9fin Launches BDC Watchlist Flagging $5.7 Billion in At-Risk Loans
9fin announced in a press release the launch of its BDC Watchlist, a new data product designed to identify loans held by business development companies that are showing signs of declining value. The analysis covers 157 BDC portfolios and found that $5.7 billion of loans are currently at risk, representing 1.9 percent of the total industry loan value based on Q1 2026 filings.
The Watchlist analyzes fair value marks to track quarter-over-quarter declines, focusing on credits that have fallen below 90 percent of value. It identified 468 individual loan positions considered vulnerable, showing an average erosion of 17 percent from their par value. The at-risk loans are spread across both public and private BDCs and exclude those already on non-accrual status.
Among the BDCs with the highest exposure, Blackstone Private Credit Fund holds 37 of the identified positions, while Palmer Square Capital BDC, Blue Owl Credit Income Corporation, Audax Credit BDC, and North Haven Private Income Fund follow with between 13 and 15 each. Notable companies with multiple flagged loans include Qlik, Solera, Planview, and IDERA.
The BDC Watchlist is part of 9fin’s expanding suite of private credit analytics tools, which also includes a BDC Valuations feature in beta. This tool provides visibility into how individual credits are marked across multiple BDCs, allowing users to compare valuations quickly. 9fin’s analysis also noted a decline in average BDC net asset value to 92.4 percent year-over-year and a widening market discount, suggesting continued investor caution across the sector.
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