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