Market Analysis
BDC Discounts to NAV Are Flashing a Warning the Market Won't Ignore
TL;DR: A meaningful slice of publicly traded business development companies are trading well below their stated net asset value right now, and the gap is not random noise. The median price-to-forward-NAV ratio for BDCs...
Jeff Barnes, MBA··11 min read
Private Equity
How PE Firms Value Your Portfolio: The Mark-to-Model Problem Every LP Must Understand
According to the IPEV Valuation Guidelines (updated 2025), private equity and venture capital fund managers are required to estimate fair value for portfolio holdings at every NAV reporting date. T...
Jeff Barnes, MBA··6 min read