In recent years, private non-bank lending to private equity-owned, small- and middle-market companies has significantly increased. Within this growing sector, private and non-traded business development companies (“BDCs”) have outperformed other non-bank lenders in many respects. Since 2020, assets under management by private and non-traded BDCs has increased from approximately $34 billion to approximately $118 billion, representing a compounded annual growth rate of more than 35%. As would be expected given such substantial growth, several new BDCs have recently entered the market.

Access our updated BDC Facts & Stats, which provides a compendium of information regarding BDCs, including BDCs that have increased their use of leverage, terms of BDC advisory agreements, and more.