BDCWatch
BDC Non-Accrual Watch
Sector view as of 2025-12-31 · extracted 2026-03-31 · sourced from 119 publicly-reporting BDCs
2.58%
Sector average
0.83%
Median
70.53%
Highest rate
23
Above watch (≥1%)
14
Above concern (≥3%)
$2.84B
Total non-accrual FV
Extraction coverage
Non-accrual data is extracted from XBRL footnotes (highest fidelity), custom concepts (medium), or standard aggregate concepts (lowest). BDCs in "Not extracted" lack any of these signals — typically newer funds or those with non-standard XBRL tagging.
- Footnote (high)53
- Custom concept (medium)18
- Aggregate (low)0
- Not extracted48
BDCs ranked by non-accrual rate
Sorted high → low. Severity bands: ≥3% concern, ≥1% watch, <1% clean. Only BDCs with extracted data are shown.
| # | BDC | Rate | Non-accrual FV | Portfolio FV | # | Source | Conf. |
|---|---|---|---|---|---|---|---|
| 1 | Venture Lending & Leasing IX, Inc. | 70.53% | $55.1M | $78.1M | — | Custom concept | medium |
| 2 | WTI Fund X, Inc. | 16.73% | $66.6M | $398.1M | — | Custom concept | medium |
| 3 | RAND CAPITAL CORP | 7.69% | $6.7M | $86.7M | 5 | Footnote | medium |
| 4 | Commonwealth Credit Partners BDC I, Inc. | 6.80% | $44.6M | $656.3M | 13 | Footnote | high |
| 5 | LGAM Private Credit LLC | 5.66% | $26.1M | $461.4M | 180 | Footnote | high |
| 6 | Silver Capital Holdings LLC | 4.93% | $23.3M | $472.5M | 2 | Footnote | medium |
| 7 | Audax Private Credit Fund, LLC | 4.38% | $42.5M | $970.5M | — | Custom concept | medium |
| 8 | Stellus Capital Investment Corp | 4.10% | $42.1M | $1.03B | — | Custom concept | medium |
| 9 | Horizon Technology Finance Corp | 3.90% | $23.2M | $596.0M | — | Custom concept | medium |
| 10 | Hancock Park Corporate Income, Inc. | 3.51% | $1.0M | $29.8M | 3 | Footnote | high |
| 11 | Muzinich BDC, Inc. | 3.43% | $28.5M | $829.4M | 7 | Footnote | medium |
| 12 | TriplePoint Private Venture Credit Inc. | 3.36% | $12.6M | $376.3M | 39 | Footnote | high |
| 13 | MONROE CAPITAL Corp | 3.17% | $13.1M | $413.4M | 31 | Footnote | high |
| 14 | OFS Capital Corp | 3.16% | $14.0M | $442.0M | 4 | Footnote | high |
| 15 | BC Partners Lending Corp | 2.83% | $5.3M | $187.5M | 6 | Footnote | high |
| 16 | Kayne Anderson BDC, Inc. | 2.60% | $112.1M | $4.31B | — | Custom concept | medium |
| 17 | MidCap Financial Investment Corp | 2.60% | $91.4M | $3.52B | — | Custom concept | medium |
| 18 | BCP Investment Corp | 2.58% | $20.0M | $774.7M | 9 | Footnote | medium |
| 19 | FS KKR Capital Corp | 2.28% | $440.6M | $19.30B | 21 | Footnote | high |
| 20 | TriplePoint Venture Growth BDC Corp. | 2.18% | $17.1M | $783.5M | 9 | Footnote | high |
| 21 | Goldman Sachs Private Middle Market Credit II LLC | 2.08% | $35.9M | $1.73B | 4 | Footnote | high |
| 22 | Goldman Sachs BDC, Inc. | 1.73% | $56.3M | $3.26B | 12 | Footnote | high |
| 23 | T Series Middle Market Loan Fund LLC | 1.57% | $34.8M | $2.21B | 8 | Footnote | high |
| 24 | Blue Owl Capital Corp II | 1.36% | $22.6M | $1.66B | 16 | Footnote | high |
| 25 | Morgan Stanley Direct Lending Fund | 1.16% | $43.6M | $3.77B | 10 | Footnote | high |
| 26 | Monroe Capital Income Plus Corp | 1.10% | $67.7M | $6.13B | 55 | Footnote | high |
| 27 | MSD Investment Corp. | 1.07% | $68.7M | $6.39B | 2 | Footnote | high |
| 28 | CION Investment Corp | 1.05% | $30.2M | $2.88B | 10 | Footnote | medium |
| 29 | North Haven Private Income Fund LLC | 1.04% | $72.5M | $6.97B | 9 | Footnote | high |
| 30 | Carlyle Credit Solutions, Inc. | 1.02% | $27.3M | $2.68B | — | Custom concept | medium |
| 31 | WhiteHorse Finance, Inc. | 1.01% | $10.6M | $1.04B | — | Custom concept | medium |
| 32 | Blue Owl Capital Corp | 0.97% | $187.7M | $19.41B | 20 | Footnote | high |
| 33 | Onex Direct Lending BDC Fund | 0.93% | $3.7M | $395.4M | 3 | Footnote | high |
| 34 | Lafayette Square USA, Inc. | 0.90% | $7.6M | $842.1M | — | Custom concept | medium |
| 35 | Franklin BSP Capital Corp | 0.83% | $46.5M | $5.59B | 12 | Footnote | high |
| 36 | Carlyle Secured Lending, Inc. | 0.83% | $30.5M | $3.69B | — | Custom concept | medium |
| 37 | MSC INCOME FUND, INC. | 0.76% | $13.7M | $1.80B | 24 | Footnote | high |
| 38 | Great Elm Capital Corp. | 0.69% | $2.7M | $386.9M | 6 | Footnote | high |
| 39 | HPS Corporate Lending Fund | 0.69% | $184.5M | $26.85B | 15 | Footnote | high |
| 40 | Main Street Capital CORP | 0.62% | $56.3M | $9.05B | 33 | Footnote | high |
| 41 | New Mountain Private Credit Fund | 0.59% | $13.8M | $2.35B | 5 | Footnote | high |
| 42 | Bain Capital Private Credit | 0.53% | $9.3M | $1.77B | 1 | Footnote | high |
| 43 | Nuveen Churchill Direct Lending Corp. | 0.50% | $9.7M | $1.96B | 7 | Footnote | high |
| 44 | Blackstone Secured Lending Fund | 0.47% | $67.6M | $14.50B | 8 | Footnote | high |
| 45 | Blackstone Private Credit Fund | 0.36% | $331.3M | $91.97B | 16 | Footnote | high |
| 46 | Oxford Square Capital Corp. | 0.35% | $5.0M | $1.41B | 3 | Footnote | high |
| 47 | Apollo Debt Solutions BDC | 0.34% | $84.2M | $24.55B | 15 | Footnote | high |
| 48 | Blue Owl Credit Income Corp. | 0.33% | $125.1M | $37.79B | 10 | Footnote | high |
| 49 | HPS Corporate Capital Solutions Fund | 0.31% | $6.8M | $2.19B | 2 | Footnote | high |
| 50 | Runway Growth Finance Corp. | 0.25% | $2.4M | $942.1M | — | Custom concept | medium |
| 51 | Blue Owl Technology Income Corp. | 0.24% | $15.5M | $6.41B | 3 | Footnote | high |
| 52 | Blue Owl Technology Finance Corp. | 0.22% | $33.6M | $15.61B | 4 | Footnote | high |
| 53 | Audax Credit BDC Inc. | 0.17% | $692.8K | $407.5M | — | Custom concept | medium |
| 54 | Stepstone Private Credit Fund LLC | 0.17% | $7.8M | $4.57B | 6 | Footnote | high |
| 55 | KKR Enhanced US Direct Lending Fund-L Inc. | 0.14% | $1.8M | $1.31B | 3 | Footnote | high |
| 56 | FIDUS INVESTMENT Corp | 0.13% | $1.7M | $1.31B | 3 | Footnote | high |
| 57 | Goldman Sachs Private Credit Corp. | 0.12% | $18.8M | $15.67B | 1 | Footnote | high |
| 58 | Hercules Capital, Inc. | 0.12% | $6.3M | $5.41B | 3 | Footnote | high |
| 59 | Palmer Square Capital BDC Inc. | 0.09% | $1.0M | $1.20B | 6 | Footnote | high |
| 60 | TPG Twin Brook Capital Income Fund | 0.08% | $3.5M | $4.38B | 23 | Footnote | high |
| 61 | John Hancock Comvest Private Income Fund | 0.07% | $678.0K | $953.7M | 1 | Footnote | high |
| 62 | First Eagle Private Credit Fund | 0.07% | $369.0K | $567.3M | 1 | Footnote | high |
| 63 | Antares Private Credit Fund | 0.01% | $174.0K | $1.66B | 1 | Footnote | high |
| 64 | Sixth Street Lending Partners | 0.00% | $223.0K | $9.66B | 1 | Footnote | high |
| 65 | OHA Senior Private Lending Fund (U) LLC | 0.00% | — | $421.2M | — | Custom concept | medium |
| 66 | T. Rowe Price OHA Select Private Credit Fund | 0.00% | — | $2.89B | — | Custom concept | medium |
| 67 | Phillip Street Middle Market Lending Fund LLC | 0.00% | — | $931.1M | — | Custom concept | medium |
| 68 | West Bay BDC LLC | 0.00% | — | $443.8M | — | Custom concept | medium |
| 69 | Chicago Atlantic BDC, Inc. | 0.00% | — | $333.3M | — | Custom concept | medium |
| 70 | New Mountain Finance Corp | 0.00% | — | $4.36B | 1 | Footnote | high |
| 71 | Nuveen Churchill Private Capital Income Fund | 0.00% | — | $2.16B | 1 | Footnote | high |
Methodology
Non-accrual is the most diagnostic credit-quality metric for Business Development Companies but isn't a GAAP-required disclosure. We extract it via three layers, in priority order:
- XBRL footnotes linked to specific
InvestmentIdentifierAxisfacts (highest fidelity, ~70% of BDCs). - Custom XBRL concepts matching "nonaccrual" in fact labels (aggregate rate only, ~20%).
- Standard us-gaap aggregate concept
FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus(dollar amount only, ~10%).
Source dataset published monthly by edgar-storage from SEC DERA's BDC Data Sets + XBRL footnote arcs. Raw snapshots at BDCData/nonaccrual/{period}.json in R2.