Press

Press

Material for journalists. Please name the source as the Private Credit Radar (version 1.0, Prof. Dr. Sascha Steffen). Charts and figures may be used with the source line "Private Credit Radar (version 1.0, Prof. Dr. Sascha Steffen); SEC filings".

Key figures, 30 June 2026

• 10.3% of loan positions in US BDC portfolios marked below 90 (7.7% a year earlier); below 80: 5.9% (4.4%).
• Funds present in every quarter since 2023 (87 BDCs): 11.5% below 90 (8.2%).
• Listed BDCs 12.8%, non-traded BDCs 9.3% below 90. Listed: common stock traded on NYSE or Nasdaq; non-traded: every other BDC, mostly perpetual-life funds sold at net asset value and finite-life private funds (definition).
• Markdown breadth 4.0% of positions marked down five points or more in the quarter (3.1% a year earlier); cross-manager mark gap 12.3% of borrowers held by two or more managers (9.3%).
• Non-accrual 1.84% of debt at cost (1.29%); switches to PIK 1.44% of positions in the quarter (1.15%); distress amendments 0.53% (0.40%).
• Coverage: 162 BDCs, 36,687 debt positions, filings pulled 19 September 2026.

Charts

One chart per indicator, the same set as in the press briefings. Please print the source line above with each chart.

• 1. Marked below 90 and below 80: English (PNG) · Deutsch (PNG)
• 2. Markdown breadth: English (PNG) · Deutsch (PNG)
• 3. Cross-manager mark gap: English (PNG) · Deutsch (PNG)
• 4. PIK switch rate: English (PNG) · Deutsch (PNG)
• 5. Distress amendments (Tier 2): English (PNG) · Deutsch (PNG)
• 6. Non-accrual rate: English (PNG) · Deutsch (PNG)

All six: English (ZIP) · Deutsch (ZIP)

Chart pack (PDF)

Coverage

Reporting on the Radar in the press. Articles may sit behind a paywall.

• FONDS professionell, 4 November 2026: Analyse-Premiere: Bewertungsdruck bei Private Credit steigt (German)
• Bloomberg, 2 November 2026: Private Credit Lenders Disagree on Debt Price for 12% of Firms
• Börsen-Zeitung, 2 November 2026: Stress in Kreditbüchern der Private-Credit-Fonds nimmt deutlich zu (German)
• DAS INVESTMENT, 2 November 2026: Private Credit: Wo der Stress vor dem Ausfall sichtbar wird (German)

About

Prof. Dr. Sascha Steffen is Professor of Finance and holds the DWS Senior Chair in Finance at Frankfurt School of Finance & Management, where he is co-director of the Centre for European Transformation (CfET). His research on private credit, nonbank financial intermediation, leveraged loans and CLOs is published in the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies.

Contact

Interviews and press enquiries: radar@privatecreditradar.eu.

Cite as: Steffen, S. (2026). Private Credit Radar, version 1.0. privatecreditradar.eu.