Outlook on Middle Market Direct Lending: Optimism Amid Uncertainty

Loan market veteran Tom Newberry, Chief Credit Officer & Executive Chairman of direct lending at Sound Point Capital Management sits down with CJ Doherty, Director of Analysis at LSEG LPC to discuss the US middle market direct lending landscape, providing insight on deal flow, pricing, fundraising and portfolio company performance. "Direct lending deal volumes were down somewhere between 10% and 40% in the first half of 2025," Newberry said. "This obviously contrasts fairly dramatically with what everyone expected to be a banner year for acquisition activity."