The Open Championship! At Royal Portrush, success isn’t about overpowering the course – it’s about understanding the terrain, adjusting to the wind, and executing with discipline. Lower Middle Market borrowers in today’s private credit market must do the same: stay nimble, execute with clarity, and maintain operational excellence. Lenders are focused on quality and are willing to reward players who stand apart from the pack.

  • Headwinds Picked Up in H1 2025 – Macroeconomic concerns about tariff implementation and fiscal policy direction continue to hinder proper golf club selection
  • Damp Fairways Created Slippery Conditions – Refinancing activity has slowed, with many borrowers opting to wait for a dry spell when the macro picture is more favorable and predictable
  • Opportunities for Birdies Remain – With many lenders under-deployed, competition for quality deals is fervent, allowing some borrowers to notch a lower financing costs on their scorecard
Intrepid Market Update July 2025 half

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