Direct lending activity in the US climbed to impressive levels in the first quarter of 2025, according to Debtwire’s 1Q25 US Direct Lender Rankings report. More than USD 66bn was deployed across 640 deals, showcasing the market’s resilience and growth during times of both high volatility and relative calm. While volatility has been a defining feature of the year to date (YTD) – particularly in the second quarter – private credit has continued to thrive.