A free chapter from North American Private Markets in 2026.
Download BDC holdings bolster private credit, a free chapter of the North American Private Markets in 2026 report, which uses Preqin’s newly updated BDC holdings data to understand the current aggregate BDC market — and what it signals about the broader private credit landscape.
Key takeaways:
Growth in BDC fair value is almost exclusively driven by first-lien loans.
PIK trends bear watching — but aren't rapidly escalating.
Spreads cluster around 401–600 bps above reference rate
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