Portfolio health presented a mixed picture: while non-accruals remained below historical averages, recent filings pointed to modest increases in both non-accruals and payment-in-kind arrangements. Despite elevated redemption requests in early 2026 and broader concerns surrounding AI disruption and market volatility, net outflows remained limited, and private credit ETFs avoided significant redemptions—suggesting investor demand has remained relatively resilient.
Join Aniket Ullal, SVP and Head of ETF Research & Analytics at CFRA Research, and Sourav Srimal, Chief Growth Officer at SOLVE, as they examine the evolving private credit market, with a focus on business development companies (BDCs). Although software exposure represents a meaningful share of the BDC market, leading firms such as Ares Management and Golub Capital have indicated that many of their software portfolio companies face limited disruption risk from AI.
