Market Leader in Private Credit

KBRA’s Q4 2025 Middle Market Borrower Surveillance Compendium highlights mixed credit trends across 3,649 assessments completed in 2025, with overall portfolio stability despite pressure in certain subsectors, covering 2,416 global sponsored borrowers representing over $1 trillion in direct lending debt and featuring updated Q4 activity data and new long term performance insights.

KBRA views OBDC II’s announced asset sales as supportive of deleveraging and enhanced balance sheet flexibility, aligning with the company’s shareholder liquidity objectives. The transactions are part of a broader platform initiative and are expected to settle in the near term.

KBRA examines the use of paid-in-kind (PIK) interest in corporate portfolio finance.

KBRA releases updated research on the 5% of 1,903 levered middle-market borrowers assessed in 2024 that were identified as being at an elevated risk of future payment default.

KBRA presents data and observations to help frame the potential risks artificial intelligence (AI) may pose to the direct lending landscape, in the context of recent market volatility.

KBRA research explores evolving partnerships between life and annuity insurers and asset managers, noting broader deal structures that may support long-term sector stability.