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Public BDC discounts
Sector about 29% below stated NAV
- Status
- flashing
- Trend
- easing
- Layer
- 4. Funds feel pressure
- Evidence dated
- Oct 9, 2026
- Source
- Mercer Capital: what BDC discounts are signaling
- Checked
- Oct 26, 2026
Score
Score 79.9 of 100 · data 66.5 · news 100. Hard data is scored against its own last few years: a normal day is 0, worse than 90% of its history is 80.
What happened
Mercer had the listed sector near a 29% discount in late September, a COVID-era level. On today's closes against June NAVs, the ten names we track have a 12% median discount, but that's propped up by premium names like Main Street and Hercules; FS KKR (43%), Blue Owl (29%) and Oaktree Specialty (27%) are deep in the hole and BIZD is down 7% this month.
What we watch
Listed BDC prices against their book value (NAV), for the sector as a whole: the total market value of the 10 biggest listed BDCs over their total book value, from their SEC filings. A discount of 10–20% is watch; above 20% is flashing.
Past readings
| Checked | Status | Trend | Reading |
|---|---|---|---|
| Oct 26, 2026 | flashing | easing | Sector about 29% below stated NAV |
| Oct 25, 2026 | flashing | worsening | Sector about 29% below stated NAV |