- 1 Marked below 90
- 2 Markdown breadth
- 3 Cross-manager mark gap
- 4 PIK switch rate
- 5 Distress amendments
- 6 Non-accrual
Indicator 1 of 6
Marked below 90 and below 80
The share of loan positions that funds mark below 90% of face value, and below 80%.
10.3% at 30 June 2026 for all funds, against 7.7% a year earlier and 10.3% in the previous quarter. Below 80: 5.9% (4.4% 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
A position is one funded debt facility held by one fund. Its mark is fair value divided by principal, times 100, as reported in the schedule of investments. The indicator is the share of in-scope positions with a mark below 90 (and below 80). Loans in currencies other than the dollar are converted at the period-end rate before the mark is computed, so that the mark is not an exchange rate.
How to read it
A loan can be marked down while it still pays, and it can keep paying through PIK while the mark holds. The share below 90 records what the lender has recognised in the valuation, not what the borrower has done. New funds enter with young loans marked near par; the constant panel of funds present in every quarter shows the change without that effect.
Behind this indicator
Members also see how many of these loans are still below 90 a quarter later, by seniority, sponsor status and sector.
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 | Below 90 All funds | Below 80 All funds | Below 90 Constant panel | Below 80 Constant panel | Below 90 Listed | Below 80 Listed | Below 90 Non-traded | Below 80 Non-traded |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | 10.3 | 5.9 | 11.5 | 6.7 | 12.8 | 7.7 | 9.3 | 5.2 |
| Q1 2026 | 10.3 | 6.1 | 11.5 | 6.8 | 13.1 | 7.9 | 9.2 | 5.3 |
| Q4 2025 | 8.3 | 4.6 | 9.7 | 5.3 | 11.3 | 6.4 | 7.1 | 3.9 |
| Q3 2025 | 8.0 | 4.3 | 8.9 | 4.7 | 10.6 | 6.2 | 6.9 | 3.5 |
| Q2 2025 | 7.7 | 4.4 | 8.2 | 4.6 | 10.1 | 6.0 | 6.5 | 3.6 |
| Q1 2025 | 8.2 | 4.7 | 8.3 | 4.6 | 10.5 | 6.5 | 7.0 | 3.8 |
| Q4 2024 | 8.1 | 4.7 | 8.3 | 4.8 | 10.7 | 6.5 | 6.7 | 3.8 |
| Q3 2024 | 8.0 | 4.6 | 8.0 | 4.5 | 10.2 | 6.3 | 6.8 | 3.5 |
| Q2 2024 | 8.0 | 4.7 | 8.1 | 4.6 | 10.0 | 6.2 | 6.7 | 3.7 |
| Q1 2024 | 8.6 | 4.6 | 8.4 | 4.4 | 10.7 | 6.1 | 7.2 | 3.6 |
| Q4 2023 | 9.4 | 4.9 | 9.1 | 4.6 | 11.8 | 6.8 | 8.1 | 3.8 |
| Q3 2023 | 9.3 | 4.6 | 9.4 | 4.6 | 11.0 | 6.2 | 8.4 | 3.7 |
| Q2 2023 | 10.5 | 4.9 | 10.6 | 5.0 | 11.5 | 6.0 | 9.8 | 4.2 |
| Q1 2023 | 11.1 | 5.2 | 11.3 | 5.1 | 11.7 | 6.4 | 10.7 | 4.2 |
Source: Private Credit Radar, version 1.0; SEC EDGAR schedules of investments, filings pulled 19 September 2026. Download this series (CSV) · Method