Business development company (BDC)
A business development company (BDC) is a closed-end investment company that elects to be regulated under the Investment Company Act of 1940 and must keep at least 70 percent of its assets in eligible investments, chiefly private or small US companies. A BDC can be listed on an exchange or non-traded, and most are taxed as regulated investment companies, which requires distributing at least 90 percent of taxable income. Because BDCs file with the SEC, their quarterly schedules of investments are one of the few public views into private credit portfolios.
In DFX data
DFX currently tracks 365 business development companies, as of 10 October 2026.
Every BDC with an SEC filing history is one record keyed by its CIK, with its schedule of investments read from tagged filings for every quarter end since December 2020.