Report published September 24, 2026
BDC Weekly Insight – Raymond James Research Report (September 24, 2026)
Raymond James · September 24, 2026
Raymond James' BDC Weekly Insight provides a comprehensive market monitor covering performance, valuation multiples, dividend metrics, and balance sheet leverage for public and private BDCs as of September 24, 2026. The public BDC sector traded down 3.2% for the week, with an average Price/NAV of 0.76x and an average base dividend yield of 13.7%.
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Finvaulta summarizes Raymond James's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Public BDC shares experienced a broad weekly pullback averaging -3.2% (median -3.0%), bringing mean YTD total return to -8.8% and LTM total return to -9.6%.
- 2.Public BDCs traded at an average Price/NAV multiple of 0.76x (median 0.71x), with premium valuations concentrated in select names such as Main Street Capital (1.61x), Capital Southwest (1.39x), and Hercules Capital (1.38x).
- 3.Public BDCs yielded a mean base dividend of 13.7% and total dividend yield of 14.8%, despite an average LTM base dividend growth contraction of -15.8%.
Table of Contents
- Total return charts
- Key statistics
- Graphs
- Current pricing summary
- Recent issuance activity
- Recent issuance activity (cont.) – $1,000 par index eligible senior notes
- Recent issuance activity (cont.) – $1,000 par non-index eligible senior notes
- Recent issuance activity (cont.) – baby bonds
- Recent issuance activity (cont.) – private notes
- Key statistics – private BDCs ($750 million+ AUM)
- Select financial data – private BDCs ($750 million+ AUM)
- Recent Permanent Capital Investment Banking transactions
Report data
Market Capitalization ($MM), Net Asset Value ($MM), and Price/NAV — as of September 24, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Public BDC Weekly Price Change (Mean) | -3.2% | Average weekly total return change across covered public BDCs |
| Public BDC YTD Total Return (Mean) | -8.8% | Mean YTD total return assuming dividend reinvestment across public BDCs |
| Public BDC Price to Net Asset Value (Mean) | 0.76 x | Mean Price/NAV across public BDC universe |
| Public BDC Base Dividend Yield (Mean) | 13.7% | Mean regular current base dividend annualized across public BDCs |
| Public BDC Debt-to-Equity Ratio (Mean) | 127.5% | Mean Debt/Equity calculation including SBA debentures |
Reports in this series
BDC Weekly Insight is shown in chronological order through this edition, published on September 24, 2026.
Part of the BDC Weekly Insight series — view all 6 editions
Looking for the latest edition? BDC Update (Oct 8, 2026)
- May 25BDC Update
- Jun 6BDC Update
- Aug 27BDC Update
- Sep 10BDC Update
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