In-depth analysis leverages 9fin proprietary data to track fair value erosion across nearly the entire BDC universe, a first for the industry

NEW YORK, July 16, 2026 /PRNewswire/ -- 9fin, the AI-native information platform for global debt markets, today announced that it has launched an expansive BDC Watchlist to enable investors, lenders and other market participants to identify changes in the status of potentially "at risk" BDC loans.

Powered by 9fin's proprietary data and methodology, this new report is the industry's first and most comprehensive listing of BDC loans that have experienced material value erosion in the most recent quarter and are at risk of additional declines or further stress. It tracks quarter-over-quarter declines in fair value marks to identify credits with a negative trend in valuation that have fallen below 90% and thus those most exposed to further deterioration.

Watchlist identifies $5.7bn of loans at risk across 157 BDCs    

The newly issued BDC Watchlist, based on 9fin's analysis of Q1 2026 filings, identified several critical developments, including: 

• 468 individual loan positions across 157 BDC portfolios as potentially at risk.
• These at risk loans represent $5.7bn (at fair value) of the $305.2bn in total industry-wide BDC loan volume, measured by NAV, as of Q1 2026.
• The Watchlist represents an erosion of $1.2bn off of the $6.9bn par value of these loans – or roughly 17%.
• A handful of at-risk loans are held within multiple BDC portfolios, such as data analytics platform Qlik and logistics software company Solera, which are each held across 10 different BDC portfolios, while management software firm Planview and database software company IDERA appear in nine portfolios each.
• Loans placed on non-accrual by BDCs in Q1 26 represent 2% of the $305.2bn BDC universe in terms of their NAV fair value. Credits identified by 9fin's BDC Watchlist represent a further 1.9% at risk.

9fin's latest BDC Watchlist reports on the credit performance of 157 public, private and non-listed BDCs based on Q1 filings. The filings and 9fin's data analysis spanned April 28, 2026 and June 30, 2026. The Watchlist does not include credits already on non-accrual status as of Q1 2026. The BDCs with the most exposure to credits identified on 9fin's Watchlist include: Blackstone Private Credit Fund, the asset manager's signature non-listed vehicle, which has 37 positions cited, more than double of any other vehicle. Palmer Square Capital BDC has 15 identified positions, Blue Owl Credit Income Corporation has 14, and Audax Credit BDC and North Haven Private Income Fund both have 13 positions each.

Steven Hunter, CEO and co-founder of 9fin, said: "Private credit has become one of the most important asset classes in global markets, and the need for comprehensive intelligence is growing with it. That is what we are building at 9fin: a single platform where credit teams can understand the entire landscape, from BDC portfolio risk to individual loan valuations. Ultimately, whether it's private credit, leveraged finance, or investment grade, 9fin should be the only platform you need to make sense of debt markets."

Josie Shillito, global head of private credit, said: "Publicly traded, non-listed and privately registered BDCs together hold an estimated $305 billion in total assets. Given the scale of the asset class, and the recent questions around creditworthiness, the industry needs better visibility into where risk is concentrated. For the first time, credit teams can track fair value erosion and non-accrual status across 157 BDCs in one place, identify emerging risks early, and make decisions based on comprehensive data rather than incomplete, company-by-company analysis."

According to 9fin analysis, the average net asset value (NAV) per share for publicly listed BDCs dropped to 92.4% in Q1 2026 relative to Q1 2025. In addition, public BDC share prices have fallen faster than NAV, with average discounts increasing from -6.86% to -23.24% over the last year. The large discounts indicate that investors expect additional downward pressure across BDCs, aligning with the increasing number of at risk loans as identified by 9fin's Watchlist report.

A growing product suite for BDC intelligence

The BDC Watchlist sits alongside 9fin's new BDC Valuations tool, currently in beta, which lets users see how any single credit is marked across every BDC that holds it, making it possible to spot valuation outliers and build a true consensus view in seconds rather than hours.

A preview of the BDC Watchlist is available here. To access 9fin's full suite of BDC intelligence, including the full proprietary BDC Watchlist, Non-Accruals List and BDC Valuations tool, see here.

About 9fin

9fin is the AI-native platform for global debt markets. Founded by former J.P. Morgan banker Steven Hunter and Deutsche Bank engineer Hussam El-Sheikh, the company combines data, analytics, and AI-powered workflows in a single platform, helping clients work smarter and faster to outperform their peers. The company is headquartered in London, with offices in New York, Hong Kong, and Belfast and across Latin America and Asia. For more information, visit 9fin.com.

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SOURCE 9fin