Financial Reporting

135 borrowers, $9 billion in writedowns

We’ve written before about the credibility gap around private credit fair value marks, and whether managers were carrying them too high. In the first quarter, managers answered by cutting marks far faster than in prior quarters. Across the entire BDC industry, fair values fell by over a point...

Published on Jun 11, 2026

BDC Q1’26 FV Change Analysis: 135 Investments, $9B Principal With Greater Than 15% Write-Downs; Dental Support Organizations, Entertainment Post-Production, General Corporate Staffing Stand Out

Credit Research: Lexie Wang Relevant Items: Link to Octus’ BDC Database List of Loans Marked Lower Octus has analyzed more than 170 publicly and privately traded business development companies, or BDCs, and pulled out the individual investments that experienced a greater than 15% sequential...

Published on Jun 8, 2026

The rise of the private credit secondary market

With $20 billion in deal volume, 2025 was the largest year on record for the credit secondary market. Credit continuation vehicles (CVs) generated $12 billion in deal flow, driven by several multi-billion-dollar transactions as sponsors wrap up older vintages (Campbell Lutyens). CVs represent the...

Published on Jun 2, 2026

BDC Q1’26 Review: Nontraded Large-Cap BDCs Turn to Debt as Q1 Redemptions Exceed New Equity; Publicly Traded BDCs Reduce Debt, Cut Dividends to Offset Fair Value Pressure

Credit Research: Mark Fischer Relevant Items:Octus’ BDC DatabaseLink to Financial Summary by BDC for Q1’26 Key Takeaways This article is a bottoms-up analysis of the business development company, or BDC, sector, covering approximately 170 BDCs, which, combined, have over $540 billion of mostly...

Published on May 27, 2026

Buying the dip in themselves: BDCs lean into repurchases as credit cracks wider

The first full week of business development companies’ first quarter reporting had something for everyone, regardless of your stance on private credit.  While our analysis of the initial third of reporting BDCs shows that lenders added only 35 new borrowers to nonaccrual status — an...

Published on May 12, 2026

BDC Quarterly Analysis: FSK KKR Capital Corp. Reduces Distribution as Credit Deterioration Drives 9.9% NAV Decline, Enters Into $300M Equity Purchase Agreements With KKR Alternative Assets

Credit Research: Michael Soricillo Relevant Documents:Q1’26 10-QQ1’26 Results and Share Tender 8-K Today, FS KKR Capital Corp., or FSK, reported first-quarter 2026 total investment income of $304 million, down from $400 million a year earlier. The decline was primarily driven by...

Published on May 11, 2026

Buy-Siders Await Evoke Full FY’25 Results, Update on Strategic Review as LME Concerns Cloud Asset Disposal Expectations; Recent EU Ruling on Class Action Claims Could Pressurize Liquidity

Reporting: Chiara Elisei, Robert Schach, Farooq Baloch Credit Research: Shenda Xu, Charlie Ward Legal Analysis: Aaron Spence Buy-siders are gearing up for Evoke’s full 2025 results as they expect the U.K.-based online and high-street gaming operator to concurrently provide an update on the impact...

Published on Mar 24, 2026

SMBC Pushes Into European CLO Arranging With Structurer Hire

  Reporting: Victoria Thiele, Sid Punjabi SMBC is making a move into European CLO arranging with the hire of Risa Itoshima as a CLO structurer, according to sources. Itoshima is leaving a role as executive director at HPS Investment Partners in New York to join the bank. SMBC declined to comment....

Published on Mar 17, 2026

Octus is a Proud Sponsor of the “2026 Credit Opportunities Symposium”

Published on Mar 4, 2026

BDC Quarterly Analysis: Blue Owl Capital Corp. Nonaccruals Fall to 1.1% at Fair Value; Participates in $1.4B Blue Owl BDC Asset Sale at 99.7% of Book

Credit Research: Michael Soricillo Yesterday, Feb. 19, Blue Owl Capital Corp. reported that investment income increased $53.4 million year over year in the fourth quarter of 2025 to $447.8 million, primarily driven by the volume increase from the Blue Owl Capital Corp. III, or OBDE, merger that...

Published on Feb 19, 2026