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BDC First Lien Marks Rise While Non-Accruals Stay Relatively Flat

Posted by Alex Buzby on Jan 23, 2017 11:49:45 AM

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.

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Topics: Middle Market, First Lien, Non-accruals


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