BCRED Q2 2026 non-accrual rate exceeds 1.0%

Pebbles I-III walked the structural argument: BCRED's 0.6% non-accrual rate is implausibly low given the 5.3%->7.2% PIK trajectory over 4 quarters and 25% software-book exposure (7pp above peer mean) facing AI disruption. Either the rate stays at 0.6% (BCRED defers recognition via PIK amendments) or it ticks toward 1.0%+ (recognition has begun). 65% probability it crosses 1.0% in the Q2 print.