Macro & Market Views

Quarterly Views from First Eagle Direct Lending Team: 4Q25

Quarterly Views from First Eagle Direct Lending Team: 4Q25

Mind the Exit, Watch the Spread

Michelle Handy, chief investment officer of direct lending at Napier Park Global Capital, explains why refinance or exit risk is the most underappreciated risk looming in the direct lending market and discusses why manager selection impacts performance as credit spread become a larger component of yield in a declining base rate environment.