1、USPrivate Credit MonitorApril 2025PG 2MONTHLY US PRIVATE CREDIT MONITOR|PERMISSION TO REPRINT OR DISTRIBUTE ANY CONTENT FROM THIS PRESENTATION REQUIRES THE PRIOR WRITTEN APPROVAL OF PITCHBOOK DATA,INC.Key Takeaways Direct lending deal activity is off to a slow start Shifting US policies,including th

2、e“Liberation Day”tariff announcement(on April 2),have thrown cold water on the M&A recovery that many had hoped for in Q1.Estimated direct lending loan volume and deal count are both trailing last years pace due to fewer large buyouts financed by direct lenders amid the uncertain outlook.Key sectors

3、 are driving activity Healthcare,technology,and services remain the dominant industries in direct lending,accounting for more than half of all deals in 2025.Borrowers from the healthcare sector took the top spot over the last four months,with a 21%share by deal count,up from 15%in 2024.Watching spre

4、ad dynamics Expected spreads on private credit loans jumped as market participants reacted to US tariffs and a steep drop in equities,according to an LCD poll conducted on April 9.In February,nearly half of market participants(45%)said that a unitranche loan to a$50 million EBITDA business in a non-

5、cyclical industry would price below S+500.As of April 9,just 8%said such a loan would price below S+500.Since the poll,however,which was taken around the recent market low,further spread widening has yet to materialize.Technical factors,such as a lack of deals and heavy fundraising,are capping sprea

6、ds,market sources say.In fact,one large deal in the market,the buyout of Boeings Digital Aviation Solutions assets,including Jeppesen,to Thoma Bravo,is marketed at S+475.Lenders are using more muted language to describe the market,including that it is“becoming more lender-friendly,”with an“increment