BDC Weekly Insight

Latest edition · August 27, 2026

BDC Update

Raymond James Investment Banking's BDC Weekly Insight provides benchmark data, trading statistics, valuation multiples, and capital issuance tracking for public and private Business Development Companies as of August 27, 2026. The public BDC universe traded at an average Price/NAV of 0.81x and provided a mean total dividend yield of 13.8%.

This weekly market report from Raymond James Investment Banking tracks performance metrics, balance sheet statistics, and primary capital markets transactions across the US Business Development Company (BDC) sector as of August 27, 2026. Public BDCs registered an average weekly return of +0.5% but remained down -4.9% YTD and -10.9% LTM. Valuations averaged 0.81x P/NAV, with top performers like Main Street Capital (1.73x) and Capital Southwest (1.53x) trading at robust premiums. The report also highlights recent financing trends, including institutional index-eligible notes yielding an average of 6.36% and retail baby bonds yielding an average of 7.73%, alongside a comprehensive benchmarking of private BDCs with over $750 million in AUM.

Key takeaways from the latest edition

• 1.Public BDCs trade at an average Price-to-NAV ratio of 0.81x (median 0.75x), with Main Street Capital leading at 1.73x and Investcorp Credit Management at the bottom at 0.24x.
• 2.Public BDCs offer a mean base dividend yield of 12.9% and a mean total dividend yield of 13.8%, even as LTM base dividend growth contracted by an average of -15.8%.
• 3.Private BDCs ($750M+ AUM) demonstrate an average weighted average yield of 9.2%, an average Debt/Equity ratio of 97.9%, and an average GAAP ROE of 7.1%.

What this series covers

• Total return charts
• Key statistics
• Graphs
• Current pricing summary
• Select financial data
• Recent issuance activity
• Key statistics – private BDCs
• Select financial data – private BDCs
• Recent Permanent Capital Investment Banking transactions
• Notes and disclosures

Edition archive

• BDC Update

  August 27, 2026

• BDC Update

  June 6, 2026

• BDC Update

  May 25, 2026