Cross-BDC Analysis Shows 73 bps of Additional Nonaccrual Exposure at Cost
(2.18% Adjusted vs. 1.45% Reported)
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Q2'26 BDC analysis shows additional 184 bps of nonaccruals at cost
September 10, 2026
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
September 10, 2026
The story changes depending on which numbers you’re counting.

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.