If the past year proved anything, it's that private credit has solidified itself as a critical actor in debt capital markets. As volatility persisted through much of the year, propelled by factors like an uncertain rate environment and unpopular tariff policies, direct lenders stepped in offering speed, certainty, and, often, terms that reflected their growing leverage (pun very much intended).

On more frequent occasions, private credit lenders moved from the wings to center stage, stepping in as understudies when banks weren't able to place debt in the broadly syndicated market.

It was a year marked by growing and more complex unitranches and increasingly borrower-friendly terms seen in economics and credit docs. From sponsor-to-sponsor buyouts to refinancings, dividend recaps, and bespoke financings, we here on 9fin's US private credit team did our best to keep you abreast of new deals and the latest terms in the market.

Below, we've compiled the first installment of our inaugural list of the nine most notable financings in private credit. (You can expect the second part tomorrow.) These deals span the lower, core, and upper middle market to highlight some of the most compelling developments this year.

As always, please reach out if you have thoughts or think there are other deals that should have been included. Here's to the end of 2025 and many more deals to come in the new year.