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: Q4 2025
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). This update incorporates collateral tapes dated as of…
Expanding 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 2025
Latest Private Credit Research
Recurring Revenue Loan Metrics Dashboard: Q4 2025
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). This update incorporates collateral tapes dated as of…
ABS Venture Debt: Artificial Intelligence, Real but Contained Risk
Artificial intelligence (AI) is an emerging area of focus for private credit markets, particularly for lenders with exposure to software and technology borrowers. AI-related disruption is expected to unfold gradually but is already influencing lender behavior, borrower performance, and investor…
Private Credit: Deep Dive on AI and Software
In KBRA’s view, artificial intelligence (AI) poses diffuse and manageable credit risks to software companies held by direct lenders. While some sponsor-backed borrowers with near-term maturities and structural exposure to AI disruption may face significant pressure—contributing to a modest increase…
Private Credit: 2026 Fund Finance Europe Conference Recap
The DealCatalyst Fund Finance Europe Conference was held at The Landmark Hotel in London on 11 March 2026. KBRA participated as a patron sponsor of the event. The event had nearly 500 registrants, attracting market participants including investors, fund managers, bankers, lawyers, and credit rating…
Private Credit: Q4 2025 Middle Market Borrower Surveillance Compendium: Stability at the Median, Stress at the Margins
A review of the 3,649 middle market (MM) corporate credit assessments completed in 2025 shows mixed signals. Slowing growth is negatively impacting some companies’ credit quality, but overall, our portfolio remains stable. The growing divergence in performance is driven by challenged subsectors…
Private Credit: KBRA Comments on Blue Owl Capital Corporation II's Asset Sales
On February 17, 2026, Blue Owl Capital Corp. II (“OBDC II” or “the company”) (KBRA Issuer/ Senior Unsecured Debt ratings of BBB+/Stable outlook) filed a Form 8-K disclosing entry into loan sale agreements totaling $600 million at 99.7% of par including unfunded commitments. The transactions are…
Webinars & Podcasts
A Deep Dive on AI's Risk to Direct Lending
KBRA presents its framework for assessing potential AI disruption, highlighting the primary near-term risks facing companies with elevated exposure. KBRA views these risks as diffuse and manageable, likely to drive greater return differentiation.
Asset Managers in Focus
KBRA’s sector experts hosted the Asset Managers in Focus Webinar, Debt Dynamics of Private Credit, on Tuesday, March 3. During the discussion, our analysts examined key performance trends across asset managers in 2025 and shared insights into evolving market conditions. The team also provided perspectives on structural shifts within private credit and outlined KBRA’s 2026 sector outlook.
Private Credit: 2026 Outlook
Explore the forces shaping private credit in 2026, including evolving capital dynamics, intensifying competition, and shifting risk profiles. The discussion also examines rising direct lending defaults and highlight key areas of growth across the asset class.