHealth Capital Investment Corp | Finite | 2,665,000 | 2,156,000 |
| Private NT BDC | First Eagle Private Credit Fund | Perpetual-Life | 100,000 | -1,158,181 |
| Private NT BDC | Vista Credit Strategic Lending Corp. | Perpetual-Life | 0 | 0 |
| Type | Fund | Term | Total Assets (MRQ) | Net Assets (MRQ) |