Data Methodology

All financial metrics on BusinessDevelopmentCompanies.com are calculated using a consistent methodology. This page documents how each metric is derived so you can verify our calculations against source filings.

Dividend Yield

Forward dividend yield is calculated as the most recent annualized dividend per share divided by the current stock price:

Yield = Annualized Dividend Per Share / Stock Price

For quarterly payers, the annualized dividend is the most recent quarterly dividend multiplied by four. For monthly payers, the most recent monthly dividend multiplied by twelve.

Net Asset Value (NAV)

NAV per share is obtained directly from each BDC's most recent quarterly or annual filing (10-Q or 10-K). It represents the total assets minus total liabilities, divided by the number of outstanding shares.

Premium / Discount to NAV

The premium or discount is calculated as:

P/D = (Stock Price - NAV) / NAV

A positive value indicates the stock trades at a premium to its net asset value. A negative value indicates a discount.

Total Return

Total return includes both price appreciation and dividend reinvestment over the specified period (1-year, 3-year, 5-year). Data is sourced from each BDC's filings and publicly available performance reports.

Market Capitalization

Market cap is calculated as the current stock price multiplied by the total number of outstanding shares. Share counts are obtained from the most recent quarterly filing.

Expense Ratio

The expense ratio represents total operating expenses (including management fees, incentive fees, and other operating costs) as a percentage of net assets. Calculated from the most recent fiscal year data in the annual report.

Leverage Ratio

The leverage ratio is total debt divided by total equity (net assets). This is a statutory measure based on the most recent balance sheet data. Under the Investment Company Act of 1940, BDCs are generally limited to a 2:1 debt-to-equity ratio (1.0 on our scale equals no leverage; 2.0 equals the regulatory maximum).

Data Updates

Metrics are updated within 5 business days after each quarterly filing. Stock prices and derived metrics (yield, premium/discount) update daily based on closing prices.

Rounding

Percentages are rounded to one decimal place. Dollar amounts are rounded to two decimal places. Market capitalization is displayed in billions rounded to the nearest whole number (or one decimal for smaller BDCs).