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.
BDC Q1'26 Nonaccruals
Nonaccruals are one of the earliest windows into private credit restructurings, and the story is only getting more interesting.
Request access to the full report for a peek into:
- 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.
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