BDC NAV Change Table

In the week ended April 24, 2026, 7 BDCs traded at or above their net asset value per share out of 45 BDCs tracked.

RATIONALE

Over the long term, the challenge for every BDC is maintaining its book value amid credit losses on leveraged loans and equity investments. Generally speaking, most closed-end debt funds tend to drop in value over time. However, BDCs have a number of tools to boost book value, such as selling their stock at a premium to book or buying back shares at a discount - both of which are accretive. Book value can also be increased by equity stakes appreciating above their original cost and by retaining a portion of recurring earnings.

The BDC Reporter believes that one of the best ways to measure BDC quality is by calculating net asset value per share performance over time. Our research indicates that a very strong correlation exists between a BDC's price performance and changes in its book value over multi-year timeframes. That's the reason we created the BDC NAV Change Table:

Methodology

The BDC Reporter lists, for each public BDC, its net asset value per share (NAVPS) at the end of each calendar quarter. (The only exception is for Saratoga Investment - SAR - whose quarter reporting ends in the middle month of every quarter). The data gathered goes back 5 years. We have included NAVPS data for BDCs that were non-traded during this time frame.

The NAV Change Table also calculates the percentage change in each BDC's NAVPS for the latest quarter and the three prior quarters, as well as for 1-year and 5-year time frames.

The BDC Reporter color-codes the percentage change to indicate how well each fund has performed. Generally speaking, any change marked in lime green indicates the BDC is performing above expectations; hunter green is reserved for BDCs performing as expected. Orange indicates NAVPS performance is modestly below normal; light red indicates moderate underperformance, and bright red indicates very poor performance.

Many investors track whether a BDC trades at or above its NAVPS, with the former regarded as a sign of market confidence and the latter as a sign of weakness. The BDC Reporter does not necessarily concur with this popular shorthand, but does calculate the price-to-book premium for every BDC.

At the end of every week, we report in the box above the number of BDCs trading at a premium and the total number of BDCs in the coverage universe.