Report|3 Jun 2026

Private Credit: Business Development Company (BDC) Ratings Compendium: First-Quarter 2026

BDC Comparisons

Perpetual Non-Traded BDC Comparisons

BDC Sector Introduction and Nonqualifying Asset Review

In this quarter’s Compendium, KBRA examines the 1Q26 performance of its rated business development companies (BDC), along with an overview of nonqualifying assets and the role joint ventures (JV) play in increasing look-through leverage. Despite heightened market volatility, investor concerns regarding credit quality, and ongoing pressure on earnings generation, the BDC sector continued to demonstrate relative financial stability through 1Q26. BDCs continue to operate with conservative leverage profiles, manageable non-accrual levels, and reliable access to debt capital markets—factors that remain central to our analysis. KBRA maintains Stable Outlooks for the vast majority of its rated BDCs while continuing to assess evolving market conditions.

During 1Q26, KBRA changed several ratings and Outlooks in its BDC portfolio. The issuer and senior unsecured debt ratings of BlackRock…

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