Q3 2026 BDC results: non-accruals and PIK
One page per BDC within a day of its Q3 2026 10-Q on SEC EDGAR: new non-accruals, cash-to-PIK switches and markdowns, each tied to the filing. Until a filing lands, the row says so; nothing is projected.
| BDC | Name | Expected | Source | Q3 2026 |
|---|---|---|---|---|
| ARCC | Ares Capital Corporation | Tue Oct 27 | schedule ↗ | Awaiting 10-Q |
| HTGC | Hercules Capital, Inc. | Thu Oct 29 | schedule ↗ | Awaiting 10-Q |
| OBDC | Blue Owl Capital Corporation | Wed Nov 4 | schedule ↗ | Awaiting 10-Q |
| FSK | FS KKR Capital Corp. | Thu Nov 5 | schedule ↗ | Awaiting 10-Q |
| MAIN | Main Street Capital Corporation | Thu Nov 5 | schedule ↗ | Awaiting 10-Q |
| GBDC | Golub Capital BDC, Inc. | Tue Nov 17 | schedule ↗ | Awaiting 10-Q |
| BCRED | Blackstone Private Credit Fund | TBA | not yet announced | Awaiting 10-Q |
Baseline: non-accruals at 30 Jun 2026
| BDC | Non-accrual rows | % of fair value | % of cost | Newly non-accrual vs 31 Mar | Source |
|---|---|---|---|---|---|
| FSK | 25 of 585 | 3.77% | 7.13% | 5 | 10-Q filed 2026-08-06 ↗ |
| GBDC | 36 of 1,481 | 1.94% | 2.94% | 9 | 10-Q filed 2026-08-03 ↗ |
| ARCC | 32 of 1,342 | 1.38% | 2.38% | 7 | 10-Q filed 2026-07-29 ↗ |
| MAIN | 31 of 533 | 1.14% | 3.99% | 2 | 10-Q filed 2026-08-07 ↗ |
| BCRED | 25 of 1,220 | 1.06% | 2.13% | 1 | 10-Q filed 2026-08-12 ↗ |
| OBDC | 15 of 349 | 0.85% | 2.84% | 4 | 10-Q filed 2026-08-05 ↗ |
| HTGC | 4 of 357 | 0.12% | 0.35% | 1 | 10-Q filed 2026-07-30 ↗ |
Baseline: PIK at 30 Jun 2026
| BDC | Rows with a PIK component | % of fair value | Cash-to-PIK switches vs 31 Mar | Source |
|---|---|---|---|---|
| HTGC | 52 of 357 | 38.7% | — | 10-Q filed 2026-07-30 ↗ |
| ARCC | 198 of 1,342 | 19.8% | 12 | 10-Q filed 2026-07-29 ↗ |
| GBDC | 255 of 1,481 | 19.3% | 46 | 10-Q filed 2026-08-03 ↗ |
| FSK | 49 of 585 | 15.0% | 6 | 10-Q filed 2026-08-06 ↗ |
| OBDC | 57 of 349 | 13.8% | 8 | 10-Q filed 2026-08-05 ↗ |
| BCRED | 117 of 1,220 | 12.6% | 21 | 10-Q filed 2026-08-12 ↗ |
| MAIN | 96 of 533 | 8.1% | 15 | 10-Q filed 2026-08-07 ↗ |
“—”: no cash-to-PIK switch flagged by the diff for that filer (HTGC’s SOI does not print a separate PIK rate the diff can compare).
Computed by us from every row of each filer’s Schedule of Investments for the period ended 30 Jun 2026 (the filer’s own non-accrual footnote and printed PIK column/rate). Shares are of the 10-Q’s total cost and fair value (rows tie to those totals within ±0.5%), so they can differ from the rate a BDC states in its MD&A. Not investment advice.
Background: non-accrual watch · PIK watch · methodology
FAQ
- When do BDCs report Q3 2026 results?
- Dates on this page come from each BDC’s own announcement; ARCC was first (Tue Oct 27) and GBDC, whose fiscal year ends 30 September, files a 10-K (Tue Nov 17).
- What does a first look page show?
- What changed in the BDC’s Schedule of Investments versus the prior quarter: new non-accruals, cash-to-PIK switches, the biggest markdowns, new and exited positions, each tied to a row in the filing.
- How soon after a filing is the page published?
- Within a day of the 10-Q appearing on SEC EDGAR, and only if every reconciliation check passes.
- Are these numbers estimates?
- No. Every figure is read from the filing; a page is withheld if the rows do not tie to the filing totals within 0.5%.