Research
2 dated findings from DFX Intelligence's private market data. Each states what was observed apart from what we infer, and shows its method, limitations and sources.
- New BDC non-accruals settled at about 65 borrowers a quarter from late 2025
· data to 30 June 2026
Business development companies placed 67, 67 and 64 borrowers on non-accrual at the December 2025, March 2026 and June 2026 quarter ends, against 47, 37 and 56 at the three quarter ends before. As a share of borrowers held at both quarter ends, that is 0.77% to 0.82% against 0.50% to 0.70%.
- BDC markdowns nearly doubled at the March 2026 quarter end, then reversed by June
· data to 30 June 2026
At 31 March 2026, 642 of the 8,555 borrowers that business development companies held at both that quarter end and the one before (7.5%) were marked down by at least 5 cents on the dollar of cost, against 3.7% to 4.7% at each of the four quarter ends before. By 30 June 2026 the share was back to 3.8%, and for the first time in the six quarter ends shown more borrowers were marked back up (356) than down (317).
The counts behind DFX's coverage are on the statistics page.