Issuers in the Information Technology (23%) and Consumer Discretionary (22%) Sectors Topped BDC Non-Accruals as of Q3’25
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Business development companies, like much of the market, have been focusing on their exposure to software. Based on recent earnings calls and Octus research, BDC software exposure has increased slightly sequentially on both a cost and fair value basis since the start of the selloff. Between this uptick in exposure and IT topping the charts in Q3’25 non-accrual activity, the space remains one to watch…
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Concentrated Effort
Tech deals favored upper end of market, especially in 2021 when software valuations peaked. Source: KBRA DLD Research