BDC Filings Reveal New Non-Accruals in 1Q – A Key Indicator of Stress

Reading the Private Credit Market Through BDC Data

Private credit, and how public BDC data is evolving from a regulatory requirement into a valuable source of real-time insight that’s helping credit professionals make faster, smarter decisions. 

This latest report sheds light on the 1Q 2025 BDC filings, with a specific focus on new non-accruals. With 1Q filing season nearly complete—only a few BDCs remain to file—we are leveraging BDC filings to analyze non-accrual activity, a key indicator of credit stress. 

So far, 54 BDCs have reported at least one new non-accrual in 1Q. The total value of newly reported non-accruals stands at $1.4 billion on a cost basis, contributing to a total of $5.1 billion in non-accruals across all filings. This means that new non-accruals account for 27% of the aggregated total, highlighting notable deterioration in credit performance this quarter. 

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