2Q BDC Filings: New Non-Accruals Signal Stable Credit Performance
Reading the Private Credit Market Through BDC Data
Business Development Companies (BDCs) serve as a strong proxy for understanding trends in the private credit market. With 2Q filing season complete, we are leveraging BDC filings to analyze non-accrual activity, a key indicator of credit stress.
So far, 42 BDCs have reported at least one new nonaccrual in 2Q. The total value of newly reported nonaccruals stands at $1.2 billion on a cost basis, contributing to a total of $5.5 billion in non-accruals across all filings. This means that new non-accruals account for 23% of the aggregated total, highlighting no notable deterioration in credit performance quarter over quarter.
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