US Direct Lending Analytics Report: H1 2026

US direct lending activity pulled back in the second quarter of 2026, recording a 16% drop both quarter over quarter and year over year. As persistent geopolitical instability, BDC redemptions, AI-driven sector uncertainty, and a sluggish M&A environment continued to pressure deal flow.

Despite an overall drop to 1,112 total deals in H1 2026, fundamental lenders found crucial relief through widening spreads, tightening leverage, and expanding interest coverage ratios.

Unlock the full report to gain proprietary visibility into market pricing, tier by tier M&A performance, and changing sector allocations across the US private credit landscape.