A new Octus analysis tracks Q1 2026 direct lending trends, highlighting shifts in deal flow, pricing, leverage, and lender positioning.
This document, from Octus, provides an analysis of U.S. direct lending activity for the first nine months of 2025, focusing on deal flow, pricing, leverage, interest coverage, and lender rankings. ​
U.S. direct lending activity was slower than usual in the second quarter of 2025 as macroeconomic uncertainty continues to weigh on deal activity.

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