Private Credit Radar
  1. 1 Marked below 90
  2. 2 Markdown breadth
  3. 3 Cross-manager mark gap
  4. 4 PIK switch rate
  5. 5 Distress amendments
  6. 6 Non-accrual

Indicator 6 of 6

Non-accrual rate

The share of debt, at cost, on which funds have stopped accruing interest.

1.84% at 30 June 2026 for all funds, against 1.29% a year earlier and 1.95% in the previous quarter.

Non-accrual · % of debt at cost
Non-accrual by fund group 0 1 2 3 4 5 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 % of debt at cost Non-accrual by fund group (compact) 0 1 2 3 4 5 2023 2024 2025 2026

Definition

Debt at amortised cost of positions that the schedule of investments marks as on non-accrual (by footnote or marker), divided by in-scope debt at cost. A position on non-accrual for the PIK portion of its interest only counts in full. Funds whose schedules carry no position-level non-accrual marking are left out of the denominator.

How to read it

Non-accrual is the last of the six to move: the lender has stopped recognising interest income. It is the closest the filings come to a default flag.

Behind this indicator

Members also see fund liquidity: how much investors asked to redeem, how much went unmet, and how far fund cash and undrawn credit lines cover it.

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-endAll fundsConstant panelListedNon-traded
Q2 20261.842.123.751.13
Q1 20261.952.213.761.26
Q4 20251.531.742.841.01
Q3 20251.561.712.731.07
Q2 20251.291.412.710.63
Q1 20251.261.272.670.62
Q4 20241.351.392.540.79
Q3 20241.221.232.500.52
Q2 20241.501.472.780.73
Q1 20241.291.282.650.42
Q4 20231.531.513.120.57
Q3 20231.301.282.680.46
Q2 20231.431.482.910.37
Q1 20231.631.673.170.42

Source: Private Credit Radar, version 1.0; SEC EDGAR schedules of investments, filings pulled 19 September 2026. Download this series (CSV) · Method

← Distress amendments