BDC visible loans benchmark shifts higher in 2021

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BDC earnings season is underway with 22 funds having released their 3Q21 reports so far through November 3. This cohort of BDCs has seen their NAV per share increase by an average of 5.6% in the first three quarters of 2021.
 
The appreciation in asset valuations this year is echoed in the Refinitiv LPC BDC Visible Loans Benchmark (comprised of $22bn in BDC held loans with active mark-to-market pricing), where the average bid is up nearly 500bp year-to-date.