Direct lender
A direct lender is a non-bank institution that makes loans to companies and keeps them on its own books instead of distributing them to a broad syndicate of investors. Direct lenders include private credit funds, business development companies and insurance-backed lending platforms. Their borrowers are mostly private, sponsor-owned middle market companies, and the loans are usually senior secured with a floating rate.
In DFX data
DFX currently tracks 2,362 private credit firms, as of 10 October 2026.
Lenders named in loan and facility records are counted among private credit firms, and each BDC's loans are read position by position from its own filings.