NAV per share

NAV per share — net asset value per share — is the book value of a BDC or interval fund's portfolio divided by its outstanding shares. The formula is straightforward: take total portfolio fair value, add cash and other assets, subtract debt and other liabilities, divide by shares outstanding. For a BDC trading on an exchange, NAV per share is the manager's declared book value; the market price (the price you actually pay to buy a share) may trade at a premium or discount to NAV.

NAV moves quarter-to-quarter for predictable reasons: (1) unrealized gains and losses as marks are revised, (2) net investment income (interest received minus expenses) flowing through retained earnings, (3) realized gains and losses when positions exit, and (4) distributions paid to shareholders, which reduce NAV dollar-for-dollar. SpreadVista tracks NAV history and the premium/discount to market price every quarter, and pairs it with position-level mark changes so you can investigate whether a NAV decline lines up with credit deterioration or rate-driven mark revisions.

For interval funds, NAV is what shareholders actually transact at — the fund offers shares and repurchases them at NAV during quarterly windows. That makes NAV especially important to track: a falling NAV directly reduces what existing holders can redeem at. For BDCs, the relationship between NAV and market price (premium / discount) is itself a signal — a BDC trading at a deep discount to NAV often signals market skepticism about the marks themselves.

SpreadVista pulls NAV per share from every BDC 10-Q and interval-fund N-PORT filing, tracks the trajectory each period, and lets you compare NAV histories across peer-group BDCs. The chart layer is built so the methodology — what we counted, what we excluded — is visible on every line.