BELLINGS

Slowing Growth, Rising Stress: What the Middle Market’s Diverging Credit Signals Mean for Lenders and Sponsors

Lincoln International’s Private Market Index (LPMI) recorded full-year 2025 EBITDA growth of 4.7% across its middle market portfolio, an improvement over 2024’s 3.5% but a figure that masks a pronounced […]

Lincoln International’s Private Market Index (LPMI) recorded full-year 2025 EBITDA growth of 4.7% across its middle market portfolio, an improvement over 2024’s 3.5% but a figure that masks a pronounced […]

BELLINGS Intelligence Score: 28

Why it matters

The report highlights slowing growth and rising credit stress in the middle market, signaling caution for lenders and sponsors but reflecting ongoing credit conditions rather than a structural shift or new policy development.

Sources