Metric catalog

Sum of all assets on the balance sheet.

Total stockholders' equity.

Gross investment income before expenses.

Core recurring earnings — income after expenses, before gains.

Annualised investment income ÷ investments at fair value — what the book earns.

Portfolio yield less cost of debt — the gross spread the fund captures.

Annualised net income ÷ net assets.

Operating income ÷ revenues.

Regulatory BDC coverage of senior securities — filed as a multiple; must stay above 1.5×.

total_debt ÷ net_assets — the headline BDC risk number.

Annualised interest expense ÷ total debt.

Total debt less cash & equivalents.

Total debt ÷ total assets — a structure-neutral leverage view.

Paid-in-kind interest — borrowers deferring cash interest; a credit-stress signal.

Tax-basis depreciation on the book — marks below cost.

PIK ÷ total investment income — rising share signals weakening credit.

Annualised management fee ÷ net assets — the headline cost of the manager. Measured against period-end net assets, so it drifts a little from a fund’s stated rate when assets moved during the period (BCRED states 1.25% and reads 1.25–1.38% here).

Annualised incentive/performance fee ÷ net assets. Lumpy by design: it is earned on performance, so a zero quarter is normal.

Annualised management + incentive + administrative fees ÷ net assets. Excludes interest expense, which is a cost of leverage rather than a fee.

(management + incentive fee) ÷ total investment income.

Annualised total expenses ÷ net assets.

NII per share ÷ distribution per share — is the payout earned?

Funds from operations ≈ net income + depreciation & amortisation. Approximation: excludes property-sale gains, which aren't separately tagged.

Portfolio age proxy — how depreciated the property book is.

Net asset value of shares sold during the month.

Net asset value of shares redeemed or repurchased during the month, including exchanges.

Shares sold in connection with reinvested dividends and distributions.

Subscriptions + reinvestments − redemptions. Negative means investors are net withdrawing.

Redemptions in the period as a share of the net assets they were redeemed out of. Not annualised — these flows are lumpy, and scaling a liquidation month by twelve implies a recurrence that is not there.