Direct lending ends 4Q25 with its strongest quarter in three years
Direct lending volumes surged 24% quarter-on-quarter (QoQ) to USD 119.5bn in 4Q25, compared with USD 96.2bn in 3Q25. The volume in 4Q25 is also the highest quarterly total recorded for direct lending in the past three years, according to Debtwire data, beating 2Q24’s USD 98.7bn.
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