Watchlist identifies $5.7 billion of ‘at risk’ loans across 157 BDCs
Welcome to 9fin’s inaugural at-risk BDC watchlist, which uses our proprietary methodology to identify credits in BDC portfolios that are at risk.
- 468 positions — In Q1 26, 9fin identified 468 individual loan positions across 157 BDC portfolios at risk in Q1 26.
- 1.9% at fair value ($5.7bn) of Q1 26 BDC loan volume. These positions represent 1.9% of the $305.2bn BDC universe as measured by NAV.
- $1.2bn value discrepancy — In terms of erosion of value, the BDC watchlist represents a $1.2bn discrepancy between the principal balance and fair value of loans across the BDC universe. There is a total of $5.7bn fair value of the credits identified by our watchlist methodology against a total par value of $6.9bn.
The BDCs with the most exposure to the credits identified on 9fin’s BDC watchlist are Blackstone Private Credit Fund, the asset manager’s signature non-listed vehicle, which has 37 positions included in the watchlist, more than double of any other vehicle. Palmer Square Capital BDC has 15, Blue Owl Credit Income Corporation has 14, and Audax Credit BDC and North Haven Private Income Fund both have 13 positions each.
A handful of credits appear often, such as data analytics platform Qlik and logistics software company Solera, which are each held across 10 different BDC portfolios. Management software firm Planview and database software company IDERA also appeared in nine portfolios each.
Meanwhile, the most common sponsors to appear include Clearlake, with 10 companies represented across the watchlist. KKR and Vista Equity each have nine and seven credits included, while TA Associates has six, and Thoma Bravo has six, and Insight Partners has four.
Top 10 credits by # of distinct BDC managers
| Rank | Credit (Company name) |
|---|---|
| 1 | Project Alpha Intermediate Holdings (Qlik) |
| = | Solera |
| = | Tank Holding |
| 4 | Idera |
| = | Planview Parent |
| = | Precisely (Vision Solutions) |
| 7 | SolarWinds |
| 8 | Cloudera |
| = | Cornerstone OnDemand |
| = | Kaseya |
Loading form
Please wait...
All of Qlik, Solera, Tank Holding, Idera, Planview Parent, Precisely, SolarWinds, Cloudera, Cornerstone OnDemand, and Kaseya did not respond to requests for comment
Clearlake, Partners Group, and Thoma Bravo declined to comment. KKR, Vista Equity Partners, TA Associates, CD&R, Bain Capital, and Insight Partners all did not respond to requests for comment.
