Which BDCs earned their dividend.
Net investment income divided by the regular dividend, from each 10-Q and 10-K. Above 1.00x the quarter’s income covered the payment. Four quarters are shown, with the four-quarter figure the score reads, and the table is sorted by that figure. On the four-quarter figure, 32 of the 43 BDCs with a reading covered the dividend.
- PSECProspect Capital4 quarters1.60xIn the appQ4 '251.41xQ1 '261.19xQ2 '261.32xQ3 '26—
- WHFWhiteHorse Finance4 quarters1.52xIn the appQ4 '251.19xQ1 '260.99xQ2 '260.87xQ3 '26—
- TCPCBlackRock TCP Capital4 quarters1.49xIn the appQ4 '251.04xQ1 '261.29xQ2 '261.24xQ3 '26—
- MFICMidCap Financial Investment4 quarters1.27xIn the appQ4 '251.03xQ1 '261.30xQ2 '261.28xQ3 '26—
- CCAPCrescent Capital BDC4 quarters1.23xIn the appQ4 '251.06xQ1 '261.00xQ2 '261.05xQ3 '26—
- MAINMain Street Capital4 quarters1.23x8.8High QualityQ4 '251.37xQ1 '261.22xQ2 '261.29xQ3 '261.15x
- GECCGreat Elm Capital4 quarters1.22xIn the appQ4 '250.89xQ1 '261.22xQ2 '261.32xQ3 '26—
- OCSLOaktree Specialty Lending4 quarters1.20xIn the appQ4 '251.04xQ1 '260.98xQ2 '261.10xQ3 '26—
- HTGCHercules Capital4 quarters1.19x8.2High QualityQ4 '251.19xQ1 '261.18xQ2 '261.24xQ3 '261.15x
- NMFCNew Mountain Finance4 quarters1.15xIn the appQ4 '251.01xQ1 '261.00xQ2 '261.04xQ3 '261.00x
- OBDCBlue Owl Capital4 quarters1.15x5.1AverageQ4 '251.06xQ1 '260.88xQ2 '261.16xQ3 '261.12x
- LIENChicago Atlantic BDC4 quarters1.14xIn the appQ4 '251.07xQ1 '261.28xQ2 '260.99xQ3 '26—
- SCMStellus Capital Investment4 quarters1.13xIn the appQ4 '250.73xQ1 '260.76xQ2 '260.77xQ3 '26—
- GLADGladstone Capital4 quarters1.12xIn the appQ4 '251.11xQ1 '261.16xQ2 '261.08xQ3 '26—
- RWAYRunway Growth Finance4 quarters1.12xIn the appQ4 '250.98xQ1 '260.89xQ2 '261.31xQ3 '26—
- NCDLNuveen Churchill Direct Lending4 quarters1.11xIn the appQ4 '250.98xQ1 '261.01xQ2 '261.08xQ3 '26—
- SLRCSLR Investment4 quarters1.11xIn the appQ4 '250.97xQ1 '260.80xQ2 '261.05xQ3 '261.05x
- TSLXSixth Street Specialty Lending4 quarters1.10x5.2AverageQ4 '251.16xQ1 '260.94xQ2 '261.05xQ3 '261.06x
- KBDCKayne Anderson BDC4 quarters1.09xIn the appQ4 '251.11xQ1 '261.09xQ2 '261.04xQ3 '261.14x
- MSDLMorgan Stanley Direct Lending4 quarters1.09x5.4AverageQ4 '251.02xQ1 '261.08xQ2 '261.02xQ3 '26—
- BCSFBain Capital Specialty Finance4 quarters1.08xIn the appQ4 '251.04xQ1 '261.04xQ2 '261.08xQ3 '26—
- ARCCAres Capital4 quarters1.07x5.8AverageQ4 '251.07xQ1 '261.17xQ2 '261.06xQ3 '260.96x
- PFLTPennantPark Floating Rate Capital4 quarters1.07xIn the appQ4 '250.87xQ1 '260.84xQ2 '260.91xQ3 '26—
- GBDCGolub Capital BDC4 quarters1.06x4.6WatchQ4 '250.93xQ1 '260.99xQ2 '260.99xQ3 '26—
- GSBDGoldman Sachs BDC4 quarters1.05xIn the appQ4 '251.28xQ1 '260.72xQ2 '261.20xQ3 '261.02x
- PSBDPalmer Square Capital BDC4 quarters1.05xIn the appQ4 '250.97xQ1 '260.96xQ2 '261.00xQ3 '26—
- BBDCBarings BDC4 quarters1.04xIn the appQ4 '250.51xQ1 '260.97xQ2 '261.12xQ3 '261.03x
- FSKFS KKR Capital4 quarters1.03x2.1WatchQ4 '250.69xQ1 '260.87xQ2 '261.04xQ3 '261.07x
- CGBDCarlyle Secured Lending4 quarters1.02xIn the appQ4 '250.85xQ1 '260.91xQ2 '261.02xQ3 '261.06x
- MSIFMSC Income Fund4 quarters1.02xIn the appQ4 '250.86xQ1 '261.06xQ2 '26—Q3 '26—
- TRINTrinity Capital4 quarters1.02x7.0GoodQ4 '251.02xQ1 '261.04xQ2 '261.00xQ3 '261.02x
- OFSOFS Capital4 quarters1.00xIn the appQ4 '251.18xQ1 '261.08xQ2 '260.44xQ3 '26—
- BXSLBlackstone Secured Lending4 quarters0.99xIn the appQ4 '251.06xQ1 '261.02xQ2 '260.99xQ3 '260.90x
- CSWCCapital Southwest4 quarters0.97x7.4GoodQ4 '251.51xQ1 '261.48xQ2 '261.42xQ3 '261.45x
- CIONCION Investment4 quarters0.96xIn the appQ4 '250.99xQ1 '260.86xQ2 '260.96xQ3 '260.83x
- FDUSFidus Investment4 quarters0.96xIn the appQ4 '251.03xQ1 '261.25xQ2 '260.79xQ3 '260.93x
- GAINGladstone Investment4 quarters0.95xIn the appQ4 '250.88xQ1 '260.83xQ2 '261.08xQ3 '26—
- HRZNHorizon Technology Finance4 quarters0.94xIn the appQ4 '250.54xQ1 '260.58xQ2 '260.64xQ3 '261.07x
- TPVGTriplePoint Venture Growth4 quarters0.94xIn the appQ4 '251.07xQ1 '261.02xQ2 '260.91xQ3 '260.74x
- SARSaratoga Investment4 quarters0.71xIn the appQ4 '250.81xQ1 '260.96xQ2 '260.62xQ3 '26—
- PNNTPennantPark Investment4 quarters0.56xIn the appQ4 '250.45xQ1 '260.60xQ2 '260.57xQ3 '26—
- OXSQOxford Square Capital4 quarters0.53xIn the appQ4 '250.60xQ1 '260.42xQ2 '260.47xQ3 '26—
- ICMBInvestcorp Credit Management BDC4 quarters0.08xIn the appQ4 '250.14xQ1 '26—Q2 '26—Q3 '26—
- NSLRNeostellar Capital4 quarters—In the appQ4 '25-0.89xQ1 '26—Q2 '26—Q3 '26—
- PFXPhenixFIN4 quarters—In the appQ4 '25—Q1 '26—Q2 '26—Q3 '26—
- RANDRand Capital4 quarters—In the appQ4 '250.24xQ1 '260.63xQ2 '260.82xQ3 '260.78x
| Ticker | BDC | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | 4 quarters | PIK | Non-accrual | IQS |
|---|---|---|---|---|---|---|---|---|---|
| PSEC | Prospect Capital | 1.41x | 1.19x | 1.32x | — | 1.60x | 11.9% | 0.5% | In the app |
| WHF | WhiteHorse Finance | 1.19x | 0.99x | 0.87x | — | 1.52x | 3.7% | 1.7% | In the app |
| TCPC | BlackRock TCP Capital | 1.04x | 1.29x | 1.24x | — | 1.49x | 7.6% | 1.6% | In the app |
| MFIC | MidCap Financial Investment | 1.03x | 1.30x | 1.28x | — | 1.27x | 6.2% | 2.8% | In the app |
| CCAP | Crescent Capital BDC | 1.06x | 1.00x | 1.05x | — | 1.23x | 4.9% | 2.5% | In the app |
| MAIN | Main Street Capital | 1.37x | 1.22x | 1.29x | 1.15x | 1.23x | 3.7% | 0.9% | 8.8High Quality |
| GECC | Great Elm Capital | 0.89x | 1.22x | 1.32x | — | 1.22x | 6.5% | 0.6% | In the app |
| OCSL | Oaktree Specialty Lending | 1.04x | 0.98x | 1.10x | — | 1.20x | 7.8% | 1.8% | In the app |
| HTGC | Hercules Capital | 1.19x | 1.18x | 1.24x | 1.15x | 1.19x | 7.5% | 0.3% | 8.2High Quality |
| NMFC | New Mountain Finance | 1.01x | 1.00x | 1.04x | 1.00x | 1.15x | 19.5% | 1.2% | In the app |
| OBDC | Blue Owl Capital | 1.06x | 0.88x | 1.16x | 1.12x | 1.15x | 9.9% | 0.8% | 5.1Average |
| LIEN | Chicago Atlantic BDC | 1.07x | 1.28x | 0.99x | — | 1.14x | 9.7% | 0.0% | In the app |
| SCM | Stellus Capital Investment | 0.73x | 0.76x | 0.77x | — | 1.13x | 7.7% | 5.4% | In the app |
| GLAD | Gladstone Capital | 1.11x | 1.16x | 1.08x | — | 1.12x | 6.0% | 3.1% | In the app |
| RWAY | Runway Growth Finance | 0.98x | 0.89x | 1.31x | — | 1.12x | 4.2% | 3.8% | In the app |
| NCDL | Nuveen Churchill Direct Lending | 0.98x | 1.01x | 1.08x | — | 1.11x | 5.4% | 1.5% | In the app |
| SLRC | SLR Investment | 0.97x | 0.80x | 1.05x | 1.05x | 1.11x | – | 1.3% | In the app |
| TSLX | Sixth Street Specialty Lending | 1.16x | 0.94x | 1.05x | 1.06x | 1.10x | 6.4% | 1.1% | 5.2Average |
| KBDC | Kayne Anderson BDC | 1.11x | 1.09x | 1.04x | 1.14x | 1.09x | – | – | In the app |
| MSDL | Morgan Stanley Direct Lending | 1.02x | 1.08x | 1.02x | — | 1.09x | 5.6% | 2.1% | 5.4Average |
| BCSF | Bain Capital Specialty Finance | 1.04x | 1.04x | 1.08x | — | 1.08x | 20.5% | 1.8% | In the app |
| ARCC | Ares Capital | 1.07x | 1.17x | 1.06x | 0.96x | 1.07x | 16.4% | 1.4% | 5.8Average |
| PFLT | PennantPark Floating Rate Capital | 0.87x | 0.84x | 0.91x | — | 1.07x | 2.1% | 0.5% | In the app |
| GBDC | Golub Capital BDC | 0.93x | 0.99x | 0.99x | — | 1.06x | 11.0% | 1.9% | 4.6Watch |
| GSBD | Goldman Sachs BDC | 1.28x | 0.72x | 1.20x | 1.02x | 1.05x | 8.6% | 3.1% | In the app |
| PSBD | Palmer Square Capital BDC | 0.97x | 0.96x | 1.00x | — | 1.05x | 1.4% | 0.3% | In the app |
| BBDC | Barings BDC | 0.51x | 0.97x | 1.12x | 1.03x | 1.04x | 12.1% | 1.2% | In the app |
| FSK | FS KKR Capital | 0.69x | 0.87x | 1.04x | 1.07x | 1.03x | 15.6% | 3.0% | 2.1Watch |
| CGBD | Carlyle Secured Lending | 0.85x | 0.91x | 1.02x | 1.06x | 1.02x | 9.1% | 0.7% | In the app |
| MSIF | MSC Income Fund | 0.86x | 1.06x | — | — | 1.02x | 7.1% | 1.9% | In the app |
| TRIN | Trinity Capital | 1.02x | 1.04x | 1.00x | 1.02x | 1.02x | – | 0.6% | 7.0Good |
| OFS | OFS Capital | 1.18x | 1.08x | 0.44x | — | 1.00x | 8.8% | 7.2% | In the app |
| BXSL | Blackstone Secured Lending | 1.06x | 1.02x | 0.99x | 0.90x | 0.99x | 5.8% | 1.9% | In the app |
| CSWC | Capital Southwest | 1.51x | 1.48x | 1.42x | 1.45x | 0.97x | 7.4% | 1.1% | 7.4Good |
| CION | CION Investment | 0.99x | 0.86x | 0.96x | 0.83x | 0.96x | 24.3% | 1.4% | In the app |
| FDUS | Fidus Investment | 1.03x | 1.25x | 0.79x | 0.93x | 0.96x | 6.8% | – | In the app |
| GAIN | Gladstone Investment | 0.88x | 0.83x | 1.08x | — | 0.95x | 0.0% | 1.8% | In the app |
| HRZN | Horizon Technology Finance | 0.54x | 0.58x | 0.64x | 1.07x | 0.94x | 3.4% | 2.2% | In the app |
| TPVG | TriplePoint Venture Growth | 1.07x | 1.02x | 0.91x | 0.74x | 0.94x | 12.2% | 2.3% | In the app |
| SAR | Saratoga Investment | 0.81x | 0.96x | 0.62x | — | 0.71x | 2.6% | 0.0% | In the app |
| PNNT | PennantPark Investment | 0.45x | 0.60x | 0.57x | — | 0.56x | 7.5% | 0.8% | In the app |
| OXSQ | Oxford Square Capital | 0.60x | 0.42x | 0.47x | — | 0.53x | – | 0.5% | In the app |
| ICMB | Investcorp Credit Management BDC | 0.14x | — | — | — | 0.08x | – | 6.5% | In the app |
| NSLR | Neostellar Capital | -0.89x | — | — | — | — | – | – | In the app |
| PFX | PhenixFIN | — | — | — | — | — | 10.3% | 0.0% | In the app |
| RAND | Rand Capital | 0.24x | 0.63x | 0.82x | 0.78x | — | 7.5% | 15.3% | In the app |
Source: 10-K and 10-Q Inline XBRL, SEC EDGAR. PIK and non-accruals are from each BDC’s latest quarter. The four-quarter figure is trailing net investment income over the annualised regular dividend, the reading on the BDC list and in the app. The ledger last took a filing on November 6, 2026. 10 of the 46 BDCs have an open record page; the rest open with a free account. IQS describes a security. It is not investment advice or a recommendation to buy, sell or hold.
How to read the table
A business development company lends to private, mid-sized companies and pays most of what it earns out as dividends. Net investment income is the interest and fees it earned less the cost of running the company. Divided by the regular dividend, it says whether the quarter paid for the payment. At 1.00x the dividend was exactly earned; above it, earned with room to spare; below it, paid in part from income carried over from earlier quarters.
One quarter swings with timing, so the four-quarter figure is the one to read first. PIK is interest the company booked but did not receive in cash; non-accrual is the share of the loans no longer paying. Both are where coverage changes next.
The worked example, with a 10-Q read line by line, is in BDC dividend coverage explained. Every BDC with an open record page is on the BDC list, with price, yield and net asset value.
The table describes the filings and recommends nothing. The score describes a security and ranks nothing. Nothing on this page is investment advice or a recommendation to buy, sell or hold.
Every BDC’s full ledger, with a free account.
The app’s BDC Desk reads each of the 40+ BDCs quarter by quarter: coverage, PIK, non-accruals, leverage, the fee terms and the research reports. No card is needed.