Octus BDC Weekly Roundup: Q1 Reporting Kicks Off With 5 Borrowers Added to Nonaccrual Status; Octus BDC Webinar Today

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Editor’s Note: A weekly roundup of business development company, or BDC, articles available to Private Credit and Deal Origination subscribers is below. To get access to any of the below, please reach out to [email protected]. Octus’ BDC Analyst team has published a series of articles covering BDC quarterly earnings, sector-level stressed watchlists and proprietary analysis built on top of the BDC data that Octus extracts from more than 170 private and public BDCs. Octus’ full Private Credit product suite includes deal origination and private credit coverage, BDC and Private Credit Data, Private Credit Fundamentals, Deal Term Analytics and Covenants analysis. Contact [email protected] or your account manager for a demo.

For year-to-date and prior-week coverage highlights, please see our roundups HERE, HERE, HERE, HERE and HERE.

BDC Webinar: Managing Liquidity, Maintaining Stability: Octus is hosting a webinar today, Tuesday, May 5, at 3 p.m. ET, featuring Blair Faulstich, senior managing director and head of U.S. direct lending at Benefit Street Partners, and Matthew Freund, president of Barings BDC and head of North America private credit portfolio management. Our panel will discuss the complex forces reshaping the private credit and BDC landscape. To register for the webinar, click HERE.

Blackstone Inc. Comments on Private Credit: Blackstone Inc., the parent company of the investment manager of Blackstone Secured Lending Fund (BXSL) and Blackstone Private Credit Fund (BCRED), provided commentary on its business development companies as well as the private credit market as a whole during its first-quarter 2026 results call. Regarding BCRED flows, management said, “We’ve continued to see inflows.” However, the negative sentiment and “external assertions” of “systemic risk” and “losses of investor capital … have negatively impacted capital flows in the wealth channel to private credit strategies, including to our flagship vehicle in the space, BCRED.”

Blue Owl Capital Inc. Comments on Private Credit: Blue Owl Capital Inc. also provided comments on the state of private credit and its BDCs, noting, “We have seen no material negative developments in our portfolios in terms of amendments, in terms of PIK. In fact, PIK has been on the decline as a percentage of the portfolio.” Net outflows in the company’s nontraded BDCs totaled roughly $170 million in the first quarter. Comparing portfolio activity to redemptions, the company said that at Blue Owl Credit Income Corp., redemptions totaled $1 billion, which compares with $3 billion of regular-way loan paydowns from the portfolio. The company added that all of the tenders to Blue Owl Credit Income Corp. came from 10% of the investor base.

Octus tracks BDC changes to nonaccrual status. Three BDCs reported results last week with a combined five new borrowers added to nonaccrual status. Results as of March 31 are below:

Octus has been tracking redemption requests by shareholders of nontraded BDCs. Although many funds have limited quarterly tenders to 5% of total shares outstanding, certain redemption requests have far exceeded the 5% maximum. Results by BDC for a sample of the largest funds are shown below, along with results dating back to the first quarter of 2025.