New BDC non-accruals settled at about 65 borrowers a quarter from late 2025

Published · Data to · DFX Intelligence

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%.

Borrowers newly placed on non-accrual by BDCs, by quarter end04080Mar 2025: 47 (0.65% of 7,204)Jun 2025: 37 (0.50% of 7,432)Sep 2025: 56 (0.70% of 7,944)Dec 2025: 67 (0.82% of 8,197)Mar 2026: 67 (0.78% of 8,555)Jun 2026: 64 (0.77% of 8,366)Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Distinct borrowers a BDC first reported as non-accrual at that quarter end. Source: BDC schedules of investments on SEC EDGAR, read by DFX Intelligence.
Borrowers newly placed on non-accrual by BDCs, by quarter end
Quarter endBorrowers held both quartersNewly non-accrualShare
31 March 20257,204470.65%
30 June 20257,432370.50%
30 September 20257,944560.70%
31 December 20258,197670.82%
31 March 20268,555670.78%
30 June 20268,366640.77%

What the data shows

  • 67 borrowers at 31 December 2025, 67 at 31 March 2026 and 64 at 30 June 2026 were newly placed on non-accrual.
  • The three quarter ends before counted 47 (March 2025), 37 (June 2025) and 56 (September 2025).
  • As a share of borrowers held at both quarter ends: 0.82%, 0.78% and 0.77% for the last three, against 0.65%, 0.50% and 0.70%.

What we infer

Interpretation, not observation: read it as our reading of the figures above.

  • Part of the rise in the count is a larger book (8,197 to 8,555 continuing borrowers against 7,204 to 7,944), but the share rose too, so it is not only coverage. Six quarter ends are too few to call it a trend.

Methodology

  • Each BDC position is read from the schedule of investments in the BDC's quarterly or annual report and resolved to one borrower record, so a borrower lent to by several BDCs counts once.
  • A new non-accrual is a borrower that at least one BDC disclosed as accruing at one schedule date and as non-accrual (on any of its debt to that BDC) at the next, at most 130 days later. It is counted once however many BDCs placed it, and a borrower first seen already on non-accrual is not counted.
  • The share is taken over borrowers held at both quarter ends.

Limitations

  • Only BDCs that disclose accrual status on both dates can produce an onset. BDCs flag non-accrual in footnotes and tags that vary by filer, so a BDC that changes how it tags positions can move the count.
  • Filings for the September 2026 quarter end are still arriving, so that quarter is not shown.

Related data

Sources and provenance

  • SEC EDGAR: Form 10-Q and Form 10-K schedules of investments filed by 148 to 164 business development companies for each quarter end from March 2025 to June 2026

Figures from a query of DFX's published data tables run on . The sources and their rights are listed on the sources page.

Cite this finding

DFX Intelligence. "New BDC non-accruals settled at about 65 borrowers a quarter from late 2025." Published 10 October 2026. https://dfxintel.com/research/bdc-non-accruals-settled-higher-from-late-2025