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Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.
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September 10, 2026 
Q2'26 BDC analysis shows additional 184 bps of nonaccruals at cost
In a universe of 173 business development companies, or BDCs, Octus identified a total of $9.5 billion of debt (at cost) in nonaccrual status reported in the second quarter of 2026, a slight decline of 5% from $10 billion in the first quarter of 2026.
Reading the Board
The story changes depending on which numbers you’re counting.
US Leveraged Loan Launches Exceed $30b in post-Labor Day Rush
The US leveraged loan market recorded $24.6b of new launches on Tuesday, September 8, marking the busiest post-Labor Day surge…
PE fund distribution rates
Following 2021, buyout distribution rates have fallen to roughly 10% to 15% below the 25-year average.
Sub line pricing flattens
A report on the topic also finds that investors are less concerned by leverage in NAV loans. Pricing for subscription…
BDC AUM Hits Record US$577.8B in 2Q26
Despite growth slowing this year, BDC assets under management (AUM) rose by US$3.4bn in 2Q26 to a record US$577.8bn. By…
Barbelled Recovery Trend Persists in Fitch’s Private Ratings Portfolio
The trend of barbelled recovery outcomes, either very high or very low recoveries, persisted in Fitch Ratings’ private ratings portfolio in 1H26.
Rate Hike Expectations Regain Steam following Jackson Hole
The CME six-month Term SOFR rate reached a recent high of 3.979% on July 28 before retreating to 3.821% as…
Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.
BDC redemptions: Have we seen the peak?
Redemption requests rose in Q2, but underlying trends are encouraging.
3Q26: New loan assets rise to 44% of total lending, a 3-year high
New loan assets as a proportion of total US loan volume make up 44% of the 3Q26 pipeline to date,…
Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.