Despite steady loan market liquidity and unabated demand for assets, new institutional loan volume – at US$37bn – has been limited in early 2025. In fact, month-over-month new institutional loan volume has remained well below 20%, consistent with year-ago results but off compared to historical levels. Less than US$8bn has been executed via the broadly syndicated loan market so far this quarter, dampening opportunities for incremental institutional investment.
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Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
