The Lending Technology of Direct Lenders in Private Credit

Freddy Pinzon, Jewon Shin, and Xi Wang provided excellent research support. We are grateful to Mitchell Berlin, Tetiana Davydiuk (discussant), Doug Diamond, Thomas Flanagan, Matt Gustafson, Sharjil Haque, Victoria Ivashina, Steve Kaplan, Josh Lerner, Stefan Lewellen, Yueran Ma, Greg Nini, Raghuram Rajan, Samuel Rosen, David Scharfstein, David C. Smith, Emil Verner, Melanie Wallskog (discussant), and seminar and conference participants at Columbia Private Equity Conference, Drexel, Fed Board, New York Fed, Penn State, Philadelphia Fed, RCFS Winter Conference, and Temple for helpful comments. We are grateful to the University of Chicago Booth School of Business and the Fama Miller Center for financial support. Our UCC data were obtained from Mailinglists; please contact Becky Santaniello (santaniello@mailinglists.com) for purchase information. Views and opinions expressed are those of the authors and do not necessarily represent the official positions or policies of the Office of Financial Research, the U.S. Department of the Treasury, or the National Bureau of Economic Research.

• November 19, 2025