This report delivers a comprehensive analysis of the 2025 U.S. direct lending landscape. From shifting deal volumes and pricing structures to a rigorous comparison of public versus private debt markets, we examine the asset class through the lenses of sector-specific trends and use-of-proceeds.

Inside the report:

• Deep Market Analysis: Comprehensive tracking of 2,315 deals, including a record-breaking Q4

• Spread & Leverage Insights: Detailed breakdown of pricing and leeverage across debt quantums

• Segment & Sector Snapshots: Granular data across Large-Cap and Middle-Market segments, with specialized analysis of the Healthcare, Software, and Consumer sectors

• Public vs. Private Benchmarking: A side-by-side comparison of issuance volumes and pricing trends between leveraged loans, high-yield bonds, and direct lending