Private Credit Series – Issue No. 1 Credit Assessment Scorecards

This is the first iteration of our limited Private Credit Series. The series focuses on conducting unsolicited credit risk assessment of public corporates using our internal scorecards. The series focuses on mid-market companies, which represent the core of the private credit ecosystem. The objective of the series is to provide greater clarity on the financial health of corporate borrowers operating within the ~$2.2T private credit industry. For this iteration, we present an unsolicited credit risk assessment for BioCryst Pharma Inc. (NasdaqGS:BCRX), a biotechnology company that develops oral small-molecule and injectable protein therapeutics to treat rare diseases. BioCryst exhibits characteristics typical of a mid-market corporate borrower in the private credit space and maintains sizeable exposures to investors such Blackstone and OMERS.