Private Credit Radar
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Version 1.0 · US BDC book · data to 30 June 2026

One in ten loan positions in US BDC portfolios is marked below 90.

The Private Credit Radar measures credit stress in private credit loan by loan, from the schedules of investments that business development companies (BDCs) file with the SEC every quarter, 162 of them at 30 June 2026. It counts stress before it becomes a payment default: markdowns, switches to PIK interest, amendments under stress, non-accrual.

10.3%

of loan positions marked below 90% of face value at 30 June 2026, up from 7.7% a year earlier. Among the 87 funds present in every quarter since 2023: 11.5%, up from 8.2%.

The break came in the first quarter of 2026. 6.6% of positions were marked down by five points or more in that quarter, the broadest markdown in the series. The marks did not recover in the second quarter.

Payment relief is turning up. Distress amendments rose to 0.53% of positions in the second quarter, from 0.40% a year earlier, and switches to PIK to 1.44% from 1.15%. Non-accrual stands at 1.84% of debt at cost, up from 1.29%.

Chart pack (PDF)Download the data

The six indicators

In the order in which stress becomes visible in a loan book. All funds, latest quarter against a year earlier.

1

Marked below 90

10.3%

30 June 2026 · 7.7% a year earlier

Series and definition

2

Markdown breadth

4.0%

30 June 2026 · 3.1% a year earlier

Series and definition

3

Cross-manager mark gap

12.3%

30 June 2026 · 9.3% a year earlier

Series and definition

4

PIK switch rate

1.44%

30 June 2026 · 1.15% a year earlier

Series and definition

5

Distress amendments

0.53%

30 June 2026 · 0.40% a year earlier

Series and definition

6

Non-accrual

1.84%

30 June 2026 · 1.29% a year earlier

Series and definition

Release calendar

2 November 2026
Version 1.0: US BDC book, Q1 2023 to Q2 2026
14 December 2026
Q3 edition: US book at 30 September 2026 and the European book
January 2027
Liquidity flash on undrawn commitments to borrowers already under stress
Thereafter
Quarterly, about six weeks after the last BDC filing of the quarter

Who builds it

The Radar is built by Prof. Dr. Sascha Steffen, Professor of Finance at the Frankfurt School of Finance & Management. It is computed only from public SEC filings. For questions or to inquire about our Partner Programme, e-mail us at radar@privatecreditradar.eu.

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