Despite a period of uncertainty marked by higher-for-longer interest rates, concerns over headline inflation, and an impending maturity wall, global capital and debt markets have demonstrated unprecedented resilience. The environment of elevated interest rates has made refinancing particularly profitable. The ongoing trend of bank disintermediation has bolstered the growth of private credit investing, which continues to gain momentum. Concurrently, the private equity and real estate sectors have increasingly turned to higher levels of debt to finance their investment deals. How have recent economic surprises influenced investment decisions? Which segments of the opportunity set are worth doubling down on? And what downside risks should keep investors cautious?