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BDC book check
Listed business development companies against their own stated book values.
BDC book check
Taken together, weighted by size, these BDCs trade −13% from book. The median one trades −13%, and 6 of 10 sit more than 10% below. The median PIK share is 11.0%, up from 9.9% a year ago. A deep discount means the market doesn’t believe the marks. Book value is the last reported NAV per share from SEC filings; PIK share is interest paid in IOUs as a share of total investment income.
| BDC | Price | Book value | Price vs book | PIK share |
|---|---|---|---|---|
| Prospect Capital PSEC | $1.49 | $5.71 · Jun 30 | −74% | 11.4% was 11.4% |
| FS KKR Capital FSK | $10.41 | $18.30 · Jun 30 | −43% | 12.5% was 16.0% |
| Blue Owl Capital OBDC | $10.00 | $14.26 · Jun 30 | −30% | 7.9% was 6.3% |
| Oaktree Specialty Lending OCSL | $11.40 | $15.70 · Jun 30 | −27% | 7.5% was 6.7% |
| Golub Capital BDC GBDC | $12.06 | $14.25 · Jun 30 | −15% | 11.0% was 9.9% |
| Blackstone Secured Lending BXSL | $22.93 | $25.53 · Jun 30 | −10% | not reported |
| Ares Capital ARCC | $18.58 | $19.35 · Jun 30 | −4% | 15.2% was 16.0% |
| Sixth Street Specialty TSLX | $17.00 | $16.24 · Jun 30 | +5% | not reported |
| Hercules Capital HTGC | $16.40 | $12.15 · Jun 30 | +35% | 8.3% was 9.9% |
| Main Street Capital MAIN | $53.21 | $33.92 · Jun 30 | +57% | not reported |