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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.

Hard data	Now	Score	Percentile	As of	Source
Selling volume vs normal, BDCs and neoclouds	1.11×	54.8	77.4	Oct 26	source
Listed BDCs down over 20 days	100%	85.6	92.8	Oct 26	source
Listed BDCs vs book value, weighted by size (10 BDCs)	12.6 % below book	59.1	—	Oct 26	source

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