BDC Non-Accrual Rates Hit 3.95% in Q2 2026 — and the Adjusted Figure Is 50% Higher
TL;DR: The ten largest publicly traded BDCs reported an aggregate non-accrual rate of 3.95% at amortized cost in Q2 2026, up 20 basis points quarter-over-quarter. The adjusted figure, which counts all
BDC Discounts to NAV Are Flashing a Warning the Market Won't Ignore
TL;DR: A meaningful slice of publicly traded business development companies are trading well below their stated net asset value right now, and the gap is not random noise. The median price-to-forward-NAV ratio for BDCs...
Non-Accrual Loans: The One BDC Metric You Should Check Before Yield or NAV
The median non-accrual ratio across the 20 largest business development companies climbed to 2.8% in the second quarter of 2026, up from 2.0% at the end of the first quarter. That is a 0.8 percentage...
Leverage on Leverage: The Hidden Risk in Rated CFO and CLO Structures
TL;DR: Rated collateralized fund obligations (CFOs) now let insurers and other buyers hold a AAA-rated slice of a private credit fund that is already borrowing against its own portfolio through
Trade Credit Insurance Funds: The Alternative Asset Class Betting on Who Doesn't Get Paid
Trade credit insurance protects a business against the one risk most owners never plan for, according to the National Association of Insurance Commissioners : a customer that simply doesn't pay....