The numbers we watch, what each one counts, and the piece that explains it.
Fill rate
30.7%
2024 cohort, read November 2026
Fewer private raises sell what they set out to
Share of US operating-company Form D offerings of $5m to $500m, by the year the raise began, that report selling at least 99.9% of the amount offered. Indefinite offerings are excluded.
Raises fully sold, and raises under half sold
US operating companies, offerings of $5m to $500m, by the year the raise began
SEC Form D filings; Norvian analysisNorvian Review
Share of US operating-company raises of $1m to $1bn claiming Rule 506(c), which permits general solicitation if every investor's accreditation is verified.
Raises filed under Rule 506(c), the exemption that allows advertising
Share of US operating-company raises of $1m to $1bn, by the year the raise began
SEC Form D filings; Norvian analysisNorvian Review
Share of the principal of term loans held by business development companies that carries a payment-in-kind rate, for the 156 BDCs that reported in both quarters.
Borrowers paying some interest in kind, by how much they owe
Share of borrowers with at least one PIK term loan from a BDC, by total BDC debt, 30 June 2026
SEC BDC data sets, quarter to 30 June 2026; Norvian analysisNorvian Review