Private Credit in Focus: 3Q 2025 BDC Non-Accrual Trends
Rising BDC Non-Accruals: What You Should Know
Business Development Companies (BDCs) offer a window into private credit market health. Ahead of 4Q filing season, we examined 3Q 2025 filings to assess non-accrual activity—a key signal of credit stress.
In 3Q 2025, 56 BDCs reported at least one new non-accrual, up from 42 in 2Q 2025. New non-accruals totaled $1.6 billion, compared with $1.2 billion last quarter, now representing 26.3% of the $6.1 billion total, indicating modest quarter-over-quarter credit deterioration.
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