Direct lending is emerging as a significant force in the credit landscape, particularly in the middle market segment. The growth potential in middle market lending is attracting increased attention from investors seeking alternative yield sources. As direct lending evolves, it is reshaping traditional credit markets, creating new opportunities for both borrowers and lenders. However, increased competition and geopolitical and regulatory challenges are adding layers of risk and complexity that must be carefully managed. Macroeconomic factors will also play a crucial, and unpredictable, role in shaping its future, influencing both supply and demand dynamics. How will the growing prominence of direct lending impact traditional credit markets? What strategies can lenders employ to maintain competitive advantages in an increasingly crowded market?