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First look · cross-BDC · 10-Q Schedules of Investments as of 30 Jun 2026
Non-accruals and PIK by BDC, Q2 2026
At 30 June 2026, holdings on non-accrual ranged from 0.12% of fair value at Hercules Capital, Inc. (HTGC) to 3.77% at FS KKR Capital Corp. (FSK), across the seven BDCs whose Q2 2026 Schedules of Investments we reconcile line by line. Holdings with a PIK component ranged from 8.1% of fair value at MAIN to 38.7% at HTGC among the six BDCs whose PIK terms we parse reliably.
Private Credit Tech desk · as of 30 Jun 2026 · 7 BDCs · sources linked in every row
| BDC | Holding lines | Total FV (10-Q) | Non-accrual lines | Non-accrual cost | Non-accrual FV | Non-accrual % of FV | Non-accrual % of cost | BDC’s stated non-accrual % | New non-accrual lines vs 31 Mar | PIK-bearing % of FV (lines) | Lines below 90% of cost | Sources |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FSK FS KKR Capital Corp. | 585 | $11.42bn | 25 | $898.3m | $431.0m | 3.77% | 7.13% | 3.8% of FV | 5 | not shown* | 69 | 10-Q filed 2026-08-06 ↗ |
| GBDC Golub Capital BDC, Inc. | 1,481 | $8.20bn | 36 | $246.3m | $158.8m | 1.94% | 2.94% | 1.9% of FV · 2.9% of cost | 9 | 19.3% (255) | 172 | 10-Q filed 2026-08-03 ↗ |
| ARCC Ares Capital Corporation | 1,342 | $29.35bn | 32 | $707.6m | $404.4m | 1.38% | 2.38% | 1.4% of FV · 2.4% of cost | 7 | 19.8% (198) | 198 | 10-Q filed 2026-07-29 ↗ |
| MAIN Main Street Capital Corporation | 533 | $5.75bn | 31 | $198.6m | $65.3m | 1.14% | 3.99% | 1.1% of FV · 4.0% of cost | 2 | 8.1% (96) | 116 | 10-Q filed 2026-08-07 ↗ |
| BCRED Blackstone Private Credit Fund | 1,220 | $77.65bn | 25 | $1.71bn | $824.0m | 1.06% | 2.13% | No % stated | 1 | 12.6% (117) | 199 | 10-Q filed 2026-08-12 ↗ |
| OBDC Blue Owl Capital Corporation | 349 | $14.96bn | 15 | $428.7m | $126.4m | 0.85% | 2.84% | 0.8% of FV | 4 | 13.8% (57) | 45 | 10-Q filed 2026-08-05 ↗ |
| HTGC Hercules Capital, Inc. | 357 | $4.58bn | 4 | $16.0m | $5.5m | 0.12% | 0.35% | 0.3% of cost | 1 | 38.7% (52) | 131 | 10-Q filed 2026-07-30 ↗ |
* FSK prints part-PIK terms as a pair of PIK figures, e.g. “(0.0% PIK / 1.8% PIK)”, which our parser does not resolve to a single PIK rate, so a PIK share would understate FSK. Left blank rather than estimated.
Figures: download as CSV (same numbers as the table).
Method
- Rows. Every holding line printed in each BDC’s Schedule of Investments for the period ended 30 June 2026. Line sums tie to the 10-Q’s total investments at cost and at fair value within ±0.5%; a BDC is left out if they don’t.
- Non-accrual. Lines carrying the filer’s own non-accrual footnote in that schedule. Shares are of the 10-Q’s total investments at fair value and at amortized cost. “New” means the line carries the footnote at 30 June but not at 31 March 2026, on matched lines.
- Stated vs computed. Where the BDC states its own non-accrual percentage (shown in its own column), it can differ from ours because of method: the filer may measure on a cost or a fair-value basis, by loan or by company, or on debt investments only, while we sum every footnoted position line over total investments. We print both and don’t adjust either. For the six BDCs that state a percentage, the two agree to within the filer’s rounding: ARCC states 1.4% of FV · 2.4% of cost, ours 1.38% of FV / 2.38% of cost; FSK states 3.8% of FV, ours 3.77% of FV / 7.13% of cost; GBDC states 1.9% of FV · 2.9% of cost, ours 1.94% of FV / 2.94% of cost; HTGC states 0.3% of cost, ours 0.12% of FV / 0.35% of cost; MAIN states 1.1% of FV · 4.0% of cost, ours 1.14% of FV / 3.99% of cost; OBDC states 0.8% of FV, ours 0.85% of FV / 2.84% of cost. BCRED states non-accrual counts, not a percentage.
- PIK-bearing. Lines whose printed terms include a PIK rate above zero, as a share of total fair value; the number of lines is in brackets. This is a holdings measure, not the share of investment income received in kind. HTGC lines that print the whole rate as PIK without a separate PIK rate (3 lines, $3.3m FV, all on non-accrual) are not counted. FSK is not shown (see the note under the table).
- Below 90% of cost. Funded lines with fair value under 90% of amortized cost, debt and equity together.
- Period. Golub Capital BDC’s fiscal year ends 30 September, so its 30 June 2026 10-Q is its fiscal Q3.
Q3 2026
Rows move to Q3 2026 (period ended 30 September 2026) as each BDC’s 10-Q lands on SEC EDGAR and its schedule passes the same tie-out checks. Until then every row stays at 30 June 2026 and nothing is projected. Filing dates and status: Q3 2026 BDC results hub →
Background: non-accrual watch · PIK watch · BDC section · data standards
Not investment advice. Every figure is printed in the cited 10-Q or computed from it as described. Nothing here is a view on any BDC or its securities. Report errors via the corrections page.