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Private Credit: How BDCs Mark Their Loans

Fair value of BDC debt as a share of its cost, %

97.49% in Q2 2026the lowest since 2023+0.16 pp since Q1 2023
YTD1y2y5y10y20yAll
Forecast availableOffContinuationForesight™
Show ▾
U.S. recessionsShades the months the NBER dates as recession. U.S. charts only.5-year rangeThe highest and lowest readings of the last five years, as a band. One-series charts only.High and lowMarks the highest and lowest readings in the window shown.
Current·Data to Q2 2026

Plays the chart through its history. Pauses are where the data set a record or moved most.

Palanor calculation from SEC schedules of investments filed by business development companies (SEC BDC data sets and EDGAR XBRL; public domain). The panel is every BDC whose tagged holdings add up to its reported total; it grows as new funds file. Debt only: loans and bonds at cost. Marks are each lender's own fair values.

Where lenders carry their loans against what they paid. Below 100, they expect to recover less or would sell for less. Marks move with market spreads as well as with the borrowers.

What this chart reads

Sources

BDC loan marks: fair value as a share of cost. Source: Palanor calculation from SEC filings: the SEC Business Development Company (BDC) data sets and each filing's XBRL on EDGAR (U.S. Securities and Exchange Commission; public domain).

Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.

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