Non-Accruals across lower middle market portfolios
rise to 7.5%

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Effects of the coronavirus lifted the average non-accrual rate across lower middle market BDC portfolios by 1.7%, to 7.5% in the first quarter.

Out of $5.8 billion of outstanding first- and second-lien term loans, $436 million was on non-accrual across 42 borrowers, up from $331 million in the fourth quarter across 31 borrowers.