Market Leader in Private Credit
KBRA brings a unique lens to the evolving Private Credit landscape, delivering sharp insights through deep research, dynamic webinars, and rigorous rating analysis.
Recurring Revenue Loan Metrics Dashboard: Q2 2025
In this report, an update to our Q1 analysis, KBRA continues to track and present several key metrics in a dashboard format, sourced from quarterly collateral loan tapes provided by the issuers of KBRA-rated recurring revenue loan (RRL) asset-backed securities (ABS). This update incorporates collateral tapes dated as of June 2025. For more details on scope and metrics definitions.
View ReportExpanding Use of Ratings in Private Credit
KBRA has over 1,000 ratings of transactions and issuers within the private capital universe and has worked with over 100 sponsors.
Performed 3,500+ underlying credit assessments on middle market sponsor-backed companies in 2024
Latest Private Credit Research
Recurring Revenue Loan Metrics Dashboard: Q2 2025
In this report, an update to our Q1 analysis, KBRA continues to track and present several key metrics in a dashboard format, sourced from quarterly collateral loan tapes provided by the issuers of KBRA-rated recurring revenue loan (RRL) asset-backed securities (ABS). This update incorporates collateral tapes dated as of June 2025. For more details on scope and metrics definitions.
A Breakout Year for Rated Note Feeders and CFOs
Rated note feeders (RNF) and collateralized fund obligations (CFO) have gained significant momentum in 2025, already breaking all other issuance records. The growth reflects strong adoption from investors as an effective yet customizable way to access alternative assets and for alternative asset managers (AAM) as viable fundraising tools.
Business Development Company (BDC) Ratings Compendium: Second-Quarter 2025
In this quarter’s Compendium, KBRA reviews the financial performance of KBRA-rated BDCs in a competitive environment characterized by tighter spreads, elevated repayment activity in the upper middle market—driven by strength in the broadly syndicated loan (BSL) market—solid but slowing capital formation, and a modest pickup in mergers and acquisitions (M&A) activity.
Making the Best of 401(k) Democratization
President Donald Trump on August 7 signed an executive order to potentially ease regulatory barriers that have limited defined contribution (DC) retirement plans’ access to alternative investments—a move that could allow millions of retirement savers to invest in an expansive list of such assets
Q2 2025 Middle Market Borrower Surveillance Compendium—Waiting for Godot
Private credit may well be in a “Waiting for Godot” moment—marked by growing anticipation of some unknown reckoning that continues to be deferred. As the industry continues to adapt to various market uncertainties, KBRA notes signs of improving credit quality for some borrowers, while still observing a subset of borrowers …
How KBRA Ratings Stack Up
Once considered a niche market, private credit securitizations1 have become a core element of the structured finance (SF) landscape, particularly within the asset-backed securities (ABS) and structured credit (SC) sectors. Since 2022, approximately 20% of all KBRA-rated SF transactions have been privately placed. The shar…
Webinars & Podcasts
3 Things in Credit Podcast: Inflection Point, Ares’ Perspective, and Maersk’s Beat
Policy Pulse: The International Association of Insurance Supervisors (IAIS) and Alternative Assets
KBRA's Emilie Nadler and Ryan Mensing discuss the IAIS Draft Paper on life insurers’ growing exposure to private credit and AIR deals, and walk through KBRA’s comment letter highlighting our insights as a leader in the private credit space.
Minority Interests and JV Structures—Through the Looking Glass
This webinar examines how minority-stake JV structures are being used not only to monetize assets but also to finance acquisitions. We explore the implications of these structures for creditors and rated debt, and how KBRA assesses default and recovery risk in such transactions. Key sectors, structural features, and rating drivers behind more than $30 billion in rated issuance are discussed.
BDC Performance Update & 2025 Outlook
Listen to KBRA's Financial Institutions experts as they provide their market insights and expectations regarding BDC performance in 2025.
KBRA’s expectation for 2025 financial results
Portfolio quality and how BDCs are holding up
Liquidity and funding update
News and Recognition
Secondaries Set to be Main Beneficiary of 401(k) Inclusion
KBRA Warns 401(k) Order Could Create a Bubble of Capital
Bond Analysts See Pros and Cons of Alternatives in 401(k)s
Default Warnings Start to Pile Up in Private Credit Market
Trump's 401(k) Change: What Administrators and Employees Need to Know
KBRA Shortlisted for the Private Equity Wire's US 2025 "Credit Rating Agency of the Year" Award
Analytical Contacts
William Cox
Eric Neglia
Thomas Speller
Andrew Giudici
Eric Hudson
Sean Malone
Joe Scott
Teri Seelig
Shane Olaleye
John Sage
Business Development
Dana Bunting
Jason Lilien
Mauricio Noé
Constantine Schidlovsky
Anna Nolan
