$15.4 Billion in Private Credit Loans Due Within a Year

What's New

Private credit BDCs hold $15.4 billion of loans maturing between July 2026 and June 2027, according to PRISM Private Markets data. The debt spans 598 borrowers. The funds marked it at 87% of par in aggregate at the end of the second quarter. Q3 filings in November will show how much was repaid, refinanced or extended. Allocators can use them to see how lenders handle borrowers that can't refinance at par.

Why It Matters

Lenders often meet a near-term maturity with an amend-and-extend, pushing the date out and adding PIK interest. The approach keeps loans current and defers losses. Investors who read low non-accrual rates as a sign of portfolio health may miss loans that stay current only because their maturity moved. Borrowers already marked at a discount are the clearest candidates for that route.

By The Numbers

• 111: Borrowers in the group with at least one loan held below 80% of cost.

• $6.6 billion: Principal on loans with 2026 maturity dates still held in the latest private credit BDC filings.

• 11.2%: Weighted average total rate on 2026 maturities. Loans maturing in 2028 carry 9.4%.

• 978: Borrowers with loans maturing in calendar 2027. Their principal totals $30.0 billion.

What To Watch

• Extensions: loans from the July 2026 to June 2027 group that reappear in Q3 filings with later maturity dates.

• PIK added alongside an extension. When the cash coupon falls at the same time, PRISM classifies it as rate compression. Those flips entered non-accrual within four quarters 18.2% of the time.

• Watch whether marks on the 111 discounted borrowers move toward par through refinancing or fall further.

• Repayments at par, which drop loans out of the schedules entirely.

The Wrap

The near-term maturity wall in private credit BDC portfolios is large, and the risk is concentrated in the 111 borrowers marked below 80% of cost. The picture stays manageable if Q3 shows repayments and clean refinancings for most of the group. It deteriorates if extensions with added PIK dominate, since those push losses into 2027 and 2028. Q3 filings close in mid-November. Annual reports in March confirm the direction.