BDC Price-to-NAV (Sector Median)
L2 — Indicators0.816 median across 6 BDCs (prices 2026-07-22; NAV quarterly, period end 2026-03-31 — marks lag prices by construction) — Market pricing private-loan books below managers' marks (deepest: FSK 0.57)
What it measures: Median price-to-NAV across six listed BDCs (ARCC, OBDC, BXSL, FSK, BCSF, MAIN) — the market's live verdict on private-loan books vs managers' quarterly marks. Price is daily; NAV is quarterly from SEC filings and lags by construction. Per-BDC basis cross-checked against Yahoo price-to-book; mismatches are excluded
Threshold: > 0.95 = confidence | 0.85-0.95 = discount building | < 0.85 = private marks distrusted
Current interpretation: 0.816 median across 6 BDCs (prices 2026-07-22; NAV quarterly, period end 2026-03-31 — marks lag prices by construction) — Market pricing private-loan books below managers' marks (deepest: FSK 0.57)
Full methodology for this signal is forthcoming — the write-up has not yet been published. The live reading above comes directly from the signal engine.
How it works
This signal's mechanism doesn't reduce to a standard diagram — read the methodology below for how it's constructed.
The history
Historical series being assembled — this signal has no archived daily series yet. The chart renders automatically once 60 observations exist; the live reading above is current either way.
Educational content. Not investment advice; past patterns do not guarantee future results. Signals identify regime environments, not exact timing or magnitude.