Key Highlights

  • Net asset value per common share at Prospect Capital (NASDAQ:PSEC) moved from USD 5.71 at June 30, 2026 to USD 5.36 at September 30, 2026, following USD 98.6 million of Investment losses.
  • NAV per share for Blue Owl Technology Finance (NYSE:OTF) stood at USD 16.62, while its period-end Market Value of USD 9.81 implied a discount of roughly 41% (calculated).
  • Blue Owl Capital (NYSE:OBDC) printed NAV per share of USD 14.32 against USD 14.81 at year end, while total investment income retreated, dropping from USD 453.1 million to USD 392.1 million.
  • Blackstone Secured Lending Fund (NYSE:BXSL) recorded NAV per share of USD 25.25, compared with USD 26.92, and set a USD 0.77 per share distribution for the fourth quarter.

Prospect Capital (NASDAQ:PSEC): Investment Losses and Share Issuance Drive NAV to USD 5.36

Prospect Capital (NASDAQ:PSEC) lodged a report covering its fiscal first quarter of 2027 on November 4, 2026. This externally managed Business Development Company extends loans to privately held middle-market firms. Net investment income came in at USD 76.4 million, or USD 0.15 a share, down 3.8% (calculated) from USD 79.4 million, or USD 0.17 a share, in the comparison period. Realized and unrealized losses together reached USD 98.6 million. Three components account for the USD 0.35 NAV drop: investment losses worth USD 0.20, dilution of USD 0.15 coming from reinvested dividends and preferred stock conversions, and payouts that were larger than net investment income. Shares outstanding climbed to 536.3 million from 512.7 million. Pricing at USD 2.08 per share versus NAV of USD 5.36 works out to a discount near 61% (calculated). Note maturities of USD 263.2 million arrive November 15, 2026, while holders approved share sales beneath NAV on July 7, 2026. The MD&A cites a USD 103.7 million loss, while the statement shows USD 98.6 million, and this article uses the statement figure (inconsistency flagged). A USD 239.6 million unrealized loss landed on control investments at Prospect Capital (NASDAQ:PSEC).

Blue Owl Technology Finance (NYSE:OTF): USD 439.9 Million of Unrealized Losses Weigh on NAV

Blue Owl Technology Finance (NYSE:OTF) lodged its quarterly filing on November 4, 2026. The company finances technology businesses through a BDC structure. Total investment income increased USD 18.7 million to USD 341.3 million, as the Debt portfolio at par expanded from USD 10.9 billion to USD 12.9 billion. The weighted average yield, however, eased from 9.2% to 9.0%. Higher interest expense and a larger management fee kept net investment income flat at USD 130.6 million, or roughly USD 0.29 per share (calculated). Although the quarter itself posted a gain, nine-month unrealized losses of USD 439.9 million pulled NAV per share down from USD 17.33 to USD 16.62. Comparisons against last year lack symmetry, since a March 2025 combination with Blue Owl Technology Finance II altered the base. Regular dividends stayed at USD 0.35 a share, while 14.2 million shares were retired for USD 160.5 million. Debt to Equity stood at 0.94 times, inside the 0.90 to 1.25 times band the company targets. Nothing in the filing accounts for the wide gap between the USD 9.81 period-end market value and NAV.

Blue Owl Capital (NYSE:OBDC): A Smaller Book and Lower Yields Erode Income and NAV

Blue Owl Capital (NYSE:OBDC), a BDC focused largely on upper middle-market U.S. firms, reported on November 4, 2026. Roughly USD 1.88 billion of net repayments reduced the portfolio, and investment income fell USD 61.0 million in total while the weighted average Yield slipped to 9.7% from 9.8%. After-tax net investment income declined to USD 166.9 million, down from USD 190.1 million, a 12.2% drop (calculated). Expenses dropped to USD 221.9 million as average borrowings went from USD 9.6 billion to USD 8.3 billion. Over the nine-month span, unrealized marks netted to a USD 183.5 million loss and realized losses reached USD 97.4 million, which together took NAV per share down to USD 14.32. The regular Dividend came in at USD 0.31, with a USD 0.02 supplemental payment on top, versus USD 0.37 plus USD 0.02 in the prior-year period. Buybacks removed 9.4 million shares at a cost of USD 105.5 million, and net Leverage landed at 1.13 times, which sits in its 0.90x to 1.25x comfort zone. Shares traded at a reported USD 10.49 market value, below NAV. Falling base rates, smaller paydown fees and further valuation marks are the risks Blue Owl Capital (NYSE:OBDC) points to.

Blackstone Secured Lending Fund (NYSE:BXSL): Softer Income Pulls NAV to USD 25.25

On November 4, 2026, Blackstone Secured Lending Fund (NYSE:BXSL) put its third-quarter report on file. Investment income totaled USD 315.2 million, down from USD 358.6 million, while per-share net investment income of USD 0.68 compared with USD 0.82 previously. The reviewed material does not say what caused the lower income. Operations generated a net increase in net Assets of USD 116.8 million, which equals USD 0.50 per share, even with realized and unrealized losses totaling USD 41.3 million. Across nine months, net losses of USD 1.55 per share outweighed income after distributions, which came to USD 2.31 per share, so NAV per share slid to USD 25.25 from USD 26.92. Holdings carry a Fair Value roughly USD 304 million under cost (calculated), and one Loan or more is on non-accrual. Upcoming payouts: USD 0.77 per share for the fourth quarter, then USD 0.60 for the first quarter of 2027, both set by the board. On a calculated basis, the fourth-quarter figure exceeds third-quarter per-share net investment income by USD 0.09, and the material gives no split of any supplemental piece. Asset coverage registered 182.0% for Blackstone Secured Lending Fund (NYSE:BXSL).

Where Things Stand

Investment losses and distributions that outpaced income explain most of the decline, and each fund's story differs. Prospect Capital (NASDAQ:PSEC) gave up USD 0.35 of NAV per share within one quarter, with dilution adding to the pressure. The period-end market value of Blue Owl Technology Finance (NYSE:OTF) sat roughly 41% under book, a calculated figure rather than a reported one. Blue Owl Capital (NYSE:OBDC) faced shrinking income as its asset base and yields both declined. Blackstone Secured Lending Fund (NYSE:BXSL) watched net investment income per share ease to USD 0.68. For two of the four, the gap between market value and NAV is large, and the filings do not explain it. Watch Credit marks, non-accrual loans, the Prospect Capital note due November 15, 2026 and whether distributions stay covered, since none of these items promises future payouts.