BDC Q4’25 Fair-Value Change Analysis: Octus Identifies 88 Investments Written Down by Greater Than 15% Sequentially; Construction and Building, Clinical Healthcare, Logistics, Packaging Stand Out

Credit Research: Lexie Wang Relevant Documents: Link to Octus’ BDC Database Link to List of Loans Marked Lower Octus has analyzed more than 160 publicly and privately traded business development companies, or BDCs, and pulled out the individual investments that experienced a greater than 15% sequential reduction in fair-value marks as a percent of par in the calendar fourth quarter ended Dec. 31, 2025. The data is sourced from BDC public quarterly filings as well as Octus’s BDC Database. Alongside the loans, the file captures lenders, borrowers’ common name, fair value marks as a percentage of par, and sponsors. (Subscribers can download the full list HERE.) Octus identified loans from 88 borrowers where BDC managers cut the fair value as a percentage of par by more than 15% on a sequential basis. The analysis covers loans only and excludes equity investments. The industries with the highest concentration of investments marked down were Industrials and Information tech. Beyond the table above covering the 88 borrowers, Octus highlights a handful of specific subsectors where loans to multiple borrowers experienced notable price declines. The list includes a mix of private credit and broadly syndicated loans: Construction and building: Cornerstone Building Brands, Premier Roofing[...]