New analysis from the Financial Times points to rising strain across private credit, with troubled loans at major publicly traded BDCs reaching levels last seen nearly a decade ago.
Drawing on data from SOLVE, the FT found that loans on non-accrual status at the 20 largest publicly traded BDCs rose to a median 2.8% of cost in Q2 2026, up from 2% at the end of March. Non-accruals are an important indicator of portfolio stress, signaling that borrowers have stopped making payments or that lenders believe repayment may be at risk.
The article highlights a more complicated credit environment as higher borrowing costs pressure companies financed during the low-rate period of 2020 and 2021. Software exposure, portfolio writedowns, slowing deal activity, and uncertainty around the impact of AI add to the challenges investors are assessing.
SOLVE’s private credit data gives market participants greater visibility into these underlying portfolio trends, making it possible to track non-accruals and other credit signals across BDC portfolios and identify where stress is emerging.
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in Fixed Income markets.