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%.
The six indicators
In the order in which stress becomes visible in a loan book. All funds, latest quarter against a year earlier.
Marked below 90
10.3%
30 June 2026 · 7.7% a year earlier
Series and definition
2Markdown breadth
4.0%
30 June 2026 · 3.1% a year earlier
Series and definition
3Cross-manager mark gap
12.3%
30 June 2026 · 9.3% a year earlier
Series and definition
4PIK switch rate
1.44%
30 June 2026 · 1.15% a year earlier
Series and definition
5Distress amendments
0.53%
30 June 2026 · 0.40% a year earlier
Series and definition
6Non-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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