Private credit and shadow-bank liquidity risks

BDC non-accruals remain elevated at 2.75% and large syndicated-loan and multifamily refinancing walls are approaching. Floating-rate borrowers face rising debt-service costs; PIK-heavy books, opaque marks, NAV erosion, withdrawal requests and liquidity caps could transmit stress through asset managers and bank warehouse links. Deterioration remains uneven and is not yet evidence of systemic contagion.