Expect the Unexpected: A 2026 Lending Outlook with WhiteHorse Capital
February 25, 2026 – In our latest podcast, Expect the Unexpected: A 2026 Lending Outlook with WhiteHorse Capital, Pankaj Gupta, CEO of WhiteHorse Capital, and Stuart Aronson, Chairman, reflect on how the surprises of 2025, from shifting trade policy to geopolitical uncertainty, reshaped the middle-market lending landscape. Drawing on their insights from prior years, they share cautious optimism for 2026, highlighting improving M&A activity, narrowing valuation gaps, and generally healthy fundamentals across middle-market businesses. While inflation, Federal Reserve leadership, and broader macroeconomic conditions remain key variables, Gupta and Aronson maintain the importance of disciplined underwriting and adaptability in a dynamic market landscape.
The discussion further addresses competitive conditions within private credit, identifying both areas of opportunity and emerging risks. Grounded in decades of experience and a portfolio of more than 200 middle-market companies, this outlook offers practical insight into how lenders and investors can navigate 2026 with both confidence and caution.
About WhiteHorse Capital
WhiteHorse Capital provides debt financing to middle market companies across a wide range of industries, including Telecom, Media and Technology, Healthcare, Business Services and Financial Services. WhiteHorse has a broad investment mandate and provides senior and subordinated debt for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. WhiteHorse Capital professionals, across the U.S. and Europe, have extensive experience and a proven track record of providing creative financing structures and employing a long-term relationship-oriented portfolio management philosophy. For more information, please visit our website at whitehorse.com.