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1、Investment InsightsKKR Credit&MarketsThe Power of CreditQ3 2025 Market ReviewWritten by:Christopher A.SheldonPartner and Co-Head Credit&MarketsTal RebackDirector,Credit&MarketsExecutive SummaryThe film Back to the Future opens with a wall of ticking clocks:some broken,some in sync,all measuring time

2、 but telling different stories.It is a fitting metaphor for todays credit markets,where speed,timing,and structure matter more than ever.If Doc Brown were around today,he wouldnt need to power the DeLorean himself.With access to an array of financing options,from sale-leasebacks to venture capital,h

3、e could bring in the right partners,align capital to purpose,and get his machine on the road.The market of 2025 looks nothing like the world of 1985,when Doc and Marty McFly first hit 88 miles per hour.But in some ways,Back to the Future got the arc right:it imagined a world where disconnected techn

4、ologies video,communication,navigation converged into a single machine.Decades later,that vision feels familiar within the credit markets.Today,while the basic function of connecting borrowers and lenders remains,the architecture has evolved.What was once a rigid system of siloed instruments has bec

5、ome a dynamic,cross-asset interface that is customizable,modular,and integrated.As we wrote at the start of the year,this is no longer a world of standalone loans or bonds.Its an integrated ecosystem of multiple financing lanes,where public and private markets intersect and investors operate across

6、structures,geographies,and risk profiles.The real difference between now and 1985(or even 1955)is the toolkit.We now have the infrastructure to facilitate access for a broader set of issuers and investors,enabling capital to flow with greater speed,precision,and purpose.In that way,perhaps the true