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A 2025 Lending Outlook with WhiteHorse Capital

Middle Market Growth Conversations

CHAPTER

Shifts in Credit Structures: Sponsor vs Non-Sponsor Markets

This chapter explores the changing dynamics of credit structures between sponsor and non-sponsor markets, revealing a trend towards more aggressive underwriting in the sponsor sector. It contrasts this with the consistent practices in the non-sponsor space, highlighting a divergence in strategies as both adapt to future market conditions.

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