While Liberation Day was a couple of days after the quarter end, it was the days and weeks leading up to it that saw a lot of tariff talk.

The President was explicit during his campaign about what his plans were for reforming US global trade policy and it seems apparent private credit firms were to some extent benefit from it, although the picture is not so clear cut as our latest quarterly report outlines.

For the uncertainty that rocked the broadly syndicated loan market arguably played into the hands of private credit firms, which according to our latest quarterly data, direct lenders are stealing market share in the large-cap lending market. The average size of deals backed by private credit lenders went up in a period that saw the BSL market go as quiet as the levels seen in the dog days of last summer.

Nobody welcomes uncertainty. Trump’s election victory was not going to be without its issues for the private credit market, as we documented here. But one upside was a significant reversal in the direction of spreads after spending the best part of last year falling dramatically (see our previous Honey, I shrunk the spreads report.)

Still, the famed certainty of execution private credit firms pride themselves on may precisely be what is giving them an advantage today. And as we show below, there is no shortage of private credit capital seeking a home.

But, in the meantime, if you want to see how active each firm was for what will be one of the more memorable quarters then go check out our league tables report. Otherwise see below 9fin’s summary of market data that is sourced directly from private credit firms, the firm’s editorial team, and public filings. The report also utilized information from 9fin’s deal database and BDC database — find out more about our BDC holdings data.

If you have feedback on this report or want to submit your own firm’s data for the next edition, email us at private-credit@9fin.com.