BDC data review: Non-accruals, software exposure and market stress

Download our Q4 2025 BDC data review — the most comprehensive analysis of the public BDC earnings season available.

Inside:

• Software exposure rankings: uncovering software allocations across the 19 major public BDCs
• Non-accrual tracker: see every new non-accrual across the 19 largest public BDCs by AUM, aggregated from Q4 2025 quarterly filings
• Market stress analysis: the short sellers, NAV discounts, and record redemption queues reshaping the BDC landscape heading into 2026
• Private credit BDC watchlist Q4 25: preview our proprietary private credit watchlist, tracking credits in BDC portfolios that declined in fair value but weren't captured in reported non-accruals

This analysis is based on 9fin's proprietary BDC holdings database, covering 140+ BDC portfolios.