Meanwhile, the retreat of some of the market’s most aggressive market players has also shifted negotiating power back toward direct lenders. “The most aggressive player on the market, which was the BDCs, has gone,” Poetter said. “That affects pricing, terms and leverage in a positive way for us. It’s much more lender-friendly than last year.”“This year, with the BDC competition gone and the liquid markets being volatile, you will see us selectively pivoting up a little bit where it makes sense,” Poetter sai ...