- 1 Marked below 90
- 2 Markdown breadth
- 3 Cross-manager mark gap
- 4 PIK switch rate
- 5 Distress amendments
- 6 Non-accrual
Indicator 5 of 6
Distress amendments (Tier 2) and other amendments (Tier 3)
The share of loans that were amended under stress (Tier 2) or amended without a stress marker (Tier 3) during the quarter.
0.53% at 30 June 2026 for all funds, against 0.40% a year earlier and 0.46% in the previous quarter. Tier 3: 2.74% (2.11% a year earlier).
- All funds
- Funds present in every quarter
- Listed BDCs
- Non-traded BDCs
- All funds
- Funds present in every quarter
- Listed BDCs
- Non-traded BDCs
Definition
An amendment is a PIK switch, a spread increase of 50 basis points or more (confirmed on the total coupon, with the same reference rate at both dates), or a maturity extension of 180 days or more on a loan with 12 months or less to run. The borrower and the type of facility must be the same at both dates, and no position of the borrower may be on non-accrual at either date at any fund. Tier 2 counts amendments on loans marked below 90 or marked down by five points or more; Tier 3 counts the rest.
How to read it
Tier 2 is the radar's measure of distress handled through the loan agreement rather than through a default. Tier 3 includes repricings and extensions in a normal market; a rise in Tier 3 followed by a rise in Tier 2 is itself a signal.
Behind this indicator
Members also see the maturity wall: what falls due in the next 24 months and how much is extended rather than repaid.
What each level receives →The series
Percent. Funds present in every quarter: the 87 BDCs in scope at all 14 quarter-ends. Listed and non-traded BDCs separately (what the two groups are).
| Quarter-end | Tier 2 All funds | Tier 3 All funds | Tier 2 Constant panel | Tier 3 Constant panel | Tier 2 Listed | Tier 3 Listed | Tier 2 Non-traded | Tier 3 Non-traded |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | 0.53 | 2.74 | 0.62 | 2.76 | 0.71 | 3.51 | 0.46 | 2.41 |
| Q1 2026 | 0.46 | 2.17 | 0.50 | 2.41 | 0.62 | 2.80 | 0.39 | 1.89 |
| Q4 2025 | 0.36 | 2.12 | 0.34 | 2.29 | 0.39 | 2.59 | 0.34 | 1.90 |
| Q3 2025 | 0.38 | 2.26 | 0.42 | 2.27 | 0.43 | 2.46 | 0.35 | 2.16 |
| Q2 2025 | 0.40 | 2.11 | 0.49 | 2.36 | 0.62 | 3.10 | 0.28 | 1.60 |
| Q1 2025 | 0.37 | 2.60 | 0.37 | 2.61 | 0.51 | 3.17 | 0.29 | 2.30 |
| Q4 2024 | 0.60 | 2.61 | 0.58 | 2.67 | 0.81 | 3.46 | 0.48 | 2.13 |
| Q3 2024 | 0.43 | 2.77 | 0.39 | 2.60 | 0.51 | 3.11 | 0.37 | 2.55 |
| Q2 2024 | 0.59 | 3.21 | 0.61 | 3.27 | 0.84 | 3.93 | 0.42 | 2.73 |
| Q1 2024 | 0.41 | 3.10 | 0.46 | 3.22 | 0.56 | 3.86 | 0.32 | 2.60 |
| Q4 2023 | 0.59 | 3.41 | 0.60 | 3.42 | 0.69 | 3.59 | 0.52 | 3.31 |
| Q3 2023 | 0.43 | 3.73 | 0.46 | 3.95 | 0.57 | 4.29 | 0.35 | 3.36 |
| Q2 2023 | 0.46 | 3.31 | 0.47 | 3.26 | 0.72 | 3.84 | 0.26 | 2.90 |
| Q1 2023 | – | – | – | – | – | – | – | – |
Source: Private Credit Radar, version 1.0; SEC EDGAR schedules of investments, filings pulled 19 September 2026. Download this series (CSV) · Method