Blue Vault’s Q2 2026 Individual Performance Reports for nontraded business development companies are now available.
The latest reports reveal a quarter characterized by moderating capital formation, shifting distribution coverage, mixed asset and earnings trends, and broadly improved quarterly returns. Subscribers can access the individual reports for detailed program-level results and quarter-over-quarter comparisons.
Highlights from the Q2 2026 reporting period include:
- Capital-raising activity moderated across much of the nontraded BDC market, although results varied considerably by program.
- Distribution rates moved higher for a majority of programs, even as the dollar amount of quarterly distributions declined at many BDCs.
- Net investment income payout ratios generally moved lower, but the results were far from uniform—underscoring meaningful differences in distribution coverage among individual programs.
- Changes in total assets and quarterly net investment income were nearly evenly divided between increases and decreases, with several programs reporting notably larger movements.
- Non-accrual ratios remained stable or declined for most BDCs reporting comparable data, while a smaller group experienced increases that merit closer attention.
- Net investment income continued to account for most or all distributions at many programs, although the quarter-over-quarter funding mix shifted at certain BDCs.
- Share repurchase activity was mixed, with some programs reporting higher redemption levels and others experiencing little change or a decline.
- Quarterly total returns were broadly positive across the reported share classes in Q2—a marked improvement from the more mixed results reported in Q1.
Q2 2026 Individual Performance Reports are now available for:
AB Private Lending Fund Q2 2026
Antares Private Credit Fund Q2 2026
Apollo Debt Solutions BDC Q2 2026
Ares Strategic Income Fund Q2 2026
Bain Capital Private Credit Q2 2026
BlackRock Private Credit Fund Q2 2026
Blackstone Private Credit Fund Q2 2026
Blue Owl Capital Corporation II Q2 2026
Blue Owl Credit Income Corp Q2 2026
Blue Owl Technology Income Corp Q2 2026
Crescent Private Credit Income Corp Q2 2026
Fidelity Private Credit Fund Q2 2026
First Eagle Private Credit Fund Q2 2026
Golub Capital Private Credit Fund Q2 2026
HPS Corporate Lending Fund Q2 2026
John Hancock Comvest Private Income Fund Q2 2026
Kennedy Lewis Capital Company Q2 2026
Monroe Capital Enhanced Corporate Lending Fund Q2 2026 (limited operations)
NexPoint Capital Q2 2026
Nuveen Churchill Private Capital Income Fund Q2 2026
Oaktree Strategic Credit Fund Q2 2026
PGIM Private Credit Fund Q2 2026
T Rowe Price OHA Select Private Credit Fund Q2 2026
TPG Twin Brook Capital Income Fund Q2 2026
Please note that June 30 marked the fiscal year-end for Prospect Floating Rate and Alternative Income Fund. As a result, the fund has additional time to file its Form 10-K. Blue Vault has not yet received the data needed to prepare its Individual Performance Report. The report will be published once the required information becomes available.
Blue Vault subscribers can access each available report for detailed performance data, program-level metrics, and comparisons with the previous quarter.
