The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.79% in July and has gained an additional 0.35% through August 11, bringing its year-to-date return to 2.46%. This marks six consecutive months of positive returns, although performance continues to trail the 4.00% return recorded over the same period last year.
Secondary market loan prices have also recovered from their lows earlier in the year. After beginning 2026 at an average price of 96.93, the index fell to 94.60 on March 3 before rebounding to 95.72 by May 14. As of August 11, the average price stood at 95.42.
Meanwhile, European leveraged loans have posted more modest gains. The Bloomberg European Leveraged Loan Index (Ticker: ELOAN) returned 0.09% in July and 0.17% month-to-date, bringing its year-to-date return to 2.17%.
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Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
