- 1 Marked below 90
- 2 Markdown breadth
- 3 Cross-manager mark gap
- 4 PIK switch rate
- 5 Distress amendments
- 6 Non-accrual
Indicator 2 of 6
Markdown breadth
The share of positions marked down by five points or more during the quarter.
4.0% at 30 June 2026 for all funds, against 3.1% a year earlier and 6.6% in the previous quarter.
- All funds
- Funds present in every quarter
- Listed BDCs
- Non-traded BDCs
Definition
Among positions held by the same fund at both quarter-ends, the share whose mark fell by five points or more. The series starts in the second quarter of 2023 because it compares two quarters.
How to read it
Markdown breadth shows how widely stress spreads in a quarter, independent of where marks started. A broad markdown that is not reversed in the following quarter is a stronger signal than a single bad quarter.
Behind this indicator
Members also see where marked-down loans go next: further down, back up, into amendment or non-accrual.
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 | All funds | Constant panel | Listed | Non-traded |
|---|---|---|---|---|
| Q2 2026 | 4.0 | 4.6 | 5.1 | 3.6 |
| Q1 2026 | 6.6 | 7.3 | 7.6 | 6.1 |
| Q4 2025 | 3.7 | 4.3 | 4.7 | 3.2 |
| Q3 2025 | 3.5 | 3.9 | 4.4 | 3.0 |
| Q2 2025 | 3.1 | 3.5 | 4.4 | 2.5 |
| Q1 2025 | 3.5 | 3.8 | 4.4 | 3.0 |
| Q4 2024 | 3.7 | 4.1 | 5.0 | 2.9 |
| Q3 2024 | 3.6 | 3.8 | 4.3 | 3.2 |
| Q2 2024 | 3.8 | 4.0 | 4.3 | 3.4 |
| Q1 2024 | 3.1 | 3.3 | 3.8 | 2.6 |
| Q4 2023 | 3.3 | 3.3 | 4.1 | 2.8 |
| Q3 2023 | 2.9 | 2.8 | 3.6 | 2.5 |
| Q2 2023 | 3.9 | 4.0 | 4.6 | 3.5 |
| Q1 2023 | – | – | – | – |
Source: Private Credit Radar, version 1.0; SEC EDGAR schedules of investments, filings pulled 19 September 2026. Download this series (CSV) · Method