Interesting divergence between the first and second middle market liens on non-accrual vs. percentage loss over the 12 months from Q4 2015 through Q3 2016. In BDC portfolios, first lien non-accruals as a percentage of cost exceed second liens, while on a percentage loss basis second liens exceed first liens.
As of November 14, AdvantageData has recorded 55 BDC filings for Q3 2016 making up nearly $70 of the $83 billion in the space. Using this aggregate data to track dealflow in the middle market we can provide unique insight into trends in lending.
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