Private Credit: Business Development Company (BDC) Ratings Compendium: Fourth-Quarter 2025

BDC Comparisons

Perpetual Non-Traded BDC Comparisons

Quarterly BDC Compendium Commentary: Redemption Resiliency of Perpetual-life BDCs

In this quarter’s Compendium, KBRA examines the key credit and structural risks of rated perpetual-life BDCs, with a particular focus on whether these BDCs can maintain sound leverage and liquidity profiles during periods of elevated redemption activity. In addition, we will examine the financial performance of our rated business development companies (BDCs) in a landscape characterized by ongoing competitive pressures in a less benign credit environment with high base rates, inflation, and increasing geopolitical risk. During 1Q26, KBRA made selective changes to the ratings and Outlooks. The issuer and senior unsecured debt ratings of BlackRock TCP Capital Corp. were downgraded to BB+ from BBB-, and the Outlook…