About the Index
Debt-focused BDC grouping according to CEFdata.com with average 90-day trading dollar $ liquidity over $1MM. Equal weight the funds that meet these criteria. The index constituents will be rebalanced each quarter.
Index Performance
Current($) | Previous Day(%) | 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | 10 Year(%) | MTD(%) | QTD(%) | YTD(%) | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,890.43 | -0.66 | 1.39 | 3.02 | 2.44 | 16.86 | 29.11 | 9.25 | 10.49 | 7.90 | 1.58 | 1.58 | 4.45 | ||||||
NAV | 1,833.02 | 0.00 | 0.01 | 1.18 | 1.63 | 5.09 | 10.76 | 11.23 | 9.16 | 8.12 | 0.66 | 0.66 | 2.17 | ||||||
Difference | 0.66 | -1.38 | -1.84 | -0.81 | -11.77 | -18.35 | 1.98 | -1.33 | 0.23 | -0.92 | -0.92 | -2.28 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.49 |
2024 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2024 | |
Price | 1.50 | 0.07 | 1.24 | 2.83 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | 0.93 | 0.16 | 0.41 | 1.50 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | -0.57 | 0.09 | -0.84 | -1.33 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2023 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2023 | |
Price | 9.95 | 0.45 | -5.44 | 4.44 | 1.27 | 0.23 | 5.63 | 7.21 | 11.97 | 7.72 | -1.23 | 0.61 | 7.04 | -4.26 | 6.98 | 3.79 | 6.31 | 13.80 | 27.42 |
NAV | 1.17 | -1.09 | 1.02 | 1.08 | 1.01 | 0.04 | 1.41 | 2.47 | 3.58 | 0.99 | 0.21 | 1.48 | 2.70 | 1.10 | 0.73 | 1.88 | 3.75 | 6.55 | 10.36 |
Difference | -8.79 | -1.54 | 6.46 | -3.36 | -0.26 | -0.19 | -4.22 | -4.74 | -8.39 | -6.73 | 1.45 | 0.86 | -4.34 | 5.36 | -6.25 | -1.91 | -2.56 | -7.24 | -17.05 |
2022 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2022 | |
Price | 0.73 | -0.05 | 2.48 | 3.18 | -3.67 | -3.12 | -8.37 | -14.49 | -11.77 | 8.57 | 0.43 | -15.44 | -7.80 | 10.86 | 6.35 | -6.38 | 10.38 | 1.77 | -10.21 |
NAV | 0.98 | 0.77 | 1.61 | 3.40 | 0.92 | 0.29 | 1.03 | 2.25 | 5.73 | 0.64 | -1.68 | 1.14 | 0.08 | 0.81 | -0.67 | 1.42 | 1.56 | 1.64 | 7.47 |
Difference | 0.26 | 0.82 | -0.87 | 0.23 | 4.59 | 3.41 | 9.40 | 16.74 | 17.51 | -7.93 | -2.11 | 16.58 | 7.87 | -10.05 | -7.03 | 7.81 | -8.81 | -0.13 | 17.68 |
2021 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2021 | |
Price | 2.92 | 11.51 | 3.80 | 19.12 | 8.07 | 2.27 | -0.45 | 10.02 | 31.06 | 1.34 | 1.28 | -1.53 | 1.06 | 6.49 | -1.79 | 0.46 | 5.06 | 6.18 | 39.15 |
NAV | 1.29 | 2.62 | 1.29 | 5.28 | 1.74 | 2.01 | 1.23 | 5.05 | 10.60 | 1.21 | 2.68 | 1.12 | 5.09 | 1.05 | 1.55 | 1.35 | 4.00 | 9.29 | 20.88 |
Difference | -1.63 | -8.89 | -2.51 | -13.84 | -6.33 | -0.26 | 1.68 | -4.97 | -20.46 | -0.13 | 1.40 | 2.65 | 4.03 | -5.44 | 3.34 | 0.89 | -1.06 | 3.12 | -18.27 |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 1.24 | -10.69 | -40.04 | -45.79 | 25.48 | 9.23 | -0.85 | 35.89 | -26.33 | 1.11 | 5.55 | -1.65 | 4.96 | -3.43 | 22.70 | 1.23 | 19.95 | 25.89 | -7.26 |
NAV | 0.12 | 0.30 | 1.14 | 1.57 | -10.68 | 0.40 | 0.70 | -9.70 | -8.28 | 1.54 | 1.96 | 1.12 | 4.69 | 1.20 | 2.06 | 1.14 | 4.47 | 9.37 | 0.31 |
Difference | -1.12 | 11.00 | 41.18 | 47.36 | -36.16 | -8.83 | 1.55 | -45.59 | 18.05 | 0.43 | -3.59 | 2.78 | -0.26 | 4.63 | -20.64 | -0.09 | -15.48 | -16.52 | 7.57 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 14.99 | 2.20 | -0.60 | 16.81 | 4.09 | -3.47 | 2.66 | 3.15 | 20.48 | 1.93 | -0.75 | 2.06 | 3.26 | 0.83 | 3.18 | -0.05 | 3.99 | 7.37 | 29.37 |
NAV | -1.75 | 0.17 | 1.36 | -0.24 | 1.70 | 0.31 | 1.19 | 3.23 | 2.98 | 0.46 | 0.28 | 1.09 | 1.84 | 0.34 | 0.32 | 1.33 | 1.99 | 3.87 | 6.97 |
Difference | -16.74 | -2.02 | 1.97 | -17.04 | -2.39 | 3.79 | -1.48 | 0.08 | -17.50 | -1.47 | 1.03 | -0.97 | -1.42 | -0.49 | -2.86 | 1.38 | -1.99 | -3.50 | -22.40 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -0.88 | -4.86 | 1.60 | -4.19 | 3.66 | 3.66 | -0.80 | 6.59 | 2.13 | 5.12 | 1.72 | -2.13 | 4.65 | -4.20 | 0.78 | -9.27 | -12.39 | -8.32 | -6.36 |
NAV | 0.45 | 0.16 | 0.45 | 1.07 | 0.76 | 0.28 | 1.18 | 2.23 | 3.32 | 1.04 | 0.79 | 0.91 | 2.77 | 0.94 | 0.27 | 1.31 | 2.54 | 5.38 | 8.87 |
Difference | 1.33 | 5.02 | -1.15 | 5.25 | -2.90 | -3.39 | 1.98 | -4.36 | 1.19 | -4.08 | -0.93 | 3.05 | -1.88 | 5.13 | -0.51 | 10.58 | 14.93 | 13.70 | 15.24 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.05 | 3.08 | 1.77 | 7.07 | 1.42 | -4.85 | 1.35 | -2.19 | 4.72 | 1.59 | -4.43 | 3.73 | 0.71 | -1.35 | -1.00 | -1.75 | -4.04 | -3.37 | 1.20 |
NAV | 0.02 | 0.24 | 0.95 | 1.21 | 0.59 | 0.30 | 1.34 | 2.25 | 3.48 | 0.36 | 0.27 | 1.29 | 1.94 | -0.05 | 0.25 | 1.30 | 1.49 | 3.46 | 7.06 |
Difference | -2.04 | -2.85 | -0.82 | -5.86 | -0.83 | 5.15 | -0.01 | 4.44 | -1.24 | -1.23 | 4.71 | -2.43 | 1.23 | 1.29 | 1.24 | 3.05 | 5.53 | 6.82 | 5.86 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | -7.70 | 2.73 | 6.72 | 1.19 | 3.54 | -1.21 | 3.19 | 5.55 | 6.80 | 6.55 | 5.20 | -1.53 | 10.38 | -1.34 | 3.97 | 1.68 | 4.29 | 15.12 | 22.95 |
NAV | 0.95 | 0.27 | -0.40 | 0.82 | 0.90 | 0.43 | 2.01 | 3.37 | 4.22 | 0.90 | 0.33 | 1.96 | 3.21 | 0.82 | 0.35 | 1.15 | 2.34 | 5.63 | 10.09 |
Difference | 8.65 | -2.46 | -7.12 | -0.37 | -2.64 | 1.64 | -1.18 | -2.18 | -2.58 | -5.65 | -4.87 | 3.48 | -7.17 | 2.17 | -3.61 | -0.53 | -1.95 | -9.49 | -12.87 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | -0.90 | 6.71 | -1.63 | 4.02 | 2.18 | -0.69 | -3.19 | -1.76 | 2.19 | -0.85 | -1.36 | -7.58 | -9.61 | 4.56 | 5.72 | -5.51 | 4.45 | -5.58 | -3.52 |
NAV | 0.88 | 0.21 | 1.51 | 2.62 | 1.16 | 0.35 | 0.84 | 2.37 | 5.06 | 1.01 | 0.33 | -0.44 | 0.89 | 0.78 | 0.61 | -3.32 | -1.98 | -1.10 | 3.90 |
Difference | 1.78 | -6.50 | 3.15 | -1.40 | -1.02 | 1.05 | 4.03 | 4.14 | 2.87 | 1.86 | 1.69 | 7.13 | 10.50 | -3.79 | -5.12 | 2.20 | -6.43 | 4.48 | 7.42 |
2014 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2014 | |
Price | -0.21 | 2.16 | -3.00 | -1.11 | -1.13 | 1.52 | 5.90 | 6.29 | 5.11 | -3.79 | 2.21 | -5.39 | -6.97 | 1.49 | 0.40 | -6.60 | -4.83 | -11.46 | -6.93 |
NAV | 0.88 | 0.14 | 1.89 | 2.94 | 0.96 | 0.28 | 1.84 | 3.11 | 6.14 | 0.95 | 0.36 | 0.44 | 1.76 | 0.81 | 0.36 | -1.08 | 0.09 | 1.85 | 8.10 |
Difference | 1.09 | -2.01 | 4.89 | 4.05 | 2.10 | -1.24 | -4.06 | -3.18 | 1.03 | 4.74 | -1.85 | 5.83 | 8.72 | -0.68 | -0.04 | 5.53 | 4.92 | 13.31 | 15.04 |
2013 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2013 | |
Price | 5.84 | 0.96 | -0.06 | 6.79 | 2.26 | -1.93 | 0.02 | 0.30 | 7.11 | 3.72 | -2.94 | 2.80 | 3.48 | 2.02 | 4.19 | -1.63 | 4.55 | 8.20 | 15.89 |
NAV | 1.12 | 0.16 | 2.10 | 3.41 | 0.92 | 0.31 | 1.70 | 2.96 | 6.46 | 0.99 | 0.36 | 2.18 | 3.57 | 0.82 | 0.30 | 1.66 | 2.81 | 6.48 | 13.36 |
Difference | -4.71 | -0.80 | 2.16 | -3.38 | -1.33 | 2.24 | 1.68 | 2.66 | -0.64 | -2.73 | 3.30 | -0.61 | 0.08 | -1.19 | -3.88 | 3.29 | -1.74 | -1.72 | -2.52 |
2012 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2012 | |
Price | 5.59 | 2.23 | 2.01 | 10.11 | -0.49 | -1.45 | 7.90 | 5.81 | 16.51 | 2.27 | 4.69 | 3.23 | 10.52 | 1.44 | -0.76 | 2.36 | 3.04 | 13.88 | 32.68 |
NAV | 0.06 | 0.17 | 2.88 | 3.11 | 0.91 | 0.40 | 1.11 | 2.44 | 5.63 | 0.97 | 0.31 | 2.52 | 3.83 | 0.90 | 0.29 | 1.93 | 3.15 | 7.11 | 13.13 |
Difference | -5.53 | -2.06 | 0.87 | -7.00 | 1.40 | 1.85 | -6.79 | -3.37 | -10.89 | -1.30 | -4.38 | -0.71 | -6.68 | -0.53 | 1.06 | -0.43 | 0.11 | -6.77 | -19.55 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount 3.60% |
1Yr Disc -1.37% |
3Yr Disc 0.75% |
5Yr Disc -1.55% |
Rel Disc Range (3yr) 63.41% |
Mkt Yield 10.38% |
Lev Adj NAV Yield 6.87% |
After Tax Yield* 8.02% |
Est Tax Friction* 2.36% |
3Yr NAV Volatiliy 4.76 |
Variable Loans 89.4% |
Last Q NAV Growth 2.27% |
Leverage 52.28% |
Non Lev Exp Ratio 4.21% |
Beta (2yr) 0.68 |
Equity Exposure 8.28% |
Bond Exposure 87.21% |
# Holdings 35 |
NII Coverage 124.1% |
Adj Core NII Coverage 124.6% |
Comp NAV TR 1.16% |
Comp Discount 4.43% |
Net Assets (M) 1,785 |
Liquidity - 90d (K) 10,101 |
Non Accruals 1.35% |
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Top Ten States Weighted Average Data |
||
---|---|---|
1 | DE | 20.0% |
2 | CA | 11.6% |
3 | TX | 8.4% |
4 | NY | 7.7% |
5 | FL | 4.0% |
6 | IL | 3.9% |
7 | MA | 3.5% |
8 | GA | 2.2% |
9 | OH | 2.2% |
10 | PA | 2.0% |
Constituents
35 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
ARCC | Ares Capital Corp | Ares | 2.79 | 7.22 | 9.31 | 0.00 | 49.93 | 11,204 | 75,288 |
BBDC | Barings BDC | Barings | 2.80 | -18.09 | 11.26 | 0.00 | 53.80 | 1,196 | 4,911 |
BCSF | Bain Cap Splty Fin | BCSF Advisors | 2.93 | -7.16 | 10.28 | 0.00 | 50.80 | 1,136 | 4,634 |
BXSL | Blackstone Secur Lending Fd | Blackstone | 2.87 | 19.32 | 9.68 | 0.00 | 48.47 | 5,108 | 28,242 |
CCAP | Crescent Capital BDC | Crescent Capital | 2.88 | -13.97 | 9.51 | 0.00 | 52.35 | 743 | 1,583 |
CGBD | Carlyle Secured Lending | Carlyle | 3.00 | -0.82 | 9.50 | 0.00 | 53.26 | 863 | 3,851 |
CION | CION Inv Corp | CION Inv Mgmt | 2.90 | -30.07 | 11.98 | 0.00 | 60.69 | 874 | 3,472 |
CSWC | Cap Southwest Corp | Capital Southwest | 2.91 | 53.79 | 8.84 | 0.00 | 47.42 | 721 | 9,370 |
FDUS | Fidus Investment Corp | Fidus | 2.88 | 4.28 | 8.51 | 0.00 | 42.76 | 594 | 5,938 |
FSK | FS KKR Capital Corp | FS/KKR | 2.94 | -21.38 | 13.31 | 0.00 | 53.16 | 6,850 | 32,847 |
GAIN | Gladstone Inv Corp | Gladstone | 2.79 | 8.61 | 6.79 | 0.00 | 45.06 | 467 | 2,381 |
GBDC | Golub Capital BDC | Golub Capital | 2.88 | 13.31 | 9.16 | 0.00 | 54.11 | 2,564 | 14,643 |
GLAD | Gladstone Cap Corp | Gladstone | 2.78 | 10.41 | 9.33 | 0.00 | 44.14 | 418 | 3,224 |
GSBD | Goldman Sachs BDC | Goldman Sachs | 2.91 | 5.88 | 11.63 | 0.00 | 51.86 | 1,604 | 9,349 |
HRZN | Horizon Tech Fin Corp | Horizon Tech Fin | 2.89 | 18.74 | 11.45 | 0.00 | 58.08 | 324 | 3,211 |
HTGC | Hercules Capital | Hercules | 2.89 | 65.79 | 8.44 | 0.00 | 45.50 | 1,810 | 17,572 |
MAIN | Main Street Cap Corp | Main Street Capital | 2.91 | 66.71 | 5.92 | 0.00 | 40.56 | 2,481 | 16,832 |
MFIC | MidCap Fin Invt Corp | Apollo | 2.82 | -2.34 | 10.10 | 0.00 | 58.77 | 1,006 | 3,797 |
MSDL | MS Direct Lending Fd | MS Cap Patnr Advis | 2.81 | 4.26 | 0.00 | N/A | 45.24 | 1,838 | 3,079 |
NCDL | Nuv Churchill Direct Lending | Churchill DLC Advis | 2.69 | -4.69 | 10.42 | 0.00 | 54.54 | 748 | 1,136 |
NMFC | New Mountain Fin Corp | New Mountain Capital | 2.79 | -2.25 | 10.17 | 0.00 | 57.22 | 1,324 | 5,750 |
OBDC | Blue Owl Cap Corp | Blue Owl | 2.95 | 1.94 | 9.40 | 0.00 | 52.38 | 6,021 | 32,093 |
OCSL | Oaktree Splty Lending | Oaktree Capital | 2.81 | 2.77 | 11.18 | 0.00 | 49.68 | 1,511 | 13,131 |
PFLT | PennantPark Flt Rt Cap | PennantPark | 2.85 | 0.18 | 10.77 | 0.00 | 49.38 | 703 | 6,899 |
PNNT | PennantPark Inv Corp | PennantPark | 2.91 | -7.84 | 11.91 | 0.00 | 54.87 | 499 | 3,052 |
PSBD | Palmer Sq Cap BDC | Palmer Sq BDC Advis | 2.96 | -3.21 | 10.11 | 0.00 | 57.21 | 559 | 1,275 |
PSEC | Prospect Capital Corp | Prospect Capital | 2.70 | -41.26 | 13.74 | 0.00 | 51.03 | 3,693 | 11,120 |
RWAY | Runway Gwth Fin Corp | Runway Gwth Cap | 2.92 | -6.96 | 12.74 | 0.00 | 47.27 | 547 | 4,319 |
SAR | Saratoga Inv Corp | Saratoga | 2.83 | -14.99 | 12.53 | 0.00 | 67.73 | 374 | 1,630 |
SCM | Stellus Cap Inv Corp | Stellus Capital | 3.04 | 5.51 | 11.43 | 0.00 | 63.41 | 320 | 1,632 |
SLRC | SLR Inv Corp | SLR Capital | 2.80 | -15.64 | 10.75 | 0.00 | 46.67 | 987 | 3,035 |
TCPC | BR TCP Capital Corp | BlackRock | 2.68 | -16.55 | 13.70 | 0.00 | 58.19 | 1,019 | 4,955 |
TPVG | TP Vntr Gwth BDC Corp | TriplePoint Capital | 2.79 | 2.06 | 17.02 | 0.00 | 62.10 | 346 | 2,870 |
TRIN | Trinity Capital | Trinity Capital | 2.95 | 12.81 | 13.71 | 0.00 | 48.79 | 613 | 7,257 |
TSLX | Sixth St Splty Lending | Sixth St Splty Lending | 2.77 | 24.00 | 8.71 | 0.00 | 53.24 | 1,497 | 9,040 |