Net Asset Value — fair value of assets minus liabilities, divided by shares/units outstanding to yield NAV per share. For BDCs, NAV per share is the book value of equity and the reference point for the Price-to-NAV multiple: a BDC at 0.90× NAV is at a discount (market doubts NAV or manager quality); at 1.10× it trades at a premium (franchise value above book). For direct-lending funds, NAV is computed quarterly under ASC 820 (Level 3) with board oversight.