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At the end of February 2025, 20 CLOs had exposure to at least one defaulted or deferring issuer. The average exposure in middle market (MM) CLOs decreased slightly compared to the previous month and February 2024. In February, one new defaulted issuer is recorded across four MM CLOs. This was offset by two issuers were upgraded and two others were sold with prices reported between 60 and 100.
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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.
