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BDC Performance Table

Click here for The BDC Performance Table

Rationale

The BDC Reporter seeks to provide comprehensive coverage of the $175bn public BDC sector and its 45 component publicly traded stocks. This includes gathering a comprehensive set of key BDC financial metrics in one place, along with our periodic assessments of each BDC's financial performance. Many of the metrics made available are critical inputs in any investor analysis. The assessments are not financial advice, but just our candid view, which readers can use as a second opinion.

Here's how the process works: we review each BDC's financial performance quarterly, including the most recent earnings release, SEC filing, investment presentation, and conference call transcript. Based on what we learn, we rate the period's overall performance on a scale of 1 to 5. A 1 rating is reserved for BDCs that have outperformed, and a 2, the most common, is for performance in line with expectations. Ratings of 3 through 5 reflect increasing degrees of underperformance.

In addition to the BDC Reporter's necessarily subjective performance ratings, the BDC Performance Table includes a wealth of other metrics for each BDC, also updated regularly. Here's a non-comprehensive list:

Internal or External Management

Market Segment Served

Portfolio Cost and FMV

Net Asset Value in Dollars and on a Per Share Basis

Number of Portfolio Companies

Historical Recurrings Earnings Per Share

Projected Recurring Earnings Per Share - Analyst Consensus

Historical Dividends Per Share

YTD Dividends Paid Per Share

We use color coding a great deal to make the data acccessible. Generally speaking, different shades of green represent growth or positive numbers and red losses, while orange is for in-between.

Spelt Out

In addition, in support of these ratings, you'll find a link in the BDC Performance Table to another table summarizing the financial metrics incorporated into the ratings, both the positives and the negatives. In a paragraph, you'll see discussed these include earnings compared against both the prior quarter's results and the analyst consensus, credit results that include realized and unrealized gains and losses, changes in overall leverage, and net asset value per share (NAVPS).

We began this quarterly review process in the IIIQ 2025, and to provide some recent historical context, you'll find both the IIIQ and IVQ 2025 ratings, plus the IQ 2026 assessments, beginning in late April 2026, as the earnings season plays out.