$7.12 billion in stress. 171 funds tracked. And the real number is 50% higher.

Octus analyzed the full universe of Business Development Companies to produce the most comprehensive nonaccrual report in the market. Aggregate nonaccrual debt hit $7.12 billion at cost in Q4 2025 — up 6% from the prior quarter. But reported figures only tell part of the story.

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Market-wide nonaccrual rates: Aggregate and per-BDC nonaccrual rates at cost and fair value, with full quarter-over-quarter comparisons across public and private BDCs.

Cross-BDC exposure analysis: Our proprietary methodology captures the full sectorwide footprint of every nonaccrual issuer — revealing $10.66B in adjusted cost exposure versus $7.12B reported, and $7.02B at fair value versus $3.77B reported.

Sector-by-sector breakdown: Healthcare surged to the top by loan value at $1.79B — a 68% jump from Q3.

Mark-to-market trends:
Average marks on nonaccrual drawn loans tracked across the top five sectors.