Private company

Varagon Capital Corp

Investment fund that raised $488.2 million in 2022 (SEC Form D)2

In its 2026 annual report the company says: “We are a Maryland corporation and an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended.”10 It is headquartered in Baltimore, United States.2

Last updated Oct 20, 2026.

Overview

  • HeadquartersBaltimore, United States2
  • Incorporated inMD3
  • Business address299 Park Avenue, 24Th Floor, New York, Ny 101713
  • Filer category, Emerging growth company3
  • Legal formCorporation2
  • Kind of organizationInvestment fund2
  • LEI5299001ILRNW7DEOD6592
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D198417332

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income56$33.1M in 2025+258% since 2022
0$20.0M$40.0M$60.0M2022: $9.2M$9.2M20222023: $42.2M$42.2M2023+357%2024: $39.1M$39.1M2024−7%2025: $33.1M$33.1M2025−15%
Fiscal year202120222023202420252026
Operating expenses$16.4M5$39.9M6$45.8M6$48.4M6
Income tax$05$06$06
Net income$9.2M5$42.2M6$39.1M6$33.1M6
Earnings per share$0.235$1.026$0.946$0.806
Earnings per share (diluted)$0.235$1.026$0.946$0.806
Shares (weighted, basic)39.8M shares541.5M shares641.5M shares641.5M shares6
Shares (weighted, diluted)39.8M shares541.5M shares641.5M shares641.5M shares6

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Corporate structure

Varagon Capital Corp sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Varagon Capital Corp

  • Blackstone Holdings II L.P. Filed SCHEDULE 13D on Varagon Capital Corp, latest Oct 7, 2026
  • Institute Of Technology California Filed SC 13G on Varagon Capital Corp, latest Jul 29, 2022
  • Ohio Strs Filed SC 13D/A on Varagon Capital Corp, latest Jul 27, 2022 (2 filings since Jul 27, 2022)
  • Aflac Filed SC 13G on Varagon Capital Corp, latest Jun 13, 2022
  • Varagon Capital Corp Baltimore, Maryland, United States
    • Varagon SDLP, LLC Subsidiary · Delaware, United States
    • VCC CLO 1 Depositor, LLC Subsidiary · Delaware, United States
    • VCC CLO 1, LLC Subsidiary · Delaware, United States
    • VCC Equity Holdings, LLC Subsidiary · Delaware, United States
    • VCC Funding, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Varagon Capital Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$34.0M6 Dec 31, 2025$69.6M6 Dec 31, 2024−51.2%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are currently located at 151 West 42nd Street, 53rd Floor, New York, NY 10036, and are provided by our Administrator in accordance with the terms of our Administration Agreement.

Item 2 of the 10-K filed Mar 18, 2026.10

Leadership

Who has led Varagon Capital Corp, and when. Pick a name to see everywhere that person has worked.

President

  1. Kevin Marchetti2022–2023
  2. Charles Riceman2023

Chief financial officer

  1. Robert J. Bourgeois2023
2025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorWalter J. Owens named May 29, 202519

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • VCC CLO 1 Depositor, LLC Delaware4
  • VCC CLO 1, LLC Delaware4
  • VCC Equity Holdings, LLC Delaware4
  • VCC Funding, LLC Delaware4
  • Varagon SDLP, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Varagon Capital Corp.Aug 12, 2019 to Sep 29, 20223

Timeline

  1. Aug 11, 20268-K Results of operations; Regulation FD disclosure20
  2. Jun 10, 20268-K Shareholder vote21
  3. May 12, 20268-K Results of operations; Regulation FD disclosure22
  4. Mar 18, 20268-K Results of operations; Regulation FD disclosure23
  5. Nov 7, 20258-K Results of operations; Regulation FD disclosure24
  6. Aug 11, 20258-K Results of operations; Regulation FD disclosure25
  7. Jun 24, 20258-K Other events26
  8. Jun 13, 20258-K Shareholder vote27
  9. Jun 12, 20258-K Executive or director change28
  10. May 14, 20258-K Results of operations; Regulation FD disclosure29
  11. Mar 21, 20258-K Results of operations; Regulation FD disclosure30
  12. Dec 2, 20248-K Entered a material agreement; Ended a material agreement; New debt or obligation31
  13. Jul 31, 2009Founded Varagon Capital Corp is founded2

Calendar

Coming up

  1. Around Nov 10, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results20
  2. May 12, 2026Reported quarterly or annual results22
  3. Mar 18, 2026Reported quarterly or annual results23
  4. Nov 7, 2025Reported quarterly or annual results24
  5. Aug 11, 2025Reported quarterly or annual results25
  6. May 14, 2025Reported quarterly or annual results29
  7. Mar 21, 2025Reported quarterly or annual results30
  8. Nov 12, 2024Reported quarterly or annual results32

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

105 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 30 major events, 13 insider forms, 7 large holders, 4 private raises, 34 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13D EDGAR
  2. Aug 11, 20268-K EDGAR
  3. Aug 11, 202610-Q EDGAR
  4. Jun 10, 20268-K EDGAR
  5. May 12, 20268-K EDGAR
  6. May 12, 202610-Q EDGAR
  7. Apr 24, 2026DEFA14A EDGAR
  8. Apr 24, 2026DEF 14A EDGAR
  9. Apr 16, 202640-17G EDGAR
  10. Mar 18, 20268-K EDGAR
  11. Mar 18, 202610-K EDGAR
  12. Mar 4, 202640-17G EDGAR
  13. Nov 7, 20258-K EDGAR
  14. Nov 7, 202510-Q EDGAR
  15. Aug 11, 20258-K EDGAR
  16. Aug 11, 202510-Q EDGAR
  17. Jul 18, 2025APP ORDR EDGAR
  18. Jul 18, 2025APP NTC EDGAR
  19. Jun 24, 20258-K EDGAR
  20. Jun 13, 20258-K EDGAR

The 105 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 4 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 7, 2022Bourgeois Robert J.CFO and TreasurerBuy596$10.16$6.1KForm 4
Sep 7, 2022Cady-Kruse NellDirectorBuy3,977$10.16$40.4KForm 4
Sep 7, 2022Marchetti KevinPresidentBuy1,592$10.16$16.2KForm 4
Sep 7, 2022Owens Walter J.Chief Executive OfficerBuy2,555$10.16$26.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Blackstone Holdings II L.P.SCHEDULE 13D, 1 filing Oct 7, 202633
  • Institute Of Technology CaliforniaSC 13G, 1 filing Jul 29, 202234
  • Ohio StrsSC 13D/A, 2 filings Jul 27, 202235
  • AflacSC 13G, 1 filing Jun 13, 202236

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 2, 2022Raised $488.2 million in a private offering of equity Form D: 50 investors so far Form D

SEC filer profile

How Varagon Capital Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVaragon Capital Corp1
  • CIK0001784700
  • Employer ID (EIN)30-120657810
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company10
  • Incorporated inMaryland10
  • Fiscal year endsDecember 311
  • Business address299 Park Avenue, 24Th Floor, New York, NY 101711
  • Phone212.235.26001
  • Shares outstanding41,538,726 as of Aug 11, 20268
  • Public float$0 as of Dec 31, 20256
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting10
  • On EDGAR sinceAug 12, 20191
  • Filings112 in all: 8-K (30), 10-Q (13), 3 (10), 40-APP/A (7), 40-17G (5), DEF 14A (5), DEFA14A (5), 10-K (4)1
    All 23 form types

    4 (4), 40-APP (4), CORRESP (4), SC 13G (4), D/A (3), 10-12G/A (2), APP NTC (2), APP ORDR (2), PRE 14A (2), 10-12G (1), D (1), N-54A (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 18, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Aug 11, 2026

Risk factors and legal proceedings

The risks Varagon Capital Corp names in Item 1A of its 10-K filed Mar 18, 2026: 64 risks under these headings, as written.10

  • Risks Related to the Company’s Business and Structure.
  • Non-Specified Investments and Discretion in Determining Use of Drawdown Amounts.
  • General Market and Economic Conditions.
  • Capital Markets are Experiencing a Period of Disruption and Instability.
  • Economic Recessions or Downturns Could Impair our Portfolio Companies and Harm our Operating Results.
  • We are Subject to Risks Related to Changes in Interest Rates.
  • Risks Relating to Hedging Transactions.
  • Our Business is Dependent on Bank Relationships and Strain on the Banking System May Adversely Impact Us.
  • Price Declines in the Corporate Leveraged Loan Market.
  • Defaults Under a Credit Facility.
  • Provisions in our Credit Facilities May Limit Discretion.
  • We are subject to risks associated with our debt securitization.
The other 52 risks
  • The Notes and the membership interests that we hold that were issued by our CLO are subordinated obligations of the Issuer and we could be prevented from receiving cash from such CLO.
  • We may be subject to conflicts of interest caused by our role as a collateral manager in CLO transactions.
  • Downgrades of the U.S. Credit Rating, Automatic Spending Cuts or Government Shutdowns could Negatively Impact our Liquidity, Financial Condition and Earnings.
  • Broad Authority for Board Action.
  • Changes in Law, Regulation or Policies.
  • Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.
  • Lack of Diversification and Risks Associated with Significant Investments.
  • Valuation of Portfolio Securities.
  • Potential Fluctuations in Quarterly Results.
  • Certain Provisions of the MGCL, the Charter and the Company’s Bylaws Could Deter Takeover Attempts.
  • Terrorist Attacks, Acts of War, Natural Disasters or Pandemics.
  • Technological innovations, including those related to artificial intelligence and machine learning, may negatively impact us.
  • California Consumer Privacy Act (“CCPA”) Considerations.
  • Exposure to Financial Institutions.
  • Legal and Regulatory Risks, Generally.
  • Risks Related to RICs and BDCs
  • The Company will be Subject to U.S. Federal Income Tax Imposed at Corporate Rates if it is Unable to Qualify as a RIC.
  • Limits on Capital Raising; Asset Coverage Ratio.
  • We Borrow Money, Which Magnifies the Potential for Gain or Loss and May Increase the Risk of Investing in us.
  • The Company May Have Difficulty Paying its Required Distributions if the Company Recognizes Income Before or Without Receiving Cash Representing Such Income.
  • Distribution and Asset Coverage Ratio Requirements May Impact the Company’s Ability to Grow.
  • Unrealized Depreciation on Our Loan Portfolio Indicating Future Realized Losses and Reduction in Income Available for Distribution.
  • Our ability to enter into transactions involving derivatives and unfunded commitment transactions may be limited.
  • Our Ability to Enter into Transactions with our Affiliates is Restricted.
  • Our Status as an “Emerging Growth Company” under the JOBS Act May Make it More Difficult to Raise Capital as and When We Need it.
  • Risks Related to the Private Placement of Common Stock
  • Capital Commitments and Drawdowns.
  • Exchange Act Filing Requirements.
  • The Lack of Liquidity in our Investments May Adversely Affect our Business.
  • Absence of SEC and Applicable State Securities Commission Reviews.
  • Certain Regulatory Considerations, Securities Act of 1933.
  • Shareholders May Experience Dilution.
  • Preferred Stock Could be Issued.
  • Significant Financial and Other Resources to Comply with the Requirements of Being a Public Reporting Entity.
  • Risks and Conflicts Related to the Adviser
  • Conflicts Related to Obligations the Adviser Has to Other Clients.
  • Fee-Related and Other Economic Potential Conflicts.
  • Potential Conflicts Arising from the Ability of Varagon to Appoint Members of the IC.
  • Possession of Material Non-Public Information, Limiting the Adviser’s Investment Discretion.
  • Our Fee Structure May Create Incentives for our Adviser to Make Speculative Investments or use Substantial Leverage.
  • Limitation on Liability of the Adviser.
  • Risks Associated with the Company’s Investments
  • Second Lien and Subordinated Loans.
  • Investments in the Subordinated Certificates and Subordinated Interests of Structured Vehicles.
  • Our Investments in Middle Market Companies May be Risky, and We Could Lose All or Part of our Investments.
  • Portfolio Company Debt and Equity.
  • Risks Relating to our Investment in SDLP.
  • Subordinated Liens on Collateral.
  • The Company’s Investments Will Be Illiquid and Long Term.
  • Risks Relating to Covenant-Lite Loans.
  • Limited Number of Portfolio Companies.
  • Follow-on Investments in Portfolio Companies.
  • Defaults by Portfolio Companies.
  • Prepayments by Portfolio Companies.
  • Risks Related to Non-Controlling Investments.
  • Risks Associated with Bankruptcy Cases.

Legal proceedings

We and our consolidated subsidiaries are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we and our consolidated subsidiaries may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business also is subject to extensive regulation, which may result in regulatory proceedings against us.

The opening of Item 3, Legal Proceedings.10

Sources

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    SEC EDGAROther events
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