The case for direct lending has always rested on a simple proposition: private credit should deliver better risk-adjusted returns than...

The binary choice between senior secured debt and mezzanine financing is fading. In its place, a more sophisticated architecture has...

Insurance companies have become the most consequential new participants in middle market private credit. Apollo Global Management's insurance affiliate Athene...

European and Asian institutional capital is moving into U.S. direct lending at an accelerating pace—reshaping competition, co-investment structures, and the...

As of the first quarter of 2025, 11 percent of investments valued by Lincoln International included some form of payment-in-kind...

Through the first eleven months of 2025, PE-backed companies issued $70.2 billion in leveraged loans earmarked for dividend recapitalizations —...

Nearly three years after U.S. regulators first proposed sweeping changes to bank capital requirements, the Basel III Endgame rule remains...

While artificial intelligence reshapes commercial lending at every scale, the middle market’s adoption path reflects its own distinctive blend of...

As covenant-lite structures dominate large-cap transactions, the core middle market tells a fundamentally different story—one where lender protections remain robust...

The relationship between broadly syndicated loans and middle market direct lending has evolved from distinct market segments into a fluid,...