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Differentiated Analysis on Business Development Companies

Nonaccrual debt up 40% QoQ.

The latest edition of Octus’ BDC nonaccrual report analyzed 100% of public and private BDCs and the numbers are up: Nonaccrual debt at cost. Fair value. 2026-2028 maturities.

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BDC Q1'26 Nonaccruals

Nonaccruals are one of the earliest distress signals in private credit, and Q1 2026 shows the stress is accelerating.

Octus tracked $9.98B in nonaccrual debt at-cost across 174 BDCs, a 40% jump from Q4’25. The full report covers cross-BDC exposure, fair value vs cost analysis, sector-by-sector breakdown, and the 2026–2028 maturity wall.

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  • BDC nonaccruals landscape: Across 174 BDCs, Octus identified $9.98 billion of debt (at cost) in nonaccrual status reported in the first quarter of 2026, a dramatic jump of 40% from $7.12 billion in the fourth quarter of 2025.
  • Nonaccruals total exposure: Octus performed a cross-BDC analysis to identify the total cost and fair value of all tranches held across the BDC sector for any issuer marked as nonaccrual by at least one peer.
  • Sector insights: Nonaccrual sectors by issuer count, on a cost-basis, and across average marks. Sector exposure any way you may want to slice it. Includes 2026–2028 maturity wall data.

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