Refinancings redefine the direct lending market, claim 36% share in 1Q24

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TTM Default Volume, Count

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Refinancings claimed 36% of 1Q24 direct lending volume in the US, the largest share of all proceeds, and the second-largest quarterly share for refinancings, behind the 41% in third quarter last year as tracked by KBRA DLD. Prior to 3Q23, the biggest quarterly share for refinancings topped out at 15%.