Market Leader in Private Credit

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…

Given private credit’s rapid growth, coupled with an economy potentially on the verge of a credit cycle, the increased attention and scrutiny on the industry is warranted. However, KBRA notes that some of the press coverage and market research regarding private credit is often ungrounded in data or lacking a nuanced unders…

Amid ongoing trade tensions, tariffs, market volatility, and a possible economic slowdown, KBRA views alternative asset managers—particularly those geared toward private equity (PE) and private credit (PC)—as more resilient on average than other types of financial institutions. This resilience is primarily underpinned by a…

In this report, an update to our Q4 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) (see Appendix 1). The Q4 analysis was based on collateral…

Private credit lenders have suffered relatively few losses from lending to high-growth software companies. However, as the strategy matures and underwriting standards evolve, KBRA sought to understand if the relatively low loss rate is sustainable.

In 1Q25, business development companies (BDC) demonstrated continued resilience and caution amid an uncertain operating environment marked by high base rates, tighter spreads, and uncertain trade policies. The sector remains concentrated, with 10 BDCs holding 53% of the total market of $449.9 billion at fair value (FV) as …