InsightsQ4 2025 BDC earnings roundup — Insights from the 19 largest public BDCs
Q4 2025

BDC earnings roundup — Insights from the 19 largest public BDCs

This report tracks earnings results across the 19 largest public BDCs, examining NAV movement, income durability, portfolio composition and early indicators of credit stress.

  • Ares Capital Corporation
  • Barings BDC
  • Bain Capital Specialty Finance
  • BlackRock TCP Capital Corporation
  • Blackstone Secured Lending
  • Blue Owl Capital Corporation
  • Carlyle Secured Lending
  • FS KKR
  • Goldman Sachs BDC
  • Golub Capital BDC
  • Hercules Capital BDC
  • Main Street Capital Corporation
  • MidCap Financial Investment Corporation
  • New Mountain Finance Corporation
  • Oaktree Specialty Lending
  • PennantPark Investment Corporation
  • Prospect Capital Corporation
  • Sixth Street Specialty Lending
  • SLR Investment Corporation

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